臺灣博碩士論文加值系統

在知識經濟時代中， 企業的競爭優勢不再是土地、實體資產等傳統生
產要素， 無形資產及知識創造之價值等關鍵生產要素將成為企業致勝的利
器。本研究旨在探討智慧資本與公司生產力之關聯性， 以Stern et al.(1995)
所提的經濟附加價值及經濟理論中的擴充型Cobb-Douglas 生產函數建立
智慧資本與企業生產力的關聯模型，並根據斯堪地亞(Skandia) 智慧資本領
航者的觀念架構， 同時從創新資本、人力資本、顧客資本與流程資本等四
個構面一併探討智慧資本對生產力的影響。
本研究以國內上市之化學業為研究對象， 研究期間為1998∼2004 年，
採用敘述性統計分析、相關性檢定、迴歸分析與敏感性分析等統計方法進
行實證。實證結果發現員工薪資水準、員工分紅配股(人力資本代理變數)、
廣告費用(顧客資本代理變數)、研究發展支出、技術引進費用(創新資本代
理變數)及員工每人配備率(流程資本代理變數)皆與企業生產力呈顯著正
相關。故化學產業之公司可藉由上述重要生產要素之投入，藉以改善企業
營運流程，進而提昇公司生產力。

In knowledge economy nowadays, the edges for an enterprise were no longer
the traditional production factors such as the land and other visible fixed assets.
Instead the key factors for a successful enterprise lie in the invisible fixed
assets, the value created by knowledge, etc.
This survey focuses on studying the connection between “Intellectual Capital”
and “Productivity” which is built based on the “Economy Value Added” by Stern
et al. on 1995 and also the “Cobb-Douglas Production Function of Expansion
Model” in the economy theory. In addition, the influence of the Intellectual
Capital related to Innovation Capital”, “Manpower Capital”, “Customer Capital”,
and “Procedure Capital” on the productivity according to the pilot ideation of
“Intellectual Capital” by Skandia is discussed at the same time.
This survey target is the IPO Taiwanese Chemical Industries. The period is
from 1998 to 2004 and adapts the statistical analysis of description, relative
check, regression-analysis, sensitive analysis, and so on to prove our
assumption.
The results are positive and show that the employee’s salary standard, profit
sharing (agential variables for Manpower Capital), advertisement expenses
(agential variables for Customer Capital), research and development
expenditure, technology improvement expenses (agential variables for
Innovation Capital) and employee allocation rates (agential variables for
Procedure Capital) have great connection with their productivity.
Therefore, the chemical industry can improve their operation procedures, even
to increase their productivity by inputting the major production factors as
above.

目錄
頁次
中文摘要...............................................................................................................I
英文摘要.............................................................................................................II
誌謝.................................................................................................................... IV
目錄.....................................................................................................................IV
表目錄.................................................................................................................VI
圖目錄................................................................................................................ IV
第一章緒論
第一節研究背景與動機................................................................................. 1
第二節研究目的............................................................................................ 3
第三節研究架構............................................................................................ 4
第二章文獻探討
第一節生產力之相關文獻............................................................................. 7
第二節智慧資本之相關文獻........................................................................ 12
第三章研究設計與方法
第一節研究架構.......................................................................................... 15
第二節研究假說.......................................................................................... 18
第三節實證模型.......................................................................................... 20
第四節變數定義與衡量............................................................................... 22
第五節樣品選取與資料來源........................................................................ 28
第六節資料分析.......................................................................................... 30
第四章實證結果與分析
第一節敘述姓統計分析............................................................................... 32
第二節相關性分析...................................................................................... 34
第三節多元迴歸分析................................................................................... 36
第四節敏感性分析………………………………………………………………..40
IV

第五章結論與建議
第一節研究結論.......................................................................................... 43
第二節研究限制與後續研究建議................................................................. 44
參考文獻
壹、中文部分................................................................................................. 45
貳、英文部分................................................................................................. 46
V

表目錄
頁次
表2-1 各領域對生產力之定義............................................................................ 8
表2-2 各學者對生產力之定義............................................................................ 9
表2-3 智慧資本之相關衡量構面彙整表............................................................ 13
表3-1 研究假說彙總表..................................................................................... 20
表3-2 變數的衡量方式與實證預期結果............................................................ 27
表3-3 樣品數之年度分配................................................................................. 28
表3-4 變數名稱與資料來源彙總表................................................................. 29
表4-1 變數之敘述統計量................................................................................. 33
表4-2 智慧資本與經濟附加價值之Pearson 相關性分析.................................... 35
表4-3 智慧資本與企業生產力關聯之實證結果................................................. 38
表4-4 研究假說檢定結果彙總表...................................................................... 39
表4-5 調整後營業淨利之敏感度分析............................................................... 41
表4-6 稅後淨利之敏感度分析.......................................................................... 42
VI

圖目錄
頁次
圖1-1 研究架構圖............................................................................................ 6
圖2-1 生產力衡量法之分類............................................................................ 11
圖2-2 斯堪地亞智慧資本結構........................................................................ 13
圖3-1 本研究之研究架構............................................................................... 17
VII

