在知識經濟(Knowledge Economy)的時代中，企業經營最重要的生產要素已由知識取代機器、資金、原料或勞工，亦是在商場上競爭與存活的重要武器。所以，能夠針對知識做重大投資的企業，其成長率最快，且其價值與產值亦最大，例如資訊業、半導體業、通訊業等的知識密集之產業。 我們可以發現許多高科技上市櫃公司的股價均很高，但其所擁有的有形資產並不多，其中更有些公司的市值可能達到有形資產的數十倍甚至百倍，其中的差距，並無法從財務報表一窺究竟，其實就是無形資產，也是所謂的智慧資本(Intellectual Capital)。因此，對企業而言，如何充分利用此智慧資本，將知識整合進新的核心能力，轉型成為一個知識導向的組織，就成為一個很重要的課題。 因此，在智慧資本議題受到普遍重視的同時，另外一個很重要的議題亦引起大家的注意，那就是知識管理。如前所述，知識管理乃透過創造、儲存、分享、維持等活動，進而鞏固企業的競爭優勢。然而企業的競爭優勢究竟為何？知識管理活動該如何有效地協助競爭優勢的建立與維持？知識管理活動的成效又是如何得以衡量？ 本研究的目的即希望能夠透過瞭解企業知識管理及智慧資本運作機制，並深入探討高科技公司創新研發中心的知識管理模式，包含其型成過程與要素，以辨別公司是否有足夠人力、結構，並適時由人力資源策略、組織學習來調節並幫助決策者做出正確的調整策略，順利推動知識管理制度，不致於使知識管理活動流於形式，而使得企業活動毫無目標與方向。 / In the “Knowledge economy” era Knowledge is being substituted for the machine, capital, materials or labors, and to be the most important competitive weapons for the enterprise. We observe many high technology companies, which have the very high stock price, but they do not have many tangible assets. Although some of them have hundred times of marketing values compare with their tangible assets. The main difference is the Intellectual Capital which can not be expressed by the financial statement. Therefore, for the businesses, it is the most important issue to integrate the knowledge and enterprise core competency. Furthermore, there is another important issue is “Knowledge Management.” Knowledge management is through creation, storage, sharing, and maintenance to consolidate the competitive advantage of enterprise. However, what is the exactly competitive advantage of enterprise? How to help enterprise to establish and maintain competitive advantage effectively by Knowledge Management? How to evaluate the performance of Knowledge Management related activities? In this study, we hope through understanding the business Knowledge Management and Intellectual Capital operation mechanism, and probing into the Knowledge Management model of innovative research and development center in high-technology business to clarify the company if they have enough human power, structure with appropriately human resource and organizational learning strategy to help the decision maker to make the right strategy, thus can advance the knowledge management system.

<p><strong>Abstract </strong></p><p><strong>Purpose </strong>The purpose of this study is to investigate the methods used for valuating private limited knowledge based companies and if a new approach is required, create or modify a foundation that will constitute as a base within the valuation process.</p><p><strong>Method </strong>This is a qualitative study using interviews to obtain primary data. People working in the valuation industry were contacted and we got eight respondents. The questions were designed to answer our purpose and research questions. Telephone interviews were chosen due to the fact that we believed the response would be higher.      <strong></strong></p><p><strong> </strong></p><p><strong>Frame of References </strong>The theories used in this section is divided into three parts; the financial analysis including traditional valuating methods such as the Discounted Cash Flow model and relative valuating and multiples. The non-financial analysis focus on the underlying analysis consistent of structural- and intellectual capital and also value drivers that are creating value for the firm. In the end other theories concerning the analysis are presented, such as the risk-return trade-off, risk rating systems and analytical hierarchy process.            <strong> </strong></p><p><strong> </strong></p><p><strong>Empirical Findings </strong>In this section the presentations of the respondents’ answers and</p><p><strong>and Analysis </strong>a brief analysis related to each question. After this an extended analysis is presented focusing on the subject and our risk scheme and guidelines we created/modified. The extended analysis is connected to the respondents’ answers. The purpose of this section is to have a better understanding about the risk of transient intellectual capital and give recommendations how to handle it. Also, guidelines of how to weight different value driver are discussed.</p><p><strong>Conclusion </strong>We concluded that all valuations utilize more than one approach in order to estimate the most accurate value for the company. For knowledge based companies the biggest risk with a M&A transaction is the probability of diminishing the intellectual capital. We constructed a model that will manage this risk based on our interviews and established theories.</p><p> </p>

