摘要(英) |
In the era of knowledge-based economy, businesses’ value and competitiveness mainly come from using intangible assets. Taiwan and South Korea are famous for the well performance in semiconductor industry which also belongs to knowledge-intensive industries. Facing many countries have invested in the industry, companies need to more efficient to use resources and capital, in particular intellectual capital which includes all of staff’s knowledge and experience, to maintain their competitiveness. Hence the main topic of this study is comparative and analysis the difference about the application of intellectual capital and financial capital in Taiwan and South Korea, and further analysis which kind of capital is the main factor to impact business performance.
In this study, we select the semiconductor businesses that publicly listed on the TPEx, TWSE, and KRX. And use annual reports as main data resources. The observation period is from 2012 to 2015. We use ordinary least squares regression(OLS) and quantile regression to measure the impact on the return on assets of using any kind capitals.
The results show that regardless of the business performance, structural capital efficiency and capital employed efficiency have significant positive effect on the return on assets in Taiwan and South Korea. Human capital efficiency also have significant positive effect on the return on assets in Taiwan; whereas, South Korea’s firms did not show this tendency. |
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