知識經濟時代智能資本漸受重視，傳統的企業衡量體系已無法有效量度企業真正價值，財務報表也不足以完整表達企業的經營績效，無形資產與智能資本的研究遂漸被重視。過去企業的核心價值被認為是土地、廠房、機器設備與資金等有形資產。在以科技、創意為主的企業裡，無形的知識、技術、資訊、能力等才是為企業創造最大價值的根源。本研究主要目的有二：一、探討如何在企業組織運作中，辨識出具有價值性的智能資本；二、找出哪些智能資本是被企業界認為適合揭露？哪些是投資人期望企業揭露？兩者間看法有無差異？
本研究係以Johan Roos等人的智能資本發展及管理系統為研究概念的基礎，企圖從企業經營及策略面的角度切入，在企業的組織運作及組織績效中找出能夠辨識及萃取智能資本指標的方法。在研究中，主要以半導體產業為對象，分別對企業經理人及外部投資人進行智能資本指標價值及揭露的問卷調查及分析，此外，透過針對台灣積體電路製造公司為主要對象的個案研究，探索企業內部具價值性的智能資本。
經由研究結果，智能資本包括所有能創造企業價值的知識、能力、以及技能等，而人力資本貫穿在整個企業的經營流程。所以，欲辨識企業智能資本可以從三個方向著手：一、企業的經營策略及競爭優勢；二、組織運作及績效指標；三、企業價值鏈。此外，企業經理人與投資人在認知上最大的差異在於：企業經理人重視「創造企業未來價值」的智能資本項目；而外部投資人重視表現「過去努力所累積的價值」及「現階段繼續創造出價值」的智能資本項目。

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.

參考文獻
中文部份：
1. Johan Roos, Goran Roos, Nicola C. Dragonetti and Leif Edvinsson合著，施純協、祥宇開發智能資本編譯小組譯，(民89)，「智能資本─領航於新的商業版圖」，台北：知行文化。
2. Kaplan, Robert S. and Norton, David P.著，朱道凱譯，(民88)，「平衡計分卡─資訊時代的策略管理工具」，台北：臉譜文化。
3. Leif Edvinsson & Michael S. Malone著，林大容譯，(民88)，「智慧資本─如何衡量資訊時代無形資產的價值」，台北：麥田出版社。
4. Michael E. Porter著，李明軒、邱如美譯，(民84)，「競爭優勢」，台北：天下文化。
5. Michael E. Porter著，周旭華譯，(民87)，「競爭策略─產業環境及競爭者分析」，台北：天下文化。
6. Sveiby, Karl Erik著，莫菲譯，(民88)，「無形資產致勝策略─微軟、網景、昇陽等成功企業的新財富」，台北：圓智文化。
7. Thomas A. Stewart著，宋偉航譯，(民87)，「智慧資本─資訊時代的企業利基」，台北：智庫文化。
8. 大前研一著，黃宏義譯，(民78)，「策略家的智慧」，台北：長河。
9. 司徒達賢，(民86)，「策略管理」，台北：遠流出版。
10. 司徒達賢，(民90)，「策略管理新論─觀念架構與分析方法」，台北：智勝文化。
11. 台灣積體電路製造股份有限公司2001、2002年年報。
12. 台灣積體電路製造股份有限公司企業網站，(民92年4月)，
http:/ /www.tsmc.com.tw。
13. 台灣證券交易所，公開資訊觀測站，(民92年4月)，
http:/ /mops.tse.com.tw。
14. 田式農，(民88)，「虛擬晶圓廠生產資料倉儲之模式構建研究」，交通大學工業工程與管理學系碩士論文，未出版，新竹市。
15. 全球產業研究中心編著，(民90)，「半導體專論」，台北：全球電子報。
16. 吳秀娟，(民89)，「企業市場價值與淨值差異影響因素之研究─以我國資訊電子業為例」，政治大學科技管理研究所碩士論文，未出版，台北市。
17. 李瑞華著，李誠主編，(民91)，「高科技產業人力資源管理：新世紀人力資源管理的角色調整與趨勢─以台積電為例」，台北：天下遠見出版。
18. 林燦螢，(民90)，「智慧資本發展模式之研究」，台灣師範大學工業教育研究所博士論文，未出版，台北市。
19. 馬秀如、劉正田、俞洪昭、諶家蘭，(民89)，「無形資產之評價與揭露」，證交資料，459期，頁1-15。
20. 張俊彥、游伯龍，(民91)，「活力─台灣如何創造半導體與個人電腦產業奇蹟」，台北：時報文化出版。
21. 陳正澄，(民88)，「成長或消失─產業的管理經濟分析」，台北：華泰出版。
22. 陳依蘋、柯淑貞編譯，資誠教育基金會編著，(民90)，「企業價值報告趨勢預測」，台北：資誠企管顧問出版。
23. 陳依蘋，(民90)，「新經濟的革命為價值而戰」，會計研究月刊，193期，12月號，頁46-50。
24. 陳依蘋，(民90)，「什麼是企業價值報告」，會計研究月刊，193期，12月號，頁61-67。
25. 陳慧玲、林銘貴等，(民90)，「2001年半導體工業年鑑」，新竹縣：工研院電子工業研究所。
