Yes / In this paper, we investigate whether intellectual capital (IC) and financial disclosures jointly affect the firm’s cost of equity capital. In contrast to prior research, we disaggregate disclosures into IC and financial disclosures and examine whether the two disclosure types are jointly related to the cost of equity capital. We also investigate whether IC and financial disclosures have an interaction effect on the cost of equity capital. Using data for a sample of 125 UK firms, we find a negative relationship between the cost of equity capital and IC disclosure. We find that the relationship between financial disclosure and the cost of equity capital is magnified when combined with IC disclosure. Additionally, we find that IC and financial disclosures interact in shaping their effects on the cost of equity capital. Further analyses suggest that the effect of financial disclosure on the cost of equity capital is augmented for firms characterised by a medium level of IC disclosure. These results provide important insights into the relationship between disclosures and cost of equity capital and have policy and practical implications.

Целью работы является разработка методического подхода к оценке интеллектуального капитала металлургических предприятий Свердловской области. В основе методического подхода – расчет отдельных коэффициентов и интегрального показателя, характеризующих уровень развития структурных элементов интеллектуального капитала металлургического предприятия (человеческий, структурный и клиентский капиталы). Разработанный методический подход позволяет провести оценку показателей интеллектуального капитала по отдельности и в комплексе и использовать полученные данные в качестве аналитической основы для принятия стратегических решений в целях определения направления развития металлургического предприятия в условиях неопределенности внешней среды. / The aim of the work is to develop a methodical approach to assessing the intellectual capital of metallurgical enterprises in the Sverdlovsk region. The methodical approach is based on the calculation of individual coefficients and an integral indicator characterizing the level of development of the structural elements of the metallurgical enterprise’s intellectual capital (human, structural and client capital). The developed methodical approach makes it possible to assess the indicators of intellectual capital individually and in combination and use the data obtained as an analytical basis for making strategic decisions in order to determine the direction of development of a metallurgical enterprise in conditions of uncertainty external environment.

在知識經濟時代中，智慧資本是企業維持競爭優勢的關鍵所在。本研究採個案研究法，再輔以問卷調查。以物流公司為研究對象，探討其所重視之智慧資本及相關之管理制度。此外，並發展智慧資本內部報導方式。研究結論如下： 一、個案公司重視之智慧資本項目共30項。 二、對於重要之智慧資本項目，個案公司設有管理制度。 三、個案公司之智慧資本管理制度有其可改進之處。 四、個案公司之智慧資本內部報導內容包含公司之使命、願景、策略與策略性目標，而每項策略性目標都有其相對應之智慧資本項目。個案公司可就各智慧資本項目發展合適之衡量指標。 / In the knowledge-based economy, intellectual capital is the key factor to help enterprises maintain its competitive advantage. This study adopts case study method and is assisted with questionnaire survey analysis. This study takes the logistics company as the object company to discuss what are the intellectual capitals that the logistics company emphasizes and the relevant management systems. Furthermore, this study develops the form of internal intellectual capital report. The conclusions are as follows: 1.The company considers 30 intellectual capital items important. 2.The company has the relevant management systems for these 30 items. 3.There are some parts of the management systems that could be improved. 4.The company’s internal intellectual capital report includes the company’s mission, vision, strategy, and strategic goals, moreover, the strategic goals accompany relevant intellectual capital items. The company can develop the appropriate indicators.

The main purpose of this study is to examine the need to modify the theory of accounting to ensure a standardised and comparable approach when accounting and reporting on intellectual capital. A literature review is used to describe intellectual capital categories and how to measure, recognise and report these assets in the financial statements on an entity. Financial reporting operates around strict requirements that are statement of financial position biased posing significant challenges in recognising and disclosing intellectual capital. The study also uses content analysis of corporate annual reports of the top 40 companies listed on the JSE Ltd in 2009 to determine the extent of intellectual capital reporting by these companies. Measuring and recognising intellectual capital in financial reporting is not limited by the requirements in respect of statutory disclosures, discretionary and contextual disclosures are recommended. Results of the content analysis show that companies use these discretionary and contextual disclosures to communicate information on intellectual capital. / Financial Accounting / M. Com. (Accounting)

