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This paper studies intellectual capital in companies in Taiwan, China. Intellectual capital is an invisible, yet important resource for companies. The first aim of this paper is to provide a systematic investigation on how to measure intellectual capital. Results show that the coefficient of value-added intellectual capital is positively related to ret on assets and market capitalization in both fix and random effects. Similar results are also obtained with dynamic panel data.Furthermore, innovation variables such as research and development expenditure are more accurate than structural capital in measuring intellectual capital. The author thus suggests that companies need to keep a close track of their intellectual capital and focus on intal information delivery to gain competitive advantage.