聯華電子經營模式改變對企業價值影響之探討

Abstract

聯華電子二十幾年來的發展過程，從蓽路藍縷到發展成為全球第二大晶圓代工公司，過程中一直展現出策略應用的靈活與多變，在財務槓桿的操作、資本市場的運作籌資、購併、spin-off有許多的策略運用。本研究以聯電為研究對象，針對其歷年來企業成長歷程與經營模式改變，透過獲利能力、經營能力、財務結構、研發創新、及公司治理等構面十七個衡量指標，判斷聯電在2000年五合一前後，其企業價值活動之改變。並利用Ohlson評價模型分析其對企業價值之影響。 本研究提出兩個命題，分別為：命題一「經營模式改變，改變了聯電的價值活動」及命題二：「營運模式的改變對聯電企業價值有顯著的影響」。實證結果兩命題均獲得支持。在命題一中，除了代表短期償債能力的流動比率及速動比率，其餘均產生顯著改變。在命題二方面，利用實證Ohlson模型在考慮經營模式改變後，模型解釋能力提高，且，依統計檢定結果，經營模式改變，對企業價值產生顯著影響。在經營模式改變前，異常盈餘與企業價值之相關性為正相關，此與Ohlson (1995)模型之假設、Myers (1999)及曹壽民(民90)之結果方向一致。而截距(常數)項為負值，此與Myers (1999)及曹壽民(民90)之結果一致。董監持股與企業價值之關係，則受經營模式改變影響不顯著，為正向關係；與Jensen and Meckling(1976)所提出「利益收斂假說」(convergence-of-interest hypothesis)、及Oswald and Jahera (1991)研究結論一致。

UMC is the second largest foundry in the world. UMC has grown to become successful through its strategic strengths in financial leverage, capital market funding, mergers, and spin-offs. The following study evaluates the impacts of UMC’s “Five in One” merger, in the year 2000, on its value-created activities and enterprise value. The impact on value-created activities is defined by utilizing seventeen measurement tools belonging to five categories: profitability, operating ability, financial structure, research and development, and company governance. The impact on enterprise value is defined based on the Ohlson valuation model. This study suggests two propositions: “Business model change influences the value-created activities significantly” and “Business model change impacts UMC’s enterprise value significantly”. The results from this study support both propositions. For the first proposition, all dimensions reveal statistically significant change, except the measures on current ratio and acid test. The Ohlson valuation model showed an increase in the “goodness of fit” by adding the dummy variable for business model change. The relationship between abnormal earnings and enterprise value is positive and consistent with the research results of Ohlson(1995), Myers(1999), and Tsau, Shou-min(2001). The constant in the model showed a negative value, which is also consistent with the research results of Myers(1999) and Tsau, Shou-min(2001). The relationship between the stock holding rate of the board-of-directors and enterprise value is positive, which is consistent with the “convergence-of-interest hypothesis” of Jensen and Meckling(1976), and the research conclusion of Oswald and Jahera(1991); however, this factor was not influenced significantly by the business model change.