隨著知識經濟時代的來臨，現代企業價值創造的主角，由過去的有形資產轉變為無形資產，為能掌握企業創造價值之過程及成效的情形下，平衡計分卡與智慧資本報導此二管理工具因應而生。 平衡計分卡清楚表達企業願景與策略，並將策略轉化為策略性議題、策略性目標、衡量指標及行動方案，成為使短期活動與策略結合一致的策略管理工具；而智慧資本報導則能幫助企業瞭解知識如何創造、累積、共享及整合運用之過程，以進行有效之知識管理。 其中智慧資本大致可分為四大類：人力資本、創新資本、流程資本與關係資本，分別與平衡計分卡中之學習與成長、內部流程與顧客三大構面概念上有相似之處，且兩管理制度之發展皆與策略有緊密的關聯性，故本研究以國內一生技製藥公司為研究對象，以平衡計分卡之觀念架構發展智慧資本內部報導。 本研究採個案研究法並輔以問卷調查，藉以瞭解對於策略之達成，智慧資本內部報導所應包含之內容為何。研究結果如下： 一、可藉由設計平衡計分卡之觀念架構與精神，以具體發展智慧資本內部報導。 二、智慧資本內部報導所包含之智慧資本項目，應與策略有密切關聯，以藉由對這些項目之管理，以進而促進公司策略目標之達成。 / With the coming of knowledge economy, the factors of value creating had been shifting from physical assets to intangible assets. In order to capturing the processes and effects of value creation, two kinds of management tools - BSC and intellectual capital report were advocated. BSC expresses the vision and strategy by converting to strategic themes, strategic objectives, strategic measures, and action plans. Intellectual capital report helps organizations to deal with knowledge management via disclosing the processes of knowledge creation, capture, organization, and transmission The components of intellectual capital (human, innovation, process, and relationship capital) are similar to learning and growth, internal process, and customer perspective of BSC. Furthermore, these two management tools are both linked to strategy. This research adopted case study with questionnaire to develop a biopharmaceutical company’s internal intellectual capital report based on the concept of developing BSC. The conclusion of this research: 1.It’s practicable to use the concept of developing BSC to form internal intellectual capital report. 2.The items of internal intellectual capital report should be related to business strategy. It’s helpful to reach the strategy through managing the intellectual capital items.

本研究以非營利組織為個案對象，探討其外部報導所需揭露之重要智慧資本及相關管理機制，並提出以下四點結論： 一.個案基金會重視之智慧資本項目分布於八個次分類共23項，且個案基金會所重視之智慧資本項目與其使命、願景及目標緊密結合。 二.個案基金會認為重要之23項智慧資本項目中，有12項報導可行性未達「可行」，背後原因可歸納為：屬內部機密資訊以及指標較為抽象。 三.針對重要之智慧資本項目，個案基金會設有具體的管理制度與方法。 四.個案基金會之智慧資本外部報導可分為兩部份，第一部份為個案基金會之願景、策略、管理挑戰、行動目標及衡量指標；第二部份則是包含人力、結構及關係資本三類項目之智慧資本報表，並將其區分為量化及非量化指標。 / This research adopted case study on the non-profit organization to understand what should be disclosed in the external intellectual capital report and how to manage the specific intellectual capital. The conclusions are as followings: 1.The foundation considered 23 indicators important. These indicators are closely combined with the foundation’s mission, vision, and goals. 2.Among the 23 important indicators, 12 indicators’ reporting feasibility didn’t achieve”feasible”. The reasons are confidentiality and abstract. 3.The foundation has corresponding management measures for these 23 indicators. 4.The foundation’s external intellectual capital report can be divided into two parts: the first part is about the foundation’s mission, management challenges, goals, and measurements; the second part is intellectual capital statement including quantitative and qualitative indicators.

