Intellectual Capital and Disclosure：A Study of Taiwan Semi-conductor Industry

• Main Authors: Hsiao-Mei Wu, 吳筱梅
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/98287703419321601979

碩士 === 國立中央大學 === 財務金融學系碩士在職專班 === 91 === 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.