In einer wissensbasierten Wirtschaft basiert die Wettbewerbsfähigkeit zunehmend auf den intangiblen Unternehmensressourcen. Doch was für eine Relevanz räumen Führungspersonen in der deutschen Wirtschaft dem Wissens- und Intellectual Capital Management (WM/ICM) ein? Im Auftrag des Bundesministeriums für Wirtschaft und Technologie (BMWi) hat die Forschungsstelle für organisationale Kompetenz und Strategie an der Technischen Universität Chemnitz anhand einer repräsentativen Stichprobe von 3401 Unternehmen den Stand der Wissensmanagement-Aktivitäten in der deutschen Wirtschaft erfasst. Desweiteren ist die Studie folgenden Fragestellungen nachgegangen: - Was sind die möglichen Einflussfaktoren für den Einsatz von WM /ICM-Maßnahmen? - Was für eine Bedeutung hat das WM /ICM für den Unternehmenserfolg und die Wettbewerbsfähigkeit zu untersuchen. Ein wesentliches Studienergebnis ist, dass die Ressource Wissen zum zentralen Produktions-/Wettbewerbsfaktor in der deutschen Wirtschaft avanciert ist. Dabei werden WM/ICM-Aktivitäten weniger von Betriebsgrößen und Branchen als von Geschäftsstrategien und Kernkompetenzen bestimmt. Neben dem Studienergebnis, dass Wissensmanagement besonders in den Unternehmen stark ausgeprägt ist, wo eine starke kunden-, qualitäts-, und personalgetriebene Wettbewerbsstrategie im Vordergrund steht, wurden weitere Einflussgrößen eruiert. / In a knowledge based economy competitiveness is primarily based on the intangibles of a firm. But what relevance is actually given to the Management of organizational knowledge and intellectual Capital (KM/ICM) in the German economy? The Institute of Personnel Management and Leadership studies at the Chemnitz University of Technology has conducted a company survey on KM/ICM with a representative sample size of 3401 firms in order to capture the status-quo of KM/ICM- activities within the German economy. Additionally, two other main research questions have been addressed: - What are the potential drivers for the implementation of KM/ ICM? - How do KM/ ICM activities relate to organizational performance? A crucial study result reveals knowledge as a crucial production – and competitive factor in the german economy. Here, the implementation of KM/ICM is rather determined by business strategies and core competencies than firm characteristics like industry sector or firm size. Besides the findings, that KM–activities especially prevail in those firms with a predominant customer, employee and innovation orientated strategy,further KM/ICM drivers have been evaluated.

在此知識經濟時代中，企業之價值活動不再止於有形資源，文化及知識層面之投入與維護才是真正影響企業運作、創造價值之關鍵因素。又文化對智慧資本、組織學習方式及能力間有著根本性的影響，且各構面需經由一定的配合，方能達成更高的企業績效。有鑑於此，本研究以國內企業為研究對象，並透過問卷調查法與統計分析法，探討不同組織文化下企業對智慧資本重視程度之差異，以及智慧資本與組織學習方式、組織學習能力及績效間之關係，發現之結果如下： 一、不同文化下之企業，對智慧資本的重視程度存在差異。 二、企業對智慧資本之重視程度確實會影響其所採行之組織學習方式。 三、組織學習方式有助於學習能力的培養與累積。 四、組織學習能力愈高則愈能提升組織績效。 / In a knowledge-based economy, the value creation activities of the companies were no longer limited to tangible resources. Instead, the input and maintenance of culture and knowledge have become the vital factors that influence business operation and value creation most. Culture fundamentally affects intellectual capital, organizational learning style, and learning capability. Moreover, every factor mentioned above has to be coordinated to make a company more profitable. Accordingly, this study employed questionnaire survey method involving domestic public enterprise subjects and statistics analysis to examine whether the degree to which intellectual capital component is being emphasized differs among various corporate cultures. Furthermore, this study investigated the relationship among intellectual capital, organizational learning style, learning capability, and performance. The results are as follows: 1. The degree to which intellectual capital component is being emphasized differs among various corporate cultures. 2. The degree to which intellectual capital component is being emphasized does influence the organizational learning styles companies adopted. 3. Organizational learning styles are helpful to develop and accumulate learning capability. 4. Stronger organizational learning capability can enhance organizational performance.