當決定企業的競爭地位不再是以他們的有形資本和金融資本，而是以企業的智慧資產－它們的知識、經驗、技能以及相關的無形資產，隨著這種競爭核心的轉移，越來越多的組織，開始明確認識到智慧資產才是企業競爭優勢的根本來源。在知識經濟新競爭典範中，需對智慧資產進行策略管理，以“知識”為中心的角度重新思考企業應當如何創造價值，需要重新設計和控制在企業策略中的作用。 本研究的目的是衡量生物醫學的研究機構其組織中智慧資本累積內涵，以達到定期衡量組織資本的累積與建構。在瞭解生技產業的經營特性為何及組織之策略定位對智慧資本指標發展之影響，最後發展生醫工程中心衡量智慧資本的具體指標。本研究主要採取個案研究，透過初級訪談內容與次級資料的輔助作個案分析，並參考「工研院的定位」及「生技產業的特性」來訂定衡量生醫工程中心的智慧資本的項目，並分別依四大項的資本作成結論如下： 1. 蓄積生醫工程中心的人力資本與發展向心力並非正相相關，需在之間取得平衡。 2. 生醫工程中心相當重視主管的領導力，是影響研究機構發展的方向與優劣的主要因素。 3. 團隊成員的經歷越完整，技術的價值越能展現；反之，團隊成員的經歷越不全，技術價值的展現越差。 4. 部門間的合作意願越高，有助於促進更前瞻的研究進行。 5. 生醫工程中心以簽訂合約的機制，作為保障雙方權益及鼓勵提出創意構想為較佳模式。 6. 組織彈性給予適度，組織因應產業環境變動的能力越好。 7. 組織的高階主管透過允許犯錯文化去塑造具創新精神的研究機構。 8. 合作網路的建構，有助於互補性技術的完整及創新構想的產生。 9. 生醫工程中心市場價值的提升，以對產業貢獻的觀察為主。 10. 團隊移轉成立衍生公司需要完整的配套措施。

近年來，隨著臺灣醫療產業的重要性漸增及其所面臨的種種挑戰，個別醫院面臨的生存壓力漸增，醫院組織的策略議題也漸受重視，過去文獻多著重於營利組織的策略管理探討，醫院組織雖非以營利為目的，卻仍須重視成本控管與績效表現，以提供更優質的醫療服務，其中，提升資源運用與配置效率是相當重要的課題。 智慧資本導航分析法(ICN)過去多應用於營利企業，本研究目的在於引進ICN分析技術，以量化指標和圖形呈現輔助，分析醫院對於智慧資本資源運用之管理議題。本研究以某個案醫院為例，研究期間歷時10個月，訪談對象為8位來自醫院各部門的高階經營主管，於專業領域的經歷與年資皆相當豐富，各主管針對醫院資源的相對比重及資源間的轉換進行評估，並提出理想狀況的資源轉換關係，作為未來策略發展的參考依據。 研究結果分別回答三大研究議題，就醫院中各項資源的轉換關係來看，「人力資本」主要貢獻於醫師、醫療人員及聲譽形象，且期望於未來投入更多於組織策略與行銷的能力提升和顧客關係的建立；「組織資本」主要貢獻於行政人員、醫師、醫療人員、資訊管理、創新學習、財務管理和流程管理，以吸引人才、提升人力素質和提升組織管理效率為組織創造價值；「關係資本」主要貢獻於強化組織與外部利害關係人之關係。就各項資源間轉換的對稱性而言，各項資本對「關係資本」的投入普遍大於從「關係資本」所獲得的反饋，代表組織未來可思考提升「關係資本」對其他資本的貢獻。此外，傳統資源對智慧資本的貢獻亦大於從智慧資本所獲得的反饋，部分原因可能來自智慧資本的反饋較難具體衡量，而未來仍應以策略目標作為提升智慧資本運用效率的前提。最後，就個案醫院而言，「人力資本」不僅是最重要的資源，同時也是組織價值創造的來源，其中又以醫師、醫療人員和高階管理為主，代表知識與專業是醫院高績效表現最重要的兩項資源。 / This research aims at adopting the intellectual capital perspective and its analytical approach in the managerial practice of a health-care organization. The concept of intellectual capital has been applied to the practice of for-profit organizations. However, health-care organizations, which were regarded as non-for-profit, have not been paied close attention to their resource management. Based on intellectual capital perspective, this research introduces Intellectual Capital Navigator (ICN) approach to evaluate the efficiency of using resources.. This research is conducted by an in-depth study on a hospital, demonstrating the importance of needed resources and analyzing the resource transformation among human capital, organizational capital, relational capital, physical capital and monetary capital. The conclusion of this research found that human capital contributed more to itself and organizational capital. Moreover, it is expected to contribute more to relational capital in the future. When it comes to the symmetry of transformations, ICN analysis shows that each capital contributed to relational capital more than getting from it, and that traditional capital contributed to intellectual capital more than getting from them. This study also found that human capital is the most important value source in the hospital. Therefore, the hospital should pay more managerial attention to the balance and asymmetric transformation among resources to enhance the effectiveness and efficieny of its resource management. The adoption of ICN analytical approach into health-care organization extends the application of intellectual capital management.

