企業價值成長驅動因子對經濟附加價值影響之研究-以台灣零售通路業為例

Abstract

本研究係探討以內部人的觀點，對於影響零售通路業獲利能力的四個因子，包括企業規模、資產週轉率、資本支出成長率、銷貨淨額成長率，利用統計假說檢定判斷是否顯著正向影響企業經濟附加價值，以上市、櫃零售通路公司為樣本，計有13家公司，有效樣本數為78筆，研究期間為包括金融風暴前及後的2006年至2011年。 本研究以單位經濟附加價值作為代理變數，並透過企業規模、銷貨淨額成長率、資產週轉率與固定資本支出成長率來判斷實際影響企業經濟附加價值的方向與程度， 研究結果發現，零售通路業經濟附加價值與企業規模、銷貨淨額成長率、資產週轉率以及固定資本支出成長率呈現正相關性。幅度高低分別為企業規模大於資產週轉率，大於銷貨淨額成長率以及大於固定資本支出成長率。符合Myers(1977)提出公司的價值是由現有的資產價值與未來成長機會現值的組合;符合Stephen H. Penman(2010)“Financial Statement Analysis and Security Valuation”，提到企業為了追求成長，將循序漸進的的透過投資增加營收成長，接著帶動獲利成長，最後增加企業價值;符合Alfred Marshall(1890)提出經濟附加價值是扣除投入資本在現有利率下的資金成本的淨利潤；符合Solomons（1965）建議以剩餘利潤的觀念作為企業評估績效的準則，必要的報酬是指債權與股權的資金成本。

This essay aims to find from the company insider’s view, studying on the four factors deciding retail sales channel profit ability, including size, asset turnover rate, capital expenditure growth rate and net sales growth rate, by using statistical hypothesis to test if such four factors significantly influence company economic added values positively. The dataset employed in this paper is acquired from 13companies, including listed and OTC companies. The number of observations is 78 and the period under analysis starts from year 2003 to 2011, covering the financial storm occurred in 2008. The study takes company excess return as a proxy variable to reflect the enterprise economic added values. Through size, asset turnover rate, capital expenditure growth rate and net sales growth rate, to judge the direction and the degree actually influencing company economic added values. The study finds out sales channel profit ability positively correlated to size, net sales growth rate, asset turnover rate and capital expenditure growth rate; the degree with the four factors ranking from high to low are size, asset turnover rate, net sales growth rate and capital expenditure rate. The results comply with Myers(1977), stating the company values major from the combination of outstanding and future growth opportunity present value; comply with Stephen H. Penman(2010)“Financial Statement Analysis and Security Valuation”, illustrating for seeking growth, company follows routine procedures form investing to increase sales growth, bringing out profit growth, and final upgrading company value; comply with Alfred Marshall(1890), mentioning the economic profit is the excess profit form deducting the invested capital as funding cost；comply with Solomons（1965）, suggesting the rule to evaluate company performance with the concept of excess profit, with the definition of weighted average funding cost on equity and bond.