無形資產價值創造之比較研究—以台灣電子零組件和電腦及週邊產業為例

Abstract

本研究以無形資產價值創造作為研究重點，將數位時代雙週刊2003 到2007 年台灣科技一百大公司，入榜兩次以上財務資料健全的企業篩選出來，並選擇電子零組件和電腦及週邊前兩大產業作為研究對象。研究期間為2002 年到2006 年，先計算出兩產業中各公司的MV/BV、Tobin’s Q、VAIC 值作為應變數；再將本研究所選擇的24 項變數，透過因素分析，縮減成八大構面，為其命名並作為自變數；最後透過逐步迴歸，找出不同評價法下對兩產業最重要的影響因素，來進行分析比較。研究結果如下：

1. 不同無形資產評價法的價值驅動變數亦不同。 2. 在市場資本化法下，最重要的影響因素為『獲利能力』； 資產報酬法下，則是『員工生產力』。 3. 台灣電子零組件和電腦及週邊產業性質相近。

Companies gradually use intangible assets as driving factors of profitable growth. This study focused on exploring the driving factors of intangible asset value. This study selected the firms in the Taiwan Info Tech 100 of “Business Next” magazine from 2003 to 2007 listed more than twice with complete financial data. Then, choose the largest industries, electronic components and computers & peripherals were chosen study targets covering from 2002 to 2006. MV/BV, Tobin's Q and VAIC of each company were calculated as dependent variables. Second, 24 chosen variables were reduced into 8 factors which were used as the independent variables. Finally, the most important factors contributing to the intangible asset values of two industries under different valuation methods through stepwise regression were concluded as following:

1. The different valuation methods of intangible asset result in different driving factors. 2. Profitability is the most important factor under the Market Capitalization method; productivity is the most important one under the Return on Assets method. 3. In Taiwan, the nature of electronic components industry is similar to that of computers and peripherals industry in general.