知識經濟時代智能資本漸受重視，傳統的企業衡量體系已無法有效量度企業真正價值，財務報表也不足以完整表達企業的經營績效，無形資產與智能資本的研究遂漸被重視。過去企業的核心價值被認為是土地、廠房、機器設備與資金等有形資產。在以科技、創意為主的企業裡，無形的知識、技術、資訊、能力等才是為企業創造最大價值的根源。本研究主要目的有二：一、探討如何在企業組織運作中，辨識出具有價值性的智能資本；二、找出哪些智能資本是被企業界認為適合揭露？哪些是投資人期望企業揭露？兩者間看法有無差異？ 本研究係以Johan Roos等人的智能資本發展及管理系統為研究概念的基礎，企圖從企業經營及策略面的角度切入，在企業的組織運作及組織績效中找出能夠辨識及萃取智能資本指標的方法。在研究中，主要以半導體產業為對象，分別對企業經理人及外部投資人進行智能資本指標價值及揭露的問卷調查及分析，此外，透過針對台灣積體電路製造公司為主要對象的個案研究，探索企業內部具價值性的智能資本。 經由研究結果，智能資本包括所有能創造企業價值的知識、能力、以及技能等，而人力資本貫穿在整個企業的經營流程。所以，欲辨識企業智能資本可以從三個方向著手：一、企業的經營策略及競爭優勢；二、組織運作及績效指標；三、企業價值鏈。此外，企業經理人與投資人在認知上最大的差異在於：企業經理人重視「創造企業未來價值」的智能資本項目；而外部投資人重視表現「過去努力所累積的價值」及「現階段繼續創造出價值」的智能資本項目。 Intellectual capital is becoming more important in the era of knowledge-based economy, for traditional measurement systems are unable to capture the real value of a business in the so-called “new economy.” Hence, the financial reports, which are the end products of the traditional measurement systems, are not adequate to disclose the performance of value of a business. The purpose of this study is twofold. First, it explores the ways of recognizing and extracting the key indicators of intellectual capital in business operations performances. Second, it analyzes what indicators are supposed to be disclosed by both the business executives and investors, and the differences of desired disclosures between these two groups of individuals. Based on the concepts of intellectual capital development and measurement system proposed by Johan Roos, et al., this study attempts to find out a method to recognize and extract the proper indicators of intellectual capital from the operations and performances of a business. The semi-conductor industry of which the intellectual capital comprises the main proportion of business value is used as the research object. Besides, this study uses Taiwan’s largest firm in the semi-conductor industry -- TSMC as a case study to examine the processes in which the intellectual capital resides. Intellectual capital includes all the knowledge, capability, and skills applied in value-creating processes of a business, in which the human capital plays an indispensable role. The results of this study show that one can recognize intellectual capital of a business in three dimensions: (1) business strategies and competitive advantages, (2) business operations and performances, and (3) business value chains. Another finding of this study is that business executives and investors differ in the desired disclosure of intellectual capital. Particularly, business executives focus on leading indicators of value-creating intellectual capital, while investors focus on the lag indicators regarding previous value accumulation and indicators concerning the current value creation processes.