26. 陳慧玲、林銘貴等，(民90)，「2002年半導體工業年鑑」，新竹縣：工研院電子工業研究所。
27. 黃宛華，(民88)，「資訊服務業智慧資本之研究」，政治大學科技管理研究所碩士論文，未出版，台北市。
28. 楊建國，(民90)，「無形資產的評價」，輔仁大學碩士論文，未出版，台北縣。
29. 詹文男、范錚強、張朝清，(民91)，「企業智慧資本衡量研究─以資訊硬體產業為例」，ITIS產業論壇，第四卷第一期，頁109-137。
30. 廖益興、廖秀梅，(民91)，「開啟無形資產之攸關價值─企業核心競爭優勢之利基」，會計研究月刊，204期，11月號，頁104-116。
31. 劉常勇，(民86)，「科技產業投資經營與競爭策略」，台北：華泰。
32. 蔡千姿，(民90)，「台灣電子產業技術發展階段模式之研究─採技術能力與技術策略互動觀點」，交通大學經營管理研究所博士論文，未出版，新竹市。
33. 鄭惠之，(民90)，「『新企業價值報告 vs. 傳統財務報告』座談會實紀」，會計研究月刊，193期，12月號，頁51-60。
外文部份：
1. Aker, David A. (1988). Strategic Market Management. (2nd ed.). New York: John Wiley and Sons, Inc.
2. Amir, Eli. and Lev, Baruch. (1996). Value-relevance of Non-financial information: The Wireless Communication Industry. Journal of Accounting and Economics, Vol.22, August-December, pp.3-30.
3. Arthur W. Brian. (1996). In creasing returns and the new word of business. Harvard Business Review, July-Aug.
4. Barney, J. B. (1991). Firms resources and sustained competitive advantage. Journal of Management, Vol.17 (1), pp.99-120.
5. Beaver, William H. (1997). Financial Reporting: an Accounting Revolution. (3rd ed.). New Jersey: Prentice-Hall Inc.
6. Black, J. A. and Boal, K. B. (1994). Strategic resources: Traits, configuration and paths to sustainable competitive advantage. Strategic Management Journal, Vol. 15, pp.131-149.
7. Brooking, Annie. (1999). Intellectual Capital: Core Asset for the Third Millennium. London : International Thomson Business Press.
8. Collis, David J. and Montgomery, Cynthia A. (1997). Corporate Strategy : Resources and the Scope of the Firm. McGraw-Hill Professional Publishing.
9. Delaney, J. T. and Huselid, M. A. (1996). The impact of human resource management practices on perception of organizational performance. Academy of Management Journal, Vol.39 (4), pp.949-969.
10. Edvinsson, Leif and Malone, Michael S. (1997). Intellectual Capital : Realizing your Company’s True Value by Finding Its Hidden Brainpower. U. S. A. : Harper Business.
11. Hirschey, M. and Weygandt, J. (1985). Amortization policy for advertising and research and development expenditures. Journal of Accounting Research, Vol.23.
