創新是企業競爭力的來源，擁有堅強的新產品開發能力是企業成功的關鍵。然而，隨著世界經濟發展的腳步不斷加快，環境品質遭到破壞，各界開始倡導綠色經濟，包括歐盟自2000年開始陸續發布的環保指令，表示企業生產的產品必須考量綠色－對環境友善是一個必要趨勢。而在今日的知識經濟時代，智慧資本的重要性漸漸取代原料、廠房等有形資產，成為企業創造的來源。 本研究採個案研究法，以國內某資訊電子企業為對象，探討綠色新產品開發之重要智慧資本及其管理、報導機制。研究結論如下: 一、個案公司綠色新產品開發之重要智慧資本包含九大因素構面。 二、個案公司研發部門與永續發展辦公室對於綠色新產品開發之重要智慧資本的看法一致。 三、個案公司對於綠色新產品開發之重要智慧資本均設有具體的管理制度以助蓄積。 四、個案公司目前尚未將重要智慧資本資訊彙總為一份完整的內部報導表，故本研究衡酌各報導形式之優缺點，設計了一份內部報導表，透過量化與非量化項目的揭露，供其更了解綠色新產品開發之重要智慧資本的發展情形。 / Innovation is the source of corporate competitiveness, equipping with excellent new product developing ability is the key to success. With the accelerated development of the world economy, the environment quality continues to decrease. More and more people began to pay attention to environmental issues, advocating green economy. With the rise of international environmental regulations such as the three environmental directives issued by the EU, enterprises face more pressure to take green issues into the consideration of the products. And in the information age, the importance of intellectual capital exceeds the tangible assets to be the value driver of enterprises. This study adopts case study method and is assisted with questionnaire survey analysis. This study takes one enterprise in the information and electronic industry as the object company to discuss what is the important intellectual capital of the green new product development and their management and internal reporting system. According to the result of case analysis, the research claims four conclusions in response to the research questions. 1. The case company considers 9 factors as important intellectual capital of the green new product development. 2. The R&D department and the Corporate Sustainability Office of the case company have consistent view of the important intellectual capital of the green new product development. 3. The case company has specific management system to help the important intellectual capital of the green new product development accumulate. 4. This study designs an internal intellectual capital reporting form to help the case company learn the development of the important intellectual capital of the green new product development.

Modern organisations are increasingly seen as knowledge-based business ventures in which proactive knowledge management is important for competitiveness. The interest in knowledge management seems to have surged across world. In the increasingly competitive and global marketplace, firms are especially keen to integrate and capitalise on the knowledge of their employees and make it available when and where it is needed. In addition, many firms realise the need to educate and indoctrinate new hirelings into the organisation quickly due to the scarcity of global resources and an aging workforce (Teicholz, 2004). As a result, many organisations implement knowledge management initiatives in an attempt to combine and exploit their knowledge assets. It is therefore necessary to critically evaluate Sasol on these terms. How the knowledge management strategy supports organisational processes is investigated along with collective learning and collaborative decision making within the organisation. An in depth literature study was conducted to gain insight into KM concepts and strategies. It also provided a reference to current best practices. Above all, the literature study helped to gain perspective on the complexities of measuring a phenomenon like KM in an organisation. Performance measurement techniques are discussed and reference made to the eras of knowledge management. A short section makes reference to another organisation considered to be a global leader in integration of knowledge management systems. The research design method that was chosen to authenticate the research objectives is qualitative. The interpretive methods employ an inductive approach that starts with data and tries to derive a theory about the phenomenon of interest from the observed data. Results were obtained from a combination of two methods. Published and available secondary data mainly obtained from Sasol resources. The second was structured interviews conducted from a criterion based sampling strategy conducted on employees to obtain primary data. Sasol employees are supportive of the Sasol KM systems and are (to some extent) using it. Many believe that Sasol is a learning organisation and therefore benefitting from the systems in place. However, the people of Sasol are generally not aware of the full functionality of the deployed systems. Therefore the current state of the Sasol KM system integration is the consequence. Organisational Knowledge, unlike personal knowledge, is only of value if it is shared with others who need it (KMI, 2010). In order to enhance collective learning, learning organisations establish specific learning processes that become embedded in work processes. This is the basis of the outcomes and the recommendations of this research. / MIng (Development and Management Engineering), North-West University, Potchefstroom Campus, 2014

