論文摘要
本論文以我國資訊服務業為對象，針對攸關其重要無形資產的智慧資本要素，進行研究。由於資訊服務業是本世紀末興起之最具代表性的知識產業，產業中的贏家並非擁有大量的金融性資本者，而是擁有具創造力的研發能力、可製造大量財富的"人力資源資本"，可將知識快速在組織內分享、成長以提高人員生產力的"結構資本"，以及與顧客共同成長、創造利潤的"顧客資本"。這使得資訊服務業的真正價值及發展潛力，應落實在其所擁有的智慧資本之上，而非其傳統的財務指標。
我國的資訊服務業近年來發展迅速，且經政府明定為策略性產業，期望能成為推動我國下一波經濟奇蹟的主力產業之一。然從今(88)年第一批獲准上櫃的軟體公司經驗裡，發現其鑑價方式仍與任何其他產業的作法並無二致。這種評估作價的方式完全忽視了資訊服務業公司隱性的智慧資產，導致低估資訊服務業者的真正價值。影響所及，對其從公開資本市場募集發展資金的計畫有礙，也將損及社會大眾一般投資人，無法作出較合理的判斷。對尚在起飛階段的資訊服務業，缺乏助益。
因此本論文將首先藉文獻探討來闡示智慧資本的內涵，其次介紹了解我國資訊服務業的現況，及其目前在上市、上櫃時的鑑價作法。隨後藉由對知名資訊服務業者的個案訪談，收集歸納出他們認同的18項智慧資本要素，分屬「人力資本」、「流程資本」、「創新資本」、「關係資本」四大類。再經由問卷設計、調查、廣泛收集38家資訊服務業者及投資業者的意見，運用分析層級程序法(APH)，得出對這四大類計18項智慧資本要素的相對權重。
本研究的發現如下：
壹、我國資訊服務業者認同智慧資本內涵可以區分為人力資本、流程資本、創新資本、與關係資本。
貳、在此四類智慧資本內涵中，創新資本最重要，其後依序為人力資本、關係資本、流程資本。
參、在18項智慧資本要素中，業者認知創新文化、關鍵技術、智慧財產權(以上屬創新資本)、經營團隊、向心力(以上屬人力資本)為最重要的5項無形資產。
肆、流程資本的權重，較其他三類智慧資本相去頗鉅。顯示業者對其重要性的認知尚不足。
這些研究發現，反映出在評估資訊服務業公司市場價值時的參考方向，同時也可做為資訊服務業者在經營上的指標。
最後，經由本研究，對現代企業提出以下建議：
壹、企業應加強智慧資本之創造與累積，以提升企業總體價值。
貳、企業應建立監控智慧資本存量與變化之指標，以維持企業競爭力。
參、建立企業智慧資本報表以補現行上市上櫃評價資訊之不足。
目錄
第一章 緒論-----------------------------------------------------------------1
第一節 研究動機----------------------------------------------------------1
第二節 研究目的----------------------------------------------------------3
第二章 文獻探討-----------------------------------------------------------4
第一節 智慧本質與知識經濟-----------------------------------------4
第二節 智慧資本的分類與內涵--------------------------------------9
第三節 智慧資本的研究進展-----------------------------------------18
第三章 研究方法---------------------------------------------------------27
第一節 研究架構---------------------------------------------------------27
第二節 研究設計---------------------------------------------------------28
壹.研究取向-----------------------------------------------------------------28
貳.研究方法-----------------------------------------------------------------28
參.研究流程-----------------------------------------------------------------28
肆.研究對象-----------------------------------------------------------------29
伍.研究限制-----------------------------------------------------------------30
陸.資料分析與問卷設計-----------------------------------------------30
第四章 我國資訊服務業及其鑑價之作法-----------------------31
第一節 資訊服務業發展歷程------------------------------------------31
第二節 我國資訊服務業的六大區隔-------------------------------34
第三節 我國資訊服務業的發展現況-------------------------------36
第四節 我國資訊服務業外銷狀況----------------------------------40
第五節 我國資訊服務業的未來展望-------------------------------44
第六節 我國資訊服務業上櫃評估做法及檢討-----------------47
第五章 智慧資本與資訊服務業-----------------------------------54
第一節 智慧資本對資訊服務業的重要性--------------------------54
第二節 個案彙整與分析-----------------------------------------------57
第三節 影響資訊服務業鑑價的智慧資本要項-------------------110
第六章 我國資訊服務業對智慧資本之看法------------------119
第一節 調查方法：分析層級程序法(AHP) --------------------119
第二節 智慧資本要項及衡量之問卷設計-----------------------124
第三節 問卷調查結果統計-----------------------------------------128
第四節 結果討論-----------------------------------------------------135
第七章 結論與建議------------------------------------------------138
第一節 研究發現-----------------------------------------------------138
第二節 建議-----------------------------------------------------------141
參考文獻---------------------------------------------------------------145
附錄一•我國資訊服務業智慧資本衡量因素研究問卷----------------149
附錄二•資訊軟體公司申請股票上櫃之補充規定----------------------153
附錄三•我國軟體產業申請上市/上櫃公司進度表---------------------155
附錄四•友立/資通資訊股份有限承銷價格計算說明表---------------160 / THESIS ABSTRACT
GRADUATE INSTITUE OF SCIENCE AND TECHNoLOGY MANAGEMENT，NATIONAL CHENG-CHI UNIVERSITY
Name：Wan-Hwa Hwang Month/Year：July 1999
Advisor：Se-Hwa Wu
Research on the Intellectual Capital of Information Service Industry
Information Service Industry is a most typical knowledge-based industry emerging at the end of this century . The winners of this industry don't have a lot of financial capital in general，rather having revenue-creating "human resource capital" which embodies innovation oriented R&D capability，"structure capital" which makes knowledge quickly sharable and accumulatable to increase the employee's productivity，and "customer capital" which makes company to grow with the customers and to create profit for both . This implies the real value and the growth potential of information service companies actually reside on the intellectual capital they own，instead of being on the traditional financial indices.
