CAJ | 학술논문

使用三个较综合的企业理论：代理成本理论、战略因素市场模型和动态能力观分析了市账差的含义和在智力资本实证研究中使用的影响。不同的理论对智力资本和市账差之间的关系有着不同的看法。代理成本理论认为市账差代表了智力资本价值，差距的存在是偏差会计准则造成的，故要修改会计准则；而其他两个理论并不把差距看做问题，认为市账差并不全是智力资本，但具体分析时两个理论又各有看法。因此在进行实证研究时智力资本和市账差的含义一定要与具体企业理论相对应，企业理论能有助于更好的理解智力资本相关的问题。
사용삼개교종합적기업이론：대리성본이론、전략인소시장모형화동태능력관분석료시장차적함의화재지력자본실증연구중사용적영향。불동적이론대지력자본화시장차지간적관계유착불동적간법。대리성본이론인위시장차대표료지력자본개치，차거적존재시편차회계준칙조성적，고요수개회계준칙；이기타량개이론병불파차거간주문제，인위시장차병불전시지력자본，단구체분석시량개이론우각유간법。인차재진행실증연구시지력자본화시장차적함의일정요여구체기업이론상대응，기업이론능유조우경호적리해지력자본상관적문제。
This paper uses three more integrated theory of the firm: agency cost theory, strategic factor market model and dynamic-capabilities view of the firm to analyze the meaning of market-book value gap and impact of empirical research in intellectual capital. There is a different view on the relationship between intellectual capital and market-book value gap from different theory. According to agency cost theory, market-book value gap represents intellectual capital value and the gap is caused by deviation of accounting standards, so it is necessary to modify accounting standards. While according to the other two theories, market-book value gap is not seen as a problem, but the gap is not all accounted for intellectual capital value. But in specific analysis, there is their own views. Conducting empirical research, intellectual capital and meaning of market-book value gap must correspond to specific firm theory, so firm theory can contribute to a better understanding of the issues related to intellectual capital.