就智慧資本的觀點來看，資訊科技為企業的基礎設施，亦屬於結構資本的一環，並能夠支援智慧資本要素之間的互動；此外資訊科技本身具備的管理、應用及開發能力也能自行為企業創造價值。因此，企業在資訊科技的投資能有效提升企業的結構資本、人力資本及顧客資本，而各項智慧資本的創造與累積能帶領企業達到良好的績效。不過，受限會計準則對於資產認列及評價的規定，可能導致對智慧資本的投資無法認列在資產負債表上，此外會計準則亦未明確規範企業如何揭露資訊科技投資，因此財務報表可能難以完整呈現公司的真實價值。
本研究透過智慧資本增值係數(Value Added Intellectual Coefficient, VAICTM)可以有效衡量智慧資本，不過此方法對結構資本定義過於簡略，並未考慮資訊科技的重要性；因此本研究將原始VAICTM中的結構資本效率拆解為不含資訊科技的結構資本效率及資訊科技效率，因此拆解後的VAICTM將納入資訊科技效率的影響。其中資訊科技效率可分為資訊科技基礎建設效率與資訊科技人力資本效率。
本研究實證顯示，在Ohlson(1995)之會計基礎評價模型中，資訊科技效率係數對股價無顯著影響，拆解後VAICTM和原始VAICTM的解釋能力亦並無多大差異。但本研究參考Swartz et al.(2006)之作法，僅探討智慧資本增值係數中各效率值與資訊科技效率對股價的影響，本研究發現資訊科技基礎建設效率對股價有正向影響，且能進一步提昇結構資本效率對股價的解釋能力，因此本研究認為資訊科技效率對投資人具有價值攸關性。

Given the importance of information technology (IT), companies and investors need information about its efficiency. The principal purpose of this study is to investigate the value relevance of IT efficiency coefficient (ITE), where ITE is concluded of IT infrastructure coefficient (ITSCE) and IT human coefficient (ITHCE). This research applies a broad, analytical perspective for extending Pulic’s (2000) Value Added Intellectual Coefficient (VAICTM) method that measuring the “value creation efficiency” of a company. In VAICTM model, the definition of structural capital (SC) is too simple to capture the SC efficiency’s effect. We extend VAICTM model, so SC is composed of IT and non IT capital, and SC efficiency (SCE) is calculated as follows: SCE=ITE+nonITE, where nonITE is SCE minus ITE.
With Ohlson (1995) model, findings from the empirical analysis indicate that the relationship of price and ITE coefficient is not significant. ITE is not value-relevance. We then compare the extended VAICTM to original VAICTM by Vuong Z (1989) test. We get no conclusions about the Vuong Z tests. There is no statistical evidence to prove the extended VAICTM whether is a better method or not. However, we just investigate the relationship between price and VAICTM coefficients and information technology efficiency. The results indicate that ITSCE and SCE coefficients have statistically significant and robust effect on the dependent variable, and therefore that the ITSCE coefficient is indeed value relevant.

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