無形資產價值影響因素之研究-以台灣IC設計業為例

Abstract

隨著知識經濟興起，知識資源的掌控與管理對企業競爭力的創造日趨重要，並將成為主導未來產業經濟發展的主流。而土地、資金、原料與勞動力等有形資產不再是主導企業之競爭優勢，企業價值的來源從傳統的固定資產，轉變為「顧客關係管理」、「人力資源」、「營運流程及組織文化」、「創新與研發能力」等無形資產，這些資產正是企業的智慧資本（Intellectual Capital）之所在。 IC設計業所仰賴的並非傳統的有形資產如廠房設備、機械、技術等，但卻同樣有著傲人的成果，有鑑於此，本研究選取自91年12月31日前國內上市上櫃之IC設計業為研究對象，並以各該公司上市上櫃年度起算至91年度為研究期間，首先以資本化超額盈餘法、市場價值扣除帳面價值、市場價值/帳面價值比及Tobin’s Q不同方法來評價企業無形資產的價值，並進而用資本化超額盈餘法計算企業價值，分別探究35個自變數與無形資產價值影響因素之關聯性，並透過主成份分析法，萃取十個因素，分別命名為『獲利能力』、『短期償債結構』、『創新投入效能』、『資產運用效能』、『資產配置效能』、『研發創新力』『人力資源』、『顧客關係』、『業務成長性』、『組織穩定性』。 根據實證結果如下: 1.顯示國內IC設計業透過超額盈餘法計算的企業價值、市場價值扣帳面價值計算的無形資產及用超額盈餘法資本化計算的無形資產，可由本研究所萃取出10個因素的自變數來解釋，並具顯著關係。 2.顯示國內IC設計業透過「Tobin’s Q」、「市場/帳面價值比」計算的無形資產，可由本研究所萃取出10個因素的自變數來解釋，並具顯著關係，而然該等模式解釋能力較前項為小。 3.本研究所萃取的因素中，「獲利能力」及「人力資源」對本研究所採的「Tobin’s Q」、「市場/帳面價值比」、「企業價值(超額盈餘法)」、「無形資產(市場價值扣除帳面價值)」及「無形資產(超額盈餘法)」等計算無形資產與企業價值方法，皆具解釋能力，並呈顯著正相關。 4.台灣IC設計業有關智慧資本的內涵可區分為財務資本、結構資本、顧客資本及人力資本等四大構面，其中財務資本所能解釋的變異比例最大，其次依序為結構資本、顧客資本及人力資本。

The arise of knowledge-based economy has highlighted the importance of control and management of intellectual resources to today’s corporate competitiveness. We can foresee the intellectual resources will dominate future corporate development. The tangible assets, such as land, capital, material and labor, will no longer be the source of corporate core competitiveness. In-stead, the source of corporate competitiveness will therefore be transformed from those traditional tangible assets to intangible assets, such as client customer relationships, human resources, operational organization culture, and creativities/R&D abilities, where the corporate Intellectual Capitals are. Taiwan IC design firms rely on neither their tangible assets like facilities, equipment nor their manufacturing technologies but their intangible assets to achieve their outstanding performance. We, therefore, sampled those companies listed prior to December 31, 2002 as our research targets. The research period started from the day they became listed companies to the end of December 31, 2002. First of all, we evaluated the intangible asset value via the method of capitalizing excess retain earning , deducting book value from market value, ratio of market value/book value, and Tobin’s Q method. Then, we derived their enterprise valuation via capitalized excess retained earning. Thereafter, we conducted correlation analysis between 35 variables and their intangible assets valuation. The empirical results identified 10 factors that were most significantly correlated to the intangible asset valuation. Namely: profitability, short term indenture, efficiency of creativity, efficiency of asset utilization, efficiency of asset allocation, R&D creativity, human resources, client customer relationship, sales growth and organization satiability. Based on our empirical result, we have concluded: 1.The enterprise value derived from capitalized excess retained earning method, the intangible value derived via market value deduction of book value, and the intangible asset valuation derived from capitalized excess retained earning are significantly correlated to the above 10 variables among those domestic IC industry. 2.The correlationship between the Tobin’Q, the ratio of market value/book value and those 10 identified variables is also signigicant. However, the significance level is less than (1). 3.Among those 10 variables, profitability and human resources variables are significant in all the methods. 4.The Intellectual Capital of domestic IC industry comprises of the financial capital, the structure capital, the customer capital and the human resource capital. Among them, the financial capital can explain the variation most, following by the structure capital, the customer capital, and the human resource capital.