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.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0094353011 |
| Creators | 陳純綾, Chen, Chun-Ling |
| 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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