|摘要: ||隨著知識經濟時代的來臨，企業以成本為導向的經營模式已經漸漸式微，取而代之的是以知識、創新為主的高附加價值模式，因而智慧資本為值得重視之課題。本研究以2009到2013年台灣上市公司作為研究樣本，探討智慧資本(人力資本、創新資本、顧客資本及流程資本)加入了控制變數(如經理人持股、董監事持股、董監質押股、總資產周轉率等)是否會增強對公司價值之影響。從實證結果得到以下發現 : 一、員工平均個人產值的提升有助於公司價值之提高，由於每個人取得的技術或知識的不同，形成異質的勞動力，此為人力資本中之一項重要量化指標，在多數產業中知識的增長、研究發展和技術擴散是相當重要的課題(如科技業)。其二、商譽及無形資產與公司價值為顯著正相關，由於商譽是企業賺取超額利潤之能力，可反映未來賺取超額報酬之現值。最後，董事質押比率提高將不利於公司價值的提升。|
In the era of knowledge economy, value added concerns by incorporating knowledge, innovation, intellectual capitals are more and more put stress by enterprises in recent days, which seem gradually replace cost-oriented concerns for enterprises. In this study, explore whether intellectual capitals including human capital, innovation capital, customer capital, and flow capital would affect firm value after taking corporate governance and financial statements variables as controlling variables.
In this study, there are several important findings as revealed as below. First, reveal that there is significantly positive relationship between the average value of individual employees and firm value. In fact, employees have different skills or knowledge regarded as heterogeneous labor, which might enhance the value of human capital. In addition, human capital plays an important role for enterprise, since sound human capital would enhance the growth of knowledge, research & development, and technology diffusion, especially for the firms falling into technology industry. Second, goodwill and intangible assets have significantly positive impacts on firm value, indicating that the present value of future abnormal profits might be reflected by goodwill. Besides, we also reveal that the firms with higher director pledge ratio might not enhance their firm value.