智慧資本與網通產業股票評價之攸關性探討

Abstract

在知識經濟下的新企業競爭環境，企業的成功不再是僅依靠傳統有形資產，無形項目，亦稱智慧資本，但因智慧資本項目並不全都能符合會計上無形資產的的定義，受限於會計準則對於資產認列及評價規定，這些對智慧資本的投資無法認列在資產負債表上，財務報表已無法完整呈現公司的真實價值，故本研究選擇從人力資本、創新資本及顧客資本三方面切入，探討這些項目是否的確對公司股價評價有關係。 本研究理論架構是以Ohlson(1995)的評價模型為基礎，來觀察人力資本、顧客資本及創新資本對公司評價是否具有攸關性，模型的解釋能力是否會因上述變數的加入而提高。 實證結果發現，在價格模型中個別加入人力資本的代理變數、創新資本的代理變數及顧客資本的代理變數後，價格模型的解釋能力提高，並呈現顯著攸關，在將上列代理變數加入後，價格模型解釋能力達到最高。 綜上所知，智慧資本與上市網通類股的股票評價具有攸關性，故提高公司智慧資本的價值，應有助於公司價值的提升。

Abstract In the new competitive environment for enterprises under knowledge economy, their success depends not only on traditional tangible assets, but also on invisible ones, e.g., intellectual capital. However, intellectual capital does not fully comply with the definition of invisible ones. Restricted to accounting regulations on the evaluation and asset recognition, these investments in intellectual capital cannot be included in the balance sheet, and the financial statements fail to show the true value of the company, so this research is done in the three aspects: human capital, innovation capital, and customer capital, and look into their connections with the corporate stock price evaluation. This study is based on Ohlson’s evaluation model to observe the connections of human capital, customer capital, and innovation capital with the corporate valuation. The interpretation of the model will be enhanced because of the above variants. According to the results, the inclusion of the proxy variants of human capital, innovation capital, and customer capital into the price model respectively shows better explanation and provides higher correlations. Therefore, intellectual capital correlates with the stock price, so the enhancement of the intellectual capital should be greatly beneficial to the corporate value..