本研究目的在探討智慧資本衡量指標如何運用於績效評估上，透過文獻探討以及專家學者之意見，建立適當之智慧資本衡量指標，以作為本研究之績效評估指標，並以在科學園區內設廠之廠商為問卷發放對象，探討園區內廠商對於科學園區管理局所提供服務之評估。本文將科學園區提供之服務依照智慧資本構成要素分類為知識資本、組織資本與顧客資本深入探討，期望能瞭解廠商對於科學園區管理局提供服務之重要性、期望程度以及達成水準之看法。最後探討不同特性之廠商（產業別、所在園區、經營績效、規模、未來展望、依賴程度、是否在園區外另行設廠），是否影響其對於科學園區提供服務之重要性、期望程度與達成水準之看法。 　　研究結論發現，目前我國科學園區內的廠商普遍依然認為與組織資本相關之服務最為重要，例如園區能提供穩定的能源，其次為知識資本相關之服務，最後為顧客資本相關之服務。另外，本研究亦發現不同特性的廠商會影響其對於園區提供服務之重要性、期望程度與達成水準之看法。故，政府應深入探討不同特性廠商之需要，以提供一個良好的高科技產業發展之環境。 / The purpose of this research was to explore how to use the measurement indicators of intellectual capital to assess performance provided to firms by Science Park Administration. In addition, explored how the different characteristics of firms (industries, location, operation performance, size, future prospects and dependence) influenced the performance provided by Science Park Administration. Performance measurement indicators divided into three catergories including knowledge capital, organizational capital and customer capital. And the performance was assessed by three evaluation criteria: importance, expectations and achievement. Conclusion of the research found that firms considered the the most important services provided by Science Park Administration was organizational capital-related sevices, followed by the knowledge capital-related services, and the last important is customer capital-related services. In addition, the research also found that different characteristics of firms will affect their views on sevices provided by Science Park Administration. Therefore, in order to provide a good high-tech industry development environment, the government should thoroughly investigate different firms’ needs with different characteristics.

全民健康保險實施，促使醫院走向非價格競爭的經營模式，「創新」將會是醫院維持競爭力的利器。 本研究透過兩兩成對比較之問卷調查方式了解影響醫療產業創新之組成要素權重，並進一步經由訪談之方式針對醫療產業創新性智慧資本之價值加以衡量，為個案醫院建立一套創新性智慧資本的聯合價值層級衡量系統。 考量院方之與創新相關之核心價值及願景的情況下，個案醫院最看重的是人力資本，其次依序是財務資本、結構資本及關係資本，代表在創新策略為導向的情況中，人力資本更是醫院最重要的無形資產。推導出個案醫院創新性智慧資本之價值為0.380，處於醫療產業的個案醫院的創新性智慧資本之價值較低。 聯合價值層級衡量系統除了解關鍵成功因素外，針對該因素實際成果進行探討，其價值結果可以提供管理者於資源投入時重要的參考依據與策略執行力及權重認知的檢視。 / The hospitals tend to non-price competition because of the National Health Insurance. “Innovation” will be hospitals’ sharp weapons to maintain their competitive advantage. This thesis conducted the case study under the hospital industry to confer two themes. The first is the weights of determinants of innovation within hospital industry via pair-comparison in a questionnaire. The last is the value of innovative intellectual capital within hospital industry through interviews. This thesis developed a new measurement system of innovative intellectual capital within hospital industry-- conjoint value hierarchy. Considering the core value and vision, the most capital is human capital for object of the case study. the next are financial capital and structural capital. The last one is relational capital this order implicated that human capital is the most important intangible asset in the case the innovation strategy as a consideration. The value of innovative intellectual capital in object of the case study is low, only 0.380. The measurement system, conjoint value hierarchy, cannot only understand key success factors, but also consider the value of actual result of the key success factors. The value result can provide management a important reference basis for resource input and review of execution of strategy and of weight perception.

