輕資產評價模型衡量競爭優勢

Abstract

競爭優勢的定義為一家企業產生之報酬超過於虛擬正常報酬的能力，本研究發展出一個「輕資產」評價模型，可用於捕捉未出現於資產負債表之無形資產、策略資源，並解釋異常報酬。本文自此模型中推導出以下三點：(1)企業重視「輕資產」大於有形資產將有較優的財務績效；(2)給定正常報酬率不變之下，擁有較多「輕資產」的企業將有較優的財務績效；(3)給定帳面報酬率不變之下，擁有較多「輕資產」的企業其有形資產投入較少。本文以全球半導體產業為實證研究支持三個假說，研究結果表示超額報酬反映出企業擁有「輕資產」之異質性，並解釋不同績效之差異。

Defining competitive advantage as the ability of a firm to generate returns in excess of its synthetic normal returns, the present study develops an asset-light valuation model to capture intangible, strategic resources that do not appear on balance sheets and could explain abnormal returns. Three hypotheses are derived from the model: (1) firms emphasizing light assets over tangible assets generate superior performance; (2) at a given level of synthetic normal returns, firms possessing more light assets have superior performance; and (3) to achieve a given book rate of return, firms with more light assets require fewer tangible assets as inputs. An empirical study of the global semiconductor industry strongly supports three hypotheses. The results show that the excess returns observed across an industry reflect heterogeneity in the light assets possessed by the firms, and provide an explanation for observed differences in performance.