Abstract Purpose 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. Method 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.      Frame of References 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.             Empirical Findings In this section the presentations of the respondents’ answers and and Analysis 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. Conclusion 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.

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工業電腦產業為資訊電子產業中的利基產業，其產業特性為少量多樣、高毛利、客戶多而分散、競爭者眾多等特性。本研究以工業電腦世界第一大廠「研華股份有限公司」為主要研究對象，資料來源為個人在研華股份有限公司擔任產品開發(Product Manager)職務期間所親身處理相關事務與蒐集公司內部資料為主，並輔以其他工業電腦廠商之新聞、報紙、証交所資料等為輔，從「新產品開發」、「品牌經營」與「行銷通路」三個構面，來探討工業電腦廠商之「智慧資本」與「智慧財產」經營運作模式。 本研究在智慧資本方面的發現如下： 一、人力資本： 1、研華因為品牌效益高與相關人力資源與福利制度完整，招聘優質人才較為容易，且人才平均學歷高、國際化程度高、專業分工仔細。 2、不同事業群之間的跨部門人才互動機會不多，且企業內部缺乏輪調機制，難以培養對各產品事業部皆熟悉的高階主管。 3、目前由董事長兼任總經理的模式，親自來管理不同事業群，難以真正跨入高階主管專業經理人制度。 4、目前法務僅一人，且合併在稽核部門，並且無智財管理專業背景，難以將法務或智財管理提昇至企業策略層級。 (二)、結構資本： 1、研華的各項作業流程均高度電子化，舉凡財務、會計、出納、產品開發、生產、庫存管理、訂單處理、RMA、採購等等，均是透過電子化與網路的界面完成。 2、研華的電子商務系統服務的對象包含員工、業務、經銷商與終端客戶，並針對不同的使用者發展出不同的線上服務系統，產品開發主要的系統是NPI與PLM，客戶管理則是Siebel CRM，其他財務、採購、生產管理與Logistic則是透過SAP ERP系統，不同的系統之間，已完成資料共享與動態連結。 3、研華的主核心競爭優勢是其「全球行銷通路」與「電子商務系統」高度整合。只要一有新的產品上市，就能立刻透過公司的系統，讓全球的客戶知道、並透過網路下單與出貨。 4、研華目前的主要瓶頸是產品種類太多、生產線異動太頻繁、生產良率偏低，如何改善相關作業流程，簡化產品種類、彈性生產、提高良率，是一大考驗。 (三)、關係資本： 1、研發人員與供應商關係互動緊密，採購對供應商的議價權相對較弱。 2、研華公司透過WPC(World Partner Conference)、Global AE Training、Solution Day、Exhibition等活動，與分公司、經銷商及終端客戶(System Integrators)頻繁互動。 3、研華公司透過研華文教基金會，投入大專青年創業競賽與教育，並與國內多數大專院校建立良好的合作關係，建立人才召募網絡，並附帶社會公益的正面形象。 本研究在智慧財產管理方面的發現如下： (一)、專利與積體電路電路布局保護方面： 1、專利申請前建議召開Braining Storming會議，並請擁有專利專業背景的人員在旁協助會議的進行，以提昇專利品質並達成專利知識內部共享與流通之目的。 2、將現有的212個專利製作成研華專利技術手冊，並分送每位產品開發相關人員，以達專利知識能在內部流程與使用。 3、加強發明專利的申請與大陸的專利布局，並主動分析「威達電」已申請之發明專利，研擬對手提起專利訴訟之因應策略。 4、將專利的維護與原申請單位掛勾，以利專利權之成本分攤與節省，甚至是適時放棄。 5、請專業智財管理人員Review目前研華已簽屬之授權合約與權利金給付之合理性。 6、積體電路電路布局保護在工業電腦產業之作用有限，建議相關產業及人員，改以營業祕密的方式保護即可。 (二)、商標與品牌： 1、研華的商標申請活躍，包含公司名稱、產品與服務等。 2、研華的品牌行銷活動有專人負責，制度完善且分工仔細。 3、研華並未有商標授權之營利行為與未來規劃。 4、研華公司透過WPC(World Partner Conference)、Global AE Training、Solution Day、Exhibition等活動的舉辦，增加品牌知名度與價值。 5、在D&MS的業務模式下，商標與品牌的效益重要性偏低。 (三)、著作權： 1、建議強化禁止員工使用非法軟體之教育，並進一步要求員工簽屬免責合同：若發生員工自行使用非法軟體，公司已盡教育與宣導之義務，並得以免責。 2、建議MIS人員定期抽檢員工的電腦使用非法軟體情事，並記錄備查，以利爭議發生時的權責歸屬。 (四)、營業祕密保護與員工競業禁止： 1、建議制定員工保密合同，並要求員工就職時簽屬。現職員工則由高階主管帶頭示範，要求其他員工比照辦理。 2、建議在員工就職時與離職前做保密教育，並查詢員工離職前夕是否有違反規定私自帶走機密資料。 3、由各部門主管自行決定該部門各類文件機密等級，並強化公司內部文件機密等級標示。 4、建議考量要求高階主管簽屬競業禁止的可行性，並與公司紅利配股制度包裏實施。 (五)、其他智慧財產經營運用：建議設立專責智財管理單位或強化法務人才智財專業，並由具備理工與法務背景人才擔任，其主要掌管事項可以包含一般法務、專利申請及管理與分享、合約管理、商標申請、企業內部智財稽核與教育、授權合約審核、競爭對手侵權確認等等。

現今競爭日趨激烈，企業需與外界利害關係人緊密結合，以形成知識充分交流的關係網絡，且若個人的知識與關係深植入組織中，將可累積企業的智慧資本，並增加競爭優勢。既然往來關係、組織內之知識分享對企業如此重要，本研究除單獨討論企業往來關係、組織內之知識分享對企業財務績效的影響外，尚探討自變數對企業財務績效的交互影響。 　　本研究之樣本來自台灣智慧資本研究中心之「智慧資本企業實地調查問卷」，共172家我國上市櫃公司。本研究以「經常往來供應商」與「經常往來顧客」代理企業往來關係，以「高階主管討論會議頻率」及「整合企業資訊及建立知識庫」代理組織內知識分享，而應變數為總資產報酬率、股東權益報酬率、權益市價淨值比與Tobin's Q值。研究期間為2004年1月至12月，以線性迴歸方式進行實證分析。 　　實證結果顯示，對電子產業而言，經常往來供應商愈多，且高階主管討論會議的頻率愈高，對企業的財務績效愈不好；當企業有整合企業資訊及建立知識庫時，對企業財務績效具正向影響。除此之外，更發現二自變數的確對企業財務績效具交互影響及部分遞延效益。 / As competitive environment nowadays, corporation need close relationships with its related parties. It is critical that guanxi and relationship root in corporation to share this kind of knowledge, and even spread out the whole corporation for better performance. Shortly, the objective of this paper is to explore the relationship among guanxi, knowledge sharing and financial performance. The data, which is from the TICRC's questionnaire, is composed of 172 firms of Taiwan's stock exchange market and OTC during 2004. This paper used suppliers (LNSUP) and customers (LNCUS) as the guanxi variables respectively, managers’ meeting frequency (FRE_MAN) and database establishment (DABASE) as the knowledge sharing variables separately, and ROA, ROE, M/B and Tobin's Q as the financial performance independently. Linear regression model was applied and found that, to the electronic industry, the more suppliers and the higher frequency of managers’ meetings, the worse financial performance. Another finding is the more comprehensive database establishment, the better financial performance. Furthermore, guanxi and knowledge sharing indeed have interaction with financial performance and partially defer its influence to the next period.