Modern organisations are increasingly seen as knowledge-based business ventures in which proactive knowledge management is important for competitiveness. The interest in knowledge management seems to have surged across world. In the increasingly competitive and global marketplace, firms are especially keen to integrate and capitalise on the knowledge of their employees and make it available when and where it is needed. In addition, many firms realise the need to educate and indoctrinate new hirelings into the organisation quickly due to the scarcity of global resources and an aging workforce (Teicholz, 2004). As a result, many organisations implement knowledge management initiatives in an attempt to combine and exploit their knowledge assets. It is therefore necessary to critically evaluate Sasol on these terms. How the knowledge management strategy supports organisational processes is investigated along with collective learning and collaborative decision making within the organisation. An in depth literature study was conducted to gain insight into KM concepts and strategies. It also provided a reference to current best practices. Above all, the literature study helped to gain perspective on the complexities of measuring a phenomenon like KM in an organisation. Performance measurement techniques are discussed and reference made to the eras of knowledge management. A short section makes reference to another organisation considered to be a global leader in integration of knowledge management systems. The research design method that was chosen to authenticate the research objectives is qualitative. The interpretive methods employ an inductive approach that starts with data and tries to derive a theory about the phenomenon of interest from the observed data. Results were obtained from a combination of two methods. Published and available secondary data mainly obtained from Sasol resources. The second was structured interviews conducted from a criterion based sampling strategy conducted on employees to obtain primary data. Sasol employees are supportive of the Sasol KM systems and are (to some extent) using it. Many believe that Sasol is a learning organisation and therefore benefitting from the systems in place. However, the people of Sasol are generally not aware of the full functionality of the deployed systems. Therefore the current state of the Sasol KM system integration is the consequence. Organisational Knowledge, unlike personal knowledge, is only of value if it is shared with others who need it (KMI, 2010). In order to enhance collective learning, learning organisations establish specific learning processes that become embedded in work processes. This is the basis of the outcomes and the recommendations of this research. / MIng (Development and Management Engineering), North-West University, Potchefstroom Campus, 2014

Submitted in fulfillment of the requirement for the degree of Doctor of Technology: Public Management, Durban University of Technology. Durban, South Africa, 2016. / Globally, commercialization of university innovation has increased and gained in interest by universities, industry and politicians. The idea of marketing innovation produced by universities is the practice embraced in most advanced economies. However, government’s investment in R&D have not generated the anticipated return. A gap has been identified between innovation developed from publicly financed research and the failure to convert these findings into tangible outcomes. This thesis reports on an investigation of the reasons for the current low rate of commercialization of innovations at South African universities, with a view to increasing this rate. From a survey of intellectual property and technology transfer (IP&TTO) managers and interviews with individual innovators, the main contributory factors were found to be a lack of support from university management, insufficient incentives for innovators, limited access to funding opportunities, institutional bureaucratic regulations and an inefficient system of decision making with regards to intellectual property. Accordingly, the critical measures which can be modified in order to build university IP&TTO success are senior executive support for innovation and commercialization activity, a greater share of financial rewards to individual innovators and a streamlined decision making procedures concerning intellectual property assets. University, government and industry executives need to demonstrate genuine support for research and innovation development activity over the long term, allocate the necessary resources required for its success, and implement a long term strategy for intellectual property.

