題目：智慧資本評價方法與企業價值攸關性:考量公司治理之影響摘要隨著知識經濟時代的興起，知識型產業例如：資訊電子業的企業價值由傳統的有形體資產，轉變為以智慧資本為主的無形資產，所以智慧資本之累積與管理已成為知識型產業及公司的競爭優勢，故在企業價值評價中智慧資本的評價尤為重要，學者提出智慧資本的評價方法如：Tobin’s Q 值、知識資本盈餘(KCE)及智慧資本增值係數 (VAIC)等。現代企業的經營權與所有權分離，易產生代理問題，故需落實公司治理來解決代理問題；公司治理中存在多種管理機制，如同時考慮董事會特性及股權結構確實可有效提升公司的經營績效及公司價值，學者指出應考慮公司治理，公司股權價值評價才能更完整。目前文獻僅探討智慧資本或公司治理與企業經營績效或企業價值之關聯性。本研究計畫為國內外首篇以台灣資訊電子產業為樣本，採Ohlson 股權評價模式探討智慧資本評價方法、企業價值與公司治理之關聯性進，為一有趣、重要且創新之議題，研究結果將有助於政府及學術界瞭解及釐清公司治理對各種智慧資本評價方法與企業價值攸關性之影響。
The Value Relevance on Valuation Methods of Intellectual Capital: The Role of Corporate Governance. Abstract With the development of the knowledge economy, the main value of firm has changed from traditional physical assets to intellectual capital or intangible assets, so the accumulation and management of intellectual capital is the competition advantage of knowledge-based industry and companies. The intellectual capital valuation is the essential factor in firm valuation. The scholars present the valuation methods of intellectual capital, such as Tobin’s Q, Knowledge Capital Earnings (KCE) and Value Added Intellectual Coefficient (VAIC). The management power of modern firms is separate from ownership, and it is easy to occur the agency problem, so the firm needs to implement corporate governance to solve this agency problem. There are many management mechanisms in corporate governance, and the operating performance and firm’s value can be enhanced by considering the characteristic of director boards, and ownership structure, so the scholars present the firm’s value will be appraised entirely by including the effect of corporate governance. Research literatures discuss only the relation between intellectual capital and firm value, or the relation between corporate governance and firm value, so this study is the first to apply Ohlson’s valuation model to examine the value relevance on valuation methods of intellectual capital, and further analyze the role of corporate governance for the Taiwan’s information and electronic industry. This study is an interesting, important and innovating research issue, and the research results will help the academia or the Government to understand the influence of corporate governance on the relation between firm valuation and valuation methods of intellectual capital.
