本研究欲藉由瞭解筆記型電腦產業的工業設計部門對知識管理理論的認識程度，企業內部對知識管理活動的實行規劃與具體落實內容以及其智慧資本的呈現態樣，進一步分析企業是否能夠藉由推行知識管理來正向增加企業的智慧資本與市場價值，以說明知識管理與智慧資本兩者的關係。 在現今的企業組織與產業環境當中，知識管理理論已經廣為企業所採納，更對企業應累積與強化其自身的智慧資本有所體認。企業若能透過推行「知識管理」，將內部細微繁雜的資訊、知識、經驗流程與作業活動透過機制保存並且進行流通與應用，將會對企業的運作效率以及創新能力有所幫助。尤其是本研究之研究對象-筆記型電腦廠商的工業設計部門，更是需要知識創新以及知識運用，以增強其設計能力以及創新能力。在筆記型電腦的產業競爭激烈，產品趨向同質化、標準化、與微毛利化，唯有透過優異的工業設計創新能力，結合生活美學、歷史文化、藝術、情緒感受以及使用者的新奇經驗等，才能創造差異，為產品賦予新的價值，另闢企業經營與產品競爭的新藍海。 本研究首先透過對過去專家學者所提出的文獻做探討，歸納出知識管理以及智慧資本的理論定義與兩者之間的關係。總結文獻探討所知，本研究認為智慧資本是知識管理活動的另一種報導模式，有助於知識管理成效之衡量，而知識管理活動則是活化知識、激發創新來增加智慧資本的重要方式。組織部門的智慧資本存量與發展重心會影響知識管理活動的內容與推行方式。而知識管理活動的推行越活絡，成效越好，智慧資本的內涵則越豐富。 而後將由文獻探討所建立之理論架構於筆記型電腦產業的實務運作環境中進行驗證。本研究於產業中挑選四家筆記型電腦廠商之工業設計部門，個別就其智慧資本存量以及在其組織中進行的知識管理活動進行個案研究，以呈現產業界的真實活動與完整的事實描述，並以知識管理與智慧資本的組成構面做跨個案的分析與比較。 總結文獻探討以及個案訪談與分析的結果，本研究之研究結論與建議如下: 一、筆記型電腦的工業設計部門能夠以知識管理活動累積智慧資本；部門內知識管理活動越豐富，對智慧資本累積也會有正向的影響。 二、智慧資本理論可以做為企業組織推行知識管理的參考架構。知識管理活動的內容可以根據企業組織智慧資本發展的重點進行規劃。 三、筆記型電腦廠商的產業定位與策略目標會直接影響工業設計部門智慧資本發展目標，進而影響知識管理活動的內容。 四、企業組織能夠透過知識管理增加其智慧資本，同時輔以智慧資本內涵的衡量系統，能夠瞭解知識管理活動推行之成效。但其價值較難以利用量化的財務性指標做評量。 五、企業組織或部門在導入知識管理，進行知識管理活動的同時，其本身也是一種知識創新。 六、本研究建議企業從管理階層到一般業務階層，都應加強知識管理與智慧資本理論的推廣與應用，以提升企業與組織知識含量以及知識創新能力。 七、建議先以單一部門試行的方式，推行知識管理活動與智慧資本衡量，之後再推行到事業單位而至企業整體。 八、建議在衡量企業的創新資本時，可先以智慧財產為財務性指標，反映於財務報表當中，可鼓勵部門為追求財務績效表現，而有積極創新的動力。 九、筆記型電腦廠商在產品設計時，第一步要做的是預防侵權，同時在追求智慧財產的數量之外，還要思考智慧財產的品質與管理，如授權交易與合作等。 十、關於後續研究之方向，建議可以針對組織內產生智慧資本後，是否有新的商業模式，能夠將組織內累積的無形資產與智慧資本做更廣泛的商業利用，如做為交易的標的進行利潤創造。另外有關利用創新成果以新的商業交易模式創造現金流的想法，則建議針對在科技產品的工業設計中，除了材質創新以及機電整合的技術創新可以具體的成為智慧財產進行交易授權之外，關於設計美學呈現「Fine Art」也應該積極思考授權交易的可能性以及實行模式。 / The main purpose of this research is to discuss the relation between “Knowledge Management” and “Intellectual Capital” both in theory side and practical side in real business entities, enterprises, independent departments, or small organizations. By taking the Industrial Design departments for examples, this research is going to describe and define the different application plans and specific activities of Knowledge Management, and also present the stock and developing track of Intellectual Capital in the study cases, so as to infer that if enterprises can enhance their Intellectual Capital via applying Knowledge Management or not. In nowadays, the Knowledge Management theory is adopted generally by many enterprises. They also realize the importance of accumulating the Intellectual Capital; it will be a key way to enhance their organization value and external competence. By applying Knowledge Management, enterprise can build up a practicable mechanism to store, file, consolidate their multifarious knowledge, including subtle data, information, know-how, experience, operation process for transferring and using, and it will be very helpful to elevate the operation efficiency and the ability of innovation. First, learning from the current Knowledge Management and Intellectual Capital literatures and papers of many experts and scholars, this research generalize that Knowledge Management and Intellectual Capital is positive related. Intellectual Capital is a useful measure system to reveal the results and effects of Knowledge Management plan and activities. On the other hand, Knowledge Management is also an important method to activate internal knowledge content to encourage creation and innovation. However, for companies, organizations or departments, the Intellectual Capital focus and current stock will influence their Knowledge Management activity contents and implementation method. The more various activities to follow, the better quality and value of Intellectual Capital. After constructing a theory hypothesis frame from literature studying, this research is going to apply the theory hypothesis into practical circumstances in ID departments of four Notebook companies, and tries to find out then summarize their daily operations, which are regard as the activities of Knowledge Management and the Intellectual Capital. According to the case study