臺灣博碩士論文加值系統

智慧資本揭露為一種自願性資訊揭露，2006年英國ICS教授Goran Ross來台專訪中提到，智慧資本揭露為企業價值之來源，全球資本市場受到環境的變遷，揭露智慧資本資訊為未來不得不面對的挑戰，由此可知智慧資本揭露對企業之重要性(吳安妮，2006)。然而，在台灣一半以上的企業為家族企業(葉銀華、蘇裕惠、柯承恩、李冠德，2003)，本研究之目的即在探討台灣上市櫃電子資訊業中，家族企業與非家族企業在智慧資本揭露行為上是否存在差異，另外再進一步探討智慧資本資訊揭露程度對企業價值的影響。
本研究以2005年至2009年台灣上市櫃電子資訊業為研究對象，並以家族企業與非家族企業之年報探討智慧資本揭露的現況，有關智慧資本揭露透明度的衡量，本研究採用內容分析法，並依據以往智慧資本揭露之文獻整理、加以修改為本研究需要的40個指標，來衡量家族及非家族企業智慧資本揭露程度間的差異，與企業價值的關係又如何。實證結果顯示，智慧資本揭露與企業價值具正向關係，表示企業揭露智慧資本程度愈高，可減少企業不確定性與降低資訊不對稱問題，對企業價值具相對利益。此外，本研究發現，相較於家族企業，非家族企業傾向多揭露智慧資本資訊，而資訊揭露程度愈高，企業價值較好。

Intellectual capital disclosure is voluntary disclosure. Intellectual capital disclosure is important to enterprises according to the interview of Goran Ross, the professor of ICS in England, held in Taiwan in 2006(Wu,2006). Also, Goran mentioned that intellectual capital disclosure is the root of firm value and a challenge that people have to face in the future because the global capital market is affected by environment. However, Yeh, Su, Ke, and Lee mentioned that over half of enterprises in Taiwan are family firm (2003). This study discusses that, among listed companies and over the counter companies in electronic information industries, whether there is a difference of intellectual capital disclosure exists on family firms and non-family firms in Taiwan. Furthermore, the study also researches that how the intellectual capital disclosure with high quality the influences on firm value.
The subjects are listed companies and over the counter companies in electronic information industries from 2005 to 2009. The study also analyzes the present situation of intellectual capital disclosure by using the financial reports of family firms and non-family firms. The measurement of information transparency is adopted content analysis. The study made 40 indexes, obtained by referring related researches of intellectual capital disclosure, present the difference of intellectual capital disclosure between family firms and non-family firms on firm value. The result of the experiment appears that it is a positive relationship between intellectual capital disclosure and firm value. It means that higher intellectual capital disclosure quality, less the uncertainty of enterprise and the information asymmetry, resulting in higher firm value. Furthermore, the study discovers that non-family firms prefer to disclose much intellectual capital information than family firms. Hence, the firm value of non-family firms is higher.

中文摘要 II
英文摘要 III
目錄 IV
表目錄 V
圖目錄 VI
第壹章 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 研究架構 4
第貳章 文獻探討 6
第一節 智慧資本 6
第二節 智慧資本揭露與企業價值 15
第三節 家族企業與非家族企業資訊揭露相關文獻 26
第四節 家族企業與非家族企業資訊揭露與企業價值 30
第參章 研究方法 32
第一節 觀念性架構 32
第二節 研究假說 33
第三節 研究變數定義及衡量 36
第四節 實證模型 44
第五節 樣本選取與資料來源 45
第四章 研究結果分析 46
第一節 基本資料分析 46
第二節 迴歸分析 49
第三節 敏感性分析 55
第伍章 結論與建議 61
第一節 研究結論 61
第二節 研究限制與未來研究建議 62
參考文獻 64

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