Probing the Correlation between Intellectual Capital Indexes and Enterprise's EVA in opinion of BSC

• Main Authors: Shin-Yun Hsu, 許馨云
• Other Authors: Chyan-long Jan
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/17940712067861805040

碩士 === 東吳大學 === 會計學系 === 93 === ABSTRACT As the knowledge-economic era coming, intellectual capital becomes the most important component of business running. But intellectual capital is hard to evaluate. From references we can find that, balanced scorecard is an important part of managing and developing intangible assets in the future, and if it connects with EVA to evaluate business’ performance, the effectiveness of enhancing enterprise value will be elaborate. So this paper adopted Taiwan’s listed information and electronic companies from 1999 to 2003 as samples, EVA as an enterprise value variable, and chose indexes divided into categories that developed by institute for information industry in opinion of BSC. The paper has two purposes: first, investigating the correlation between intellectual capital and enterprise value, and second, probing whether it is better to create enterprise value or not by evaluating and managing intellectual capital effectively to execute strategies. The empirical results are summarized as follows: 1.The human resource capital indexes of information and electronic industry are significantly correlated with EVA. Unlike traditional industry focus on learning curve, highly educated staffs are obviously helpful to information and electronic industry’s business operation. 2.The information technology application capital indexes of information and electronic industry are significantly correlated with EVA. Process management is a key factor for enterprise value of information and electronic industry. 3.The decision and strategy capital indexes of information and electronic industry are significantly correlated with EVA. Information and electronic industry can make profit from the strategy of investing employees and enhance enterprise value by accurate strategy. 4.The productivity and quality capital indexes of information and electronic industry are significantly correlated with EVA. Companies can become the leader of market by focusing on cost leader strategy and differential strategy. 5.The innovation capital indexes of information and electronic industry are significantly correlated with EVA. Companies can create enterprise value by product innovation and process innovation. 6.The research and development capital indexes of information and electronic industry are significantly correlated with EVA. Companies should evaluate and enhance input-output benefit of research and development process to create enterprise value. 7.The relations with client capital indexes of information and electronic industry are significantly correlated with EVA. Facing keen competition, the key success factor of this industry is to win most customers of the market. 8.The model of enterprise’s net capital indexes of information and electronic industry are significantly correlated with EVA is established, but the correlation between the indexes and EVA is not significantly. 9.All intellectual capital indexes of information and electronic industry are significantly correlation with EVA. The effectiveness from components of intellectual capital can evaluate enterprise value effectively.