在這個知識經濟時代中，智慧資本是組織競爭優勢的關鍵所在，而智慧資本的創造、發展、分享及整合則是創造企業價值的主要動因。因此，智慧資本對一個組織而言是很重要的資源，然而每個組織需要的資源種類及多寡是否相同? 又該如何衡量、蓄積與管理? 這些將成為未來企業競爭的重要關鍵。在資源基礎論下認為企業應持續建構及運用本身的經營條件，以對抗外在環境的變化，特別強調資源對公司經營與未來發展的重要性，由此可知，資源是企業策略決策的思考邏輯中心。因此，對資源之需求理論上應隨著策略之不同而有所不同，然而是否會真的有所不同? 具體上又有何不同? 值得我們進一步探討。 然而在企業界的現行實務中，企業所實際擁有的智慧資本是否足以幫助企業達成策略目標與組織目標，非常值得深思。若能掌握企業為達策略目標所需之智慧資本與目前實際擁有之智慧資本的差異狀況，相信能對企業蓄積智慧資本應努力方向提供切實且有助益之參考。故本研究的目的主要係探討企業應重視蓄積之智慧資本為何、應重視蓄積之智慧資本是否會隨著企業所採策略不同而不同，以及實際蓄積不足而應加強蓄積之智慧資本為何。 　　本研究係以我國資訊電子業之上市與上櫃公司為研究對象，並採取問卷調查法來進行，發現之結果如下： 一、企業所重視之智慧資本包含「研發能力與智財強度」、「提昇顧客關係能力」、「營運管理能力」、「提昇人力品質能力」、「行銷能力」、「製程彈性與產能利用」、「生產品質」、以及「組織結構」八個因素構面。 二、企業對於智慧資本之重視蓄積程度會隨著企業所採取策略之不同而不同。 三、兩策略下蓄積不足之智慧資本主要皆集中於「營運管理能力」構面以及「研發能力與智財強度」構面有關之項目，但採低成本策略之企業亦明顯在「生產品質」構面之項目上蓄積不足。 四、企業之智慧資本未達蓄積目標會影響企業績效。 / In this knowledge-based economy, intellectual capital is the key factor to help firms get its competitive advantage. The creation, development, sharing and integration of intellectual capital is the key driver to create the value of firms. Therefore, intellectual capital is a very important resource for a firm. However, what kind of resource do different firms need and how much do they need? How to measure, store, and manage the resource will be the key point for firms to compete in the future. In the resource-base theory, it is thought that firms should keep constructing and making use of its terms to react to the change of the external environment. It also insist on the importance of the resource for firms, so we can know that resource is the logic center for firms to make a strategic decision. Therefore, the need for resource will be different by the strategy. But what’s the different is worth for us to discuss. It is worth for us to think about that in practice do firms really have enough intellectual capital to help them reach the strategic goal of a frim. If we can know well about the difference between the intellectual capital which firms really have and the intellectual capital they want to have, we can provide a practical and helpful way for firms to store their own intellectual capital. The objective of this study is to find out what intellectual capital should firms need to emphasis on. Are they different by strategy. And what intellectual capital should they enhance to store. In this study, both questionnaire survey method are used. The public firms in the electronic industry are the objects of the thesis. We found that: 1. Firms should emphasis on eight intellectual capital, including research, development and intellectual property ability, increase customer relationship ability, operation processes management, increase human quality ability, sales ability, manufacture process elasticity and capacity utilization, manufacture quality, and business structure. 2. The importance of intellectual capital for a firm is affected by strategic types. 3. Firms are mainly insufficient in operation processes and research, development and intellectual property ability. However firms taken low cost strategy are especially insufficient in manufacture quality. 4. The insufficient of intellectual capital will influence business performance.

隨著生活品質的提升與科技的發展，人類對於保健休閒的需求與日俱增，如何活得更好、更健康已成為全球發展的趨勢之一。保健休閒產業的發展，不僅是人文與科技的匯流，也是提升人類生活品質的推手。在知識經濟下，智慧資本已成為企業創造競爭優勢的一切知識與能力的總合。保健休閒產業亦不例外，其牽涉的技術領域不僅廣泛且複雜，因此智慧資本的重要性更為突顯。本研究透過台灣保健休閒產業著名的案例，探討企業如何透過專案規劃與執行過程，將智慧資本規劃納入企業策略的佈局考量，提供企業智慧資本規劃與管理的參考，並希望藉此提升專案的成功率以及企業的競爭力。 本研究藉由七個台灣著名案例的研究，歸納出以下七點結論： 一、企業智慧資本可協助專案進行，企業也可透過專案的進行累積智慧資本。 二、企業智慧資本的四個不同構面(人力、關係、流程、創新)，在專案不同階段的存量明顯不同。 三、智慧資本的規劃可以透過專案的執行，與企業策略佈局作連結。 四、不同類型的企業對於專案智慧資本有不同的理解。 五、企業組織文化差異會影響智慧資本在專案過程中的重要性判斷。 六、保健休閒產業欠缺與資本市場的連結，造成難以估計智慧資本的價值。 七、保健休閒產業是個跨領域知識的整合，是人文、科技、藝術的匯流。 保健休閒產業已經成為體驗經濟的一部分，重視整體呈現的意境，並強調提供給顧客的感受，其基礎建設涵蓋的技術領域廣泛，舉凡資訊、生物科技、奈米技術、建設工程、藝術、醫學等，企業除了需要具備核心技術，如何有效的整合不同科技，並將之商品化成為市場領導的商品與服務，無疑是個嚴厲的考驗。因此，企業持續透過專案的進行將市場新機會或技術新應用轉換成新的商品或科技，藉此累積成企業的智慧資本含量；而新的科技與智慧資本又會成為下一個專案的技術輸入，形成一個源源不絕地累積與應用企業的智慧資本。 由於市場的瞬息萬變，產品或服務不斷推陳出新，企業的創新與否已是保健休閒產業能否成功的重要關鍵。如何營造組織的創新氛圍與前瞻想像力是許多企業當前的問題，而建立跨領域資源整合的機制，藉由專案導入前瞻創新的想像，融合跨文化與科技的要素，有助於創新的發生。企業的另一個重點則是國際合作，以及國際技術標準的接軌，透過加入國際性組織，可以吸取國外全球與跨文化營運的經驗，進而朝國際化的設計與服務。 雖然國內對於保健休閒產業的標準尚在摸索與建立，但政府必須擔任龍頭角色，協助跨領域的經營管理人才與產業專才的培植，搭配產業政策的推動，提升國際知名度。另一方面，則是加強保健休閒產業基礎建設與產業服務窗口的建置，並建立跨業合作機制與資金援助，提供一個讓產業自由發展的空間。 / As an effort to improve quality of life and with the development of technology, people have more demand for healthcare and recreation. How to live better and healthier has become a universal trend. Development of healthcare and recreation not only plays a role in the integration of humanity and technology, but also a motivator to improve human life quality. Under the stream of knowledge economics, intellectual capital has become sum of all knowledge and ability to create competitive advantage. The healthcare and recreation industry is never an exception and its related technology area is broad and complicated. Therefore, intellectual capital in each enterprise has become more critical. This study is based on several famous cases in Taiwan, to investigate how an enterprise incorporates the intellectual capital planning into its strategy map through project planning and execution. Furthermore, it also hopes to make a conclusion as a reference for other enterprises and to promote successful rate of a project and competitiveness ability. This study can be generalized into seven conclusions, as follows: 1. Intellectual capital of an enterprise can help projects proceed, and an enterprise also accumulates its intellectual capital by executing projects. 2. The four different dimensions of intention of an enterprise’s intellectual capital, including human, relation, process, and innovation capitals change during different stages of a project. 3. An enterprise can incorporate intellectual capital planning into its strategy map through project planning and execution. 4. Different enterprises have different understanding about project intellectual capitals. 5. Organizational culture diversity of different enterprises affects its judgment on the importance of intellectual capital in the project management process. 6. It’s hard to calculate the value of intellectual capital without information on the relationship between healthcare and recreation industry and the capital market. 7. Healthcare and recreation industry is an integration of multiple knowledge areas, and also an influx of humanity, technology, and art. Healthcare and recreation industry has become a part of experience economics, emphasizing on the conception of overall performance and its feeling provided to customers. The infrastructure of this industry is related to different technologies, including information technology, biotechnology, nanotechnology, architecture engineering, art, medicine… etc. An enterprise not only needs to own core technology, how to effectively integrate different technologies, further commercialize them to leading products, but services is also undoubtedly a severe challenge. As a result, enterprises continuously execute projects to transfer new market opportunities and new applications of technology into new products and services. It helps to accumulate intellectual capitals. On the other hand, new technologies and intellectual capitals become inputs of new projects, forming a never-ending accumulation and application of internal intellectual capitals. Products and services proceed ceaselessly as the market needs change rapidly. Innovation ability has become one of the key successful factors, and how to create organizational innovation atmosphere, build pioneer imagination are problems many enterprises are facing at the moment. It is helpful to allow for innovation to happen by building up mechanism of cross-field resource integration, implementing pioneer imagination through projects, and fusing cross-cultural and technical factors. Another critical work is international cooperation. Enterprises will absorb foreign global and cross cultural operation by joining international organization to fit international design and service standards. Although domestic healthcare and recreation industry direction is still not clear, and the industrial standards are not yet determined, government should play a leading role, including training cross field administrators and industrial professionals, promoting international reputation through industrial policy. On the other hand, improving healthcare and recreation industry infrastructure, building industrial service window and financial support, providing a space for free market are also helpful for industrial development.

