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    Title: 不同公司治理強度下智慧資本與績效之關條
    Authors: 葉金成;黃思螢
    Contributors: 淡江大學會計學系
    Keywords: 公司治理;智慧資本;財務績效;市場價值;corporate governance;intellectual capital;financial performance;market value
    Date: 2007-09
    Issue Date: 2014-01-20 15:08:54 (UTC+8)
    Publisher: 臺北縣淡水鎮:淡江大學會計學系; 臺北市 : 實踐大學會計學系
    Abstract: 在公司治理與智慧資本皆備受重視的環境下,公司治理機制是否對智慧資本的發展產生影響逐漸受到關切。公司治理機制會影響管理者的決策裁量權,一味地加強公司治理而抑制了管理者之決策裁量權,是否反而傷害企業的價值創造?基於治理機制可能透過對經理人決策權之干擾而影響智慧資本的投入及發展所產生之效益,本研究將樣本公司依公司治理強度區分為強、中與弱三群,探討不同公司治理強度下,智慧資本與公司市場價值及財務績效間的關係是否有所不同,以及高強度的公司治理是否會干擾智慧資本與績效間的關係。本研究以美國高科技產業之上市櫃公司為研究對象。實證結果顯示,美國效率市場對企業投
    入智慧資本有正向反應,且存有遞延效果,然而智慧資本效益尚無法顯現於當期財務績效;至於公司治理強度的干擾效果,實證結果顯示,公司治理強度對顧客資本及創新資本與市場價值間之關連性具有干擾作用,且都存在具「中度治理強度」之公司,顧客資本及創新資本對市場價值有最強的正向影響;於智慧資本與財務績效間之關連性方面,則未見公司治理對其有干擾作用。上述結果有兩種意涵:一為公司治理強度影響管理者裁決性支出行為,且公司治理強度應以適中為宜,另一為美國資本市場是一有效率的市場。
    Recently, people care about corporate governance and intellectual capital, and pay more attention to whether the intellectual capital will be influenced on corporate governance. Because of the influence of corporate governance on discretion, company enhanced the corporate governance may reduce manager's discretion and hurt the future value of the company. On the grounds that corporate governance may influence the benefit of developing intellectual capital through interfering manager's discretion, this study divided samples into three groups based on the intensity of corporate governance to examine the association between intellectual capital and business performance in terms of corporate governance, and whether the high level of corporate governance reduces the benefit of developing intellectual capital. The sample of this study was publicly traded companies in U.S.A. The empirical results show that the efficient capital market of U.S.A. reacts to intellectual capital positively and there are deferred effects. However, the benefit of intellectual capital is still unable to appear on financial performance. As for the moderating effect of corporate governance, the results show that the intensity of corporate governance has moderating effect on the association between customer capital, innovative capital, and firm's market value, and firm's market value will be positively influenced on customer capital and innovative capital strongest under medium intensity of corporate governance. As to the association between the intellectual capital and firm's financial performance, the results show that the intensity of corporate governance has no moderating effect on it. The results have two implications: One is that intensity of corporate governance affects the behavior of managers' discretion, and the medium intensity of corporate governance is adaptable to enterprise. The other is that the capital market of U. S .A. is an efficient market.
    Relation: 2007年第十一屆兩岸會計與管理學術研討會「會計準則與企業價值」論文集(下冊),頁597-634
    Appears in Collections:[會計學系暨研究所] 會議論文

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