公司技術鑑價現今仍是有許多爭議，很多專家學者借用財務或者是會計的理論工具來作為技術鑑價的應用。但技術本是不是一個靜態的存在，持不同觀點的學者則認為技術是一個動態且不停的在變化的過程。技術本身所內涵的知識與智慧成分很高，這又更加強了它的易變性；在訪談的過程當中，國內鑑價的業界人士們普遍認為技術在不同的運用方式與經手的技術和經營團對手中，其產生的價值是有明顯的不同；此外一般人會認為評估技術大都用橫斷面的角度來看待技術的價值，不過現在有越來越多的學者會把市場面的管理因素置入技術價值的評估。也有專家或者是學者往上端去探究，認為技術預測以及整個綜觀面的技術生命週期都是技術價值產生中，不可或缺的影響因素。 本研究想著重的就是以智慧資本的概念來衡量技術真實的價值，承續著Skandia的五個焦點；Edvinsson與Malone有強調其中在『流程焦點』的精神就是「在處理技術工具在支援整體企業價值創造時，所扮演的角色」。由此一個更細部以及深入的探究，即本研究想要著眼的地方。 本研究結合技術鑑價以及智慧資本觀點來衡量技術的真正價值。回顧前人在技術鑑價以及價值評估的各種方法，再試著引入智慧資本的衡量模式，予以修正以及改良，發展出另外一種新的技術鑑價模式。這種模式並非偏離先前學者與研究的腳步，而是試著引入更新以及更有效的管理工具得以不斷的補足先人的模型，所以本研究並非標新立異而是採用既有鑑價模型基礎，輔以新近管理評估概念與理論，發展出一種更加完備的模式來進行技術價值的評量。總之本論文之重點在於以下幾點： 一、回顧既往技術鑑價或評價之理論 二、引入智慧資本之概念作為補述以及分析之架構 三、分析現今動畫產業現況以及其特殊性 四、由具代表性之個案驗證智慧資本在企業的評量之意義

對製藥產業而言，不斷推出創新產品是其價值創造的最大動力。另一方面，市場之競爭與價格限制之壓力使所有的製藥業者莫不將提高研發的績效視為企業維持高成長的關鍵途徑。因而製藥企業一直面臨的巨大壓力便是要能快速、確實推出安全有效的新藥上市。隨著競爭模式的轉移，無形資產及知識創造之價值將是決勝的關鍵。受限於本土藥品市場規模的限制與有限的研發能量，本土製藥企業之新藥研發大多以發展階段的新藥開發為主而非風險大、時程長的新藥研究。於是瞭解智慧資本的創造、加值、運用與管理對製藥產業新產品開發績效之影響也將更為關鍵。本研究先就智慧資本之文獻與各種衡量模式進行歸納，並引用Skandia智慧資本導航者之架構，分別以人力資本、流程資本、創新資本與關係資本四個構面評量企業之創新智慧資本之內涵與建置，並試圖瞭解本土製藥產業創新智慧資本對新產品開發績效之影響，期能對我國產製藥產業智慧資本之管理方向提出建議，以提供業界進行創新智慧資本管理與發展之參考。 / The lifeblood of the pharmaceutical industry is its ability to produce innovative products. Additionally, both the heavy competition in the market and the trend of cutting price by the health insurance payers also force the industry turns their focus on increasing the performance of R&D to maintain the high growth rate. Therefore, how to launch a safe and effective new drug in a shortest time is a great challenge to the industry. Along with the changing of the core competitive advantages, the value of the intangible assets and knowledge creation become the key success factors. Linking intellectual capital management with R&D activities in pharmaceutical companies would be a critical factor in enhancing R&D performance. For a local pharmaceutical, limited by the market size and the R&D ability, the R&D activities would be more on the development phase than research phase. The relationship between intellectual capital with new product development would be more critical especially in this knowledge-base pharmaceutical industry. By literature review and adopting the intellectual capital assessment model of the Skandia Nevigator, the study divides the intellectual capital into human capital, processes capital, innovation capital and relationship capital and try to find the elements of innovative intellectual capital related to new drug development in a local pharmaceutical company. It also tries to find out how a local pharmaceutical company creates and manages its innovative intellectual capital. The research results show the current situation about intellectual capital of the case and will be provide a reference for the industry and further research.

