經濟附加價值與價值動因關聯性之探討—以台灣網路設備廠商為例

Abstract

本研究以台灣網路設備製造商為研究對象，以民國89年到民國96年為研究期間，運用複迴歸分析方法，探討銷售成長率、息前稅前淨利、加權平均資金成本、營運資金、資本支出五項價值動因以及公司成立年資對經濟附加價值之相關性。期望找出影響企業附加經濟價值的關鍵動因，以作為企業經理人在擬定公司經營策略、策畫績效改善方針、追求企業成長利益之參考。

實證結果發現：1.息前稅前淨利是價值動因中具顯著影響的關鍵。2.銷貨成長率、營運資金與資本支出對經濟附加價值無顯著的正相關，顯示台灣網路設備製造產業的銷貨成長率與資本支出對於公司的獲利能力沒有太多貢獻。3.加權平均資金成本與公司成立年資對經濟附加價值無顯著負相關，顯示台灣網路設備製造產業投資風險趨於平穩，該產業之公司成立時間亦不長，兩者對經濟附加價值均無明顯影響。

This research studies the networking product companies in Taiwan by analyzing historical data from 2000 to 2007 through the use of multi regression method. The emphasis of this research is the relativity between economic value added (EVA) and five value drivers (sales growth rate, EBIT, WACC, working capital, and capital expenditure) as well as the company age. We expect to find out the key value drivers influencing the EVA of a company as a reference for managers of the companies in making company operational strategies, planning improvement principals for performances and seeking increasing benefits of the companies.

The results of this research are shown as below: 1. the most important value driver is EBIT. 2. The insignificance of the positive relativity between sales growth rate and EVA as well as capital expense and working capital to EVA shows that these three value drivers have no significant contribution to company's profit making ability. 3. The insignificance of the negative relativity between WACC and EVA as well as company age to EVA shows that these two factors have no significant influence to company’s EVA because the investment risk of the industry is stable and the company age is no old enough.