12. Hong, S. G. (1992). The Politics of Industrial Leapforgging: the Semiconductor Industry in Taiwan and South Korea. Dissertation of PhD, Northwestern University.(論文)
13. Johan Roos, Goran Roos, Nicola C. Dragonetti and Leif Edvinsson. (1997). Intellectual capital : navigating in the new business landscape. London : MACMILAN PRESS LTD.
14. Kaplan, Robert S. and Norton, David P. (1996). The Balanced Scorecard: Translating Strategy into Action. Harvard Business School Press.
15. Sveiby, Karl Erik. (1997). The New Organizational Wealth : Managing and Measuring Knowledge Based Assets. San Francisco: Berrett-Koehler Publishers.
16. Sveiby, Karl Erik. (1997, 2001). The Intangible Assets Monitor. http:/www.sveiby.com/articles/CompanyMonitor.html. (2003/04)
17. Kim, L. and Dahiman, C. J. (1992). Technology Policy for Industrialization : An Integrative Framework and Korea’s Experience. Research Policy, Vol.21.
18. Lev and Zarowin, P. (1999). The Boundaries of Financial Reporting and How to extend them. Journal of Accounting Research, Vol.37 (2).
19. Leva, Baruch and Sougiannis, Theodore. (1996). The Capitalization, Amortization, and Value-relevance of R&D. Journal of Accounting and Economics, Vol.21 (1). pp.107-138.
20. Lumpkin, G. T. and Dess, G. G. (1996). Clarifying the Entrepreneurial Orientation Construct and Linking it to Performance. Academy of Management Review, Vol.21 (1), pp.135-172.
21. Mathews, J. A. (1997). A Silicon Valley of the East : Creating Taiwan’s Semiconductor Industry. California Management Review, Vol.39, No.4.
22. Porter, Michael E. (1980). Competitive Strategy-Thechniques for Analyzing Industries and Competitors. Free Press, New York.
23. Porter, Michael E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press, New York.
24. Pelham, Alfred M. and Wilson, David T. (1996). A Longitudinal Study of the Impact of Market Structure, Firm Structure, Strategy, and Market Orientation Culture on Dimensions of Small-Firm Performance. Journal of the Academy of Marketing Science, Vol.24, No.1.
25. Peteraf, Margaret A. (1993). The cornerstones of Competitive advantage : A resource-based view. Strategic Management Journal, Vol.14 (3).
26. Pricewaterhouse Coopers. (2000). Value Reporting Forecast. Internet at : http:/ /www.pwc.com. (2003/04)
27. Reilly, R. F. and Dandekar, Manoj P. (1997). Valuation of Intangible Contract Rights. The CPA Journal, Jun. 1997.
28. Saint-Onge, Hubert. (1996). Tacit Knowledge : The Key to The Strategic Alignment of Intellectual Capital. Strategy and Leadership, Vol.24, No.2, Mar/Apr. pp.10-14.
29. Smith Gordon V. and Parr, Russell L. (2000). Valuation of intellectual property and intangible assets. (3rd ed.). New York: John Wiley and Sons.
30. Stalk, George and Hout, Thomas M. (1990). Competing Against Time : How Time-based Competition is Reshaping Global Markets. The Free Press, New York.
31. Skinner, Douglas J. (1997). Earnings Disclosures and Stockholder Lawsuits. Journal of Accounting and Economics, Vol.23, pp.249-282.
32. Thomas A. Stewart. (1998). Intellectual Capital: The New Wealth of Organizations. New York: Nicholas Brealy.
33. Venkatraman, N. and Ramanujam, V. (1986). Measurement of business performance in strategy research: A comparison of approaches. Academy of Management Review, Vol.11 (4), pp.801-814.
34. Watts, Ross L. and Zimmerman, Jerold L. (1986). Positive Accounting Theory. Englewood Cliffs, N.J.: Prentice Hall.
35. Younde, M. A., Snel, S. A., Dean, J. W. Jr. and Lepak, D. P. (1996). Human resource management, manufacturing strategy, and firm performance. Academy of Management Journal, Vol.39 (4).
36. Zairi, M. and Letza, S. (1994). Corporate reporting. Management Decision, Vol.32 (2), pp.30-40.