經濟體系由過去以產品為導向、有形資產為主的經濟體系轉向為以知識、服務與無形資產為主的知識型經濟時，產業核心競爭力已逐漸改變，財務性及非財務性的智慧資本成為企業取得核心競爭力與確保未來獲利能力之驅動力量。因此本研究將智慧資本與企業經營績效之關係性研究，試著根據「平衡計分卡」以非財務性領先指標連結最終財務績效表現之觀點與「智慧資本」的觀念架構，以瞭解影響企業經營績效之核心智慧資本項目與衡量指標，並提出具體建議，期使企業內部經理人與外部投資人能獲得足夠且攸關的財務與非財務資訊，俾以做出正確的決策。 本研究乃針對我國上市(櫃)製造業為研究對象，包含資訊電子業、化學業、水泥、生物科技、玻璃陶瓷、食品、紡織、造紙、塑膠、運輸工具、電線電纜、橡膠輪胎、機電、鋼鐵金屬等產業，並將智慧資本分為人力資本、創新資本、流程資本以及顧客資本四大構面因素，探討智慧資本與經營績效之關係性，從企業內部管理者的觀點，以企業之經營績效作為衡量智慧資本所產生實質效益之衡量指標，並發展以下問題： 【問題一】人力資本對企業經營績效之影響為何？是否具有遞延效益？ 【問題二】創新資本對企業經營績效之影響為何？是否具有遞延效益？ 【問題三】流程資本對企業經營績效之影響為何？是否具有遞延效益？ 【問題四】顧客資本對企業經營績效之影響為何？是否具有遞延效益？ 研究結果顯示，整體而言，儘管並非所有自變數之反應皆如預期，智慧資本對企業之經營績效仍然具有正向之影響。就個別項目而言，代表人力資本衡量指標之「員工附加價值」與「員工變動率」，代表創新資本衡量指標之「研發投入密集度」，以及代表顧客資本之「廣告投入密集度」均對於當期經營績效具有正向之影響。而人力資本、創新資本以及流程資本對於經營績效則具有遞延一期以上之影響。 / This study is based on the viewpoint of ” the balanced scorecard”－linking non-financial, leading performance measures to ultimate financial performance measures, and the framework of “intellectual capital” to analyize the relationship between intellectual capital and business performances, catch on which categories and measures of intellectual capital can be concerned with business performances, and set forth concrete suggestions. It’s anticipated that the management and investors would obtain enough and relevant information to make accurate decisions. This study primarily focuses on the enterprises of manufacturing industry trading in Taiwan Stock Exchange Corporation, classifies intellectual capital into four categories: human capital, innovation capital, process capital and customer capital, and then analyzes the relationship between intellectual capital and business performances from the management’s viewpoint through using business performance as measures of benefit from intellectual capital. Four issues are as follows: （1） Is human capital concerned with business performances? Are there any legged effects? （2） Is innovation capital concerned with business performances? Are there any legged effects? （3） Is process capital concerned with business performances? Are there any legged effects? （4） Is customer capital concerned with business performances? Are there any legged effects? The results show that intellectual capital as a whole has positive effects on business performances. Specificly, both “value-added by personnel” and “rate of personnel change” of human capital measures, “R&D intensity” of innovation capital measures, and “advertisement intensity” of customer capital measures are positively concerned with business performances. In addition, human capital, innovation capital, and process capital do have lagged effects on business performances.

