以無形資產分析價值創造策略-美國及台灣IC設計產業之實證分析

Abstract

在知識經濟時代，無形資產管理不僅攸關組織價值，且為企業成長之重要關鍵，經過十幾年的實務運用與發展，無形資產之相關理論架構已超越績效衡量工具作用，逐漸擴展應用至策略管理與執行的總體範疇。本文嘗試透過評估無形資產價值、與確認無形資產的決定因子的方式，試圖明瞭以製造優勢為核心競爭力之經營模式的台灣企業，如何在產業價值鏈的環節中與處於產業領導地位的他國廠商進行區隔選擇，以進行策略管理。 本文乃以美國及台灣兩地各自之前二十大IC設計公司為研究樣本。第一個目的以五種無形資產的評價模式，分別計算兩地公司的無形資產價值。研究結論指出於資本市場化法下美國IC設計公司之無形資產價值高於台灣，於資產報酬法下，無形資產的價值，並不與當期資產報酬劃上等號；然而，台灣公司則否，比較上相對同步。本文的第二個目的，乃以財務及智慧資本構面構成的26個因子，以因素分析法，分別萃取出8種創造無形資產價值的主要組成項目，採用縱橫資料(panel data)模式以逐步迴歸分析確定攸關因子對各種評價方式的解釋程度。研究結論指出，美國IC設計企業偏向永續經營觀點，重視研發效益；而台灣公司最重視之因素為當期的獲利表現，偏向速成觀點，個別企業經營風險雖較低，但不利產業深耕發展。此外，本研究設計採用多項財務相關指標下，美國IC設計產業之無形價值創造驅動因子較台灣難以掌握與衡量。

In the knowledge economy, the analysis of intangible resources affects an organization's value and growth. Both the choosing of the appropriate evaluation models and the critical factors for intangible assets are the most difficult issues to deal with. The first purpose of this study employs five evaluation models to compute the intangible value of IC design houses in US and Taiwan. The results show that the value of IC design houses in US is higher than Taiwanese by market capital methods. In contrast, the value of Taiwanese IC design houses is more consistent with the return of asset methods comparing to that of US firms. The second purpose of this paper is to investigate the compositions of intangible assets between Taiwanese and American IC design industry. We constructed 26 items from financial and intellectual capital aspects. Results of factor analysis indicated 8 main attributes of intangible value. Results of stepwise regression indicated that current profitability attributes are the most important ones associated with the intangible value in Taiwan, and research performance are the most important ones in US. These findings suggest that US design houses is more long-term running oriented than Taiwanese short-term oriented.