智慧資本能為公司創造價值並持續保持競爭優勢,惟當企業信用風險升高,可能會干擾智慧資本之價值創造效果,過去文獻鮮少加以探討,本研究期能彌補此方面文獻之不足。此外,多元適應性雲形迴歸(Multivariate AdaptiveRegression Splines,MARS)可解決智慧資本資料可能存在非線性、非常態等問題,所篩選之自變數具判別力,在模型預測能力及鑑別準確度,顯然優於一般線性迴歸,故本研究以2000~2006年257家台灣上市公司之智慧資本與財務資料,先運用MARS篩選智慧資本之變數,再運用縱橫資料分析企業信用風險如何干擾智慧資本之價值創造效果。結果發現企業信用風險對每位員工經濟附加價值、員工生產力、員工學歷、應收帳款週轉率、固定資產週轉率、銷售予最大客戶比率之價值創造,具負向之干擾效果。
Intellectual capital lies deep within corporations, creates value and maintains the competitive advantage of corporations. As the credit risk of a corporation increases, so does the cost of capital, which may interfere with value creation of intellectual capital. Previous studies have scarcely scratched the surface of this phenomenon, and it is precisely this shortcoming that we seek to address in this study. Multivariate adaptive regression splines (MARS) resolves non-linear, non-normal Intellectual capital data issues and it also enables the selection of independent variables. This model appears to surpass ordinary least squares regression in forecast ability and accuracy of identification. We collected and constructed intellectual capital and financial data from 257 listed companies in Taiwan from the period between 2000 and 2006. MARS was applied to select the variables of intellectual capital, and panel data was used to analyze how corporate credit risk interfered with the value creation of intellectual capital. We showed that corporate credit risk did exhibit negative significant moderating effects on intellectual capital and business value.
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