隨著知識經濟時代來臨，知識在組織經營中扮演日益重要的角色，知識擁有者對於組織而言即為人力資本。組織應瞭解知識擁有者能為組織創造多少效益，從而進行人力資源管理，以求長期競爭優勢。因此人力資本在組織中益顯重要，故本研究擬探討人力資本對組織市場價值與財務績效之影響情況。 本研究以我國上市及上櫃公司為研究對象，包含資訊電子（光電、半導體、資訊通訊服務、資訊家電）、生物科技、食品、化學材料、紡織等產業進行探討。研究期間為2001年至2003年，以複迴歸方式從事實證模型分析。 本研究主要探討議題共分為兩部分： 一、人力資本對組織市場價值之影響：本研究以市場價值及M/B Ratio當為應變數，研發人數、員工向心力為自變數。 二、人力資本對組織財務績效之影響：以每人營業收入、每人營業毛利、每人稅前營業利益為應變數，自變數為：研發人數、員工向心力等。 本研究之實證結果發現：研發人數對組織市場價值與組織財務績效有正向影響，而員工向心力對組織M/B Ratio也有正向影響。另外，智慧資本的投資通常會為企業帶來數年的效益，人力資本也不例外，因此本研究另外針對遞延一期之組織市值及財務績效進行分析，實證結果研究也發現：研發人數對組織財務績效具有部分遞延效益。 根據實證結果，本研究建議組織應加強對人力資本之重視，俾提升其市場價值及財務績效。另外，對於後續研究者而言，由於人力資本之指標因各文獻採用不一，故未來學者應再針對不同指標進行探討，並加以彙整，或許對組織市場價值與財務績效影響因子可能會有更深入及明確之瞭解。 / With the coming of the age of knowledge economy, knowledge plays a very important role in organizations. Knowledge-owners are regarded as “Human Capital” in organizations. Managers should understand how many benefits the knowledge-owners will bring to the organizations, and use their Human Resource Management (HRM) policies effectively to retain the long-term competition advantages. Human capital becomes more and more important, so this study is intent to examine the effect of human capital upon the market value and financial performance of the organizations. The two main themes of this study are: 1. The effect of human capital on market value of the organizations. The dependent variable are: market value and M/B Ratio; and the independent variable are: number of R&D workers and employee loyalty. 2. The effect of human capital on financial performance of the organizations. The dependent variable are: revenue per employee, gross profit per employee, and operating income per employee; and the independent variable are: number of R&D workers and employee loyalty. The results show that “R&D workers” has both positive effect on market value and financial performance of the organizations; “employee loyalty” has positive effect on M/B Ratio, too. In addition, human capital has partial lagged effects. According to the results, this study suggests that the organizations should pay more attention to their human capital to promote their market value and financial performance. Moreover, for future researchers, they could examine different human capital indexes. It may allow us to have a thorough understanding about the influence of human capital on market value and financial performance of the organizations.

在我國近來大力推展的各項數位內容核心產業當中，電腦動畫產業具有相當龐大潛在產值及經濟效益，為主要發展重點。但我國動畫產業在過去長期代工的背景之下，面臨極大的瓶頸。本研究希望藉由深入觀察與剖析目前國內已獲得初步成果的動畫公司之智慧資本建立與累積過程，來萃取出適合於我國動畫事業發展的一條途徑，從智慧資本的觀點來探討我國動畫事業經營與建立競爭優勢之關鍵為何，提供產界與學界作為參考。 本研究採取個案研究方式，選擇一家目前國內已經獲得相當成果的動畫公司－甲馬創意股份有限公司，深入剖析其智慧資本建立與累積過程，希望能夠回答以下幾個問題： 1. 動畫事業的智慧資本內涵為何？ 2. 在個案公司發展的過程中，智慧資本各構面間的相對比重有何變化？形成變化的原因？各智慧資本構面內容的變化又是如何？ 3. 各項智慧資本構面對個案公司而言，有著如何不同的重要性？最為關鍵的是何種智慧資本？ 4. 個案公司所從事的各種智慧資本建構活動及其原有智慧資本如何影響智慧資本的建立與累積？ 本研究之結論可摘要如下： 一、 動畫事業的智慧資本可為分四個構面具體描述其內涵 1. 人力資本：大致可分為動畫製作與經營管理兩方面。亦包含組織成員的創新能力、思考靈活度、人格特質、工作熱忱、互動情況、學習能力、抗壓性等。 2. 關係資本：大致可分為業務開發、動畫製作、原創者整合、行銷資源與資金來源等五種。 3. 流程資本：主要包含動畫創製作、動畫專案管理、動畫創作成果管理及動畫產品行銷規劃等方面之工作流程、原則、制度、採用的工具及特殊方法等。 4. 創新資本：包含有助創新的公司文化、經營策略與人員訓練方式，提升創作潛力的創作模式或原則、管理方式、以及開發新動畫產品的潛力與效率等。亦包含創新成果本身，及管理、運用與保護創新、創作成果之能力。 二、 智慧資本構面的比重與內容會隨事業的發展而變化 5. 個案公司剛成立時，人力資本與關係資本佔智慧資本總量的最大比例。發展的歷程中，關係與流程資本成為比重最大的兩項智慧資本。 待發展漸趨成熟，四種不同智慧資本的比重趨於平均。 6. 由各智慧資本構面的比重變化可以看出在個案公司的發展過程中，組織能力由人力與關係等基本的資源，擴散到深植於組織的流程與組織價值，形成較為深厚的創新能力。 7. 隨著個案公司的發展，人力、關係與流程等智慧資本的內容，朝向企劃、管理與行銷方向發展。