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.

近年來，隨著台灣金融環境自由化，再加上金融創新的趨勢使然，各種不同的對外公開融資工具紛紛出籠，企業可以依照公司之所需及當時經濟環境狀況來決定其要選擇的融資工具，而在這樣的研究背景之下，本研究針對國內電子資訊業上市櫃公司，以民國88年到民國93年為研究期間，探討公司四種對外公開融資選擇與其財務特性差異之間的相關性研究，主研究內容包括選擇負債與權益融資之公司財務特性差異，以及選擇國內與國外融資之公司財務特性差異，利用Panel Logit Model－多項邏輯迴歸模型，在研究資料為連續時間固定樣本的Panel Model形式，加入時間效果或個別企業效果，探討公司財務特性差異與其選擇融資工具及融資地點之間的相關性研究。研究結果如下： / 一、非Panel模型實證結果： 針對公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈小、成長性愈低、獲利能力愈高、財務風險愈高、及營運風險愈高的公司，會較傾向以國內權益工具進行融資；而當公司選擇在國外進行融資時，規模愈大及獲利能力愈高的公司，會愈傾向以國外權益工具進行融資。 而對於公司融資地點不同之財務特性比較，則不論以負債或權益工具進行融資，只要公司的規模愈大，公司會愈傾向到國外進行融資。 / 二、考慮時間效果的Panel模型實證結果： 有關公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈大、成長性愈高、財務風險愈低、及營運風險愈低的公司，會較傾向以國內負債工具進行融資；而在時間效果部分，相較於民國88年基期，民國90年到民國93年，公司會更傾向使用國內負債融資工具。而當公司選擇在國外進行融資時，規模愈小的公司，會愈傾向以國外負債工具進行融資，且在民國92年到民國93年，這個現象會更加明顯。 有關公司選擇在國內或國外進行融資之財務特性比較，不論以負債或權益工具進行融資，只要公司的規模愈大，公司會愈傾向到國外進行融資。而在時間效果影響部分，相較於民國88年比較基期，在民國92年，台灣電子資訊產業上市櫃公司會更傾向到國外進行融資。 / 三、考慮個別企業效果的Panel模型實證結果： 有關公司選擇以負債或權益工具進行融資之財務特性比較，當公司選擇在國內進行融資，規模愈小、成長性愈低、獲利能力愈高、財務風險愈高、及營運風險愈高的公司，相較於以國內負債工具融資，會較傾向以國內權益工具進行融資；而當公司選擇在國外進行融資時，規模愈小、獲利能力愈高、及財務風險愈大的公司，相較於以國外負債融資，會愈傾向以國外權益工具進行融資。 有關公司選擇在國內或國外進行融資之財務特性比較，當公司選擇以負債工具進行融資時，規模愈大或是營運風險愈高的公司，相較於選擇在國內融資，公司會愈傾向到國外進行融資；而當公司選擇以權益工具進行融資時，財務風險愈高的公司，相較於選擇在國內融資，公司會愈傾向到國外進行融資。 / In recently years, with the liberalization and innovation trends in financial institutions, there are more and more different kinds of financing instruments that corporations can choose to finance their capital needs. Under such environment, this paper attempts to find out the relationships between corporations’ financial choices and their financial characteristics. Based on the data of Taiwan public issuing firms’ data from 1999 to 2004 and the Panel Logit Model adding time or individual firm effect, this paper not only investigates the differences of financial characteristics between firms choose debt or equity financing instruments, but also analyzes the differences of financial characteristics between firms choose domestic or international financing. The main empirical results are as follows: / 1.Non-Panel Logit Model For the comparisons of firms using different financing instruments, when firms choose domestic financing, the smaller the size, the lower the growth rate, the higher the profitability, financial risk and operational risk, firms will more tend to choose equity instruments for financing. On the other hand, when firms choose international financing, the larger the size and the higher the profitability, firms will more tend to choose equity instruments. As for the comparisons of firms choosing domestic or international financing, firms will be more willing to finance internationally when their size are larger. / 2.Panel Logit Model with Time Effect For the comparisons of firms using different financing instruments, when firms choose to finance domestically, the larger the size, the higher the growth rate, the lower the financial and operational risk, firms will tend to choose debt instruments for financing. As for the time effect, firms will more tend to use domestic debt instrument for financing from 2001 to 2004. On the other side, when firms choose to finance internationally, they will be more willing to choose debt instruments for financing when their size are smaller. Moreover, this tendency is more apparently from 2003 to 2004. As for the comparisons of firms choosing domestic or international financing, firms will tend to finance internationally when their size get larger. Moreover, this effect is more influential in 2003. / 3.Panel Logit Model with Individual Firm Effect For the comparisons of firms using different financing instruments, when firms choose domestic financing, the smaller the size, the lower the growth rate, the higher the profitability, financial risk and operational risk, firms will more tend to use equity instruments for financing. On the other hand, when firms choose international financing, the smaller the size, the higher the profitability and financial risk, they will more tend to choose equity financing instruments. As for the comparisons of firms choosing domestic or international financing, when firms choose debt financing, the larger the size and operational risk, the more willingness of firms to choose international financing. Meanwhile, when firms choose equity financing, they will more tend to finance internationally as their financial risk are higher.

