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.

Bakgrund: Intellektuellt kapital var ett väl diskuterat område för två decennier sedan, vilket blir påtagligt då de flesta studier som undersöker området är från 1990-talet och tidiga 2000-talet. I denna uppsats har vi valt att återigen framföra begreppet intellektuellt kapital för att upplysa om förekomsten av det i svenska företags årsredovisningar. Syfte: Syftet med denna studie är att bidra med en ökad kunskap för hur det skiljer sig mellan olika branscher gällande redovisning av intellektuellt kapital och även i vilken omfattning intellektuellt kapital redovisas. Metod: Vår studie genomfördes med hjälp av en innehållsanalys av nio årsredovisningar. Innehållsanalys är den vanligaste metoden att använda bland forskare som avser att förstå redovisningen av intellektuellt kapital Resultat & slutsatser: Studiens empiriska resultat visade att företagen inom Bank och finansbranschen redovisade mest intellektuellt kapital, därefter data, it och telekommunikationsbranschen och till sist tillverkning och industribranschen. Resultatet visade även att samtliga företag inom de tre branscherna redovisade mest kundkapital i relation till human- och strukturkapital. Gemensamt för de tre branscherna var även att humankapital redovisades minst. Studien kom även fram till att tillverkning och industribranschen redovisat mest human- och kundkapital i relation till de resterande branscherna. Bank och finansbranschen redovisade dock relativt mest strukturkapital. / Background & problem: Intellectual capital was a well discussed subject two decades ago, which becomes apparent since most studies investigating the subject are from the 1990s and the early 2000s. In this paper we chose to resubmit the concept of intellectual capital to inform the existence of it in the annual reports of Swedish companies. Purpose: The purpose of this study is to contribute to an increased knowledge of how it differs between different industries when it comes to the disclosure of intellectual capital and also to what extent intellectual capital is reported. Method: Our study was conducted by using content analysis for nine annual reports. Content analysis is the most common method of use among researchers who intend to understand the disclosure of intellectual capital. Results & conclusions: The study's empirical results showed that the banking and finance industry disclosed the highest amount of intellectual capital, the data, IT and telecommunications industry disclosed the second highest amount, and finally the least amount was disclosed by the manufacturing and industrial industry. The result also showed that all companies in the three industries reported the highest amount of customer capital in relation to human and structural capital. Common to the three industries was that human capital was the least disclosed capital. The study also concluded that the manufacturing and industrial industry disclosed the highest amount of human and customer capital in relation to the remaining industries. However, the banking and finance industry disclosed relatively the highest amount of structural capital.

Syfte: Studiens syfte är att undersöka svenska och amerikanska företagsmäklares inställning till kundkapitalet och dess värderingsmodeller. Studien syftar även till att finna konsekvenser som en explicit redovisning av kundkapitalet skulle ha på företagsvärderingar.   Tidigare forskning: Centrala modeller i studien är Customer Lifetime Value, Customer Equity, Customer Profitability och Multi-Period Excess Earnings Model. Tidigare forskning hittas i Edvinsson och Malone (1997), Gupta et al (2004), Villanueva och Hanssens (2007), Wiesel et al., (2006) samt Hofstedes forskning om nationella dimensioner.    Metod: Studien använder metodtriangulering. Huvudsaklig primärdata genereras ur webbaserade enkäter som skickas till svenska och amerikanska företagsmäklare. Vidare utförs tre semi-strukturerade intervjuer med representanter från KPMG, Deloitte och UC. Ett chi-tvåtest utformas för att se om det finns ett samband mellan nationalitet och företagsmäklares inställning till att beakta kundkapitalet.   Slutsats: 72 procent av de deltagande företagsmäklarna och samtliga intervjupersoner anser att det är viktigt att värdera kundkapitalet. Trots detta är det endast 38 procent av enkätrespondenterna som svarar att de beaktar kundkapitalet vid värdering av kundbaserade företag. En jämförelse mellan nationaliteterna visar att svenska företagsmäklare är mer positiva till de ”nya” kundvärderingsmodellerna, främst Customer Equity och Customer Profitability. De är också mer benägna att använda dessa. Amerikanska företagsmäklare tenderar istället att använda den traditionella Multi-Period Excess Earnings Method. / Purpose: The purpose of this thesis is to investigate Swedish and American business appraisers’ attitude towards customer capital and its valuation models. This thesis also aims to find consequences that an explicit accounting of customer capital would have on business valuations.  Previous Research: Central models in this study are Customer Lifetime Value, Customer Equity, Customer Profitability and Multi-Period Excess Earnings Method. Previous research is found in Edvinsson and Malone (1997), Gupta et al., (2004), Villanueva and Hanssens (2007), Wiesel et al., (2006) and Hofstedes research regarding cultural dimensions. Method: This study uses a triangulation of methods. The main primary data is generated through internet-based questionnaires which was sent to Swedish and American business appraisers. Furthermore, three semi-structured interviews are conducted with representatives from KPMG, Deloitte and UC. A chi-Squared test is made to see if there is any relationship between nationality and business appraisers’ attitude towards taking heed of the customer capital. Conclusion:  72 per cent of the participated business appraisers and all interviewees think that it is important to value customer capital. Despite this, there are only 38 per cent of the survey respondents who say that they account for customer capital when valuing customer-based companies. A comparison between the nationalities show that Swedish business appraisers are more positive towards the “new” customer valuation models such as Customer Equity and Customer Profitability. They are also more inclined to use these. American business appraisers tend to use the more traditional Multi-Period Excess Earnings Method.

