臺灣博碩士論文加值系統

本研究主要探討人力、創新、流程與顧客資本等智慧資本要素對公司價值之影響，以及是否為公司市場價值與帳面價值差異之成因，而具有攸關資訊，釐清智慧資本是否能夠清楚地衡量企業之價值。以1998年至2007年本國上市之資訊電子公司為研究對象，並區分為上、中、下游不同階段之價值鏈活動來分群，依據Ohlson (1995)的剩餘利潤模型為基礎進行分析。
實證結果顯示，在不同產業結構下有不同之影響：(1)智慧資本與市場價值之關聯性方面，創新資本在上中下游皆呈顯著之正向影響，顯示資訊電子產業確實重視創新和研發能力，並藉由開發新產品以提升企業之市場價值；流程資本與顧客資本則部份呈顯著正向影響，惟人力資本則皆呈顯著之負向影響，顯示該產業除了需重視內部流程的規劃和價值的提升外，人力資源之管理方面仍需加強，如適切的運用與配置人才、降低員工之流動率等；(2)在價值攸關性方面，雖然各個要素於上、中、下游之部份結果無增額之解釋能力，但整體表現仍符合預期，顯示企業之智慧資本仍具有與公司價值攸關之資訊，仍可反映企業之真實價值。

The purpose of this research is to identify the influence of intellectual capital on corporate value, and if its cantain the value-relevant information of intellectual capital on the difference between market price and book value, aiming to clarify if intellectual capital can be used to precisely measure the value of a company. Focuse on information and electronic companies listed in Taiwan during the period 1998 to 2007, which are classified in accordance with the upstream, midstream and downstream companies for the study. The analysis was made based on Ohlson’s (1995) residual income evaluation model.
1. Tthere is a significant positive influence for innovation capital, irrespective of upstream, midstream or downstream companies. For human capital, however, a significant negative influence was found. The findings suggest that, apart from improving internal procedures and corporate value, the industries need to make further efforts to enhance their human resources management.
2. There is no value-relevance exists within each intellectual capital elements, regardless of whether upstream, midstream or downstream companies. Suggested that enterprisese should to exposure these factors of the difference between the market value and book value strengthently, and lists these factors by the supplementary statement of intangible assets.

中文摘要 I
英文摘要 II
表目錄 V
圖目錄 VII
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究流程 4
第二章 資訊電子產業分析 6
第一節 我國資訊電子產業發展現況 6
第二節 產業特性 11
第三節 產業未來展望 16
第三章 文獻探討與研究假說 18
第一節 智慧資本 18
第二節 智慧資本與企業市場價值之關聯性 37
第三節 企業市場價值與帳面價值之差異 41
第四章 研究設計 43
第一節 研究方法 43
第二節 實證模型 47
第三節 研究樣本與變數衡量 50
第五章 實證結果 56
第一節 敘述性統計 56
第二節 相關性分析 61
第三節 迴歸分析 68
第六章 研究結論與建議 79
第一節 研究結論 79
第二節 研究限制 81
第三節 研究建議 82
參考文獻 83
附錄A 上市電子股關聯圖 90

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