公司財務績效驅動因子之研究－智慧資本觀點

The Determinates of Financial Performance by the Viewpoint of Intellectual Capital

李超雄(Chao-Hsiung Lee)；黃劭彥(Shaio-Yan Huang)；吳東憲(Tung-Hsien Wu)；王昶欽(Chang-Chin Wang)

智慧資本 ； 財務績效 ； 組織資本 ； 人力資本 ； 顧客資本 ； 關係資本 ； relational capital ； human capital ； customer capital ； organization capital ； financial performance ； intellectual capital

品質學報

18卷6期（2011 / 12 / 01）

561 - 579

繁體中文

新經濟時代的來臨及資訊科技的迅速發展，無形資產成為主導未來產業經濟發展的要素，因此如何去衡量、管理與揭露智慧資本是新經濟時代中很重要的研究議題。因此，本研究將以Lev and Radhakrishnan（2004）的方法為基礎，衡量台灣資訊電子業的組織資本。並透過研究財務報表上數字所代表的經濟實質，並加以設計成具備一致性及客觀性的替代變數，以表示人力資本構面及顧客資本構面。最後，關係資本則以高階經營團隊之外部董監事連結做為替代變數。本研究主要在探討資訊電子產業下，其智慧資本的不同構面（本研究區分為組織資本、人力資本、顧客資本及關係資本）對於公司財務績效影響之權重。由於實證結果顯示組織資本對於財務績效無直接之解釋能力，然而透過人力資本及顧客資本對於財務績效產生了間接的影響。本研究預期組織資本係透過人力資本、顧客資本及關係資本對財務績效具增額價值效果僅得部分成立。

With the rapid IT development, the intellectual capital will be a significant and essential factor and bring the competitive advantage for firms. One important issue is to how to measure, manage and disclosure the intellectual capital. The study examines the indirect and direct relationship between organization capital, relation capital, human capital and customer capital on financial performance. We measured the organization capital uses the approach of Lev and Radhakrishnan (2004). Relation capital, human capital and customer capital are measured by using the public data. The research demonstrates organization capital has no direct effect on financial performance, but it has indirect effect on financial performance through human capital and customer capital. The results partly support our hypotheses.

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