金融業是一個對資訊科技（Information Technology, IT）需求相當高的行業，相對於多數產業，其IT的建置時間較早，電子化程度亦趨向成熟。然而，由於市場激烈的競爭，為了提高企業整體營運績效與獲取競爭優勢，該產業仍必須投入龐大的資金於IT的應用。近年來，隨著國內政策的改革，跨產業併購已成為金融業未來發展的趨勢，其併購後所面臨的IT整合與更新再次帶動金融業對IT的需求。網際網路的蓬勃發展，亦提供金融業者新的競爭市場與商機，例如網路ATM等金融服務紛紛推出，隨之帶來的線上交易模式使得資訊安全議題更加受到重視，相關的IT應用成為金融業所考量的重點之一。 　　如此龐大的IT投資突顯了資訊科技評估的重要，一直以來，金融業的IT投資僅次於高科技產業或製造業，其資訊科技支出常佔營收一定的比例，若能有效掌握IT資本，必可協助企業做出最佳的投資決策。本研究即以資本的觀點定義IT資本，並以此為依據，建構一套IT資本的衡量構面與指標，透過個案訪談的方式深入了解金融業IT資本的概況以及驗證指標的適用性，藉此了解金融業所重視的衡量指標為何並進而探討之。 / The Financial service industry places high demands upon information technology (IT). Compared with other industries (except for manufacturing-related industry), it not only begins IT implementation early but also has a better IT infrastructure. Owing to fierce competition in the financial markets, however, companies in the financial service industry still have to invest a huge amount of money in IT in order to enhance their whole performance and gain competitive advantages. In recent years, due to reformation of policies, across the field mergers and acquisitions have become the financial industry’s current trend. It not only makes financial firms spend more money on the integration and updating of IT systems after mergers and acquisitions but also stimulates the demand for IT at the same time. The growth of the Internet also provides financial service firms with new competitive markets and opportunities, such as e-ATM. In addition, due to the extensive use of the Internet and information systems, it makes firms pay close attention to information security issues and consider relevant IT applications to be a key point to focus on. 　　As described above, the huge amount of investment in IT has shown the importance of IT assessment. In general, the financial industry’s IT investment is no less than in high-tech or manufacturing industries; and its IT spending often takes a large part of revenue. Therefore, if financial firms could have a good understanding of IT capital, it will help them to plan the best IT investment strategy. In this research, we define what IT capital is from the viewpoint of capital, and develop the performance dimensions and indicators of IT capital to help firms to understand and assess their IT capital. In addition, we observe the overview of IT capital and verify the applicability of performance indicators through interviewing five benchmark companies in the financial industry. By way of case study, we understand what performance indicators the financial industry values most and then discuss the relation between IT investment and firm performance.

科技的變遷常因新產品或新服務的出現，創造出全新的商業機會及市場，因此容易吸引創業家的加入。此階段通常代表產業位於萌芽期或新興期，是新事業較有機會成功的時期。不過，因預期市場的成長性高，相對來說競爭的對象也非常多。新事業必須發展出獨特的競爭優勢，才能在這樣的環境中存活下來。 　　競爭優勢源自企業的核心能耐，為組織日積月累的成果。視企業的性質而定，核心能耐可自企業的核心資源或智慧資本中發掘而出。目前國內研究與核心能耐相關的文獻，多集中在從現有企業的核心資源中辨識出特定產業的核心能耐；較少有文獻探討核心能耐的形成過程，及其是否受創業時期的管理工作所影響。 　　因此，為探討新事業的創業管理與其核心能耐間的關聯性，本研究希望藉由研究結果回答三點研究問題：(1) 創業家在創業階段應注意哪些管理上的事項？(2) 新事業的核心能耐如何發展而得？(3) 創業家的創業管理決策是否影響新事業核心能耐的形成？ 　　本研究以一家IC設計公司–群聯電子，作為研究訪談的個案，從收集到的次級資料及個案訪談的資料中，先試著整理出個案在創業階段的管理歷程，之後再調查個案在新事業各成長階段的智慧資本累積狀況並從中辨識出個案的核心能耐，最後則分析個案在創業階段的管理決策與其核心能耐形成過程的脈絡。從個案研究的結果得到初步的結論如下： 1.創業家需以階段性的方式思考新事業在各個階段的目標及所需的資源，並針對各階段的需求調整作法。 2.新事業的各種智慧資本會互相影響彼此的累積，創業家需注意智慧資本的平衡發展才能建構出最佳的競爭優勢。 3.創業家在創業階段的管理決策會影響新事業智慧資本的發展，進而影響累積出的核心能耐。 / Technological changes often generate new products or services, and create new business opportunities and markets that attract entrepreneurs. This phenomenon tends to occur at the budding or emerging stage of an industry, where new ventures have a better chance to survive. Since the market has potential high growth, one can expect there would be many contestants competing in it. New ventures must develop a sustaining competitive advantage to succeed in such a perilous environment. For a company, its competitive advantages normally come from its core competences, which were accumulated over time. Depending on the nature of the company, its core competence could be developed from its core resources or intellectual capitals. Studies on core competence conducted by local researchers mostly focused on identifying the core competence of a particular industry, based on the existing core resources of well-established companies. So far, no study had been found that explored the relevance of a company’s core competence formation and its management processes during the start-up stage. In order to understand if the managerial decisions undertaken during start-up stage have any effect on a company’s core competence accumulated, we’d like to use our research results to answer the following 3 questions: (1) What are the key management guidelines an entrepreneur should pay attentions to during the start-up stage of a new venture? (2) How are the core competences developed by a