公司規模與超額價值之實證研究-以台灣上市櫃企業為例

Abstract

本研究選取2003年至2009年台灣上市櫃公司按公司規模分組後，採本益比、市價淨值比及市價營收比等價格乘數計算公司設算價值(即真實價值)，並依據(Berger、Ofek， 1995)定義並分別衡量公司超額價值及設算溢價。再以縱橫資料型態迴歸方式探討公司規模與超額價值及設算溢價之關係。 經檢視本研究樣本計算之超額價值結果，發現各種價格乘數及各公司規模分組下，超額價值普遍為正值，顯示台灣上市櫃公司股票實際市值普遍有高估情形。而迴歸分析結果發現，不論在何種公司規模分組下，公司規模與超額價值均呈現負向關係，顯示因規模效應及資訊透明度問題，導致公司規模愈小，市場對該公司股價高估情形愈嚴重；公司規模愈大，市場價格與該公司真實價值則愈接近。 代表公司智慧資本之設算溢價，在迴歸分析結果中，公司規模變數與設算溢價呈現正向關係，主要係因大型公司所投入之研發、人才及品牌等未入帳無形資產較多，使公司價值未能及時反映於財務報表上，故造成公司規模愈大，設算溢價愈大。 另，比較電子產業與非電子產業，發現電子產業之超額價值大於非電子產業，顯示電子產業之資訊不對稱情形較為嚴重且市場普遍對於其成長性抱持想像空間更大，故導致實際市值與價格乘數評價之設算價值差異大於非電子產業。

Based on the Berger & Ofek (1995) definition, we estimate and measure the excess value and imputed premium of firms listed on the Taiwan Stock Exchange (TSE) and Taiwan’s over-the-counter market (known as GreTai Securities Market) from 2003 to 2009 using PE, PB and PS ratios in calculation of imputed firm value. This study applies the panel data regression model to investigate the relationship between firm size and excess value and imputed premium, respectively.

We found the calculation results of excess value are mostly positive among each firm size group and price multiples, which indicates that most of Taiwan listed companies might be overpriced. Moreover, the regression results show the negative relationship between firm size and excess value, which means the smaller the firm size, the larger discrepancies between actual market value and imputed value due to the information asymmetric problem.

Being the proxy of intellectual capital, the imputed premium has a positive relationship to firm size in the regression results. The larger the firm size, the more likely that R&D, human capital and brand assets are not recognized in the balance sheet of financial statements and the larger the imputed premium.

Furthermore, a direct comparison of empirical data shows that the excess values of electronic industries are larger than non-electronic industries since Electronic industries are subject to greater information asymmetry between the market and firms and larger growth opportunities.