在知識經濟時代下，企業競爭優勢之來源不再是有形資產，而是企業內部的制度、人力資源、創新等無形資產，即為智慧資本，因此外部資訊使用者所關心的不再只是企業所擁有的有形資產，更包括企業所擁有的智慧資本，但現行會計報表仍偏重衡量與報導有形資產之部分，逐漸喪失正確傳達企業價值之功能，遂興起改革之聲。 目前國內外許多會計學者已積極探討企業價值之來源—智慧資本，希望藉由正確釐清智慧資本之本質，以制訂切合時宜之會計制度，以助企業內部管理其智慧資本，並適切地對外進行智慧資本外部報導，提供有助於外部資訊使用者決策之資訊。智慧資本外部報導之內容應為何呢？為目前學術界積極探討的主題之一，已有多篇相關的學術文章發表，但其多為大原則及大方向之探索性研究，對於智慧資本報導所應包含內容未有較多具體著墨；故本研究以使用者觀點為依據，希望藉由探討外部資訊使用者認為企業報導哪些智慧資本項目有助於其評價企業，以作為企業智慧資本外部報導之參考依據。 本研究利用問卷調查直接蒐集外部資訊使用者與企業之看法，再經由多種統計分析後，發現以下結果： 一、影響外部資訊使用者對企業評價的重要智慧資本有「研發及產品化能力」、「增加客戶購買意願之能力」、「完善的人力資源管理」、「提昇銷售多樣產品之能力」、「拓展新客戶之能力」、「經營團隊品質」、「風險評估與管理能力」、「員工專業能力」等八個因素構面。 二、影響外部資訊使用者對企業評價的智慧資本項目會因產業不同而有所不同。 三、不論是資訊電子業或金融服務業，企業認為影響其評價之智慧資本項目與外部資訊使用者之看法有所差異。 / Intellectual capital — the brain of a company’s employees, their know-how, the processes and customer knowledge that they create — is the new source of competitive advantage in the information age. The source of corporate competitive advantage is no longer the tangible assets of companies. The users of external business reports do not only need information of tangible assets of the firm, but also the details of intellectual capital a firm owns. Our conventional reporting framework only highlights the measurement and reporting of tangible assets. Consequently, the current financial statements do not capture or communicate the true value of the company. Increasing number of users have been issuing calls for the reform of the traditional financial reporting and disclosure requirements to meet the growing need for information on intellectual capital. Numerous papers have been issued on intellectual capital. The scholars have covered such areas as the definition of intellectual capital, the measurement of intellectual capital, and the reform of the conventional reporting framework. What should the corporate intellectual capital report contain? This study seeks to determine what type of intellectual capital information users will need to value firms correctly. We used questionnaire to obtain data from users and firms directly and applied statistics analysis to the data. We found that: 1、Intellectual capital details which can assist users in valuing firms are: the ability on R&D and production, the ability to increase consumer spending, the ability of human resource management, the ability to sell different kinds of products, the ability to increase the number of clients, the quality of managers, the ability to assess and control risk, and the professional skills of employees. 2、Intellectual capital details which affect users valuation of firms are different for each industry. 3、Different Intellectual capital information is used in valuing the firm by the inside and outside users of financial statements.

智慧資本研究可分為策略流派（strategic stream）與評量流派（measurement stream）。前者主要研究如何創造與運用智慧資本，以及探討智慧資本與價值創造的關係；後者著重如何對智慧資本進行衡量。 　　本研究依評量流派之觀點，以民國91年度資訊電子業上市公司為樣本，探討智慧資本資訊對於企業價值的影響。本文採用內容分析法對各樣本公司進行揭露程度評比，採用Ohslon (1995)模型進行實證研究，結果顯示智慧資本之資訊揭露與企業價值攸關，揭露程度與公司價值成正向關係。就分項智慧資本而言，流程資本以及關係資本之揭露程度與公司價值有顯著關係；然而，人力資本與創新資本的揭露程度與公司價值之關係均不顯著。 / The research in intellectual capital (IC) can be divided into two streams focusing on strategic aspect and measurement aspect, respectively. The former stream investigates how to create and use IC and concentrates on the relation between IC and the value creation. On the other hand, the measurement stream is more concerned with the IC reporting and measurement. 　　Basing on the view of measurement stream, this study selects 177 listed companies in Taiwan electronic industry in 2002 as a sample and investigates the effect of IC information on firm value. By using content analysis method to score the degree of IC disclosure for each sample firm, the empirical result shows that the comprehensive disclosure of IC has significant and positive effect on firm value. When we further look into the decomposition of IC disclosure, both relation capital and process capital are found to have positive and significant effect on firm value while the human capital and innovation capital do not have such a significant relationship.