本研究以1997至2001年國內高研發密度之上市上櫃公司為研究對象，探討高研發密度公司揭露非盈餘以及智慧資本相關資訊之行為。首先探討企業揭露資訊之偏好及趨勢，再分析影響企業揭露非盈餘及智慧資本資訊頻率之因素，並探討企業股價與帳面價值間之差異及股票週轉率與企業揭露智慧資本相關資訊之關聯性。 實證結果發現，公司主動揭露與盈餘有關資訊之頻率有逐年下滑的現象，而揭露非盈餘及智慧資本相關資訊的頻率則有逐漸升高的趨勢。以分組檢定結果而言，未預期盈餘為正且幅度較大的公司在揭露智慧資本資訊方面顯著較未預期盈餘為負且幅度較大的公司積極。就影響企業揭露非盈餘以及智慧資本相關資訊之因素而言，未預期盈餘、員工每人營業利益、研發密集度，以及每人配備率與揭露非盈餘及智慧資本相關資訊之次數均呈顯著正向關係，而董監事持股比率以及用人費用率則與兩項資訊之揭露次數呈顯著負相關。 此外，屬於資訊電子業以及規模較大的公司，揭露非盈餘及智慧資本相關資訊之意願較強。就企業股價與帳面價值之差異以及股票流動性而言，資訊電子業之股價淨值比及股票週轉率均較非資訊電子業為高，策略聯盟（流程資本）資訊揭露次數與股價淨值比呈顯著正（負）向關係，新產品及策略聯盟（人力資本）資訊揭露次數則與股票週轉率呈顯著正（負）相關。 關鍵字：自願性揭露、智慧資本、市價淨值比 / Based on a sample of firm listed on TSE, this thesis investigates the voluntary disclosure behavior ofR&D intensive companies in Taiwan over the period of 1997 to 2001. With an emphasis on non-earnings and intellectual capital-related disclosure policies, we first explore the disclosure behavior in terms of frequency and type of information revealed by management. We then examine whether price-to-book (P/B) ratio and stock turnover ratio reflect the disclosure of non-earnings and intellectual capital-related information. The empirical results suggest a declining trend in disclosing earnings information, with an opposite tendency in non-earnings information over the period examined. In addition, unexpected earnings and variables proxy for intellectual capital determine the disclosure behavior of non-earnings and intellectual capital-related information. Firms with operating performance far beyond market's expectation tend to disclose more intellectual capital-related information than firms with operating performances far worse than market has expected. Variables such as operating income per employee and cost of human resource (proxies for human capital), R&D intensity (proxy for innovation capital), equipment per employee (proxy for process capital) as well as the ratio of directors' shareholding are found to be significantly related to the disclosure frequency of non-earnings and intellectual capital-related information. The findings also indicate that electronics and software industries are more likely to disclose more non-earnings and intellectual capital-related information and have higher price-to-book and stock turnover ratios as compared to other industries in the sample. Firms disclose more (less) strategic alliance (process capital) information is found to have higher price-to-book ratios. Firms disclose more (less) strategic alliance and new product (human capital) information is found to have higher stock turnover ratio. It appears that more disclosure on intellectual capital-related information does not necessarily and monotonously explain the variation in both price-to-book and stock turnover ratios. Key words: voluntary disclosure, intellectual capital, price-to-book ratio, stock turnover ratio

本研究之架構主要是探討台灣具有代表性的產業，其智慧資本是否影響企業績效、影響的途徑和影響力的強弱。 另外，本研究除了探討智慧資本對企業績效直接的影響外，接著再著手探討對企業績效無顯著正向影響的智慧資本類別，是否透過其他智慧資本當作中介，對企業績效產生間接的正向影響。 而為了避免產業間特性的不同對結果造成影響，故本研究僅針對台灣兩個特定產業進行研究分析。在挑選預分析的產業時，主要的考量為台灣代表性的產業，最後選擇資訊電子業和金融服務業為主要研究的對象。 在瞭解智慧資本對企業績效是否有正向影響以及影響途徑之後，本研究另外再利用上述實證的結果，探討當所處的產業不同時，智慧資本對企業績的影響有無異同，並且著手比較其兩者之間相同和相異之處。 / The framework of this study deals with the issue about whether Intellectual Capital impacts business performance, the path of such impact, and the strength level of this influence. Besides investigating the direct impact of Intellectual Capital to business performance, this study paid attention to certain categories of Intellectual Capital that didn’t bring positive significant influence to business performance. This study tried to find out whether such kinds of Intellectual Capital produce indirect impact on business performance through other Intellectual Capital as the mediator. In order to eliminate the biased results coming from the diversified characters in different industries, this study focuses on two specific industries in Taiwan. This study choice information and electronic industry and financial service industry as research samples because these two industries play imperative roles among others in Taiwan. Based on the result of investigating whether Intellectual Capital has positive influence to business performance and what its path, this study also use the evidence from empirical study to survey and compare the relationship between Intellectual Capital and business performance in different industries.

