本研究旨為探討智慧資本對公司績效之影響。首先，本研究透過Kruskal-Wallis檢定智慧資本之代理變數，檢定結果顯示不論是在不同的電子子產業間或在不同年度，智慧資本變數都存在顯著的差異，並進一步討論電子業智慧資本不同構面之表現。其次，以共同邊界麥氏生產力指數法探討電子產業及子產業經營績效，做為評估公司營運良窳之參考。再者，透過共線性診斷發現智慧資本代理變數間存在共線性，因此本研究進一步運用因素分析，將智慧資本三構面的代理變數萃取出主要因素。最後，採用縱橫迴歸模型評估智慧資本三構面與三個控制變數，對公司績效與其分解的三個構面之影響。本研究結果發現：(一)人力資本僅提升技術變動，對整體的生產力與技術差距變動無顯著的預測力，且對效率變動有負向顯著影響；(二)結構資本能預測整體生產力與技術差距變動的提升，但對效率變動與技術變動無顯著的預測力；(三)顧客資本能提升對電子公司之整體生產力、效率變動及技術變動但無法縮小技術上的差距。總結來說，本研究得出顧客資本為智慧資本最主要的影響構面。
The purpose of this study is to explore the impact of intellectual capital on firm performance. First, the Kruskal-Wallis is applied to test the proxy variables of intellectual capital and further discuss the performance of different aspects of intellectual capital in the electronics industry. The test results show that between different electronic sub-industries and in different years, there are significant differences in intellectual capital proxy variables. Second, the metafrontier Malmquist productivity analysis (MMPI) is used to evaluate the operating performance of electronic industry and sub-industries to gauge if a firm is operating well. Third, through collinearity diagnostics, it was found that there is collinearity among the intellectual capital proxy variables. Therefore, this research further applied factor analysis to extract the main factors of the three-dimensional intellectual capital proxy variables. Finally, panel regression is used to evaluate the impact of the three dimensions of intellectual capital and three control variables on the firm’s performance and three decompositions. The results of this study found that: (1) human capital can only predict positive change in technology but has no significant predictive power for overall productivity and technology gap ratio change, and even has a negatively significant impact on efficiency change; (2) structural capital can predict the improvement of overall productivity and changes in technology gap, but there is no significant predictive power for changes in technical efficiency and changes in technology; (3) customer capital can improve the overall productivity, efficiency changes and technology changes of electronic companies, but it does not help narrow the technological gap with other benchmarks. In summary, this research found that customer capital was the most important dimension of intellectual capital.
