以質性方法探究企業價值之多元評估指標─智慧資本觀點

Exploring the Multicriteria Evaluation Index of Firm's Value by Qualitative Method ─Intellectual Capital Perspectives

林明達(Min-Da Lin)

指導教授 ： 黃瑞靜 ； 洪嘉聲

崑山科技大學/商業管理學院/企業管理研究所/碩士(2006年)

https://doi.org/10.6828/KSU.2006.00055

摘要

以往衡量公司的經營績效，泰半是以公司的財務性指標來衡量。但隨著知識經濟時代的來臨，傳統以衡量有形資產為核心的財務報表，已經無法完整的評估產業的真實價值，使得公司的市價與帳面價值之間產生極大差距。因此在企業價值的評估方面，一些非財務性指標往往才能真正衡量公司的競爭力，才是公司真正價值之所在，而這些無法在財務報表上顯示的非財務性指標即是智慧資本（Intellectual Capital；IC）。由於有不少無形資產因為未來效益不具確定性或是無法確實衡量，使得要如何以智慧資本來衡量企業價值與經營績效，便成為一種值得研究的議題。
惟現有的研究大多偏向於量化研究，有別以往，本文乃採質性的研究方法，深度訪談國內較具指標性的上市或上櫃公司之董事長、總經理及財務協理，輔之以主題分析法的詮釋循環（hermeneutic cycle）原則來分析文本資料，分析結果歸納出主要的評量指標有：（一）知識經濟下，有人斯有財；（二）整合資源，創造優勢；（三）匯為藍海，超越競爭；（四）雨露均霑，廣結善緣；（五）看不見的資產，看得到的影響。

關鍵字

質性研究 ； 深度訪談 ； 企業價值 ； 智慧資本

並列摘要

Most of measures in the past to evaluate the performance of business were indicated by financial statement. With the arrival of the era of knowledge-driven economy, however, it couldn’t completely assess the whole true valuation of business in terms of financial statement which was the core on evaluated the tangible capital traditionally, will make a great deal of gaps between market price and book value for company. On weigh enterprise value, it seems to appears that non-financial index have offered more powerful direction on evaluate competitive advantage of business, is the true and real value for company. A non- financial statement index which can’t be show up on financial statement is named Intellectual Capital (IC). Because of the instability and unmeasurement of some intangible capital on future benefit., how with the intellectual capital should to make to weigh enterprise's value and manage the performance has became a studying topic.
The existing research is mostly based on quantization index, different from the past, this text was to adopt quality research approach, using depth interview with the president, general manager and assistant manager whose company were listed or went to the cupboard company which have been the indicator on the market, In order to analyze the text material, assisting with the hermeneutic cycle principle of theme analyses. the analysis result is summed up the main commenting amount index: (1) Under the kownledge economy, someone has wealth then; (2) The whole joint-venture source , create the advantage ; (3) Gather together to The Blue Ocean, surmount the competition; (4) The rain and dew is dipped in , form good reason in GuangZhou; (5) Invisible assets, the influence that can be seen.

並列關鍵字

enterprise value ； quality research ； depth interview ； intellectual capital

參考文獻

〔11〕吳鑑芝（2003）。智慧資本與公司價值之攸關性探討。中原大學會計學碩士學位論文。

〔37〕梁証揚（2001）。人力支出與價值攸關性之研究。私立中原大學會計研究所未出版論文。

〔52〕楊深坑（1986）。教育學科學性之詮釋學分析。國立台灣師範大學教育研究所集刊，28，33-73。

〔6〕吳汝鈞（2001）。胡塞爾的現象學方法（上）。鵝湖，26 (11)，10-17。

〔29〕高淑清（2001）。在美華人留學生太太的生活世界：詮釋與反思。本土心理學研究，16，225-286。