而創新資本的累積也將受到組織對創新與創意之管理能力的影響。亦即對個案公司而言，強大的企劃、管理、行銷與資源整合能力成為事業持續成長的關鍵。 三、 不同智慧資本構面之重要性有所不同 8. 人力資本在個案公司發展初期具有較大的影響力，但關係資本與流程資本才是支持整體事業不斷成長的重要關鍵。 9. 人力資本與關係資本對於個案公司而言，扮演著刺激各項智慧資本建立與累積的重要角色。 四、 不同智慧資本建構活動及組織原有智慧資本，會對智慧資本的建立與累積產生不同的影響 10. 人力資本的建立與累積主要靠著「實驗」與「輸入智慧資本」兩種智慧資本建構活動，又受組織原有人力資本與關係資本影響最大。 11. 關係資本主要靠著企業「解決問題」的過程來建構，而又受組織原有關係資本與創新資本之影響最大。 12. 維持與繼續深耕關係資本的關鍵，在於組織的創新與執行能力。 13. 流程資本的建立與累積主要靠著「解決問題」與「執行與整合」兩種智慧資本建構活動，又受組織原有人力資本與關係資本影響最大。 14. 建立與累積流程資本時，較難直接從組織外部輸入既定流程加以套用，必須在公司開發專案的過程中逐漸摸索出最適合本身組織運作方式與組織文化的創作及管理流程。 15. 創新資本主要靠著企業「解決問題」的過程來建構，而又受組織原有人力資本之影響最大。 16. 在個案公司發展初期，創新資本的建立與累積相較於其他智慧資本來說較為緩慢，但各項智慧資本累積充足後之相互加乘效果，使得創新資本加速成長。 17. 「解決問題」與「實驗」兩種智慧資本建構活動容易產生「創造」的建構效果；「解決問題」與「執行整合」則容易產生「改良」的建構效果；「解決問題」、「實驗」與「輸入智慧資本」三種建構活動，都容易產生「增長」的建構效果。 / Due to its great economic potential, computer animation is a main focus in the digital content industry. But for long, most of the animation companies or studios in Taiwan have been focusing on animation manufacturing which only brings little profit rather than on creating their own original content; this has greatly limited the development of the whole computer animation industry in Taiwan. Luckily, there are still some animation companies in Taiwan which have been trying hard to develop their own content. JAMAR IDEA PRODUTION Ltd. is one of these animation companies and has made some remarkable achievements. From the perspective of intellectual capital, this research digs deeply into JAMAR and wish to find some useful clues to help effectively and efficiently build up an animation company’s intellectual capital and competitive strengths. The objective of this research is to answer the following questions: 1. What are the components of an animation company’s intellectual capital? 2. How did the relative weight and the composition of each intellectual capital dimension change along with the development of JAMAR? 3. How different was each intellectual capital dimension regarding its importance to JAMAR? What were the most critical dimensions? 4. How did JAMAR’s company activities and intellectual capital affect the development of each intellectual capital dimension? The conclusions of this research can be summarized as below: A. The components of an animation company’s intellectual capital can be described according to the following four dimensions. 1. Human Capital: An animation company’s human capital can be divided into two categories, that is, animation production and management. Also, company members’ enthusiasm for work, personality, attitudes, ability to innovate, to think creatively, and to learn new things altogether form the company’s human capital. 2. Relational Capital: An animation company’s relational capital can be divided into five categories including business development, animation production, the cooperation with artists, marketing channels, and the sources of capital or investment. 3. Process Capital: An animation company’s process capital mainly includes the working processes, principles, institutions, tools and methods taken in the company regarding the following four categories: animation creation and production, animation project management, animation works management, and the marketing of animation products. 