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.