智慧資本與企業價值關聯性之探討─以台灣電子零組件通路商為例

• Main Authors: SU YU CHEN, 陳素玉
• Other Authors: Chun-Mei Ma
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/69615241255391715910

碩士 === 東吳大學 === 會計學系 === 95 === With the development of knowledge-based economy, a lot of intangible assets (e.g. intellectual capital, research and development, brand value) which are not able to be accounted become more and more important. In addition, with the change in creating activity of enterprise value, traditional financial statement for measuring tangible assets and focusing on financial view of the corporate could no longer measure the corporate value properly. Therefore, it is important to find out the indicator for intangible assets related to performance of a corporate during the process of developing knowledge-based economy. Through research and design, this study divided intellectual capital of electronics component distributors into financial capital, customer capital, process capital and human and innovation capital. Evaluation indicators for these four intellectual capitals were found out by referring to literatures of scholars and feature of the industry. Moreover, regarding economic value added as the proxy of the value of an enterprise, relation between intellectual capital and corporate value was found out by data collection and regression method. The result showed significant relation between each indicator of intellectual capital and corporate value. Positive association was shown between performance indicator of financial capital view and economic value added. Such indicator of the view included ROE, gross margin, and cash flow sufficient ratio. This showed profit-making ability and comprehensive performance in cash flow had significant impact on economic value added. Positive association was shown between performance indicator of customer view and economic value added. Such indicator of the view included revenue growth rate, market occupancy and sales return percentage. It showed performance in abilities of product & service and market competence of an enterprise in nature. Result of the study also proved that whole performance in these customer indicators of an enterprise would change in the same direction as economic value added. Positive association was shown between performance indicator of process capital view and economic value added. Such indicator of the view included inventory turnover, AR turnover and cash operating cycle. It showed comprehensive performance in business process of an enterprise in nature. Result of the study also proved that whole performance in these internal process indicators of an enterprise would change in the same direction as economic value added. Positive association was shown between performance indicator of human and innovation capital and economic value added. Such indicator of the view included employee average stay rate and employee productivity and. It mainly represented efficiency and cost of learning activities of employee. Result of the study also proved that whole performance in these learning indicators of an enterprise would change in the same direction as economic value added.