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学术界及实业界普遍承认知识型科技企业拥有无形的资产,却鲜少提出或验证知识型科技企业也可能存在着无形的负债。本研究引进“智能资产”与“智能负债”的概念,以一完整的含智能资本的资产负债表,探讨智能资产、智能负债与智能资本之互动关系,解释为何某些拥有知识创新资产的企业却存在市价低于净值的现象;并以台湾电子信息业上市公司作为研究样本,使用市价净值差额法及超额报酬折现法来测度其智能资本,用以验证科技企业也可能存在智能负债而产生负的智能资本,进而阐明“智能资产”与“智能负债”在本质上是企业动态营运过程的产物,其所能创造的价值或产生的负价值会随景气环境的变化而增减。因此,每个知识型企业都应妥善厘订智能资本的管理策略,才能不断创造与蓄积更多的智能资本,扩增企业的真实价值。
Academia and the industry generally recognize that knowledge-based technology companies have invisible assets, but rarely put forward or verify knowledge-based technology companies may also exist intangible liabilities. This study introduces the concept of “smart assets” and “smart debt” to explore the interaction between smart assets, smart debt and smart capital with a complete balance sheet with smart capital, and explains why some enterprises with knowledge innovation assets But there is the phenomenon that the market price is lower than the net value. Taking the listed companies of Taiwan’s electronic information industry as the research sample, the smart capital is measured by using the net market value difference method and discounted return method to verify that smart technology companies may also have smart debt Negative intellectual capital, and then clarify that “intelligent assets” and “intelligent liabilities” are the products of the dynamic operation process of enterprises in essence. The value they can create or the negative value they produce will increase or decrease with the change of the economic environment. Therefore, every knowledge-based enterprise should properly formulate the management strategy of smart capital in order to continuously create and accumulate more intelligent capital and expand the real value of the enterprise.