本文嘗試著發展智慧資本所提供的價值創造之相關資訊來檢定股權結構與公司績效的基本關係，及關係持續性。本研究以相關專家學者之諮詢意見，應用分析層級程序法剖析智慧資本各種衡量指標之間的重要性及優先性，並選擇優先次序居前的指標配合股權結構與公司價值，進行進一步分析。分析層級程序法最大的特色，在於能把任何複雜多因素的決策問題，透過群體決策進行整體性之分析，從而獲致合理正確的決策。本研究發現影響產業經營績效之主要智慧資本構面，依權重排序為創新資本、顧客資本、結構資本；若綜合各構面之評估指標加以細觀，則前四大權重依序為研究發展支出率、資本支出率、行銷支出率、資產成長率。經由迴歸數據得知各種智慧資本構面對績效的顯著性與重要性。最重要的是，智慧資本的觀念及不同產業屬性的股權機制，提供不同的價值創造有關資訊，其中隱含的意義深遠，並提醒一般的管理者及投資人,要針對不同的智慧資本構面做一個完整的考量，避免做出錯誤的決策。

To extend prior studies, this paper specifically explores the effect of the value-relevant information provided by intellectual capital (IC) on the link between ownership structure and firm performance using an unbalanced panel pooled observations listed in the emerging Taiwanese market. We adopt a dynamic perspective to explore the persistence of the relationship across industries over time. We illustrate how AHP can be applied in the field of intellectual capital. In a word, this paper constructs the measure indicator of intellectual capital by an expert simulation system and benchmarking selection using the analytic hierarchy process (AHP) method. Notably, through dynamic specification, the concepts of IC and industry characteristics on corporate governance mechanisms have significantly different value-creation information in Taiwanese market. The implication reminds managers and investors not merely focusing on corporate governance mechanisms as the main value-creation information, but a thorough review of IC should be made in order to avoid making incorrect decisions. Overall, this paper contributes to ongoing research by extending the importance of the proxies for IC in assessing the impact of ownership on firm performance over time.