智慧資本與企業經營績效關係之研究－以台灣IC設計產業為例

Abstract

本論文之研究目的係探究以智慧資本為企業核心競爭優勢的台灣IC設計產業，其累積之智慧資本是否對企業經營績效具有顯著正向影響之探討。本研究以Ante Pulic所提出，現為奧地利智慧資本研究中心（AICRC）所採用之” VAIC™”智慧資本附加價值係數，作為評價智慧資本之模型。以統計迴歸方法，檢測國內上市櫃IC設計公司之智慧資本是否對企業經營績效之代理變數－市價與帳面價值比(M/B)值與托賓q值，具有正向之影響關係。並分別探討智慧資本的二大構面－人力資本與結構資本之價值替代變數，是否對智慧資本與企業績效也同樣具有顯著之影響關係，以了解當企業擁有愈高之個別構面之智慧資本，是否企業也相對擁有更高的整體智慧資本以及更高的企業經營績效。

實證結果顯示，本研究之假說成立，個別構面之智慧資本替代變數分別對整體智慧資本及企業績效值存在顯著的正向關係；同時，整體智慧資本也對企業績效具有顯著的正向關係。

在此研究架構下，發現對台灣IC設計公司之企業經營績效M/B值與Tobin’s q值，皆具有顯著的影響力之重要智慧資本價值指標包含：人力資本指標之每員工附加價值（正向）、員工高學歷比例（正向）、員工平均年齡（負向）及結構資本指標之營收成長率（正向）等指標；另有兩個指標對企業經營績效Tobin’s q值也具有顯著的影響力，為人力資本指標之研發人員比例（負向）及每員工營收（負向）。

此外，人力資本指標之每員工附加價值（正向）同時對智慧資本增值效率及智慧資本附加價值係數皆具有顯著的影響力；另有兩個指標也對智慧資本附加價值係數具有顯著的影響力，為結構資本指標之營收成長率(正向)及研發生產力(正向)。

The purpose of this study is to investigate empirically the relationship between firms’ intellectual capital and performance for IC design house industry in Taiwan, which is the typical industry that owns the intellectual capital as their core competence. This study adopt the model-Value Added Intellectual Coefficient (VAIC™) as the measure index for Intellectual Capital which was conducted by Ante Pulic and adopted by intellectual capital research center-AICRC in Austria. The study is by using the regression models to examine if there is positive correlation between firm’s intellectual capital and performance indexes- market-to-book value ratio (M/B) and Tobin’s q value.

Besides, this study also examines if these two components of intellectual capital- the proxy of the human capital and structure capital have significant impact on intellectual capital indexes-ICE and VAIC. And it also impact on firm’s performance.

The empirical results support the hypotheses that firms’ intellectual capital has positive impact on the firm’s performance.

We found that some key intellectual capital indicators have great impact on the firm’s performance indexes- M/B and Tobin’s q value for Taiwan’s IC design house including the value added per employee (positive), the percentage of high education employee (positive), the average age of employee (negative) and the sales growth rate (positive).

Besides, there are two additional indicators significant impact on Tobin’s q value as well they are the percentage of R&D employee (negative) and the average sales per employee (negative). Moreover, the value added per employee has positive impact both on ICE and VAIC™ values. Finally, there are two additional indicators significantly impact on VAIC™ value which are the sales growth rate (positive) and the productivity of R&D (positive).