Since finance scandals emerge in an endless stream, corporate governance simultaneously has become a core issue to prevent miscellaneous falsities and improve the effectiveness of management in recent years. Intellectual capital is the dominating resource to corporate success in the contemporary knowledge-based economy. However, little is known about what occurs in the ‘black box’ between corporate governance and intellectual capital. This study employs agency theory, resource dependence theory and other theories to investigate the relationship between corporate governance and intellectual capital. After reviewing the relevant literature, this study identifies human capital, organizational capital, innovation capital and relationship capital as four constructs of intellectual capital. Corporate governance involves large part such as behavior of board of directors, so it is measured using seven characteristics of board in this study. Time-series cross-section panel data from 255 Taiwanese electronic manufacturers during 2001-2005 are employed for the fixed effect analysis in the model. The empirical finding demonstrates there is a significant relationship between corporate governance and intellectual capital. 近年來，亞洲金融風暴與美國知名企業爆發財務醜聞，暴露出企業管理的諸多問題，同時有鑑於公司治理係為企業重要策略與生存發展之核心關鍵，使得公司治理漸漸興起與受到重視。同時，在知識經濟的基礎下，智慧資本成為公司重要資源。然而，對於公司治理與智慧資本之間的“黑箱”地帶，卻無太多的瞭解，因此本研究透過對代理理論、資源依賴理論和其他理論，探討公司治理與智慧資本之間的關係。本研究主要探討董事會組成結構與董事會成員特質之公司治理議題，而智慧資本則分為人力資本、組織資本、關係資本與創新資本四項，同時以2001年至2005年的臺灣255家資訊電子產業上市公司作為研究對象，並建立兼具時間數列與橫段面之追蹤資料(Panel Data)，並利用固定模式程式來進行實證。在實證過程中，本研究為能深入瞭解公司治理對不同類型的智慧資本的影響，將智慧資本分成四項─人力資本、關係資本、組織資本與創新資本來探討。研究結果發現，發現公司治理與智慧資本之間確實存在有關聯。
