本研究係以 2005年至2010年台灣上市上櫃企業為研究對象，共四十五家樣本企業，樣本期間為六年，觀察植共計270個。主要採用多元迴歸統計方法，透過研究發展的投入與產出以及企業與社會關係建立的投入與產出，探討創新資本與社會資本對組織財務績效的影響，且進一步探討創新資本與社會資本對於組織財務績效是否具有遞延效果。最後，基於「資源基礎理論」之觀點，為強調人力資本在所有智慧資本中所扮演的重要角色，深入探討人力資本是否在創新資本與社會資本影響組織財務績效的過程中，具有調節效果，以了解創新資本與社會資本對組織財務績效的影響，是否會受到人力資本投入的高低而有所影響。 經實證分析後，發現創新資本在短期內對組織財務績效將可能出現負向影響，不管在當期還是遞延三期時，與會計績效及市場績效之間皆呈現顯著負向影響；顯示創新資本是需要時間的累積與醞釀才能為企業帶來正向價值，且多數投資者對於企業創新資本的投入會提高企業營收一說皆保持著觀望的態度。而社會資本對組織財務績效之影響則不管在當期還是遞延三期時，皆呈現顯著正向影響；不僅顯示出社會資本對於企業經營是有其正面效益，更可發現短期內社會資本對於組織財務績效之影響會比創新資本來的正面且直接。此外，人力資本在創新資本與社會資本影響組織財務績效的過程中，確實存在調節效果，人力資本的提升不僅可強化創新與社會資本對組織財務績效的影響，更存在著部份替代效果；顯示出人力資本在企業經營中的重要性。 因此，企業在未來經營上，除了須同時重視創新、社會與人力資本的投入，還須依據企業未來發展的目標與願景，明確的訂定出各項資本間資源配置的方式，找出企業本身最合適的資源組合方式，來為企業創造更高的價值。The study examined the relationship between the innovation capital, social capital and the organizational financial performance. Besides, our research based on the resource-based theory, in order to emphasize the important role of human capital in the intellectual capital, we mainly focus on human capital as a moderator in the process of innovation capital and social capital to affect the organizational financial performance. Furthermore, we used the secondary data which are collected form 45listed companies in Taiwan during 2005 to 2010 and totally 270 observations to objectively verify our hypothesis. The study examined the R&D intensity and Marketing expense for input index and the number of patents and the company reputation for output index to measure the impact of innovation and social activities on organizational financial performance. By using the compensation expense and training expense, we analyze whether human capital had the moderating effect between innovation capital, social capital and organizational financial performance.The findings of our research are listed as follows. (1) In the short-term innovation capital has significantly negative effect on the organizational financial performance. (2) No matter in the short-term and long-term the social capital has significantly positive effect upon the organizational financial performance. (3) The social capital has more positive and directly impact of organizational financial performance than the innovation capital. (4) The human capital has moderating effect on the relationship between the innovation, social capital and organizational financial performance.
