影響無形資產價值創造因素之實證研究以國內外電腦與周邊產業為例

Abstract

本研究選擇科技百大企業中的電腦與周邊產業當作探討對象，研究資料來源為台灣經濟新報(TEJ)和美國Compustat資料庫，利用Sveiby整理的評價方法中的市價/帳面值(MV/BV)、Tobin’s Q、智慧資本附加價值係數(VAICTM)三種方法，首先計算國內外電腦與周邊產業無形資產價值。其次探討影響國內外電腦與周邊產業無形資產價創造之組成因素及無形資產價值差異的原因。 實證結果發現： 1. 國內外產業的無形資產價值有顯著差異，國外產業無形資產創造的價值明顯優於過內產業。 2. 財務績效市值表現為國內外產業影響無形資產價值創造的共同因素，但因為對長期投資的看法不同、對研發投入認列問題，導致無形資產價值和財務績效產生差異。 3. 影響國內產業能否追上國外產業的關鍵為研發因素，運用研發創新讓企業產品、技術和服務在顧客心中產生差異化，為滿足顧客需求而努力並且配合行銷投入加深顧客的印象，才能從價值鏈中獲利微薄的製造角色轉換成直接滿足市場顧客需求的高獲利企業。

BusinessWeek and BusinessNext ranked the world Info Tech 100 and Taiwan Info Tech 100 firms respectively. The Computer & Peripheral industry from the Info Tech 100 was selected as the subject of study. The three methods, MV/BV, Tobin’s Q, VAICTM, were used to evaluate a firm’s intangible asset value. Comparing the determinant of intangible asset value creation, the research findings are as follow: 1. The value of the intangible asset of foreign firms is significant different from and higher than that of the domestic firms . 2. The different attitude toward R&D as a long term investment and inputs for innovation has made the disparities of intangible asset values between global and Taiwan firms. 3. R & D is the key factor Taiwan Companies should invest more to narrow the distance between foreign and domestic firms. Firms should differentiate their products and service via innovation. To fulfill customers’ demand with innovative products or service could help firms to make higher profits.