影響光電產業無形價值之因素探討

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，主宰企業持續成長之重要因素。此外，高科技產業的產業特性異於一般產業，相較對於有形資產的擁有之外，更著重於無形資產的開發、管理以及運用。因此，本研究嘗試著根據「智慧資本」的觀念架構，利用Tobin’s Q值來當作衡量公司的無形價值，以我國上市上櫃光電產業為實證分析對象，採用次級財務資料，並將研究分為二階段，首先將智慧資本劃分為四大要素：人力資本、創新資本、流程資本與顧客資本，透過迴歸分析探討影響台灣2003-2007年光電產業Tobin’s Q值的原因，最後，分別將光電產業的樣本依Tobin’s Q值大於等於1及小於1分成兩群，探討在不同的經營績效群下影響Tobin’s Q值的因素是否相同。實證結果顯示如下： 1. 整體光電產業優渥的薪酬制度能為企業帶來正向挹注，表示企業在追求高報酬的目標之下，成本並非唯一考量，另外在產品的原創性能力不足，無法利用差異化來有效強化與顧客之間的依存度。 2. 高績效群組明顯在人力資本、流程資本及顧客資本具有一定的優勢，但要維持在該產業中的領導地位必需持續致力於創新的投入，提升研發支出的存量。而低績效群組猶如掉入「資源黑洞」，其人力資本及研發投入的不足，無法有效提升營運效率進而為公司創造績效。

In a knowledge-based economy, the intangible assets are the drivers to enhance the industries’ performance. In addition, the characteristics of a high-tech industry are different from those of general industries as it is more focused on the development, management and use of intangible assets.This study developed a model on the Intellectual Capital to explore which the factors affecting intangible value of the Taiwan’s photoelectronic industry. We first use Tobin’s Q to investigate the factors affecting performance of photoelectronic industry in Taiwan. Then we divide firms in photoelectronic industry into two groups according to a firm’s Tobin’s Q is whether more or less than 1. Finally, we further investigate the relationship between Tobin’s Q and explanatory variables from these two groups in the same industry. The empirical results of this research are concluded as bellow. 1. The generous pay system is leading to positive performance in Taiwan’s photoelectronic industry. It indicated that cutting cost should not the only consideration. On the other hand, companies are not differentiated enough from one another to lock their customers. 2. The wide gap of the accumulated of R&D inputs is the main factor leading to the performance difference between the high Tobin’s Q and low Tobin’s companies in the ptoelectronics industries.