台灣電子業與非電子業千禧年前後Tobin’s q值差異分析

Abstract

在知識經濟時代，無形資產的累積是企業價值創造過程的關鍵角色，主宰企業持續成長之重要因素，由於以往以會計利潤觀點出發的績效衡量指標如權益報酬率(ROE)等，未能充分反應出企業的無形資產，故本研究利用結合市場資訊的Tobin’s q值作為績效指標，探討台灣產業在千禧年前後的績效差異，以及電子產業與非電子產業績效差異成因分析，最後再將產業劃分績效佳和績效不佳的群組進行迴歸分析，探討在不同的績效群組下，解釋變數對Tobin’s q值的影響關係。主要研究結果於下： 1. 2000年以前產業Tobin’s q值高於2000年以後的產業Tobin’s q值；電子業的Tobin’s q值高於非電子業的Tobin’s q值。 2. 研發費用投入存量的懸殊差異，造成電子業和非電子業績效差異的主因，也是相同產業下績效良窳的關鍵因素。 3. 研發投入的邊際效益上，非電子業高於電子業，高Tobin’s q值的公司高於低Tobin’s q值的公司。

In a knowledge-based economy, the intangible assets are the drivers to enhance the industries’ performance. However, the studies basing upon accounting-based measures such as ROE could not sufficiently reflect the intangible value. In this paper, we first use Tobin’s q to investigate the difference among each industry in Taiwan before versus after 2000. Secondly, we use Tobin’s q to investigate the difference and their affecting factors between the electronics and other industries in Taiwan during 2000-2006.Finally, we divide firms in each industry into two groups according to a firm’s Tobin’s q is whether more or less than 1.Then we further investigate the relationship between Tobin’s q and other explanatory variables under these two groups in the same industry.The main results of this research are concluded as bellow. 1. The Tobin’s q of each industry before 2000 is larger than that after 2000. The Tobin’s q of the electronics industries is higher than that of the others. 2. The wide gap of the accumulated of R&D inputs is the main factor leading to the performance difference between the electronics and other industries as well as contributing to the difference between the two groups divided according to the value of Tobin’s q more or less than 1 in the same industries. 3. The marginal productivity of R&D inputs in the electronics industries is less than that in the other industries. Furthermore, the marginal productivity of R&D inputs in high Tobin’s q companies is higher than that in low Tobin’s q companies.