| 摘要Abstract | 本研究旨在探討不同企業生命週期階段，智慧資本與企業價值 的關聯性。本文根據 Edvinsson and Malone (1997) 所提斯堪地亞智慧 資本領航者的觀念架構，將企業智慧資本分為人力資本、創新資本、 顧客資本與流程資本，並使用 Anthony and Ramesh (1992) 的方法尋求 企業生命週期替代變數，以綜合指標檢測各階段下智慧資本與企業價 值關聯性之強弱。實證結果發現在不考慮企業生命週期下，創新資本、 顧客資本及流程資本與企業價值呈顯著正向關聯性，而人力資本與企 業價值則無顯著關係，此結果與 Wang and Chang (2005) 之結果一致。 而在考慮企業生命週期下，僅成長期與成熟期之顧客資本與企業價值 關聯性顯著高於衰退期；而人力資本、創新資本及流程資本與企業價 值之關聯性，則不受企業生命週期階段差異所影響。This paper investigated the association between intellectual
capital and firm value in different phases of business life cycle. According
to the concept of the Skandia intellectual capital navigator by Edvinsson
and Malone (1997), intellectual capital is categorized into human,
innovation, customer and process capital. The indicators of business life
cycles proposed by Anthony and Ramesh (1992) are used in this study to
agent the business life cycles, and a composite indicator composed of the
indicators of business life cycles is utilized to examine the relationship
between intelligent capital and firm value under different business life
cycle phases. The results showed that the constructs of intellectual capital
including innovation, customer and process capital, all are significantly
positive related to firm value. However, human capital has no relationship
with firm value. The results are consistent with earlier findings of Wang
and Chang (2005). When considering the variable of business life cycle,
we found that the positive correlation between customer capital and firm
value is greater in both growth and mature periods than in the decline
period. However, the association between other constructs of intellectual
capital such as human, innovation and process capital, and firm value is
not influenced by the different phases of business life cycle. |