政府為了提升國家及產業的競爭力，特制定租稅獎勵法規以獎勵投入研發與設備、技術改良之產業與企業，而其中最具代表性的租稅獎勵法規即為「促進產業升級條例」。「產升條例」自施行以來已損失鉅額稅收，尤其「產升條例」中第六條的投資自動化機器設備、研究發展、人才培訓之投資抵減項目，該項目之抵減稅額約占總抵減稅額的百分之三十，堪稱是最重要的租稅獎勵措施，因此本研究特以「產升條例」第六條之投資抵減為研究範圍，以探討政府所提供的投資抵減租稅獎勵政策對於提升企業的經營績效是否有具體影響？ 本研究以民國87年度至93年度之上市櫃電子及電機公司為研究對象，採用資料包絡分析方法計算效率值，再以是否取得投資抵減為分類，運用單變項無母數方法檢定效率值，比較有無投資抵減與經營績效之間的差異，最後以Tobit迴歸控制各項公司特性與總體產業因素進一步探討投資抵減對企業經營效率之影響。 本研究實證結果發現，不論是電子業或電機業，均顯示投資抵減政策確實使得公司降低成本，但是未能明顯提升公司的技術效率。在Tobit迴歸分析中的電子業部分，實證結果顯示投資抵減並不是提升公司經營效率的關鍵影響因素，若公司過於依賴租稅減免，反而不利於改進其成本效率；在電機業部分，實證結果顯示投資抵減獎勵沒有達成政府預期的效果，因此電子業與電機業有同樣之現象：企業過度依賴租稅減免，而未致力於技術水準之提升。 / In order to strengthen the competitiveness of the nation and industries, the government has instituted the related regulations to stimulate the R&D input, equipment investment, and technology improvement of companies. One of the most representative regulations is “Statute for Upgrading Industries,” especially the Article six of which, the most important tax measure, referring to invest in automatic equipment, R&D, and personnel training and resulting in huge number of losses of tax revenue. The number of investment credit against tax in accordance with the Article six accounts for thirty percent of the total investment tax credit. Therefore, the Article six of “Statute for Upgrading Industries” is chosen as the research topic of this thesis. The research goal is to review whether corporate operating efficiencies are influenced concretely by this tax measures. We sample the several listed companies in the electric industry and in the electrical machinery industry as our research targets, and choose DEA to calculate the efficiencies of companies classified by the applicability of investment tax credit. Finally, we utilize statistical methods to research the relationship between investment tax credit and corporate efficiencies. In our empirical study, we find that the companies, in both electric industry and electrical machinery industry, eligible for investment tax credit, have higher allocation efficiency, but those unqualified for investment tax credit have higher cost efficiency and pure technical efficiency. This result indicates that the policy of investment tax credit is able to help companies reduce costs, but is unable to improve their technical efficiencies.

