無形資產分析價值創造策略以國內外電腦與周邊、半導體產業為例

Abstract

本研究選擇科技百大企業中的半導體、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，首先計算國內外半導體、電腦與周邊產業無形資產價值。其次探討影響國內外半導體、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.無形資產在同產業中，不同等級其價值創造策略有差異。 2.半導體產業逐漸成熟，將從垂直整合逐漸走向專業分工。世界級的IDM公司應該要最佳化資源投入組合，。 3.世界級的電腦與周邊公司應該要注重商業模式而不是規模，而台灣級的電腦與周邊公司應該要投入高附加價值的活動，例如:品牌。

Business Week and Business Next ranked the world Info Tech 100 and Taiwan Info Tech 100 firms respectively. The Semiconductor industry and Computer & Peripheral industry from the Info Tech 100 were 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.Even in the same industry, the value creation of the intangible asset for firm is significantly different according to their leagues. 2.The Semiconductor industry is getting mature, so that the original vertical integration business model would migrate into open business model. The world-class IDM (Integrated Devicd Manufacturer) companies should optimize their resources attraction instead of investing too much. 3.The world-class Computer & Peripheral companies should not expand theirs scale too large; instead they should focus on their business model. The Taiwan-class Computer & Peripheral companies should do more value-added activities such as branding or service.