近年無形資產成為創造企業競爭優勢的重要關鍵之一，也使得非財務資 訊成為探索企業無形資產的重要管道。現階段公司資產價值的評價方式大多 數採用量性方法進行衡量。本研究則嘗試透過企業關係人的第一手資訊，公 司年報的「致股東報告書」及消費者的網路口碑，以HTC 為分析個案，從 2009 年至2013 年高、低銷售成長期間的非財務資訊，考察企業與顧客的認 知價值，從中發掘HTC 獲利的潛在無形資產所在。另外為了考察其資產價值 的真實性，本研究進一步檢討該無形資產的價值表現與產品銷售量之間的關 聯性，其結果發現企業與顧客的認知價值差距越小，其資產價值越能反應公 司的經營績效。本研究希望可以提供企業價值探索的另一種方法途徑。

In recent years, intangible assets have become a key factor in the creation of competitive advantages by enterprises. Nonfinancial information has become a crucial means to explore enterprises’ intangible assets. Currently, quantitative approaches are typically adopted to evaluate and measure an enterprise’s assets. However, this study sought to explore an enterprise’s intangible assets by adopting qualitative methods, namely, by using first-hand information obtained from enterprise stakeholders, the enterprise’s annual reports to shareholders, and consumers’ online word-of-mouth. This study hoped to provide a new research method for the exploration of enterprises’ asset values. To clearly understand the approach to and results of using nonfinancial information to explore intangible assets, HTC was adopted as a study case, and an analysis of its nonfinancial information during the period of high sales growth from 2009 to 2013was performed. By examining and comparing enterprise values and customer values, this study determined HTC's crucial assets that can be acquiring profits. Moreover, to understand the authenticity of the profit from asset values, this study investigated the relationship between asset value performance and product sales. The results showed that when the gap between the enterprise’s and the customers’ perceptions of asset values is small, asset values reflect an enterprise’s operation performance and can serve as an approach for exploring and observing enterprise value.