在現今知識經濟的世紀中，智慧資本已成為企業獲取競爭優勢的關鍵要素。 隨著智慧資本愈來愈重要，許多企業也逐漸在年報或其他公開資訊的管道中，揭 露更多有關智慧資本的資訊。透過更多智慧資本資訊的揭露，為企業本身及投資 人、債權人間建立起彼此溝通的橋樑。 綜上所述，智慧資本的報導和揭露顯得日趨重要。相關智慧資本資訊的揭露 能使投資人及相關利害關係人更了解公司發展的潛力及價值。而過去的文獻指出 公司資訊揭露的程度會降低資金成本、提高公司股價、降低分析師盈餘預測誤差 等效益。資訊的揭露可以使投資人修正對公司價值的評價，有提高股票流動率等 效益。因此智慧資本揭露及報導能提昇財務報導的價值攸關性，適當地反應公司 真正的價值。因此，對公司而言應多揭露相關智慧資本資訊，以期為公司帶來相 關的效益。但是，哪些公司特性因素會影響智慧資本揭露程度及其是否會影響智 慧資本揭露程度和其效益間的關聯性亦是值得我們進一步探討。 若能透過一系列的分析，找出公司智慧資本揭露政策不足之處，相信能給公 司適當的建議，以符合市場上的需求，適當地揭露智慧資本，以期反應公司真正 的價值並提高公司價值。 本研究係以我國資訊電子業之上市公司為研究對象，蒐集相關資料以統計分 析方法進行，發現之結果如下： 一、公司智慧資本揭露程度和公司價值呈顯著正相關。 二、「公司規模」、「舉債程度」、「公司年齡」會顯著影響公司智慧資本揭露程度。 三、「公司規模」、「獲利能力」、「公司年齡」、「智慧資本降加價值係數(VAICTM )」 會顯著影響智慧資本揭露程度及公司價值間的關聯性。 / In this knowledge-based economy, intellectual capital is the key factor to help firms get its competitive advantage. As intellectual capital is more and more important, many enterprises gradually disclose IC-related information in annual reports or other ways. With more IC-related information disclosures, it could build a bridge to communicate between enterprises, investors, and creditors. To sum up the above-mentioned, intellectual capital disclosure and report is more and more significant with time. IC-related information discourses can make investors and stakeholders understand the value and potential of the company much more. Prior research indicates disclosing information could reduce the average cost of capital and increase company’s stock value and reduce analyst forecast errors. Information disclosure can make investors revise upward valuations of the company’s stocks and increase stock liquidity. Therefore, for companies, they should disclose IC-related information in order to bring effects. But, which kind of company would affect IC-related information and affect the relation between IC-related information and its effects is also worth to investigate further. If we can find out deficiency of company’s IC-related information with above analysis, it will be believed to give some appropriate suggestions in order to match market’s needs. Disclosing IC-related information is aimed to react the company’s real value. In this study, collecting data and statistics analysis are used. The public firms in the electronic industry are the objects of the thesis. We fund that: 1. There is a positive and significant correlation between IC disclosure and market capitalization. 2. Company size, leverage, and age will affect IC-related information disclosure significantly. 3. Company size, profitability, age, and VAIC TM will affect the relation between IC-related information disclosure and its effects (market capitalization) significantly.

中小企業一向為台灣經濟發展的基石，在促進經濟成長、創造就業機會、充實財政收入、平衡區域發展及帶動企業家精神方面有很大貢獻。為了研究中小企業和大企業生產技術之異同，本文選取資訊電子業和食品業為樣本資料，利用分量迴歸模型求算中小企業和大企業在此二產業的勞動偏產量彈性、資本偏產量彈性、勞動邊際產量、資本邊際產量、規模彈性、技術進步率、偏替代彈性和生產技術差異表現，分析兩者生產技術的異同並做產業比較，盼能提供台灣企業改進方向，增進整體產業之效率。 研究結果如下： (1)中小企業和大企業的勞動偏產量彈性在資訊電子業與食品業裡皆大於資本偏產量彈性，意味兩產業增加勞動投入對產出的幫助皆高於增加資本投入。 (2)大企業的勞動邊際產量在兩產業裡皆比中小企業高。 (3)中小企業和大企業的資本邊際產量都是隨分量的上升而下降。 (4)中小企業與大企業之規模彈性皆大於1。表示廠商皆應擴大生產規模，藉此降 低平均成本，增高生產效率。 (5)資訊電子業裡大企業的技術進步率高於中小企業，食品業裡中小企業和大企業的技術進步率則互有高低。 (6)偏替代彈性都在0.2分量後，大企業高於中小企業。表示大體而言台灣製造業 大企業面對市場環境變化時，反應的能力比中小企業來的好。 (7)資訊電子業大企業擁有的生產技術優勢隨生產規模增大越來越明顯，顯示研究經費支出有明顯助益，食品業裡中小企業和大企業的生產技術則互有優劣。

