A Study on Electronic Industry Intellectual Capital and Corporate Value：The Application of Panel Data Model

• Main Authors: Shih-Chun Huang, 黃詩君
• Other Authors: Yii-Fen Kao
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/65796427105287756296

碩士 === 萬能科技大學 === 經營管理研究所 === 100 === This study applies ordinary least squares, static panel data, and dynamic panel data approach to examine the influence of intellectual capital on corporate value in Taiwanese electronic industry. The data were drawn from the Taiwan Economic Journal from the year of 2006 to 2010. The emprical model was based on the Ohlson’s (1995) model and Public’s (2000) Value Added Intellectual Coefficient Method was used as the proxy of intellectual capital. Value Added Intellectual Coefficient (VAIC) consists of Value Added Capital Coefficien, Human Capital Coefficient, and Structural Capital coefficient. The results of ordinary least squares method reveal that VAIC, VACA and VAHU have positive influence on corporate value. However, the relationship between STVA and corporate value are insignificant. The results of static panel data model reveal similar results. However, VAIC, VACA, VAHU and STVA are positively correlated with corporate value in dynamic panel data model. The emprical results suggest that companies should pay more attention to the value of intangible assets such as manpower, brand and reputation. Additionally, capital assets, such as factories, machines, and facilities, human capital, such as employees' Salary, Welfare, and Staff training, structural capital, such as the implementation of ERP should not be overlooked. The results also suggest that investors should focus on companies with high shareholders equity, high profit from continuing operations, and high intellectual capital since the companies are likely to be unaffected in depression.