A sputtering target containing a hexagonal laminar compound formed of indium oxide and zinc oxide and represented by In₂O₃(ZnO)_m wherein m is an integer of 2 to 7 and further contains 0.01 to 1 at % of an oxide of a third element having a normal valence of 4 or more, and a transparent electrically conductive film formed therefrom. The sputtering target has a low volume resistivity and permits stable sputtering. The transparent electrically conductive film is excellent in etchability.