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本研究嘗試以CAPM所衍生出來之Market Model為主要模型，進行我國股市除權事件之分析、檢定與異常報酬分析，期能對投資人之投資決策能有所助益。本研究共蒐集了民國80年1月至民國88年6月共8年的時間，台灣證券交易所首次上市與中華民國證券櫃臺買賣中心首次上櫃的資訊電子公司，無償配發股票股利的樣本，共23個樣本點。研究在股東大會後五日與除權交易前10日到除權交易後10日之間，以市場模式估計每個樣本之合理報酬後，觀察平均股價異常報酬之變化，其實證結果顯示： 1. 對首次上市公司來說，股東大會的宣告效果不存在，股價已經先行反應該公司董事會議決之股利發放結果。至於首次上櫃公司，對於股東大會亦無其宣告效果存在，但較首次上市公司明顯，並達顯著水準。 2. 首次上市、上櫃公司在除權前10日這一段研究事件期間內，公司的股價並無除權行情的發生，而彼此間的差異也未達顯著水準。 3. 首次上市、上櫃公司在除權日當日平均異常報酬AR值均為呈現填權現象的產生，且皆是達到顯著水準。 4. 首次上市公司之股價有明顯的填權現象發生，至於首次上櫃公司的填權行情在除權後就不那麼顯著，而彼此間的差異也明顯的達到顯著水準。 5. 首次上市公司增發股利與否，其股價有呈現增加之趨勢，首次上櫃公司其股價在除權交易日當日則有呈現上漲之趨勢，而在除權後10日期間則呈現下跌之趨勢。

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，因此企業會希望透過內部智慧資本報導來監督智慧資本的發展與執行，不過，隨著企業所採取策略的不同，將影響所重視與所需的智慧資本，並進而造成智慧資本報導內容也將會因策略的不同而有所差異。此外，從企業的市場價值與帳面價值背離情況愈趨嚴重來看，也瞭解到傳統財務報表已無法提供給外部資訊使用者有關企業未來獲利潛力之有用資訊，而為解決此問題並提昇財務報表的價值攸關性，應有必要提供智慧資本外部報導予外部資訊使用者。 　　鑑於企業對內部與外部智慧資本報導需求之與日俱增，政府機構與學術界也開始積極探討智慧資本內部與外部報導架構之議題，並提出內部智慧資本報導需揭露較詳細的組織流程與程序等資訊；而外部智慧資本報導因基於可靠性、可比較性與企業競爭力之考量，所揭露之內容則不需太詳細且應偏重組織活動與流程的結果。故本研究之主要目的係探討企業所需之內部智慧資本報導內容為何，與外部智慧資本報導內容有何不同，以及是否會隨所採策略不同而有所差異。 　　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，並採取問卷調查法與統計分析法來找出企業管理者認為智慧資本內部與外部報導所應包含之內容，發現之結果如下： 一、企業基於內部管理目的，所重視及所需之智慧資本報導內容有「基礎　　設施能力」、「研發能力」、「營運流程管理」、「提昇人力資源品　　質之能力」、「拓展新客戶之能力」、「員工勝任能力」、「客戶服　　務系統之完善程度」、「客戶獲利力」等八個因素構面。 二、企業認為智慧資本內部報導與智慧資本外部報導之內容應有差異。 三、企業基於內部管理目的，所重視及所需之智慧資本報導內容會因採取　　策略之不同而有所差異。 / In this knowledge-based economy, intellectual capital is the key factor to help business get its competitive advantage. Therefore, business hopes to use internal intellectual capital reporting to monitor the development and execution of intellectual capital. The different strategies will influence the need of intellectual capital and also contribute to the difference of intellectual capital reporting. Besides, while the gap between market value and book value becomes larger, traditional financial statement becomes insufficient for external users. To solve this problem and increase the relevance of financial statement, it is necessary to provide external intellectual capital reporting to external users. In view of the increasing need of internal and external intellectual capital reporting, the government and scholars began to explore the issues of external and internal intellectual capital reporting structure actively. They also propose that internal intellectual capital reporting should disclose more detail business processes and procedures, etc.; On the other hand, external intellectual capital reporting doesn’t need detailed disclosure, but should emphasize on the outcomes of business activities and processes based on reliability, comparability, and competitiveness. The objective of this study is to find out the intellectual capital reporting of different reporting purposes and strategic types. In this study, both questionnaire survey and statistics analysis are used. The public firms in the electronic industry are the objects of the thesis. We found that: 1. Managers think that internal intellectual capital reporting includes the infrastructure ability, research and development ability, operation processes management, the ability to increase human resource quality, the ability to increase a number of clients, the qualified ability of employees, the completeness of customer service system, and the customer profits. 2. Managers think that internal intellectual capital reporting and external intellectual capital reporting are different. 3. Internal Intellectual capital reporting is affected by strategic types.