4. Innovation Capital: An animation company’s innovation capital includes the company culture, the strategies, and the training programs that help build an innovative atmosphere in the company. Also, innovation capital includes the approaches that can enhance company’s potential to innovate. And of course, an animation company’s innovative animation films, products, or honors obtained for its innovative works are part of its innovation capital. B. The relative weight and the composition of each intellectual capital dimension changed along with the development of JAMAR. 5. In the early stage, human capital and relational capital had the biggest relative weights among all four dimensions. In the mid stage, relational capital and process capital became the most important two dimensions. And in the last stage, when the company was more matured, the distribution of these four dimensions’ relative weights tended to be more balanced. 6. From this relative weight change we can see the company’s ability shifted from the more basic human capital and relational capital to the process capital, which better embedded within an organization, and finally stimulated a greater ability to innovate. 7. The compositions of human capital, relational capital, and process capital developed towards a direction more focused on project planning, management, and marketing. And the development of innovation capital was also affected by the company’s ability to manage innovations and creativities. C. The importance of each intellectual capital dimension was different. 8. Human capital had a greater importance in the early stage of the company, but relational capital and process capital were more critical to sustain the continuous growth of the company. 9. Human capital and relational capital acted as an important stimulant to the development of the company’s intellectual capital. D. The company’s activities and intellectual capitals differently affected the development of each intellectual capital dimension. 10. Human capital was mainly built up through “experimenting and prototyping” and “importing intellectual capital” and was mostly affected by the company’s human capital and relational capital. 11. Relational capital was mainly built up through “problem solving” and was mostly affected by the company’s relational capital and innovation capital. 12. The ability to innovate and execute is critical to sustain and reinforce relational capital. 13. Process capital was mainly built up through “problem solving” and “implementing and integrating”and was mostly affected by the company’s human capital and relational capital. 14. It was not easy to import process capital directly from other organizations. Process capital was usually built up gradually over the course of running animation projects. 15. Innovation capital was mainly built up through “problem solving” and was mostly affected by the company’s human capital. 16. Innovation capital grew relatively slow in the early stage of the company, but was then simulated to accelerate its development when all the other three capitals were accumulated to a certain amount. 17. “Problem solving” and “experimenting and prototyping” tended to generate an effect of “creation”. “Problem solving” and “implementing and integrating”tended to generate an effect of “improvement”. “Problem solving”, “experimenting and prototyping”, and “importing intellectual capital” tended to generate an effect of “increase”.

