本文之目的在於探討高科技公司智能資本之內涵及其決定因素。因隨著知識經濟時代的來臨，高科技產業已成為投資大眾注目的焦點。有別於一般傳統產業以土地、廠房、設備為主的有形資產作為創造競爭優勢的主力，高科技產業強調以知識密集與創新作為競爭武器。因此，無形資產及知識創造的價值成為企業決勝的關鍵。 美國近年來的收購案例中，收購價值對帳面價值之比率為4.4，平均高科技產業被收購的真正價值大約是資產負債表上面所呈現價值的十倍以上。在台灣方面，代表科技產業之電子業及軟體業市價更高達淨值之7至8倍。所以傳統以歷史成本衡量原則的財務報表，已無法呈現這些資產的價值，而造成市價與面值間極大的落差，顯示現有的會計制度已無法滿足投資大眾的需求。 鑒於以上原因，本研究藉由智能資本（Intellectual Capital）之觀念架構，以國內資訊軟體產業56家樣本公司為研究對象，利用線性結構關係模式（LISREL：Linear Structure Relationships）分析法，探討高科技公司無形資產價值之決定因素。希望藉由實證結果使公司得以瞭解本身之競爭優勢，同時讓投資人可以獲得充足且攸關的資訊，作為投資決策之參考。而實證結果發現組織流程資本及人力資本對智能資本確實存有正向之影響關係。 The objective of this paper is to explore the nature of intellectual capital and its determining factors. The traditional firms have deployed tangible assets such as land, plants, and equipments as the main sources of their competitive advantages. On the other hand, hi-tech firms employ knowledge-based capital and innovations to create their core competences. In the U.S, the acquiring prices are about 10 times of target high-tech firms’ book value for M&A cases in the past decades. In Taiwan, the market values of hi-tech sectors, especially electronic and software companies, stand for 7 to 8 times of their book values. Obviously, financial statements based on historical costs are not able to reflect true value of high-tech firms. This study uses the notions of intellectual capital and applies the LISREL method to analyze the determinant factors of value for intangible assets.in the 56 information software companies. The empirical results show that the process capital and human capital have positive effects on intellectual capital. This finding implies that hi-tech companies may understand their own competitive advantages through the reporting of intellectual capital, and investors may have more relevant information to make investment decisions.
