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