無形資產價值影響因素實證分析－以國內外TFT-LCD產業為例

Abstract

無形資產價值影響因素實證分析－以國內外TFT-LCD產業為例 研究生：詹家豪 指導教授：朱博湧 教授 國立交通大學管理科學系碩士班 中文摘要 本研究目的為探討台灣與日韓TFT-LCD產業之特質，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，來計算台灣與日韓TFT-LCD產業無形資產價值。探討影響國內外TFT-LCD產業無形資產價創造之組成因素，藉由組成因素之分析來瞭解國內外TFT-LCD產業無形資產價值差異的原因。並依據金融風暴發生時間，將研究區分成兩階段作比較。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. 日韓TFT-LCD產業之研發投入具有遞延性，效果無法立即顯現，對於無形資產為負向影響；台灣TFT-LCD產業之研發投入則成效顯著，投入愈多對於無形資產有正向影響。 2. 日韓TFT-LCD產業投入資源與產出成負相關，應縮減公司規模；台灣TFT-LCD產業則較善於運用人力資本創造更高的附加價值。 3. 景氣繁榮時，槓桿的使用可為公司創造更多獲利；景氣低迷時，槓桿程度過高，將使公司承擔更高風險，無利於無形資產的創造。 4. 金融風暴時期，公司企業握有充足的現金，將更有能力度過危機。

關鍵詞：TFT-LCD產業、無形資產價值創造、智慧資本

An Empirical Study of the Determinants of Value of Intangible Assets －Global and Taiwan TFT-LCD Industry Companies Student：Chia-Hao Chan Advisor：Dr. Po-Young Chu Institute of Management Science National Chiao Tung University ABSTRACT In this study, the global and Taiwan TFT-LCD firms were selected as the research subjects. The subjects were divided into two groups, Taiwan and Japan-Korea respectively. The study was separated into two stages for comparison by the financial storm of 2007. The three valuation methods, MV/BV, Tobin’s Q, and VAICTM, were used to evaluate intangible asset values. We compared the difference between the two groups as well as between the two stages. The research findings are as follow: 1. The R&D expenses have carry-over positive influence on intangible asset values for Japan and Korea firms, but have immediate positive influence for Taiwan firms. 2. When economy is prosperous, the use of leverage can create more profits for the company; when economy is suddenly in recession, the higher degree of leverage makes the company more vulnerable, not conducive for companies to create values. 3. As resourse inputs are negatively correlated with outputs for Japan-Korea TFT-LCD firms, the size of companies should be reduced; Taiwan TFT-LCD firms are better at using human capital to create higher added values than Japan and Korea firms. 4. During the financial storm, if companies hold ample cash, they will be better able to pass the crisis.

Keywords：TFT-LCD industry, Intangible Asset Value Creation, Intellectual Capital