The Relationship between Intellectual Capital and Stock Prices of High Technology Industry in Taiwan

• Main Authors: HsiaoHsin-Yu, 蕭幸伃
• Other Authors: 黃瑞靜
• Format: Others
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/24023411402126724108

碩士 === 崑山科技大學 === 企業管理研究所 === 94 === The knowledge economy means the company invest more in human capital and knowledge. The difference between traditional economy and new economy is the change of value-added activity. In the age of new economy, company creates business value from intangible assets. This paper investigates the impact of intellectual capital on stock price. However, the high-tech industry will still drive the life vein of Taiwanese economic development in the future, even the policy of “Two Stars, Two Trillions” will make the light electricity industry become the life vein that my country is hereafter technology industry and economic development. This study intends to discuss the relationships between intellectual capital and stock price in Taiwan’s high-tech industry. The sample period of this study is during 1995 to 2004. The empirical results show that the human capital, innovation capital, process capital and customer capital in intellectual capital not only all have obvious influences on stock price, but also indirectly affects stock price through the cross effects of intellectual capital elements. Therefore, intellectual capital can explain stock price. It implies that firms can increase their equity value through a determined effort to improving their intellectual capital.