This study empirically analyzed that the introduction of the Balanced Scorecard (BSC), which enables the systematic management of knowledge assets from a strategic perspective, can increase a firm's knowledge assets and ultimately enhance firm value. A survey of BSC adoption status among listed companies (excluding financial firms) within the top 500 firms by domestic sales revenue revealed that 58% (120 firms) of the target firms (208 firms) had adopted the BSC, and the adoption rate was higher among larger firms. The magnitude of knowledge assets was estimated through the sum of the present value of future excess earnings and the capitalization of costs by type of knowledge asset. The increase (creation) of the value relevance of knowledge assets was verified by examining whether the influence of knowledge assets on firm value increased following BSC adoption. Firms that had adopted the BSC or in which the BSC was well established (adopted for three or more years) were found to have larger knowledge assets and higher value relevance compared to firms that had not adopted the BSC. By type of knowledge asset, the increase in value relevance of marketing-related and R&D-related knowledge assets following BSC adoption was significant, and when the BSC was well established, the increase in value relevance of education and information, marketing, and R&D knowledge assets was found to be significant.