在知識經濟時代中，企業的核心競爭價值已由過去以勞力、廠房及資本等有形資產為基礎，轉變至以智慧資本驅動為核心。然而，受限於會計準則對於智慧資本認列及評價規定之缺乏，僅以財務、實體資產衡量企業價值已不足以反映企業的真實價值。因此，本研究以人力、創新、流程及顧客資本等四大構面，選擇攸關價值因子之替代變數，從投入及產出觀點探討這些價值因子及價值因子間之相互效果對於企業價值的創造是否具有正向關係。 本研究根據Ohlson（1995）的評價模型作為理論架構，以2000年至2002年間台灣上市公司為研究對象，選擇以員工相對教育程度、專利權件數、資產週轉率及顧客留存率等作為智慧資本價值因子，並採用複迴歸方式從事當期及遞延一期之實證模型分析。 實證結果顯示，就智慧資本價值因子而言，員工相對教育程度、專利權件數及資產週轉率均與企業當期及遞延一期之市場價值具有顯著正向關係，惟專利權件數的遞延效益並不穩定。就價值因子間之相互作用而言，人力資本與創新、流程及顧客資本間及創新資本與顧客資本間所產生之綜效，與企業價值間具有正向關係，然而僅人力與創新資本間之綜效具有明顯之持續性。此外，創新與流程資本間之綜效，對於企業價值之創造則具有落後現象。 根據實證結果，本研究建議企業從事知識管理活動時，除應瞭解各項智慧資本對企業核心價值之貢獻外，並應重視智慧資本價值因子間之相互效果，俾利結合企業的經營策略，提昇其市場價值。 關鍵字：智慧資本、Ohlson模型、企業價值、相互效果 / In the era of knowledge economy, firm’s core competitiveness has changed from tangible assets which include labor, factory buildings and capital to the intellectual capital value-drivers. However, the lack of accounting standards of recognition and valuation of intellectual capital results in failing to reflect the firm’s intrinsic value. Therefore, this study uses dimensions of human capital, innovation capital, process capital and customer capital to select the alternative variables of relevant value factors and to examine the relationships between intellectual capital value factors, inter-effects in those value factors and firm’s market value from an input-output viewpoint. The framework of this study is based on Ohlson（1995）valuation model, and the samples of this study is the listed public companies in Taiwan during 2000 to 2002. This study uses relative education degree of employees, patents, assets turnover rate and customer retention ratio as the intellectual capital value factors, and adopts multiple regression methods to build the current and lagged one period empirical analysis models. As the intellectual capital value factors, the results show that relative education degree of employees, patents and assets turnover rate have significant positive effect on firm’s market value under current and lagged one period model. But lagged effect of patents is not stable. As the inter-effects of value factors, the results show that there are significant positive relationships between the synergies of human-innovation, human-process, human-customer, innovation-customer capital and the firm’s market value, but only human-innovation capital has a remarkable persistence. Furthermore, the synergy of innovation-process capital has a lagged effect on the firm value creation. According to the result, this study suggests that company should not only understand the contributions of every intellectual capital value factor to its core value, but also pay more attention to their inter-effects for integration of the firm’s operation strategies and increasing market value. Key words：Intellectual capital, Ohlson model, firm value, inter-effects

企業創造價值的來源由傳統的有形資產如土地、廠房和設備等，轉變為無形的智慧資本，然而一般公認會計原則將創造智慧資本的投入視為費用加以處理，使得企業之帳面價值與市場價值的差距日益增加，公司的管理當局及投資人在評價時面臨重大困難，因而有效的智慧資本評價方式變得十分重要。本研究目的即在探討，採用收益基礎的評價模式下，何種資金成本估計方式所估計之資金成本較能有效反應投資人在考慮企業智慧資本之特性和風險後，所要求的必要報酬率，而使得以該資金成本作為折現率，估計企業智慧資本價值，所估計之結果較能反映企業之市場價值。本研究以Fama and French之三因子模式、益本比法以及市場模式估計企業之資金成本，實證結果發現如下： （1）不同資金成本估計方式所估計之結果存有一定程度的差異，而以不同資金成本估計方式所估計之資金成本作為折現率所計算之企業智慧資本價值亦有一定程度的歧異。 （2）三種估計企業資金成本的方式中，僅有Fama and French之三因子模式企業之Beta值呈正相關，而與公司規模呈負相關，為有效的資金成本估計方式。 （3）複迴歸分析結果發現，以三種方式所估計之資金成本作為折現率計算之智慧資本價值均對企業價值具有價值攸關性，而以三因子模式所估計之資金成本作為折現率計算之結果價值攸關性較高。 （4）若將企業依研發支出密度加以區分，在低研發支出密度公司中，以益本比法所估計之折現率計算之智慧資本價值攸關性最高；而在高研發支出密度以及零研發支出密度公司中均以三因子模式所估計之折現率計算之結果價值攸關性較高。 / Intellectual capital has become the origin of value of a company. But traditional GAAP views investment that is helpful to the value of untellectual capital such as R&D and advertisement as expenses, the gap between the book value and the market value of a business has become larger. This study confer that if we value a business through income-based method, what kind of estimated method of cost of capital should we use to make the estimated value of intellectual capital reflect the value of a business more efficiently. In this study we estimated cost of capital using three estimated method: factor model of Fama and French, earning to price ratio(E/P ratio), and market model, and we find: 1.If we use different kind of estimated methods, the estimated cost of capital can be different from each other. And if we use different kinds of cost of capital as discount rate, the estimated value of intellectual capital can be different from each other too. 2.Only the cost of capital that estimated through three factor model can be a effective method to estimate cost of capital of a company. 3.The value of intellectual capital can reflect the market value of the company when we use the cost of capital estimated through factor model, E/P ratio, and marlet model as the discount rate, and the result of Wald test suggest that using the cost of capital estimated by factor model as the discount rate to calculate the value of intellectual capital can reflect the market value more effeciently than others. 4.If we divide our sample into three group using the density of their R&D expenditure, we find that the cost of capital estimated by factor model can be the most efficient if a company has a higher R&D orzero expenditure.

本研究探討國際財務報導準則採用後對英國上市公司財務報告揭露品質之影響，選取高科技產業公司於國際財務報導準則轉換年度、轉換年度前後兩年之年報，並根據IAS 38, Edvinsson and Malone (1997), Lev (2001), and Sveiby (1997)編纂智慧資本字典，與先前研究之差異處在於本研究採用文字探勘技術之分類演算法以探討智慧資本揭露品質是否和國際財務報導準則之採用有關，結果顯示智慧資本揭露品質和國際財務報導準則之採用有關，接著本研究運用迴歸分析，進一步了解那些智慧資本項目之揭露於採用前後有顯著差異，結果顯示在國際財務報導準則採用後，高科技公司增加智慧資本項目之揭露，符合本研究之預期，有顯著差異之智慧資本項目如:電腦軟體、顧客名單、顧客忠誠度、顧客關係和專利，研究結果也指出在國際財務報導準則採用後，高科技公司增加智慧資本項目之揭露之現象較常發生在上市時間較早之公司、總資產較大之公司。 / This study investigates the impact of the quality of disclosures of financial reports of the listed companies in the U.K. with International Financial Reporting Standards (IFRS) adoption. I select the annual reports of companies in the high-tech industry sectors in the IFRS transition year and two years before and after the transition year. The dictionary for intellectual capital according to four sources, IAS 38, Edvinsson and Malone (1997), Lev (2001), and Sveiby (1997) is compiled. In contrast to prior studies, I use classification algorithm of text mining techniques to explore whether the quality of intellectual capital disclosures is related with the adoption of IFRS. Results show that the disclosures of intellectual capital items are related with the adoption of IFRS. To further realize which intellectual capital item disclosures are significantly different between pre-adoption and post-adoption, the regression analysis is applied. Evidence is promising, in the post-IFRS period, high-tech firms may increase the intellectual capital item disclosures, such as computer software, customer list, customer loyalty, customer relationships and patents. Evidence also indicates that, the evidence that high-tech firms may increase the intellectual capital item disclosures in the post-IFRS period is more pronounced in older and larger companies.

