此論文研究資訊科技公司在不同生命週期與價值鏈階段下，智慧資本所提供的價值攸關資訊。實證研究結果顯示在成長、成熟與衰退期時，智慧資本所提供的價值攸關資訊由高至低依序為顧客、創新、流程與人力資本；實證研究結果亦顯示公司處於衰退期時，整體智慧資本可提供最高的價值攸關資訊，但若公司處於成長期時，整體智慧資本所提供價值攸關資訊最低。此外，實證結果亦顯示公司歸屬於上游階段時，整體智慧資本所提供的價值攸關資訊高於中游與下游階段；若進一步比較個別智慧資本之價值攸關資訊時，若公司歸屬於上游階段時，創新資本可提供最高的價值攸關資訊，而公司歸屬於中游階段時，人力資本可提供最高的價值攸關資訊，但公司歸屬於下游階段時，顧客資本可提供最高的價值攸關資訊。此外，此論文亦發展出連結研發投資、研發能力、財務績效與市場價值之模型，實證研究結果顯示當公司處於不同生命週期與價值鏈階段下，存在兩個主要相異點：（1）財務績效與市場價值之關聯性、（2）研發能力與市場價值之關聯性。此外，此論文亦發現兩個主要的相同點：（1）研發投資對研發能力之影響、（2）研發能力對財務績效之影響。

This study aims to investigate value-relevant information provided by intellectual capital (IC) beyond financial performance for information technology companies in the different life cycle stages and stages of value chain. The empirical results show that the value-relevant information provided by IC under the growth, maturing, and stagnant stages can be ranked in order (from high to low) of custom, innovation, process, and human capital. Specifically, the empirical results indicate that overall IC provided the most value-relevant information in the stagnant stage and the lowest value-relevant information in the growth stage. These results also clearly show that the value-relevant information of the overall IC for the midstream companies is higher than that for the upstream and downstream companies. If each IC is compared, the innovation capital provides the most value-relevant information for companies in the upstream section, the human capital provides the most value-relevant information for companies in the midstream section and the customer capital provides the most value-relevant information for companies in the downstream section. In this study, a model which linked R&D investment, R&D capability, and financial performance to company market value was also developed. For companies in the different life cycle stages and stages of value chain, there are two basic differences across stages and sections: (1) the relationship between financial performance and market value and (2) the relationship between R&D capability and market value. In spite of these differences, there are also important similarities across the three stages and sections. That is, two of the four paths are significant and are in the hypothesized direction for the three sections: (1) the effect of R&D investment on R&D capability and (2) the effect of R&D capability on financial performance.

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