隨著中國大陸近十餘年來的改革開放，以低廉的勞工與土地成本、及高度持續之經濟成長，吸引台商紛紛將過去的台灣經驗移植到大陸。本研究從大陸子公司角度探討影響其經營績效之因素，分析台商母公司的智慧資本對大陸子公司經營績效的影響，特別將母子公司間的移轉機制與子公司的吸收能耐納入實證分析中。 本研究採用田野研究、問卷調查、與實證資料檢定，並結合多種不同的資料庫來源，以在大陸設有子公司進行投資活動之我國公司為研究對象進行問卷調查，回收之有效樣本合計共103家。路徑分析之結果發現大部分台商母公司所擁有的智慧資本會直接影響大陸子公司的經營績效。在智慧資本的移轉成效上，台商人力資本有移轉和吸收效果，但創新資本的效果則不佳。在上市櫃電子業之樣本下，母公司所擁有的人力資本係先透過影響母子公司間的移轉機制，再間接影響大陸子公司的資產報酬率。當台商母公司所擁有的人力資本愈高時，有助於提高大陸子公司之吸收能耐，並間接影響大陸子公司的資產報酬率。另外，迴歸分析之結果發現，不同智慧資本組成要素對大陸子公司經營績效影響的程度並不相同，人力資本對經營績效有顯著的正效果，而創新資本對經營績效的影響並不顯著。本研究最後建議理論或實務上之管理意涵。 / Over the past decade, the regulations of China have changed, and it provided a huge resource of cheap labor and land. Following the rapid economic growth has attracted Taiwanese enterprises to transfer their success experiences to China. It is important to examine the determinants of performance of subsidiary in China. This study analyzes the relationship between intellectual capital and performance covering the transfer from Taiwanese parent to Chinese subsidiary. This study particularly highlights the role of transfer mechanism and absorptive capacity in explaining the effect of intellectual capital on performance. This study integrates multiple research methodologies including field study, questionnaire, and empirical study. Since no single database exists to support this study, multiple sources are employed for constructing the sample frame. Based on a sample of 103 subsidiaries of Taiwanese enterprises in China, results of path analysis indicate that intellectual capital from parent is positively associated with the performance of subsidiary. In general, the results support that the effects of human capital on performance are mediated by both transfer mechanism and absorptive capacity, but the transfer roles of innovation capital are not supported. Finding from the public electronic industry reveals that the influence of human capital on return of assets is indirect through the mediating role of transfer mechanism. An absorptive capacity path is presented where absorptive capacity is associated with return of assets, and human capital influences absorptive capacity. Moreover, regression analyses demonstrate that different intellectual capital elements have a different effect on organizational performance. Human capital is important in explaining the variations in the performance of subsidiary, while innovation capital has little or no effect. Implications for theory and research are discussed.

