The Research of Relation between Intellectual Capital and Corporate Value－Case of Leisure Industry

[[abstract]]In the period of the knowledge economy, knowledge is the key success factors to maintain competitive advantage. Intellectual capital(IC) is one kinds of knowledge which can be transferred into value. Knowledge Management can make job process more efficient and produce intellectual capital to create higher value. The corporate market value is the combination of tangible and intangible assets. Intangible assets are more important. Intangible assets are intellectual capital and tangible assets are book value in financial reports. Lev (1996) pointed out that 95 % information affects the stock price is non-financial message. Nowadays corporations should offer immediate and concerning messages that can be trusted by inventors. The study researches listed companies of leisure industry. Through statistical analysis, and probes into the concerning of the intellectual capital and corporate value. Using the law of Market Value -P/E. P/B and P/S replaces corporate value and divides the intellectual capital into three dimensions: human capital, structure capital and relation capital to probe into correlation of intellectual capital and corporate value. . The result of study is found IC is no concerning with P/E. High Education Percentage and Average Years of Employees of human capital Management Fee Rate of structure capital and Advertisement Fee Rate of relation capital are obviously negative and Company Stability of structure capital is obviously upright to P/B. Only High Education Percentage of human capital is obviously negative to P/S.