智慧資本綜效之研究--以台灣電子產業為例

Abstract

本研究探討台灣高科技廠商智慧資本間互動與績效之攸關性。詴圖檢驗台灣高科技 廠商智慧資本運行結果，以利企業做適切的資源配置。研究樣本為國內高科技廠商共353 家企業，資料以2005 年底至2010 年中TEJ 資料庫取得，觀察所選擇智慧資本對績效之 影響。 本研究認為智慧資本並非單獨存在，彼此間應會相互影響，進而發揮智慧資本效 益，且資本屬存量概念，需搭配動能方能運作，並非智慧資本越多越好。 實證結果顯示，智慧資本間少存在綜效現象，主要可能因變數選取主觀導致的結 果，但也發現以往用研發費用代表企業創新活動，在網路經濟的時代可能不再適用。 為確保實證結果準確，研究過程嚴謹且記錄詳實，排除人為因素造成的誤差，卻得 出與假設全然不同的實證結果。結果顯示，智慧資本無顯著綜效，且做為主要變數之研 究發展費用對績效影響不顯著，故推測出一截然不同之管理意涵——以往學術研究多將 研究發展費用多寡視為創新能量大小，在網路經濟的今日已不再適用，後以實例佐證， 如FB、Twitter 等崛貣原因，皆不是因龐大研發費用得到的成果，而在抓住並創造消費 者的習性。此結果在網路經濟的今日，值得管理階層省思。

We explore the interaction effects of intellectual capital and the relevance with the performance of Taiwan tech firms, and try to test the result of the intellectual capital function, in order to facilitate the resources allocated in the enterprises. In this study , there are 353 sample firms obtained from the TEJ database established from 2005 Q2 to 2010 Q2, in which effect of intellectual capital is observed. It is inferred that intellectual capital can' t act along; each part of it should work with another and will bring out the ―synergy‖ effect as a whole. Since intellectual capital has been recognized as "stock concept", it should be allocated with a ―flow motion‖ to be operated, which differs from the traditional idea and indicates that resources are not the more the better. It is revealed in the empirical results that there is seldom synergy effect among the intellectual capital, which may result from a subjective regression model selected. It is also discovered that it is no longer suitable in an Internet-based era to use R&D expense as a substitution variable in innovation. To ensure accuracy of the empirical results, the study is carefully conducted and accurately recorded to exclude human factor errors but the results obtained are utterly different from what was inferred. It is shown that intellectual capital is of no significant synergy and expense in R & D, as a variable, has no significant influence on effect, so a completely different definition in management is inferred – the tradition that expense in academic research is regarded as innovation capability is no longer effective in the current Internet-based economy. The results are testified with cases like Facebook and Twitter. They did not emerge from enormous R & D expense but from capturing and creating consumption patterns, which deserves contemplating from the administrations.