||Up to now, there isn’t an agreement way to show the intellectual capital (IC) of a company. The information about IC becomes voluntary disclosure used to compensate the weakness of the traditional financial statements. The purpose of this study is (1) to investigate the current state of how each company disclose their IC information, and (2) to see if the evaluations of IC performance recognized by further studies do really reflect the value of IC, and (3) to verify if the extent of IC disclosure is influenced by IC performance. |
This paper applied S. Mitchell Williams’s research, and analyzes the sample of firms making initial public offerings (IPOs) of common stock in Taiwan Stock Exchange between 1999 and 2001. The results are as follows:
1.A difference was noted in IC disclosure index over two successive periods. From 1999 to 2000, only the change of structure capital is significant. From 2000 to 2001, the changes of human capital and customer capital are significant. Especially, Only the innovation capital isn’t significant during the research period. Besides, the change is always positive, which implies the companies do increase their disclosure items in IC information.
2.A difference was noted in IC performance over two successive periods. But we cannot make sure their way of influences. And the standard deviation shows that the difference among firms is getting bigger and bigger.
3.The IC performance has no impact on the extent of IC disclosure. During the research period, the IC performance is not significant related to IC disclosure and the coefficient isn’t consistent. The result is as S. Mitchell Williams’s findings. But when it comes to the organizational factors, all the impact was negative, which is not correspondence with the review of the foreign literature. It may be caused by the specifics of Taiwan stock market. Three variables (the industries type, leverage and the disclosure of prior years) are statistically significant.
4.IC disclosure has impact on company’s financial performance. IC disclosure is getting more and more significant. In 2001, it is statistically significant. However, the effect was negative, it means that nowadays disclosure turns out to be unfavorable to financial performance.
||1. 王泰昌、劉嘉雯（民89），經濟附加價值（EVA®）的意義與價值，中華管理評論，Nov 2000 Vol.3 No.4 pp.15∼31。|
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