隨著知識經濟時代的來臨，近年來許多上市櫃公司的市場價值與帳面價值之差距不斷拉大，因此單獨使用財務性績效指標已經不足以補捉公司的經營績效，故本研究針對資訊電子業及金融業，採用傳統財務指標-包括淨利與各行業所重視之其他傳統財務指標，及結合了平衡計分卡以及智慧資本之非財務指標，來解釋公司市場價值及帳面價值之間的差距，其中並以公司策略聯盟進行之有無來劃分樣本，探討公司除了本身營運活動外，與外部公司合作、延伸觸角、向外擴張之行為，是否亦會影響公司價值。最後，並進一步探討各產業之顧客構面、內部構面、人力資源構面衡量指標之增額解釋力，是否因產業價值創造活動不同而有所差異，並試圖找出各產業間之企業價值驅動因子及其核心競爭力之異同。研究結果如下：
一、傳統淨利財務指標並未對市場價值及帳面價值之間的差異提供足夠的資訊，但在將淨利折解後，其組成項目之解釋力明顯上升。
二、各行業所重視之其他傳統財務指標對市場價值及帳面價值之間的差異所能提供之增額資訊是有限的。
三、在傳統財務指標上加入全部非財務衡量指標後，對市場價值及帳面價值之間的差異所能提供之解釋力明顯提升。
四、電子業之實證分析中，結果發現內部構面之更新與開發流程焦點指標較其他構面能明顯提供最多的增額解釋力。
五、在銀行業之實證分析中，結果發現不論是顧客構面、內部流程構面、人力資源構面之增額解釋力皆高，其中內部流程構面最高，其次為人力資源構面，最後為顧客構面。
六、在證券業之實證分析中，人力資源構面之增額解釋力最高。
七、在金融控股公司之實證分析中，內部構面之增額解釋力最高，其次為人力資源構面。
八、在電子業、銀行業、證券業之策略聯盟變數皆不具顯著性，可能是因樣本分類方式所導致。

With the arrival of the knowledge economy age, the difference between market value and book value for many firms has been increasing in recent years. In this situation, it is not enough to capture the performance of firms when we use the financial performance indicators only. Therefore, this study utilizes the traditional financial performance indicators, including net income and other indicators which were taken seriously by the information electronics and financial services industries, and non-financial indicators which are integrated by balance scorecard framework and intellectual capital to explain the difference between market value and book value for their firms. We also divided our samples into two categories by whether the firm had strategic alliance during observation period to discuss whether the external cooperation influenced the firm’s corporate value. Furthermore, we discuss whether firms locating in different industries with their own value-creating process display different incremental explanation power in customer, internal, and human resource perspectives. And the main findings of the empirical study are as follows:

1. The item “net income” in financial statement does not provide sufficient information in terms of the difference between market value and book value of the firm. However, after the net income is decomposed, the explanatory power is significantly enhanced.
2. Other traditional financial indicators which were taken seriously by their industries do not provide significant incremental explanatory power in relation to corporate value.
3. When all non-financial performance indictors are added, the regression model provides significant incremental explanatory power.
4. In the empirical analysis of the information electronics industry, the internal perspective of creative activities provides more incremental explanatory power than all other perspectives.
5. In the empirical analysis of the banking industry, customer, internal, and human resource perspectives all provide significant incremental explanatory power. The internal perspective provides the highest incremental explanatory power while the human resource and customer perspective provides the second and the third highest incremental explanatory power.
6. In the empirical analysis of the securities industry, the human resource perspective provides the highest incremental explanatory power.
7. In the empirical analysis of the financial holding company, the internal perspective provides the highest incremental explanatory power while the human resource perspective provides the second highest incremental explanatory power.
8. The dummy variable of strategic alliance in the information electronics, banking, and securities industries are not significant.

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