在知識經濟時代下，企業的價值和競爭能力主要來自於無形資產的應用。半導體產業即屬於知識密集型的產業，而以半導體著稱的台灣和南韓，面臨各國紛紛投入於該產業時，要如何保有自身的競爭力，無非是更有效的運用其所擁有各項資源和資本，尤其是員工們所集結的知識和經驗等智慧資本之運用能為公司創造獲利和價值。故本研究將以智慧資本為主軸，比較和分析，台韓兩國半導體產業應用智慧資本以及財務資本上是否有明顯的差異，並進一步分析在兩國營運模式迥然不同的情況下，又是哪些無形資產為主要影響企業財務績效之因素。
本論文的研究對象為台灣以及南韓有上市或上櫃的半導體企業，並使用公司之年報作為主要資料來源，研究的年度區間為2012到2015年。採用普通最小平方法和分量迴歸模型來捕捉不同的企業績效下，各項資本之使用效率對資產報酬率的影響。
實證結果發現，在台灣和南韓，不論公司之財務績效的好壞，財務資本和結構資本的使用效率對資產報酬率都有顯著的正向效果。而人力資本的使用效率，在台灣，不論企業財務績效之高低，都對公司的資產報酬率有顯著之正向解釋力；在南韓，隨著企業財務績效之上升，人力資本對公司的資產報酬率之影響不明顯但有提升之趨勢。

In the era of knowledge-based economy, businesses’ value and competitiveness mainly come from using intangible assets. Taiwan and South Korea are famous for the well performance in semiconductor industry which also belongs to knowledge-intensive industries. Facing many countries have invested in the industry, companies need to more efficient to use resources and capital, in particular intellectual capital which includes all of staff’s knowledge and experience, to maintain their competitiveness. Hence the main topic of this study is comparative and analysis the difference about the application of intellectual capital and financial capital in Taiwan and South Korea, and further analysis which kind of capital is the main factor to impact business performance.

In this study, we select the semiconductor businesses that publicly listed on the TPEx, TWSE, and KRX. And use annual reports as main data resources. The observation period is from 2012 to 2015. We use ordinary least squares regression(OLS) and quantile regression to measure the impact on the return on assets of using any kind capitals.

The results show that regardless of the business performance, structural capital efficiency and capital employed efficiency have significant positive effect on the return on assets in Taiwan and South Korea. Human capital efficiency also have significant positive effect on the return on assets in Taiwan; whereas, South Korea’s firms did not show this tendency.

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