本研究之目的為探討智慧資本三要素(即人力資本、組織資本與顧客關係資本)間的互動對企業價值創造與企業績效的影響。依據智慧資本理論文獻，本研究提出智慧資本要素之間的互動與企業價值之創造及企業績效存在正向關係之研究假設。本研究蒐集211家臺灣上市、上櫃企業之資料，然後採用迴歸及結構方程模式分析來檢測研究假說。實證結果發現智慧資本透過增加顧客利益之價值創造，對於企業績效有顯著的正面影響。因此，顧客利益之價值創造是智慧資本與企業績效間一個重要的中介變項。另外，智慧資本間的交互作用與企業價值之創造存在正向關係，此結果顯示互補性(complementarity)是智慧資本的一項重要特性。本研究之結果可幫助實務界更瞭解智慧資本的組成要素之間的相依性，及其如何透過價值的創造而對企業績效發揮乘數效果。

The purpose of this study is to investigate the relationships among intellectual capital (IC) components, value creation and firm performance. Complementarity is a central characteristic of IC. Besides, academics have traditionally been very interested in how IC reflects on the performance of firms. It appears to be worthwhile to investigate into the multiplicative effects and interdependencies of IC items. I propose that there exists positive relationships between sub-constructs of IC, value creation and firm performance regardless on industries. Based on survey data collected from CEOs of 211 Taiwanese companies, this study examines the links between three forms of IC, value creation and firm performance using regression analysis and structural equation model analysis. The empirical results indicate that there exists significant positive linkages between IC components, value creation and firm performance. Specifically, IC exhibits indirect effects on performance through the value creation of increased benefits. Benefits-increasing value creation acts as an important mediator between intellectual capital and firm performance. Additionally, the regression results show that the combination of human capital, organizational capital and customer relational capital will explain additional variance in value creation to that explained by individual IC components. This result supports the argument that it is the leveraging of these three components that allow an organization to create and sustain a competitive advantage. This study can help both academics and practitioners more readily understand the components of intellectual capital and provide insight into developing and increasing IC within an organization.