Thesis (MPhil (Information Science. Information and Knowledge Management))--Unkiversity of Stellenbosch, 2007. / Quality management, business process engineering and other business management change tools of the late 20th century are often denigrated in knowledge management literature as fads, with no permanent value. Other authors credit these tools with being predecessors of knowledge management. The objective of this assignment is to investigate the origins, theory and practice of some of the process and technology-oriented fads, and to assess the extent to which they build the intellectual capital of the organisation and therefore can be classed as knowledge management tools. The time period covered by the study is 1960 – 1999, with most emphasis on the period 1975 – 1995. This starting point has been selected because it coincides with maturation of business management as a science, evolving from economic and social science theories; wide acceptance of Penrose’s resource-based theories and early proliferation of information systems in business. The end point has been selected because it coincides with expansion of the global network – based on embedded information technologies, the Internet and the World Wide Web; diffusion of on-line, real-time, end-user-controlled computing and the maturity of knowledge management as a discipline. This assignment starts with a study of the historical origins and development of business management theory, including the evolution of business management as a science, the study of organisational behaviour, the development of strategic, environmental, competitive and internal analysis techniques. This is followed by a brief assessment of most important changes in the business environment during the period under review, including the adoption of information technology, and the development of globalisation An overview of several changes in business management in the period surveyed – including strategic management, organisational structure, information orientation, organisational learning, excellence, collaboration and innovation - is followed by more detailed reviews of two of the new methods (fads): quality management and business process reengineering and management. An introduction to intellectual capital, including some approaches to classifying and measuring it, is followed by evidence linking intellectual assets to knowledge resources, and that these resources are managed with knowledge management. This is followed by a presentation of evidence of the contribution of various fads to knowledge and knowledge management, with reference to reference models developed by Skyrme (1999) and Botha and Fouché (2002). By relating intellectual capital to knowledge, the author demonstrates that many of these fads have in fact provided a solid foundation for knowledge management.

Thesis (MPhil)--University of Stellenbosch, 2005. / ENGLISH ABSTRACT: Reflecting a general trend in modern society, the world of sport has become information driven, with effective information management becoming an essential part of all sports organisations and sporting activities. The sophistication oflarge, multi-sport events - mega-games - such as the Olympic Games and Commonwealth Games demand a high standard of information management to help ensure the smooth running of such events. This is also true of the managing of national teams participating in them. In this thesis a model of an information management system (IMS) is developed for managing certain types of information in such events and the national team participating in them. The model is based on two conceptual frameworks: Intellectual capital, and secondly the information management cycle. The model is then tested using a number of case studies where a specific information management system was used to manage the information of different sports teams and events. The degree to which the information management system was effectively implemented in each case is evaluated and the results used to measure the correctness and accuracy of the model. Lastly suggestions are given as to how the model can be improved in view of the case study findings, and what the future role of information management in sports events may look like in light of the results. / AFRIKAANSE OPSOMMING: Die feit dat inligtingsbestuur 'n noodsaaklike deel geword het in sport organisasies en aktiwiteite is 'n weerspieeling van 'n algemene tendens in die moderne, informasie-gedrewe samelewing. Die ingewikkeldheid van groot, multi-sport byeenkomste - "mega-games" - soos die Olimpiese Spele en die Gemeenskapspele vereis 'n hoe standaard van inligtingsbestuur om te verseker dat sulke byeenkomste glad verloop. Dieselfde geld in die geval van die bestuur van die nasionale spanne wat daaraan deelneem. In hierdie tesis word 'n inligtingbestuursmodel ontwikkelom sekere tipes inligting van verskillende sportbyeenkomste en nasionale sportspanne te bestuur. Die model is geskoei op twee konseptueie raamwerke: Intellekteuie kapitaal, en tweedens die inligtingsbestuursiklus. Die model word getoets deur middel van 'n aantal gevallestudies waartydens 'n besondere inligtingstelsel gebruik is on sportspanne en byeenkomste se inligting mee te bestuur. Die mate waartoe die inligtingbestuurstelsel effektief geimplementeer is word ge-evalueer en die resultate gebruik om die korrektheid en akkuraatheid van die model te meet. Ten slotte word voorstelle gemaak oor hoe die model verbeter kan word in die lig van die gevallestudiebevindinge, en wat die moontlike toekomstige rol van inligtingsbestuur by sportbyeenkomste kan wees in lig van die bevindinge.

