| Summary: | 碩士 === 輔仁大學 === 金融與國際企業學系金融碩士班 === 99 === The purpose of this research is to confer the relation between the intellectual Capital(IC) and enterprise value of the Taiwan Computer and the ancillary equipment Industry. The key point of the analysis is whether the Intellectual Capital has influence on enterprise performances, profit performances and market value. Thus, the study adopts the Pulic’s Value Added Intellectual Coefficient (hereafter, VAIC ) and Tobin’s Q, to proxy Intellectual Capital, and to disassemble it to Value Added Capital Coefficient (hereafter, VACA), Value Added Human Capital Coefficient (hereafter, VAHU), the relation between VA and employed structural capital (hereafter, STVA). And uses market to book ratio (hereafter, M/B) to measure the market value of the corporate, to find out the relation between Intellectual Capital and market value. Otherwise, Intellectual Capital is an indicator of measuring an enterprise’s ability of competition, and it seems to be relative about firm’s financial performance. Thus, the study uses asset turnover rate, sales revenue per employee, ROA, ROE and operating profit rate as financial performance indicators to analyze whether Intellectual Capital reflect on different performance indicators. Finally, we convince that the firm’s competing ability can ultimately reflect on their market valuations. To further confer the relationship between the variation of Intellectual Capital and the return of stock prices, we investigate whether the stock prices reflect the information of Intellectual Capital promptly.
The results are as follows：
1.In enterprise market value aspect, VAIC is positively related with M/B ratios, implicating that intellectual capital has the positively influence power on enterprise market value.
2.In financial performance aspects, VAIC is positively related with sale revenue per employee, ROA, ROE and operating profit rate. VACA has negatively explanatory power on asset turnover rate and sales revenue per employee. The reason for the negative outcome is that the gross margin rate can more explain the profit power than just sales revenue, and asset turnover rate and sales revenue per employee both don’t consider the effect of gross margin rate.
3.In dynamic market performance aspect, the variation from VAIC is positively related with the return of stock prices. It implies that in the efficient market, stock price can reflect the information of Intellectual Capital promptly.
Furthermore, the interesting thing is that the explanatory power can be enhanced by disassembling VAIC into three Coefficient of efficiency：VACA,VAHU and STVA. And we think that among the above three indicators, STVA is less explantory about performance and lead to noises on the explantory power of VAIC . Base on the research, we think that among pulic’s VAIC , VACA and VAHU are good indirectors of firm analyses and valuations.
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