Taiwan's information service industry advances rapidly in recent years. The government also designated it as a strategic industry and anticipated it becoming a major driving force of Taiwan's next wave of economic miracle. However，through the experience of those software companies which are first allowed to trade publicly at OTC this year，it is found the valuation method applied to these companies aren't different from any other type of companies (hardware，textile，chemical，...). This kind of valuation totally ignored the hidden intellectual asset of information service companies and，could lead to underestimation of their real value. Due to this，it could hurt information services company's plan to raese development fund needed from the open capital market，further the general public investors might not be able to evaluate these companies appropriately and，therefore might suffer loss.
So this research started with literature survey to reveal the heavy contents of intellectual capital .Those works done by Leif Edvinsson et al and Thomas Stewart were adopted and provide most of the referrings so as to constituent the theoretical base of this research..
Then we examined the current status of Taiwan's fast growing information service industry which surprisingly made a superb performance during the financial storm last year which plagued many asian countries . While studying the valuation method used by the SEC to valuate information service providers during their IPO process，we regretly found that intellectual capital was not considered as any measurement at all .
To make it obvious the detailed items of the intellectual capital currently being addressed and cultivated by Taiwan's information service industry，six prominent vendors were interviewed through their executive level management，which include one internet access/service provider，one 3D game software vendor，one anti-virus software vendor，one image processing software vendor，and two multimedia content providers . All are leading players in this industry . After analyzing the interviewing result gathered through these 6 information service providers，we were able to identify 18 key items which we believe constitute the intellectual capital focus of most similar companies in Taiwan at this moment . These 18 key items could further be grouped into four major categories . Namely，
Human Capital：creativity，professional skill，company incliningness，managing team，informal interaction
Flow Capital：operation management，quality management，knowledge management，equipment management，organization flexibility
Innovation Capital：R&D investment，intellectual property right，key technology，innovation culture
Relation Capital：Customer size，customer repurchase rate，cooperation relationship，company reputation
We then designed a questionnaire and made a survey with 38 information service providers╱investment companies . Again，top management executives were asked to answer the survey . Using the Analytic Hierarchy Process (AHP)，we were able to calculate the relative weight of these 18 key items as well as the 4 major categories. We have the following findings：
1. Taiwan's information service providers agree that the content of intellectual capital could be categorized into "human capital"， "flow capital"，"innovation capital"，and "relation capital".
2. "Innovation Capital" is ranked the most important ，followed by "human capital"，"relation capital"，and "flow capital".
3. Within the 18 key items being identified，the information service providers select "innovation culture"，"key technology"， "intellectual property right "(those belong to the innovation capital category)，"managing team"，"company incliningness"(those belong to the innovation capital category)，as the 5 most important intangible assets.
4. The relative weight of flow capital is significantly less than the other three. It signifies the importance of this category is not recognized by Taiwan's information service providers yet.
We think these findings provide directions we should emphasize while valuating a information service provider. They also could serve as indices for the management of this kind of companies.
Finally，through this research，we have recommendations to current enterprises：
1. Enterprises should make every effort to create and to accumulate their intellectual capital，so to increase their total value；
2. Enterprises should fix indices to monitor their intellectual capital stocks and changement，to maintain the competitiveness.
3. Furnish enterprise's intellectual capital reports to amend the insufficiency of today's valuation used in the IPO process.
| Identifer | oai:union.ndltd.org:CHENGCHI/B2002001470 |
| Creators | 黃宛華, Wang-Hwa Hwang |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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