鑑別輕資產營運模式之因素-以台灣上市櫃電子資訊產業為例

Abstract

「輕資產」的營運意涵是指企業因有效運用外部與內部資源，產生以組織文化、企業形象、品牌價值、供應商管理、顧客關係、產品品質管理等無形資產為主的整體競爭優勢，本研究認為企業所擁有的輕資產優勢，具有不易移轉、不易複製、與耐久的資源特性，是企業真正的核心競爭力。從策略管理面來看，衡量企業的輕資產可以區別企業是否有效率的執行策略，為衡量企業累積所有策略成果的數字，亦即衡量企業經營的好壞。本研究以台灣上市櫃電子公司為樣本數，以相關分析、因素分析及區別分析作為研究方法，推導出判別是否為輕資產營運的因素。 依據相關文獻，以18個財務指標，分別為ROIC、存貨週轉率、固定資產週轉率、應付帳款週轉率、用人費用率、ROA(稅後息前折舊前)、每股盈餘、流動比率、速動比率、負債比率、研究發展費用率、管理費用/營業收入淨額、總資產週轉率、資產總額/員工人數、每人管理費用、每人配備率、長期資金適合率、營業利益率，採用因素分析縮減自變數個數的方式，得到獲利能力、短期償債結構、資產配置效能、創新投入效用、資產運用效能、供應商管理能力六項因素做為區別變數。這些區別變數將可協助經營者觀察，並做為邁向輕資產營運的指標。 結果分析（一）以輕資產評價模式計算出企業的輕資產價值，將可作為判定企業為輕或重資產管理的營運指標（二）投入18個財務指標做因素分析而得之六個因素：企業之獲利能力、短期償債結構、創新投入效能、資產運用效能、供應商管理能力能夠有效區分輕重資產營運模式。 根據過去散見於有關企業經營能力與無形資產之文獻，本文將輕資產給予操作性之定義為可以創造公司淨利但在財報上卻無法認列的非實體資源加上已認列之商譽及無形資產。而所得的結論為在實體之重資產既定之條件下，企業之輕資產愈多，愈能創造利潤，衡量輕資產的價值，可以作為判定經營者是否充分運用資源，並為企業創造價值。

"Light assets" is the meaning of the operation of an enterprise as a result effective use of internal and external resources to produce organizational culture, corporate image, brand value, vendor management, customer relations, product quality management, and other of intangible assets consisting mainly of competitive advantage. This study considered that corporate owned by the light assets is the advantage of not being easily transferred and difficult to reproduce, and the durability of the resources is really the core of enterprise competitiveness. From a strategic management perspective, in light of an enterprise's assets can be differentiated enterprise is the implementation of an efficient strategy for all of an enterprise's cumulative number of the outcome of the strategy. Accordingly, the present study to Taiwan listed counters for samples of several electronics companies, to distinguish between analysis as a method derived from the difference between function, and significant differences between variables. According to the related literature, eighteen financial indicators are used factor analysis to discriminate whether the companies are light asset or not. The companies we choused from model are well-performance to prove our theory and then we can find out appropriate strategy and make some managerial suggestions for electronic companies.