Thesis (MPhil (Information Science))--University of Stellenbosch, 2011. / ENGLISH ABSTRACT: This thesis focuses on the problem of knowledge retention and transfer in the face of the imminent retirement of experts, who are hard to replace for demographic or skill shortage reasons. Distinctions between technical, social and structural knowledge are made, and the theory on what makes knowledge “sticky” for transfer between generations of workers is reviewed. Thereafter, a case study of the knowledge retention situation at a public water utility is presented. In this regard, a large number of technical experts are due to retire within the next five years. Knowledge audit interviews were conducted with fifteen experts that have been with the organisation for most of their career and are due to retire soon. They were asked about what they considered to be their ‘hard to replace’ knowledge and professional networks, to what extent this could be captured or transferred, and what they considered to be the difficulties in terms of retaining this knowledge and these networks after their retirement. It was found that the motivation of experts to contribute to knowledge transfer and retention was low. This had to do with the perception that more junior members of the organisation are in any case likely to leave and with an organisational culture that was not supportive of knowledge transfer and retention activities. Moreover, a lack of knowledge leadership and formal knowledge management systems hindered knowledge transfer and retention practices. This study concludes that as far as the case in question is concerned, there is a need for a formal knowledge management system and strategy, and that top management commitment is critical for the success of knowledge transfer and retention. With regard to the theory of the stickiness of knowledge, the case study highlighted the importance of organisational culture and trust when it comes to the motivation of retiring experts to transfer their knowledge. It also emphasised that a silo-type organisational structure limits absorptive capacity, and that the social knowledge of professional networks, rather than technical knowledge, are the most difficult to retain. / AFRIKAANSE OPSOMMING: Die tesis fokus op die problem van kennisbehoud en –oordrag teen die agtergrond van diensverlatende spesialiste wat moeilik vervangbaar is vanweë redes van demografie of vaardigheidtekort. Onderskeidinge word getref tussen tegniese, sosiale en strukturele kennis en ʼn oorsig word gegee van die teorie oor “klewende kennis” in die oordrag van kennis tussen generasies van werkers. Daarna word ʼ n gevallestudie van die kennisbehoudsituasie in ʼ n publieke waterverskaffer ondersoek. In hierdie geval sal ʼn groot getal tegniese spesialiste binne die volgende vyf jaar die organisasie se diens verlaat. ʼ n Kennis-oudit is met behulp van onderhoude met vyftien sulke spesialiste, wat die grootste deel van hulle loopbane by die onderneming werksaam was, onderneem. Hulle is uitgevra oor wat hulle sien as die kennis wat met hulle diensverlating vir die organisasie verlore sou gaan en omtrent die professionele netwerke wat hulle onderhou. Hulle is gevra tot watter mate hierdie twee kategorieë van kennis oordraagbaar is om so vir die organisasie behou te kan word en wat hulle reken die probleme is wat in die pad van kennisbehoud na hulle aftrede staan. Daar is bevind dat die spesialiste se motivering om by te dra tot kennisbehoud en –oordrag laag was. Dit het te make met die siening dat die jonger lede van die organisasie in elk geval die organisasie sou verlaat en met ʼn organisasie-kultuur wat nie kennisbehoud en –oordrag ondersteun nie. Verder is dit toe te skryf aan ʼn gebrek aan kennisleierskap en formele kennisbestuursisteme. Die gevolgtrekking word gemaak dat sover dit die gevallestudie aangaan, ʼn formele kennisbestuurstelsel en –strategie krities is vir die sukses van kennisbehoud en –oordrag. Met betrekking tot die teorie oor klewende kennis het die gevallestudie die belang van organisasie kultuur en vertroue wanneer dit kom by die motivering van spesialiste om hulle kennis te deel belig. Dit het ook beklemtoon dat ʼn silo-gebaseerde organisasie kultuur die kennis absorpsie vermoë verlaag en dat die sosiale kennis van professionele netwerke moeiliker is as tegniese kennis om te behou.