價值鏈中不同類型企業之無形資產價值創造因素

Abstract

1999年，來自麥肯錫顧問公司的John Hagel III與Marc Singer發表了「Net Worth：Shaping Markets When Customers Make the Rules」一文，提出「解構企業」的概念。他們認為企業可被劃分為三種類型：「產品創新型」、「客戶關係型」以及「基礎建設型」，並預測未來企業將在三種類型中擇一作為其焦點，進而逐漸解構。本研究將我國企業依其價值鏈中核心業務分為上述三種類型，並利用結合市場資訊的Tobin’s Q值作為績效指標，探討不同類型企業其創造無形資產價值的因素有何異同。進一步再將各類型企業劃分為高績效與低績效群組進行迴歸分析，探討在不同的績效群組下，各解釋變數對Tobin’s Q值的影響關係。研究結果顯示，我國產品創新型及基礎建設型企業較能有效創造其無形資產價值，客戶關係型企業則尚無法有效創造其無形資產價值。產品創新型企業的研發投入及毛利率為造成績效差異的主因；而客戶關係型企業則應先致力於創造差異化之產品或服務，並提升其公司規模以達範疇經濟；對於基礎建設型企業而言，在經濟規模之外，研發投入為績效良窳的關鍵因素。

In 1999, John Hagel III and Marc Singer published the article “Net Worth：Shaping Markets When Customers Make the Rules” and brought up the concept of “Unbundling the corporation”. They believed that corporations could be divided into three types, which were “Product Innovation”, “Customer Relationship Management”, and “Infrastructure Management”, and that corporations could choose their focus and become unbundled. In the research, we classified Taiwanese corporations into the above-mentioned types according to the core processes in value chain, and adopted Tobin’s Q to investigate the differences and determinants among them. Moreover, we divided corporations into high-performance and low-performance groups according to their Tobin’s Q, and investigated the relationships between Tobin’s Q and explanatory variables under the two performance groups. Results of the research show that in Taiwan, corporations of “Product Innovation” type and ”Infrastructure Management” type can create value of intangible assets more successfully. For the “Product Innovation” type of corporations, R&D input and gross margin are the main factors that make differences between high and low-performance groups; while the “Customer Relationship Management” type of corporations should first dedicate to the creation of differential products or services and then grow their scale. As for the “Infrastructure Management” type of corporations, R&D input is the key factor contributing to the differences of performance.