各國的產業群聚發展久已，隨著知識經濟時代的來臨，企業的真正價值取決於無形智慧資本之累積，故如何透過產業群聚資源帶動其智慧資本表現，進而創造價值，已成群聚內企業的重要課題。 本研究採用個案研究法，以位於我國新竹科學工業園區內的一家公司為研究對象，探討企業智慧資本受產業群聚影響之具體項目，及企業如何管理與蓄積，進而，連結策略性智慧資本，說明產業群聚如何透過智慧資本以協助企業策略執行。得出結論如下： 一、個案公司受產業群聚影響之智慧資本項目共有27項，主要分佈在人力、關係及流程資本。 二、個案公司針對前述項目設有13項管理制度，加強對產業群聚資源之利用。 三、部份產業群聚資源能直接透過策略性智慧資本對個案公司策略之執行產生貢獻，其他部份則透過支援策略性智慧資本之創造或累積，對個案公司策略產生間接影響。顯示產業群聚能提供公司發展上所需之策略性資源。

Magistrinio darbo tema yra aktuali, nes vis labiau didėja neatitikimas tarp organizacijos rinkos vertės ir tikrosios vertės, o tradiciniai pelningumo skaičiavimo būdai nebegali tiksliai atspindėti esamos situacijos, kadangi jie skaičiuoja tiktai pelną, o ne pridėtinę vertę. Temos naujumas akivaizdus, nes magistriniame darbe yra ieškomas ryšys tarp tradicinių pelningumo skaičiavimo metodų ir nefinansinių intelektinių išteklių efektyvumo skaičiavimo metodų, siekiant nustatyti, ar nefinansiniai rodikliai gali pateikti informacijos apie sėkmingą banko veiklą. Tyrimo objektas – intelektinių išteklių panaudojimo efektyvumas. Tyrimo dalykas – intelektinių išteklių svarba bankininkystės tolesniame vystymesi. Tikslas: nustatyti intelektinių išteklių svarbą bankininkystės vystymuisi ir numatyti bankininkystės tolesnius plėtros etapus. Formuluojami tokie uždaviniai: 1. Apibūdinti intelektinių išteklių sąvoką ir išanalizuoti jos apibūdinimus literatūroje; 2. Atskleisti intelektinių išteklių svarbą organizacijai; 3. Išnagrinėti intelektinių išteklių skaičiavimo metodus ir lyginti juos su tradiciniais pelningumo skaičiavimo metodais; 4. Apibrėžti intelektinių išteklių svarbą bankininkystei; 5. Numatyti bankininkystės tolesnio vystymosi gaires, naudojantis intelektinių išteklių skaičiavimo metu sukaupta informacija. Šiame darbe panaudoti mokslinio tyrimo metodai: • lyginimo metodas – atskleidžiami įvairių autorių samprotavimai apie intelektinius išteklius ir jų svarbą organizacijoje; •... [toliau žr. visą tekstą] / The theme of Master’s Work is actual today because it has been generally noticed that there is a growing difference between the organization’s market value and the real value, traditional measurements of profit are no longer able to reflect the current situation correctly as they calculate only a profit and not – the added value. The new point in this theme is being carried out by the relation between traditional profit measurements and non-financial calculations of intellectual assets efficiency, which is being analysed in order to reveal whether non-financial indicators are capable to represent the information about the successful activity of a bank. The object of the research – the effective use of intellectual assets. The subject of the research – the importance of intellectual assets in further development of banking sector. The goal formulated for this work is to define the importance of intellectual assets in growth of banking sector and also to foresee further stages of development. The tasks that are formulated for this work: 1. To define the concept of intellectual assets and to analyse its definitions in literature; 2. To reveal the importance of intellectual assets for an organization; 3. To analyse the measurement methods of intellectual assets and compare them to traditional profit measurement methods. 4. To foresee further development stages of banking sector, by using the information which has been collected via calculations of intellectual assets. The... [to full text]