由於網際網路的蓬勃發展，電子商務的興起為消費者帶來新的消費模式。為了拓展客群，企業開始選擇同時發展其實體通路及虛擬通路。隨著知識時代的來臨，若要兼採實體及虛擬通路之優點，企業必須整合並辨識出重要智慧資本，發展出不同的企業動態能力以因應快速變動的商業環境及不同的顧客群。 本研究採用個案研究法，以台灣知名化工原料公司為研究對象，探討企業在實體通路及虛擬通路下，所應發展之重要動態能力、需蓄積之重要智慧資本及相關管理議題。得出結論如下： 一、 個案公司實體通路之重要動態能力共有9項，且支持重要動態能力之智慧資本共有16項。 二、 個案公司設有相對應之管理制度來蓄積實體通路下之重要智慧資本。 三、 個案公司虛擬通路之重要動態能力共有11項，且支持重要動態能力之智慧資本共有30項。 四、 個案公司設有相對應之管理制度來蓄積虛擬通路下之重要智慧資本。 五、 個案公司實體通路及虛擬通路所重視之動態能力及支持動態能力之智慧資本有其相同與相異之處。 / With the rapid developing Internet environment in recent years, the rise of E-commerce has brought a new consumption model to the consumers. In order to expand the customer base, companies begin to develop their physical channels and virtual channels simultaneously. With the advent of knowledge-based era, in order to take the advantage of both physical and virtual channels, companies have to integrate and identify the important intellectual capitals, and develop different dynamic capabilities to cope with the dramatically-changing business environment and different customer base. This research adopts the case study method and selects a renowned raw materials company in the chemical industry in Taiwan as study subject. The purpose of this research is to study the importance of dynamic capabilities of the company, the importance of intellectual capitals and relevant management system under physical and virtual channels. The conclusions are as follows: 1. Under the case company’s physical channel, there are 9 important dynamic capabilities, and 16 intellectual capitals that support important dynamic capabilities. 2. The case company has a corresponding management system to accumulate important intellectual capitals under physical channels. 3. Under the case company’s virtual channel, there are 11 important dynamic capabilities, and 30 intellectual capitals that support important dynamic capabilities. 4. The case company has a corresponding management system to accumulate important intellectual capitals under virtual channels. 5. There are similarities and differences in important dynamic capabilities and intellectual capitals that can support dynamic capabilities between physical and virtual channels.

[pt] No ambiente competitivo das empresas, os chamados ativos intangíveis se configuram como fonte de inovação e criação de novos patamares de valor. Neste contexto, a Gestão do Conhecimento tem recebido cada vez mais atenção das organizações. Elas têm buscado compreender seu significado e encontrar formas de gestão que lhes garanta, em última instância, impactos positivos no desempenho da empresa. A revisão da literatura evidencia a importância das relações entre Gestão do Conhecimento e a estratégia da empresa, a gestão de competências e a de resultado para o conseqüente desempenho superior do negócio. Sendo assim, o objetivo principal deste trabalho foi identificar se nas empresas brasileiras existe relação entre Gestão do Conhecimento e estratégia empresarial, gestão de competências e de resultado e o impacto causado por estas relações nos resultados de negócio. Deste modo, foi realizada uma pesquisa de campo junto a aproximadamente 100 empresas brasileiras que objetivou mensurar, em amostra representativa de múltiplas indústrias, as relações inerentes à Gestão do Conhecimento, verificando a existência dessas relações e avaliando o impacto no resultado destas empresas. Múltiplos métodos de análise foram utilizados para fornecer uma ampla base para interpretar e validar os dados. A partir dos resultados da análise estatística e dos construtos de natureza qualitativa, importantes generalizações foram sugeridas. A conclusão principal deste estudo indica que um percentual significativo de empresas brasileiras já estabelece relação entre Gestão do Conhecimento e a estratégia empresarial, a gestão de competências e de resultado e que essas organizações estão se destacando em termos de desempenho de negócio. / [en] In the competitive business environment, intangible assets represent a source of innovation and creation of new levels of value. In this context, Knowledge Management has received increasing attention from the organizations. They have tried to understand its meaning and to find management methods that ultimately ensure positive impacts on the company performance. Literature review demonstrates the importance of the relationship between Knowledge Management and firm strategy, competency and result management, for the consequent superior business performance. Thus, the main purpose of this study was to identify if Brazilian companies establish any relationship between Knowledge Management and firm strategy, competency and result management, and the impact produced by these relationships on business results. Therefore, a field survey was carried out about 100 Brazilian companies, with the intention of measuring, within a representative sample comprised of multiple industries, the relationships inherent to Knowledge Management, checking the existence of these relationships and assessing the impact on the results of these companies. Different analysis methods were employed to provide a broad basis to help understand and validate data. From the results of statistical analysis and qualitative constructs, important generalizations were suggested. The main conclusion of this study indicates that a significant percentage of Brazilian companies already establish a relationship between Knowledge Management and enterprise strategy, competency and result management, and that these organizations are excelling in terms of business performance.

