In the new economy era, knowledge has already become the most vital enabler connection with a high technology enterprise. Intellectual capital is the core of knowledge management. Managing intellectual capital effectively can greatly enhance the competitive advantages of enterprises. The former studies about intellectual capital concentrated on its content and the stock measurement. This study focused on how to utilize intellectual capital more efficiently, in order to strengthen the competitiveness of enterprises. This research established a novel assessment model to measure the performance of intellectual capital management in two aspects, by using grey relational analysis to measure operational performance and Malmquist productivity index to judge productivity evolution. The research target is the Taiwanese pharmaceutical industry. The research collected data from the Listed Company Database of Taiwan Stock Exchange and the Department of Health of government during the period 2005 to 2008. A total of 12 major companies of Taiwan’s pharmaceutical industry were chosen as empirical samples. The results demonstrated that, this novel assessment method really identify the relative advantages and benchmarking for pharmaceutical companies. F8 is the best company both in operational performance and productivity improvement. These results are very valuable for both academic study and business enhancement.
Key words: Grey relational analysis, Malmquist productivity index, intellectual capital.
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