The Relationships among Intellectual Capital, Information Transparency and Firm Value – An Empirical Study in Taiwan''s IC Industry

• Main Authors: Chien-Hui Hsu, 徐千惠
• Other Authors: Lee-hsuan Lin
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/50870353286194208091

碩士 === 元智大學 === 會計學系 === 98 === Since knowledge economy has become the mainstream of economic development, Intellectual Capital is regarded as core competence of the corporation. The purpose of this study is to examine the relationship between Intellectual Capital and firms’ value. The company’s Intellectual Capital is the source of competitive advantage, and it also explains the difference between market value and book value of company. Moreover, Intellectual Capital recovers the value of firms. The IC industry is composed of designing, manufacturing, packaging and testing in Taiwan. The professional division of work models and advanced processing capability are important in the global IC industry, and each industry has its different intensity of knowledge. Therefore, the current study uses the publicly listed (TSE) and over the counter (OTC) IC companies from 2006 to 2008 in Taiwan, and 204 observations in our study. We divided Intellectual Capital into four parts: human capital, process capital, innovation capital and customer capital. Then we investigate whether the human capital, process capital, innovation capital and customer capital impact on the firm value. We adopt multiple regression analysis to find out the proxy variable of Intellectual Capital, and we also use Ohlson (1995) model to find a better method to estimate the value of firms. Moreover, the information transparency is also included in the study. The empirical results indicate the nine types of Intellectual Capital for overall IC industry in Taiwan, including the average working experience, the degree of education, the ratio of management expense, the management expense per employee, the organizational age, R&D expenses/ managerial expenses, the selling expenses per share, the ratio of revenue growth and the number of major customers. However, the Intellectual Capital would be affected under IC industries at different stages. The study also shows the firms with a high Intellectual Capital could increase the value of firms. Additionally, the information transparency has a significant positive relation to the firm’s value in the overall IC industry and IC design industry.