The Study of Relationship among the Intellectual Capital, Economic Value Added and Corporate Performance – An Analysis for the Taiwan’s LCD Industry

• Main Authors: Ching-Fen Chen, 陳靜芬
• Other Authors: Jo-Hui Chen
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/60596182458055161843

碩士 === 中原大學 === 企業管理研究所 === 94 === ABSTRACT In the era of knowledge-based Economics, the enterprises emphasized on important factors of the tangible assets such as capital and properties are no longer valid for competitive advantages. More contributions are generated from intangible assets and innovation knowledge. The traditional financial statements are only focusing on the tangible portion, ignoring the intangible asset, cost of fund raising and equities. The Economic Value Added (EVA) method developed by Stern Stewart & Co. emphasizes on cost of funds, but could be twisted under GAAP. Therefore, some adjustments for particular accounts are necessary of expressing true value for firm. After reviewing relevant literature of intellectual capital, the investigation confirms the existence of some factors, the variables of intellectual capital, value drivers, growth and leverage. This research adopted the period from 2002 Q4 to 2005 Q2, under the framework of Panel Data model with the fixed and random efforts to examine whether the intellectual capital and value drivers can deliver the contribution to EVA of corporations, and analyze the relationship between growth and finance leverage with Tobin’s Q. The results revealed that only two factors of Intellectual capital, Human capital customer capital, can improve the value of company. The value drivers, working capital, profit before Tax and capital expenditure, may also improve the value of company. When Tobin’s Q of LCD industry was greater then one, it indicates that a firm will have more opportunities in the future grow up fruitfully. Due to a higher demand of long term capital, adding debit can bring more net worth to a firm and make it steady grow.