Made available in DSpace on 2015-12-03T18:35:16Z (GMT). No. of bitstreams: 1 Vera_Lucia_Andrade_Costa.pdf: 479353 bytes, checksum: a84e1b18640e8200f174a2329c7947fd (MD5) Previous issue date: 2009-03-25 / This dissertation deals with the perception of managers of a company's line of beverages in the city of S??o Paulo on the importance of identifying, structuring and use the potential of intellectual capital in the strategic context of the organization. From the methodological point of view, the development of research had two stages. At first, exploratory, literature raises the theoretical framework on the topic searched. In the second phase, the data collection was done by means of a questionnaire with Likert scale. The results were descriptive and quantitative statistical treatment. The results show that 69% of the subjects agree that the valuation of Intellectual Capital has a clear alignment with the strategy of the organization, its mission, vision and goals. Emphasized that 93% of respondents agree that human capital, which represents the accumulated value of investments in training, competence and future of an employee, is the focus of all areas of activity of the company. With regard to practice management of intellectual capital adopted by the company, the survey revealed unanimity on all those that are based on knowledge. As for accountability for the management of intellectual capital, the respondents are positions that the management of intellectual capital is not an exclusive award alongside other areas of expertise, but noted it is an index of 29% of respondents disagree about the responsibility for managing the intellectual capital lie in the area of control, compared to only 13% rate of disagreement in relation to the area of Human Resources have the same assignment. It is therefore the responsibility for that task, in view of respondents, is divided between Human Resources and Controlling. / Esta disserta????o trata da percep????o dos gestores de uma empresa do ramo de bebidas da cidade de S??o Paulo sobre a import??ncia da identifica????o, estrutura????o e utiliza????o do potencial do capital intelectual no contexto estrat??gico da organiza????o. Do ponto de vista metodol??gico, a elabora????o da pesquisa teve duas etapas. Na primeira, explorat??ria, pesquisa bibliogr??fica levanta o referencial te??rico relativo ao tema pesquisado. Na segunda fase, a coleta de dados foi feita por meio de question??rio com escala Likert. Os resultados obtidos tiveram tratamento estat??stico descritivo-quantitativo. Os resultados obtidos demonstram que 69% dos sujeitos concordam que a valoriza????o do Capital Intelectual tem um claro alinhamento com a estrat??gia da organiza????o, sua miss??o, vis??o e seus objetivos. Ressalte-se que 93% dos respondentes concordam que o capital humano, que representa o valor acumulado de investimentos em treinamento, compet??ncia e futuro de um funcion??rio, ?? foco de todas as ??reas de atua????o da empresa. No que se refere ??s pr??ticas de gest??o de capital intelectual adotadas pela empresa, a pesquisa revelou unanimidade em rela????o a todas aquelas que t??m como base o conhecimento. Quanto ?? responsabiliza????o pela gest??o do capital intelectual, os respondentes se posicionaram no sentido de que a ger??ncia do capital intelectual n??o ?? uma atribui????o exclusivista, coexistindo com outras ??reas de atua????o, mas notou-se um ??ndice de 29% de discord??ncia dos respondentes a respeito da responsabilidade pela gest??o do capital intelectual recair na ??rea de controladoria, comparado ao ??ndice de apenas 13% de discord??ncia em rela????o ?? ??rea de Recursos Humanos ter essa mesma atribui????o. Infere-se, portanto, que a responsabilidade por essa tarefa, na vis??o dos respondentes, divide-se entre Recursos Humanos e Controladoria