findings, this research can describe the actual operations and daily works of each ID department, so as to analyze the relevance between Intellectual Capital stock and the Knowledge Management activities with theories structure separately, also the cross cases comparison to verify the generality in actual industry. Summarize the results of literature study and specific case study, this research have the conclusion and recommendations as follow: 1. The ID department or ID center of NB companies are able to accumulate their Intellectual Capital via Knowledge Management activities; the more Knowledge Management activities, the more stock and better quality of Intellectual Capital. 2. Enterprises can take Intellectual Capital theory structure as a reference for Knowledge Management implementation. The content and detail items of these activities can be planed to focus on key elements of Intellectual Capital development. 3. Different industry position in value chain and strategy target will affect ID centers’ goal of Intellectual Capital development directly, then also affect the content of Knowledge Management Plan. 4. Enterprises or business organizations can increase their Intellectual Capital with Knowledge Management; also, by Intellectual Capital measure system, they also can understand the performance and influence of their Knowledge Management plan and activities. However, the created value for the organizations is difficult to measure with quantifiable financial index. 5. For enterprise and organizations, when they are implementing the Knowledge Management plan and activities, they modify the proper method to make it more smooth and inefficient; it is also creating precious knowledge so call knowledge innovation at the same time. 6. This research suggests that the enterprises and organization could pay more attention and resource to popularize the Knowledge Management and Intellectual Capital theory, so as to raise the internal knowledge base and innovation ability. 7. Following the suggestion above, companies can start Knowledge Management and Intellectual Capital measurement from small independent departments or teams first, then apply the successful experience and know how to whole business unit and whole company afterward. 8. For innovation capital measuring, departments or organizations could use the intellectual property to be a kind of financial index to reflect the profit value and contribution in financial statements. It could be realistic method to encourage the organization members have more motivation of innovation and creation for better financial performance. 9. For Product design of laptops, the first and most important step is to prevent Intellectual Property infringement, and the next step is to develop the quantity of intellectual property like patents. Besides, companies also need to pay more attention on the intellectual quality control and management, such as technology license and cooperation and so forth. 10. As for future deep going researches, there are two possible directions to follow. First, it is important to develop New business models so as to help companies and organizations to use or apply their intangible assets and Intellectual Capital in business operation extensively, not only increase the operating efficiency but also make more cash flow and actual profit. Second, we could derive more thoughts for intellectual property licensing. During the industrial design process of high-tech products, we should think the possibility to find more licensing targets like “Fine Art Design,” but not limit to the new material application or the technology integration for ME and EE. From the other side, we are also supposed to come up a practical model for Fine Art licensing to facilitate the real business trading and profit creating. Key words: Knowledge Management, Knowledge creation, Knowledge innovation, Intellectual Capital, Intangible assets.

