CAUSAL RELATIONSHIP BETWEEN INPUT & OUTPUT OF INTELLECTUAL CARITAL AND CORPORATE INTANGIBLE VALUE ------FOR TAIWAN MANUFACTURING FIRMS

• Main Authors: Liao Chun-Chieh, 廖俊杰
• Other Authors: GOO, YEONG-JIA
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/35252148189102368032

博士 === 國立臺北大學 === 企業管理學系 === 92 === The objective of this paper is to explore the nature of intellectual capital and to investigate relationship between intellectual capital and corporate value in Taiwan manufacturing firms. Input-output theory was used to clarify the relationship between the intellectual capital measurement indicators, and to explore the impact of intellectual capital on enterprise value creation process. In this study, we define human capital, process capital, innovation capital and relationship capital as four constructs of intellectual capital. The corporate value is measured by using two different indicators：market-to-book value & Value Added Intellectual Coefficient(VAICTM). The sample included 699 technique-intensive & 658 manufacturing industries，which are listed on the stock market, and all data are collected from Taiwan Economic Journal (TEJ). We apply Structure Equation Model to analyze the relationships among four constructs of intellectual capital , and the relationship between intellectual capital and corporate value. The following discoveries were made: 1. 21 key intellectual capital indicators were collected； 2. we find that human capital is the main driver of in the valuation creation process, it includes the so-called “spill-over” effect； 3. the process capital and human capital have indirect effect on corporate value; while innovation capital and relationship capital have direct and positive effect on it 4. we find 11 different channel to create corporate value. Enterprises can use this finding to establish a intellectual capital system model suited to the characteristics of the industry in which the enterprise operates; they should conduct ongoing monitoring and improvement of this model, and should continue to allocate resources to enhance the value of the enterprise’s intellectual capital system.