本研究發現，工藝產業的標竿公司本身所具備的智慧資本，從公司初創時期偏重在「人力資本」與「關係資本」的不均衡狀態，透過智慧資本的建構活動（創造、流通、加值與保護），形成目前各公司的智慧資本在各構面間的分佈漸趨於平衡協調且有明顯成長。此外，各公司均以發展自我品牌為公司重要策略目標，研究中也發現各公司的智慧資本建構活動與此策略目標相符合。 本研究結論如下： 壹、 智慧資本建構的內容層面 一、 工藝產業初創時期，智慧資本在構面間的分佈不均衡，以「人力資本」與「關係資本」為主。發展至今，智慧資本在構面間的分佈漸趨於平衡協調且均有明顯成長。 貳、 智慧資本建構的過程層面 一、 人力資本主要是透過完整的各領域多元化人才的引進、員工的教育訓練（包含美學、行銷、管理、研發設計等）、國內外的資訊與技術交流、研發設計團隊的建立等活動強化經營團隊與員工專業技能的深度與廣度，更透過共同的理念與對公司的認同感加深對公司的向心力，建構了整個人力資本。而人力資本主要是透過建立共同理念、塑造公司文化、強調團隊合作以及提供完整教育訓練來加以保護。 二、 流程資本主要是透過營運流程的改善、引進生產管理的概念、產品品質的要求、大陸設廠以求生產成本降低、知識管理系統（包含資料庫）的建立、新科技的引入與生產設備的研發與取得等活動加以建構。而流程資本主要是透過建立知識管理系統、設置研發資料庫與保護人力資本來加以保護。 三、 創新資本主要是透過持續投入人力資金厚實本身的關鍵技術與其他輔助技術、產品多元化以求技術精進、國內外技術交流以求技術提昇、關鍵技術專利化等活動加以建構。而創新資本主要是透過保護人力資本、申請商標或專利來加以保護。 四、 關係資本主要是透過制訂不同的客戶策略、建立會員制度、產品設計更具特色、推廣藝術教育、結合上下游廠商、與國際通路合作、作品參賽得獎、參加國內外的展覽等活動來加以建構。而關係資本主要是透過建立會員制度、提升產品價值、建立品牌形象與強化夥伴關係來加以保護。 參、 智慧資本建構的策略層面 一、 工藝產業公司除了將建立自我品牌為主要策略目標外，更將發揚工藝文化、將工藝藝術生活化、推廣工藝藝術教育、成立展示館設定為公司目標。 二、 工藝產業公司所建構之智慧資本與自我品牌之策略目標相符合。 關鍵字：文化創意產業、工藝產業、智慧資本、智慧資本建構、智慧資本管理、智慧資本保護 / The research concluded that: 1. In craft companies, the construction of distribution of intellectual capital, which is not balanced in the initial stage, will be equilibrated. in the end. 2. The human capital of craft companies is constructed by recruiting diverse people, training personnel, exchanging technical information between internal and overseas companies, establishing R&D team, and reinforcing centripetal force. To protect the human capital, the companies should establish a common goal, form the business culture, emphasize team work, and provide training courses. 3. The process capital of craft companies is constructed by improving their business process, adopting the system of production management, requesting quality of products, building up factories in China, establishing the system of knowledge management, importing new technical tools, and obtaining equipments of production. To protect their process capital, these companies should establish the system of knowledge management, set up the database of R&D, and guard their human capital. 4. The innovation capital of craft companies is constructed by investing in key and auxiliary technology, developing diverse products to strengthen technical ability, exchanging technical information between internal and overseas companies to intensify technical ability, and obtaining patents. To protect their innovation capital, these companies should obtain a trademark and patents, and guard their human capital. 5. The relationship capital of craft companies is constructed and protected by making different consumer strategies, managing membership, designing innovative products, popularizing craft education, integrating all suppliers and channels, cooperating with international channels, and building up brand image. 6. The intellectual capital established by craft companies conform with the strategically target that craft companies want to develop their brand.