本研究驗證Ohlson（1995）模型的有效性並探討各項智慧資本相對於財務資本在企業價值與價值創造上的增額資訊，以期瞭解財務資本及智慧資本的策略集群及企業價值攸關性，並做為企業評價及策略管理的參考。
以台灣極重要的資訊電子業作為研究對象，分別針對各策略集群探討財務資本及智慧資本對企業價值的攸關性，採用每股市值模型及每股市值帳面值差模型分別代表企業價值及價值的創造，並引用Edvinsson and Malone(1997)較完整的智慧資本四構面作為其他資訊來結合Ohlson模型。基於Ohlson模型及智慧資本當前的研究而設立假設，採用集群分析、敍述性統計及變異數分析來發現資料的屬性，並使用多元迴歸及逐步迴歸來確認每項資本的資訊內容及增額資訊。
整體而言，企業價值受到財務資本、智慧資本及策略集群所影響。Ohlson模型及衍生的模型適用於台灣資訊電子業，財務資本對企業價值具有資訊內涵。智慧資本相對於財務資本在企業價值上亦具有大量增額資訊，其中尤以創新資本及人力資本影響最甚。不同企業集群間的財務資本及智慧資本對企業價值的攸關性以及變數的顯著性不同，成長型與成熟型的企業具有相對較高的模型解釋力，衰退型企業的智慧資本則具有較多的增額資訊。
未來從事企業的投資、評價或策略研擬時，除了須考量財務報表的訊息外，亦需對智慧資本及企業集群的特性加以考量。企業應該更加積極的重視其智慧資本的管理，尤其更應著重創新資本及人力資本，亦應該依其所屬的特性，衍生出適合自己的財務及智慧資本策略，以期能創造更高的企業價值。

This study examines the validity of the Ohlson (1995) model and explores the influences of intellectual capital (IC) on corporate value and value creation. It aims to understand the value relevance and strategic groups of financial capital (FC) and IC, which will serve as criteria for business valuation and strategic management.
It focuses on Taiwan’s information technology industry, applies the strategic group concept to explore the value relevance of FC and IC, leverages two models to represent corporate value and value creation, and cites the complete four aspects of IC, referred to as “other information,” to combine IC and the Ohlson model. Hypotheses are based on current research on the Ohlson model and IC. Cluster analysis, descriptive statistics analysis and ANOVA are utilized to discover patterns in data. Information content and incremental information content provided by various capital sources were statistically validated through multiple and stepwise regression.
Corporate value is influenced by both FC and IC. The Ohlson model with FC reveals information significant in corporate value. Aside from FC, IC, mainly innovation and human capital, contains a great deal of incremental information in terms of corporate value and value creation. The value relevance and variables’ significance of FC and IC vary among groups. The models of both growth and maturity firms have more explanatory capacities when compared. In addition, the contributions of IC to decline firms yielded more incremental information.
Significant to FC, IC and the group’s characteristics must be taken into account when doing business valuation and strategic management. To create higher corporate value, corporations must actively place a high premium on their IC. They need to manage it well, particularly for innovation and human capital, to formulate strategies for IC and FC based on their organizational traits. Besides FC, investors should place the firm’s IC and core characteristics in high priority.

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