人力資本的衡量，為智慧資本領域中相當重要的一環。但過往的研究與討論，卻都陷入「靜態」與「歷史」資料的分析，對於企業在管理與決策時，並無法提供適時、適當且適切之資訊。本研究利用動態競爭分析之概念，改善人力資本資訊在使用上不足之處，並據以建立預測企業未來發展及表現的衡量基礎。 本研究採個案研究法，以我國智慧型手機製造企業為研究對象，利用公開資訊的蒐集與分析，探討其發展過程中有關策略性人力資本的變動，衡量個案公司在投入面、管理面及產出面之智慧資本，並與顧客資本及創新資本相結合，同步利用量化及質化之方式對策略性人力資本之衡量與其所創造之價值進行分析，進而做出下列結論： 一、策略將嚴重影響企業人力資本的內涵與價值。 二、策略執行的效度與效率會因管理階層對策略之決心與態度而有差異。 三、組織中團隊功能異質性的提升，有助於企業發展創新策略。 四、組織中團隊教育背景異質性的下降，有於助企業集中資源，聚焦策略，並增加產品發展及技術創新之強度。 / The measurement of human capital is always a crucial part of intellectual capital issue. However, researchs and discussions both are focus on the “static” and “historical” data analysis in the past. It is bounded to provide timely, appropriate information to assist management formulating strategy and making decisions. This study is aim to improve the weakness of statistical human capital’s information and establish the forward-looking forecasting scheme to measure enterprise’s performance. This study select one smartphone manufacturer in Taiwan as an sample, by adopting the method of case study, we collect public information and deeply analyze the various factors about strategic human capital, including the heterogeneity of team member by functional attributes and by educational disciplines. We integrate strategic human capital data with customer capital and innovation capital, measure enterprise’s performance in input, management and output aspects both in quantitative and qualitative method simultaneously, and create the value of combination with these intellectual capitals. Then make the following conclusions: First, the strategy always will seriously affect the meaning and value of human capital. Second, the determination and attitude of management will influence the validity and efficiency of strategy. Third, the higher heterogeneity of team member in functional attributes has positive help when developing innovative strategies. Fourth, the lower heterogeneity of team member in educational disciplines has positive help to centralize business resources, focus on specific strategy, and increase the strength of product development and technology innovation.

本研究利用截至2007年5月止在台灣上市上櫃之資訊電子產業公司，進行智慧資本因素與企業價值和獲利能力之間關係的探討。欲從此問題瞭解當前除了傳統的財務因素之外，智慧資本因素對與企業價值和獲利能力的影響，在評估一家企業的價值需將智慧資本因素納入考量。 本研究利用過去文獻所使用之智慧資本指標，採用因素分析來萃取出代表人力資本的員工獲利因素和員工薪資增長因素，代表顧客資本的營收及營收成長因素和廣告費因素，代表創新資本的研發費用因素，代表流程資本的管理費用因素和流動比率因素。本研究主要在探討代表企業價值的市場附加價值、市價帳面比和Tobin’s q值，代表獲利能力的每股剩餘價值、每股無形資產價值和每股經濟附加價值與智慧資本因素之間的關聯。 實證結果為人力資本、顧客資本、創新資本和流程資本對市場附加價值有正向顯著影響，顧客資本、創新資本和流程資本對市價帳面比有正向顯著影響，人力資本相對於其他智慧資本對市價帳面比具有中介效果。人力資本、顧客資本和流程資本對Tobin’s q值有正向顯著影響，創新資本對Tobin’s q值的影響方向為正向。人力資本、顧客資本、創新資本和流程資本對每股剩餘價值有正向顯著影響，人力資本、顧客資本、創新資本和流程資本對每股無形資產有正向顯著影響，顧客資本、創新資本和流程資本對每股經濟附加價值有正向顯著影響，人力資本相對於其他智慧資本對每股經濟附加價值具有中介效果。由以上討論可知，人力資本、顧客資本、創新資本對企業價值及獲利能力都有正向的影響。 智慧資本因子之間互相的研究結果為，流程資本的管理費用因素與其他因素之間的交互影響皆為負向，本研究推論為管理費用因素與其他智慧資本因素具有資源運用互斥性，而其他因素之間的交互影響則為正向，其中只有廣告費因素沒有與其他因素有交互影響。本研究推論為廣告費的性質屬於成本投入面，不屬於結果面，所以和人力資本、流程資本和創新資本的因素對廣告費因素的影響並不顯著。