new venture? (3) If the decisions made by an entrepreneur during the start-up stage have any effect on the core competences a new venture develops? In this study, we chose an IC design house – Phison Electronics, as our study case. From the case interview and secondary data collected, we tried to reproduce the management processes in Phison’s start-up stage; then identified the core competences accumulated from the intellectual capitals in each growth stage; finally, by inspecting the results summarized above, we would determine if the core competences of Phison could be traced back to its managerial decisions made at start-up stage. Our preliminary conclusions are as follows: 1.The entrepreneurs need to think stage-wise of their new ventures, and define the corporate goals and resources required for each stage of growth, then make adjustments accordingly. 2.Different aspects of a new venture’s intellectual capitals would influence each other’s developments. Entrepreneurs need to maintain a balanced intellectual capital composition within the company to facilitate the formation of the new venture’s competitive advantage. 3.The management decisions entrepreneurs made in start-up stage would affect the development of intellectual capitals in later stages, thereby affecting the accumulation of core competences.

Intellectual Capital is considered an intangible asset that occurs in many organizations, especially service organizations, mainly because South African banks offer a service to their customers. This results in Intellectual Capital being an important factor in obtaining competitive advantage and success. If organizations do not consider Intellectual Capital as an important factor, it could lead to brands devoted to competitors, the loss of talented employees and unsatisfied customers. This in turn could affect the image of the organization. Financial organizations have the responsibility to identify and to monitor the various components of Intellectual Capital. Intellectual Capital consists of three main components, namely, Human Capital, Structural Capital and Relationship Capital. One of the biggest challenges of Intellectual Capital is that no one hundred percent accurate measurement method exists to measure Intellectual Capital items. An inaccurate value of Intellectual Capital leads to inaccurate disclosure of financial statements which, in turn, could result in various stakeholders (such as shareholders and public) losing faith and confidence in the organization. The purpose of the study is to describe the various components of Intellectual Capital, the linked costs and to examine the measurement of Intellectual Capital, in order to provide accurate disclosure. An empirical study was conducted to assess the impact and importance of Intellectual Capital in a South African bank. Recommendations were made on the manner problems regarding Intellectual Capital are managed and dealt with by the management of the bank. / Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2013.

Intellectual Capital is considered an intangible asset that occurs in many organizations, especially service organizations, mainly because South African banks offer a service to their customers. This results in Intellectual Capital being an important factor in obtaining competitive advantage and success. If organizations do not consider Intellectual Capital as an important factor, it could lead to brands devoted to competitors, the loss of talented employees and unsatisfied customers. This in turn could affect the image of the organization. Financial organizations have the responsibility to identify and to monitor the various components of Intellectual Capital. Intellectual Capital consists of three main components, namely, Human Capital, Structural Capital and Relationship Capital. One of the biggest challenges of Intellectual Capital is that no one hundred percent accurate measurement method exists to measure Intellectual Capital items. An inaccurate value of Intellectual Capital leads to inaccurate disclosure of financial statements which, in turn, could result in various stakeholders (such as shareholders and public) losing faith and confidence in the organization. The purpose of the study is to describe the various components of Intellectual Capital, the linked costs and to examine the measurement of Intellectual Capital, in order to provide accurate disclosure. An empirical study was conducted to assess the impact and importance of Intellectual Capital in a South African bank. Recommendations were made on the manner problems regarding Intellectual Capital are managed and dealt with by the management of the bank. / Thesis (MCom (Management Accountancy))--North-West University, Potchefstroom Campus, 2013.