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研究生:陳忠豪
研究生(外文):Chung-Hao Chen
論文名稱:智慧資本轉換效率衡量之研究
論文名稱(外文):Measuring the transformation efficiency between IC components
指導教授:楊朝旭楊朝旭引用關係
指導教授(外文):Chaur-Shiuh Young
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:117
中文關鍵詞:智慧資本價值攸關性生產函數模型價值鏈計分卡杜邦公式
外文關鍵詞:Intellectual capitalvalue relevanceproduction functionValue Chain ScoreboardDupond formula
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  在現今的知識經濟時代下,企業多投入大量的資金與時間於發展與獲取智慧資本上,也因此智慧資本成為了企業最重要的資產。然而,目前的釵h研究都專注於提出新的智慧資本衡量方式,卻很少注意到企業如何管理智慧資本,以及其管理智慧資本的效率。在傳統上,衡量企業管理有形資產的效率多使用杜邦公式來將權益報酬率拆解為財務槓桿、資產週轉率與銷貨報酬率的乘積,藉此分析企業的調度能力、運用資產產生報酬的效率與績效表現,但這樣的拆解法卻只能讓管理者或投資人瞭解企業有形資產的管理效能,這是因為使用的資訊是以有形資產為主,無法看出智慧資本的管理效能。因此,本研究結合Lev(2001)的價值鏈計分卡(Value Chain Scoreboard)提出一套類似杜邦公式的方法來衡量企業管理智慧資本的效能,並驗證本研究所提出的三項研發知識管理能力指標是否對企業未來的績效具有解釋能力,以及其是否具有價值攸關性,最後更進一步與按照杜邦公式做拆解的傳統財務指標進行分析比較,以提供本研究所提出的研發知識管理能力指標具有補足傳統財務資訊解釋能力的證據。實證結果顯示,研發知識管理能力指標不僅對企業的未來銷貨具有顯著之解釋力,在價值攸關性研究上亦顯示其對企業的股價表現是有顯著影響的,代表企業的管理階層應當重視研發知識的管理能力,並進一步培養與改善來幫助企業獲取大量的銷貨與良好的股價表現;投資人亦應在制定投資決策時一併考慮研發知識管理能力的指標,並以此做出最佳的決策。
  In the knowledge economic, enterprises spent plenty of capital and time increasing their intellectual capital(IC) to get more competitiveness. However, most recent research have still concentrate on how to measuring IC without to focus on how to managing it efficiently. Traditionally, we may use Dupond formula to take Return on Equity (ROE) into three parts-Equity Multiplier、Total Assets Turnover and Return on Sales to measuring the efficiency of managing tangible assets. In this research, we combined Value Chain Scoreboard (Lev, 2001) with Dupond formula to advance three new indicators on how to measuring the efficiency of managing intangible assets. After a series of regression, we find that the new indicators indeed have great influence on enterprises’ future sales, moreover, the new indicators also have value relevance.
目錄…………………………………………………………………………………………i
圖目錄……………………………………………………………………………………iv
表目錄……………………………………………………………………………………v

第壹章 緒論………………………………………………………………………………1
1.1研究背景、動機與目的…………………………………………………………1
1.2研究流程與論文架構…………………………………………………………4
1.3預期貢獻………………………………………………………………………6
第貳章 文獻探討…………………………………………………………………7
2.1智慧資本的研究………………………………………………………………7
2.1.1智慧資本的定義……………………………………………………7
2.1.2智慧資本的組成要素………………………………………………10
2.1.3智慧資本的特性……………………………………………………13
2.1.3小結………………………………………………………………16
2.2智慧資本衡量的研究…………………………………………………………17
2.2.1智慧資本的貨幣性衡量……………………………………………17
2.2.2智慧資本的非貨幣性衡量…………………………………………21
2.2.3小結………………………………………………………………24
2.3智慧資本管理的研究…………………………………………………………25
2.3.1智慧資本的管理理論……………………………………………25
2.3.2智慧資本的管理技術………………………………………………27
2.3.3小結………………………………………………………………32
2.4杜邦公式與價值鏈計分卡…………………………………………………33
2.4.1杜邦公式…………………………………………………………33
2.4.2價值鏈計分卡(The Value Chain Scorecard) ………………………35
2.4.3小結………………………………………………………………40
2.5研究延伸……………………………………………………………………41
2.5.1本研究延續過去研究之處…………………………………………41
2.5.2補充或修改過去研究之處…………………………………………41
第叁章 研究方法…………………………………………………………………………43
3.1研究架構……………………………………………………………………43
3.2研究假說……………………………………………………………………45
3.3研究模式與變數衡量…………………………………………………………49
3.3.1實證模型……………………………………………………………49
3.3.2變數衡量……………………………………………………………60
3.4資料分析方法…………………………………………………………………67
3.4.1敘述性統計(Descriptive statistics)………………………………67
3.4.2相關性分析(Correlation analysis)…………………………………67
3.4.3多元迴歸分析(Multiple regression analysis)………………………67
3.4.4 Vuong Z檢定………………………………………………………68
3.5樣本與資料蒐集……………………………………………………………69
3.5.1研究期間……………………………………………………………69
3.5.2樣本選取標準………………………………………………………69
3.5.3資料蒐集……………………………………………………………70
第肆章 實證結果分析……………………………………………………………………71
4.1樣本資料的彙整與分布狀況……………………………………………………72
4.2利用生產函數並以企業未來第三年銷貨淨額為應變數之分析結果…………74
4.2.1各變數之敘述性統計分析………………………………………………74
4.2.2相關性分析………………………………………………………………76
4.2.3生產函數模型之迴歸分析結果…………………………………………78
4.2.4生產函數模型之自變數解釋能力檢定…………………………………80
4.2.4.1生產函數模型之模式解釋力分析………………………………80
4.2.4.2生產函數模型下研發知識管理能力指標之增額解釋力分析…83
4.3研發知識管理能力指標與傳統財務指標之價值攸關性分析結果……………85
4.3.1各變數之敘述性統計分析………………………………………………85
4.3.2相關性分析………………………………………………………………88
4.3.3價值攸關性模型之自變數解釋能力檢定………………………………91
4.3.3.1價值攸關性模式之解釋能力分析………………………………91
4.3.3.2價值攸關性模式下研發知識管理能力指標之增額資訊內涵分析………………………………………………………………95
4.4敏感性分析………………………………………………………………………97
4.4.1電子業與非電子業生產函數模型之解釋能力分析……………………97
4.4.2電子業與非電子業生產函數模型下研發知識管理能力增額解釋力之分析………………………………………………………………………100
第伍章 研究結論、限制與建議………………………………………………………103
5.1實證結果彙整與結論…………………………………………………………103
5.1.1研發知識管理能力與企業未來績效之關連性………………………105
5.1.2研發知識管理能力之價值攸關性……………………………………105
5.1.3研發知識管理能力指標與傳統財務指標之解釋能力分析結果……106
5.1.4敏感性分析之結論……………………………………………………106
5.2研究限制………………………………………………………………………107
5.2.1變數方面………………………………………………………………107
5.3研究建議………………………………………………………………………108
5.3.1對企業管理階層之建議………………………………………………108
5.3.2對投資人之建議………………………………………………………108
5.3.3對管理顧問業者之建議………………………………………………108
5.3.4對分析師之建議………………………………………………………109
5.3.5對準則制定者之建議…………………………………………………109
5.3.6對後續研究之建議……………………………………………………109
參考文獻………………………………………………………………………………110
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