一、 中文文獻
林大容譯(1999) (Leif Edvinsson &Michael S. Malone原著)，「智慧資本：如何衡量資訊時代無形資產的價值」，台北：麥田出版公司。
周淑儀(2003)，「人力資本、薪資與組織績效－以電子業為例」，國立中央大學人力資源管理研究所碩士在職專班碩士論文。
洪紫芳(2000)，「公司價值、研發與生產力的關係」，私立朝陽科技大學財務金融研究所未出版碩士論文。
許晉斌(2003)，「教育訓練成效對組織承諾與員工生產力影響之研究–以國內網路銀行為例」，長榮大學經營管理研究所碩士論文。
曹壽民、鄧秋菊(2004)，「商標件數與估計價值價值攸關性之研究」，管理學報，第廿十一卷，第2期，頁213-235。
資策會，(2001)，我國資訊產業智慧資本現況與未來發展趨勢，財團法人資訊工業策進會專題研究報告。
蔡宏明(1999)，「知識經濟時時的產業趨勢與對策」，經濟情勢評論季刊，第3卷，第5期，頁73-88。
劉水深(1980)，研究發展之生產力，中國生產力中心。
劉正田(2002)，「無形資產、成長機會與股票報酬關係之研究」，會計評論，第35期（7月），頁1-29。
顧志遠，「高等教育單位之生產力衡量」，管理與系統,第六卷,第3期，頁352。


二、 英文文獻
Barth, M., and Clinch, G.(1998)," Revalued financial, tangible, and intangible assets: Association with share prices and non-market-based value estimates,” Working paper, Standford university.
Bassi, L. J. and M. E. Van Buren(1999), “Valuing investment in intellectual capital,” International Journal of Technology Management, 8 (5/6/7/8), pp. 414-432.
Bock, G.W., Zmud, R.W., Kim, Y.G. and Lee, J.N. (2005), “Behavioral Intention Formation in Knowledge Sharing: Examining The Role of Extrinsic Motivators, Social-Psychological Force, and Organizational Climate,” MIS Quarterly, 29(1), pp. 87-112
Chen, J., Z. Zhu, and H. Y. Xie(2004), “Measuring intellectual capital: a new model and empirical study,” Journal of Intellectual Capital, 5 (January), pp. 195-212.
Doucouliagos, C.(1995), “Worker participation and productivity in labor managed and participatory capitalist firms: A meta-analysis,” Industrial and Labor Relations Review, 49(1), pp.58-77.
Drucker, P. F.(1993), “Post-capitalist society,” Oxford: Butterworth Heinemann.
Dzinkowski, R.(2000), “The measurement and management of intellectual capital: An introduction,” Management Accounting, 78(2), pp.32-36.
Edvisson, L., and M. Malone(1997), “Intellectual capital: realizing your company’s
true value by finding its hidden roots,” NY: HarperCollins Publishers, Inc.
Farrell, M. J. (1957), “The measurement of production efficiency,” Journal of the Royal Statistical Society Series, A(3), pp.253-290.
Grabowski, H. G. and Mueller, D. C.(1978), “Industrial research and develop, intangible capital stocks, and firm profit rates,” The Bell Journal of Economics , 9, pp.328-343.
Guthrie, J.(2001), “The Management, Measurement and The Reporting of Intellectual Capital,” Journal Of Intellectual Capital, 2(1), pp.27-41.
Hirschey, M., and J. J. Weygandt(1985), “Amortization policy for advertising and research and development expenditures,” Journal of Accounting Research, 35 (Spring), pp.142-167.
Jones, D. C.,and Takao Kato(1995), “The productivity effects of employee – stock – ownership plans and bonuses: evidence form Japanese panel data,” The American Economic Review, 85(3), pp.391-414.
Junaid, M. Shaikh(2004), “Measuring and Reporting of Intellectual Capital Performance Analysis,” Journal of American Academy of Business, Cambridge 4, (1/2), pp. 439.
Katrak, H.(1985), “Imported technology, enterprise size and R&D in a newly industrializing country :the Indian experience,” Oxford Bulletin of Economics and Statistics, 47, pp.213-229.
Molyneux, A.(1998), “IC and the ASCPA: Seeking Competitive Advantage.” Australian CAP, 68(5), pp.27-28.
Roos, G. and J. Roos(1997), “Measuring Your Company’s Intellectual Performance,” Long Range Planning, 30(3), pp.413-426.
Solow, R. M. (1957), “Technical change and the aggregate production function. Review of Economics and Statistics, 39, pp.312-320.
Stern, J. M. and Stewart, G. B. and Chew, D. H.(1995), “The EVA financial Management System,” The Accounting Review, 69(1), pp.44-68.
Stewart, T. A.(1997), “Intellectual capital: the new wealth of organizations,” NY: Bantam Doubleday Dell Publishing Group, Inc