智慧資本之思潮，源自於北歐，最早發展於瑞典，現今世界各國也相繼投入，其長足發展則在1990年後，而在知識經濟掛帥的年代，其影響到組織的創造與長期競爭優勢，已成為組織最有價值的資產及最有利的競爭武器，而良好的顧客關係就是公司價值具有重大影響的無形資產，也產生顧客資本的價值，若企業能將顧客知識整合到公司流程中，就越能滿足顧客所需要的產品及服務，讓顧客滿意度和忠誠度提高。 本研究選擇個案公司交換式電源供應器之顧客為研究對象，研究目的有四：(一)利用層級分析法找出交換式電源供應器之顧客在選擇供應商時之評選標準及相對權重(二)分析不同貢獻度之顧客在供應商評選標準之權重差異(三)分析不同貢獻度之顧客對個案公司在評選標準上之表現以作為未來顧客關係經營方案的參考(四)對現行交換式電源供應器廠商之顧客資本提出經營建言。 本研究以個案公司交換式電源供應器顧客為問卷對象，並使用層級分析法(AHP)將架構因素設計成問卷，請A、B、C、D等四群顧客依過去顧客期望因素之兩兩比較，得到各層級之各因素在個案公司做顧客期望時的權重。 第一層級研究結果發現，個案公司之四群顧客在顧客期望上，首重品質控制能力與技術設計能力，最不重視地點。 第二、三層級研究結果發現，個案公司之四群顧客在顧客期望上最重視客製化能力、售前諮詢、售後服務、價格水準、產品保證期，而最不重視策略事業關係、過去服務經驗與研究發展支出。 本研究相信，個案公司交換式電源供應器顧客期望透過層級分析法(AHP)的量化分析，找出顧客期望的各因素權重，使企業決策者不會依個人主觀及經驗臆測方式做為決策判斷，而以架構化的決策方式和權重優先次序為依據的客觀方法，相信必能提高顧客滿意度增加公司的經營績效。 / Intellectual Capital originated from North Europe and blossomed in Sweden at the early stage but now the hwole world gets involved. The real expanding was after 1990, now the knowledge-based economy taking the lead, intellectual capital would affect organization’s creative and long-term competitive advantage and also become the most valuable asset and useful weapon. Good customer-relationship is company’s intangible asset and also creates the value of customer capital. If enterprise could compile customers’ knowledge into company’s procedure, it will fulfill customers’ need and increase customers’ satisfaction and loyalty. This research is aimed in the company’s switching power supply’s customers. The main purposes for this research are as follows: 1. Using analytic hierarchy process to figure out the evaluation and relative weighted criteria when customers choosing cuppliers, 2. Analyzing the difference among customers’ who have diverse contribution weighted criteria, 3. By analyzing the difference to generate strategy for future customer relationship maintenance, 4. Offering suggestion to the company operating customer capital. This research is aimed in the company’s switching power supply’s customers with analytic hierarchy process as structure to form the questionnaire. Let A, B, C, D, four groups of customers, to compare two factors each time to get the weighted value for each customer upon each factor. The first tier research comes out that four groups of customers emplyasize quality controla nd technology design ability the most. Disregard location the most. The second and third tiers research come out that customers emplyasize custom, pre-sale consulting, after-sale service, price and guarantee the most. Disregard strategy alliance, previous service experience and RD expense. To conclude, this company could use quantification AHP to rank each customer’s expectation; rather than using subjective judgments or guessing from past experience. I believe this could enhance customer satisfaction well and improve ecompany performance.

