美國各上市公司的市場價值/帳面價值比率自1973年的0.82上升到1993年的1.692，甚至2003年的3.4。顯示美國公司的資產負債表和投資者對公司的評估價值，兩者之間的差距越來越大，顯見公司的價值不再是只建立於資金、存貨、土地、廠房、機器設備等有形的資產之上，而是也建立在另外一個看不見的資產之上：智能資本（Intellectual Capital）。另外自安隆案與世界通訊等超大型公司的財務舞弊案發生後，公司治理與公司價值的關係成為學術界以及實務界關注的焦點。 本文連結公司治理、智能資本以及平衡計分卡概念，建立一個涵蓋四個構面、每個構面之關鍵績效指標具有因果關係之企業價值管理模式。其次藉由對晶圓代工產業之專家做深度訪談，並參考相關文獻建立晶圓代工業的智能資本與公司治理重要參考指標。然後以這些指標對晶圓代工業之員工作問卷調查，了解他們對於這些指標重要性的看法。最後，對得到之問卷數據作因素分析，萃取出具有代表性之指標，並以本文所建立的企業價值管理模式匯總四個構面對晶圓代工業價值的相對解釋力。 研究結果發現，公司治理的確對於晶圓代工業的公司價值有影響力，而這四個構面對於晶圓代工業價值的影響力的排序為：第一是「學習與成長構面」，其次為「企業內部流程構面」，再其次為「公司治理構面」，最後是「顧客構面」。 The average market to book value of listed American companies was rising from 0.82 in 1973 to 1.692 in 1993, even to 3.4 in 2003. The trend of the ratio reflects an increasing divergence between the value recorded in accounting books and the value evaluated by investors. The value of a company has not only derived from the traditional factors of production - labor, capital, and land, but also from Intellectual capital. Besides, when the financial scandals of Enron and World Communication happened, the relationship of corporate governance and corporate value has become a focus to the academic and industrial community. We tried to connect the concepts of intellectual capital, corporate governance and balanced scorecard to build a “Corporate Value Management System” which contains four interrelated perspectives and indicators. Then we interviewed several experts who are familiar with Taiwan’s foundry industry and referred to the literature to build a set of key indicators of intellectual capital and corporate governance. We then used this set of indicators to build a questionnaire, and the questionnaire is administered to the employees of Taiwan’s foundry industry to get their opinions about the importance of these indicators. In the last step, we used factor analysis to reduce our indicators, and acquire a set of indicators which are important to the value of Taiwan’s Foundry industry, and explained the relative importance of the four perspective based on the Corporate Value Management System. Through our research, we found that the most important perspective for the foundry industry is learning and growth, which followed by the business process perspective, and the corporate governance perspective. And the customer perspective is the least important one.