無時間及距離限制之網際網路的出現，大舉改變了人類的生活，除了深入家庭外，亦同時深入企業，大幅改變企業經營模式。新的經濟型態是由新技術、全球化趨勢和當前財務報表所看不到的無形資產所組成，全球產業的競爭要素正由實體資產的競爭轉為虛擬的、無形的資產競爭，許多學者稱這些無形資產為智慧資本。網際網路被認為是一個知識密集和人力資源密集的高附加價值產業，智慧資本在此類產業中相形重要，因此智慧資本的管理制度便成為其主要課題。 　　近來，網際網路產業呈泡沫化現象，此時存活下來而仍佔有一席之地的網際網路公司，必有其優勢所在。本研究即欲探討為其創造高價值及延續其競爭力之核心智慧資本管理制度為何。 　　本研究採個案研究法，輔以問卷調查，以能吸引最多顧客、與一般大眾親近度最高的入口網站為研究對象。首先，初步訪談個案公司主管有關該公司之核心智慧資本管理制度，再根據文獻及訪談所得資訊，設計問卷進行調查，以瞭解個案公司主管對其公司各項智慧資本細項之重視程度，再就各公司核心智慧資本之管理與衡量方式進一步深入訪談，經整理分析及比較探討後，做出以下結論： 　　一、入口網站公司共同重視之智慧資本次分類為人力資本中的「經營團隊」、「專業技能」、「向心力」、「創造力」，流程資本中的「組織彈性」，創新資本中的「智慧財產」，關係資本中的「顧客規模」、「顧客忠誠」、「顧客資訊」、「策略夥伴」及「聲譽」，共計十一項。 　　二、策略會影響核心智慧資本的組成內容。 　　三、考量公司策略及經營背景以制訂適切之管理制度，幫助核心智慧資本之創造、累積及維持。 / Timeless and accessible Internet changes our life style. Besides families, it goes deep into the enterprises and drastically changes business models. New economy is composed of new technology, trend of globalization and intangible assets that aren't presented in financial statements. Competitive factors of globe industries have shifted from physical assets to intangible assets, which are called “Intellectual Capital”. Internet industry, which is knowledge and human-intensive, is considered as high value-added industry. Intellectual capital in this industry is more important than others; therefore, the management system of intellectual capital is the primary topic. 　　The Internet companies, which could survive at the Internet bubble and play a decisive role, must have extraordinary advantages. The purpose of this study is to explore how to manage the core intellectual capital, which can create high values and raise competitiveness in the Internet companies. 　　Case study and questionnaires are used in this study. The objects of this study are the portal sites that are the most attractive and close to the public. Firstly, by interviewing the executives, we could have the preliminary understanding about the management system of the core intellectual capital. Secondly, according to the result of literature review and our work in stage one, we designed and collected our questionnaires. Through the questionnaires, we could understand how the executives stress the attributes about the items of intellectual capital. Finally, we had detailed interviews with the executive of our objects by above results. After analyzing and comparing the results, the conclusions of this study are: 　　1. Portal sites stress the partial same sub classification of intellectual capital, which are ‘management team’, ‘professional skill’, ‘employee commitments’ ,and‘creativity’ in human capital ,‘flexibility of organization’ in process capital ,‘intellectual property’ in innovation capital , ‘customer scale’ , ‘customer loyalty’, ‘customer information’ ,‘strategic partners’ , and‘reputation’ in relation capital. 　　2. The composition of the core intellectual capital is effected by strategy. 　　3. To create, accumulate and maintain the core intellectual capital is by establishing the appropriate management system with considering the strategy and background of the enterprise.