台灣資通訊產業面臨毛利率與獲利屢創新低的困境，但國內部分企業仍能維持高於同業的毛利率與獲利水準，本研究將這類企業稱為「藝匠型企業」，研究問題包括：（1）藝匠型企業應如何定義？（2）藝匠型企業的核心能耐為何？（3）藝匠型企業如何培養與延伸新的核心能耐？有哪些途徑？如何選擇？ 本研究採個案研究法，在手機產業設定五家企業為個案進行分析研究，發現藝匠型企業在擴大事業範圍前，會優先深耕特定領域的技術深度；具有主動實驗未來的精神和常態的知識創造活動，因此能把握先機，優先布局下一階段事業成長所需的技術；和該領域全球龍頭業者有深厚的供應商或客戶關係，除了是穩定訂單來源外，也能掌握或共同定義未來技術趨勢。 因此，藝匠型企業的核心能耐資產不斷提升，具有長期競爭力，而非短線的機運或能力，這也是能維持高水準毛利率和獲利率的原因。 藝匠型企業的核心能耐是實體技術系統、管理系統、員工知識與技能和價值觀的組合，這項組合深受創辦人與經營團隊專長影響，且藝匠型企業傾向以師徒制自行培育人才，員工需熟練公司專屬的流程與常規，這也使得外界不易以挖角形式取得該藝匠型企業的核心能耐。 藝匠型企業傾向朝產業上游延伸新核心能耐，延伸途徑可分為內部研發、外部併購與聯結研發三類；又以內部研發、深度聯結研發最能形成長期核心競爭力。 1. 內部研發是在既有資源（人員、時間、資金）充足、目標是重點新能耐時的第一選擇，通常可形成長期競爭力； 2. 外部併購或合資通常是為了快速卡位（快速取得新核心能耐及市場），併購是完整移轉其他企業的核心能耐，若整合成功可形成長期競爭力，合資則僅移轉其他企業的部分核心能耐，因此通常只是短期競爭力； 3. 聯結研發的速度與成本介於中間，有助於借外界長處、同時培養內部專屬知識。其中強勢網絡的深度聯結研發，表示參與者均投入較強的組織承諾，有機會帶來長期競爭力，弱勢網絡則因多方的組織承諾不同，通常只是短期競爭力。 / While the IT and Telecom Industry in Taiwan generally suffers from low gross-margin rate and profit, some companies still sustain these at a higher level than others. In this thesis, these outstanding companies are defined as “Modern Craftsman Companies.” The aim of this thesis is to find out: (1) How to define “Modern Craftsman Company”? (2) What are the core capabilities of a Modern Craftsman Company? (3) How does a Modern Craftsman Company develop its core capabilities and extend into new ones? What are the paths? How to make the choices? Research was conducted using case studies of five companies in the mobile phone industry. The results show that when Modern Craftsman Companies extend the scope of their businesses, they devote themselves to a certain area of technology and go deep into it. Also, their spirit of actively experimenting along with regular knowledge-creating activities results in their ability of foreseeing great opportunities. Lastly, long and strong relationships with leading suppliers and major clients not only brings stable and sustainable orders, but also help these companies have control over or even co-define the trends of future technology. Thus, Modern Craftsman Companies have an ever-improving core competence position and long-term competence, not just luck or abilities that only work in short-term. This is how Modern Craftsman Companies can keep a higher margin rate and profit rate. The core competence of Modern Craftsman Company is the combination of physical technical systems, the managerial system, employee knowledge and skill, and its values and norms. This combination is deeply influenced by the founders’ and management’s expertise. Because this kind of company tends to cultivate its talents using a mentor system and the employees need to know the process very well, it is very unlikely that it obtains its core competence simply by recruiting its staff. Modern Craftsman Companies tend to extend their core competence to the up-stream part of the industry. The paths include internal development, acquisition & development, connection & development: 1. Internal development is the best choice when the existing resources (human resource, time, capital) are abundant and the new aim is an important competence. 2. Acquisition and joint venture are usually used to gain a new core competence and market quickly. Acquisition is to have the other firm’s core competence fully transferred. If successfully integrated into the acquirer itself, a long-term competence is formed. Joint venture is used only to transfer some part of the other firm’s competence and usually merely brings short-term competence. 3. Connection & development works somewhere between the two above-mentioned principles in perspective of speed and cost. It helps by utilizing external expertise as well as developing internal exclusive knowledge. When the network of connection & development is strong, the involved parties commit more and therefore there is greater chance of forming long-term competence. On the other hand, when the network is weak, commitments on different parties bring only short-term competence.