國內目前在揭露智慧資本方面並沒有一致的作法，智慧資本的相關資訊成為一種自願性揭露，用以補足傳統報表的不足。本研究的研究目的為實際調查國內各企業在智慧資本揭露的實務與現況、了解文獻上在衡量企業智慧資本績效值的適用性為何、以及企業智慧資本績效值對其揭露智慧資本的態度是否有影響。本研究參酌S. Mitchell Williams（2001）之智慧資本相關研究，對88-90年度間台灣上市公司抽樣進行實證研究，加以檢定分析。 研究結果發現：1、智慧資本揭露之前後期有差異，88到89年度只有流程資本揭露程度的變動具備顯著性，而89到90年度間人力資本、顧客資本揭露程度的變動具備顯著性，其中在研究期間3年間皆不具顯著性的為創新資本的揭露。另外，所有的變動方向都是增加的，顯示企業的確有增加智慧資本揭露。2、智慧資本績效值之前後期有差異，但未能肯定變動方向，而從標準差數值來看，各公司的差異逐年增加，而且差異幅度越來越大。3、智慧資本績效值對智慧資本揭露沒有影響，在研究期間內，智慧資本績效值的的顯著性不高，因此對智慧資本揭露的解釋力不高。而係數之方向也未定，模式結果不穩定，與S. Mitchell Williams（2001）之實證結果相同。但組織因素對於智慧資本揭露的影響方向都為負，與國外文獻探討不符，可能是因台股市場的特殊性造成企業揭露行為的逆向操作。其中產業類型、槓桿度、前年揭露指數具顯著性。4、智慧資本揭露對企業績效有影響。智慧資本揭露分數的顯著性（p值）逐年提高，90年之資料具備顯著性，表示智慧資本揭露對企業績效有影響，係數為負，意味著目前的智慧資本揭露，反而是對財務績效帶來負向的影響。 Up to now, there isn’t an agreement way to show the intellectual capital (IC) of a company. The information about IC becomes voluntary disclosure used to compensate the weakness of the traditional financial statements. The purpose of this study is (1) to investigate the current state of how each company disclose their IC information, and (2) to see if the evaluations of IC performance recognized by further studies do really reflect the value of IC, and (3) to verify if the extent of IC disclosure is influenced by IC performance. This paper applied S. Mitchell Williams’s research, and analyzes the sample of firms making initial public offerings (IPOs) of common stock in Taiwan Stock Exchange between 1999 and 2001. The results are as follows: 1.A difference was noted in IC disclosure index over two successive periods. From 1999 to 2000, only the change of structure capital is significant. From 2000 to 2001, the changes of human capital and customer capital are significant. Especially, Only the innovation capital isn’t significant during the research period. Besides, the change is always positive, which implies the companies do increase their disclosure items in IC information. 2.A difference was noted in IC performance over two successive periods. But we cannot make sure their way of influences. And the standard deviation shows that the difference among firms is getting bigger and bigger. 3.The IC performance has no impact on the extent of IC disclosure. During the research period, the IC performance is not significant related to IC disclosure and the coefficient isn’t consistent. The result is as S. Mitchell Williams’s findings. But when it comes to the organizational factors, all the impact was negative, which is not correspondence with the review of the foreign literature. It may be caused by the specifics of Taiwan stock market. Three variables (the industries type, leverage and the disclosure of prior years) are statistically significant. 4.IC disclosure has impact on company’s financial performance. IC disclosure is getting more and more significant. In 2001, it is statistically significant. However, the effect was negative, it means that nowadays disclosure turns out to be unfavorable to financial performance.
