公司特性與智慧資本揭露：以台灣興櫃企業為例

Firm Attributes and Intellectual Capital Disclosure: Evidences from IPO Prospectuses in Taiwan

本研究探討興櫃企業上櫃前期公司特性（企業獲利、公司規模與董事會持股比例）對上櫃時智慧資本揭露的影響，主要參考Guthrie與Petty(2000)的架構，提出三個構面與18項智慧資本揭露指標。以1992～2006年期間台灣142家興櫃企業的上市公開說明書做為樣本，使用內容分析法，輔以資料探勘的工具，藉以擷取其中揭露的智慧資本，以建立各公司智慧資本揭露的頻率指數、品質指數與複合指數。研究發現：一、企業獲利對外部資本揭露頻率與人力資本揭露頻率有顯著正相關，但對人力資本揭露品質有顯著負相關；二、公司營業額對外部資本揭露品質有顯著的負相關；三、企業員工數愈多，對各智慧資本構面揭露頻率與品質大致皆有顯著正相關；四、董事會持股比例，對智慧資本揭露程度呈負相關，但無顯著。在不影響公司營業秘密的情況下，主管單位對於中小企業與內部資本的揭露將是未來的輔導的重點。

The paper examines the relationship between pre-IPO characteristics (e.g., profitability, firm size and the share of stocks held by board of directors) of IPO firms and intellectual capital disclosure. Based on Guthrie & Petty (2000) framework, three dimensions with 18 intellectual capital disclosure keywords were proposed. A content analysis supported by a data mining tool was deployed to analyze the frequency, quality and compound indexes in 142 IPO prospectuses in the period of 1992-2006. The results revealed the: (1) the corporate profitability is significantly positively correlated to the disclosure frequencies of external capital and human capital, but is significantly negatively correlated to the disclosure quality of human capital; (2) the corporate size in term of sales is significantly negatively correlated to disclosure quality of external capital; (3) however, the corporate size in term of number of employees has significantly positively correlated to disclosure frequency and quality of overall intellectual capital; (4) the company stock share held by board of directors is negatively correlated to the overall intellectual capital, but not statistical significance. The stock market administration can provide more supports to guide the small and medium enterprise and internal capital disclosure in the IPO prospectuses.