不同企業生命週期下智慧資本對生技化學產業企業價值影響之研究

本論文研製之旨在探討生技化學產業在不同企業生命週期階段，智慧資本對企業價值的影響。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虛擬變數，以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交乘項下，創新資本與流程資本與企業價值呈顯著正向影響，而顧客資本、人力資本對企業價值則無顯著影響。而在考慮企業生命週期交乘項下，僅成長期與成熟期之創新資本對企業價值的邊際效果顯著高於衰退期；而人力資本、顧客資本及流程資本對企業價值之邊際效果，則不受企業生命週期階段的影響。

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 and process capital, all are significantly positive related to firm value. However, customer and human capital has no relationship with firm value. When considering the variable of business life cycle, we found that the positive correlation between innovation 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, customer and process capital, and firm value is not influenced by the different phases of business life cycle.