無形資產價值創造影響因素實證分析─以國內外半導體產業為例

Abstract

本研究利用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，來計算國內外半導體產業無形資產價值。探討影響國內外半導體產業無形資產價創造之組成因素，藉由探討組成因素之分析來瞭解國內外半導體產業無形資產價值差異的原因，並探討未上榜之台灣半導體公司其與上榜公司之差異。研究資料來源為台灣經濟新報(TEJ)和美國Compustat 資料庫，實證結果如下： 1. 世界半導體上游公司為IC 設計技術領先者，台灣半導體產業上游公司則為跟隨者；世界級半導體公司在研發投入上無法立即顯現，故具有遞延效果，實證結果顯示遞延效果為九年，而上榜台灣之半導體公司則遞延兩年。 2. 世界級半導體上游公司員工人數越多對於無形資產有負向影響，而台灣級與皆未上榜之台灣半導體上游公司員工人數越多反而對於無形資產有正向影響。人員投入之規模報酬效益迥異。 3. 世界級半導體中下游公司之管銷投入越多反而對於無形資產有負向影響，而台灣級半導體中下游公司則相反。

BusinessWeek and BusinessNext have ranked the world Info Tech 100 and Taiwan Info Tech 100 firms by years. Firms in the Semiconductor industry from the World and Taiwan Info Tech 100 are chosen as the objects of study and three valuation methods, MV/BV, Tobin’s Q, and VAICTM, are used to evaluate their intangible asset values. Then we compare the differences between three groups which are the firms of world info Tech 100, the firms of Taiwan Info Tech 100, and the Taiwan firms in neither world nor Taiwan Info Tech 100. Also, the firms are classifized according to their position in the value chain of semiconductor industry. The aim of this research is to find out the key factors for intangible asset value creation and explore why such differences exsit. The research concludes: 1. The core competences of IC design houses of world Info Tech 100 are their capability of continuous development and innovation. They are the world leaders of the IC design, while the firms of Taiwan are followers. The R&D expenses of IC design houses of world Info Tech 100 have positive influence on the value of intangible assets around 9 years. The R&D expenses of Taiwan IC design houses have positive influence around 2 years. 2. R&D is the key area to shorten the distance between global and Taiwan firms. To the IC design houses of the world Info Tech 100, a negative influence is concluded for adding more employees. In contrast, it has positive influence if adding more employees for the firms in the Taiwan Info Tech 100. 3. To the firms with manufacturing resources in the world Info Tech 100, it has negative influence if adding more S, G&A expenses. In contrast, it has positive influence if adding more S, G&A expenses for the firms Taiwan Info Tech 100.