價值創造活動型態、財務政策與經濟附加價值關係之研究---以台灣資訊電子產業為例

Abstract

90年代，資訊電子產業經歷重大變革，分工整合(Disintergration)成為大勢所趨。在分工整合的環境下，唯有成為專屬領域的領導者才能生存。因此，企業所要考慮的是，產業中那些價值活動能創造最高的附加價值、那些價值活動是自己所累積培養的核心能力、那些是關鍵活動，然後再思考自己來做是否較為有利，或由別人代工是否會更好。經由這樣的指導原則，來協助企業發展自己的核心能力，使得各企業活動、資產能達到最大的綜效發揮。 公司為追求高水準的經營績效及永續經營的目標，就必須仰賴更有效的經營管理及訂定能夠達成經營方針的策略。為了使策略能夠適度地運行，便制定各種政策，而公司在制定所有決策時，幾乎都與財務脫離不了關係，因此，制定一個良好的財務政策不僅可以提高企業的經營績效，亦能引領其他政策的制定與實行。 經濟附加價值(EVA)是由紐約Stern Stewart & Co.財務顧問公司所發展出來的公司財務績效衡量指標，它強調公司應賺取超過資金成本的報酬來創造股東價值(shareholder value)。經濟附加價值可作為公司價值創造的評估衡量系統，以決定資金的管理、長短期財務規畫、管理目標、績效衡量、股東溝通、獎勵薪酬等問題。 本研究以台灣的資訊電子廠商為研究對象，研究期間為民國82年至86年，將資訊電子產業劃分為上、中、下游，探討在資訊電子上、中、下游各廠商不同的價值創造活動，其經濟附加價值是否會有所不同？而所選擇的財務政策，是否也因價值創造活動的不同而有差異？經由本研究實證結果顯示，企業價值創造活動型態對財務政策具有顯著影響，但對於經濟附加價值則沒有顯著的差異。再者，財務政策中的投資政策的投資報酬率對經濟附加價值有顯著的影響，股利政策對於經濟附加價值亦有顯著的影響，而融資政策對於經濟附加價值則無顯著的影響亦會影響公司的經濟附加價值。

With the tremendous revolution in the information technology industries during the 1990s', disintegration has become much more popular than ever. As a result, business companies must realize that value-added activities can create the highest value in the industry. Consequently, a company can generate its own core competency to take full advantage of the potential assets. In order to reach a high level of performance and to achieve the goal of the on-going concerns, it is imperative for business managers to establish appropriate strategies and financial policies. Not only can these well-intended policies propel higher financial performance, but they can also provide beneficial impacts on other policy-making processes. Economic Value Added (EVA), developed by Stern Stewart & Co., is a financial tool that is versatile by spotlighting the cost of capital. These EVA-related matrices are increasingly employed for company's decision making processes, and are treated as a method to evaluate a company's performance as well. In this research, the relationship between the stages of value chain, financial policy and EVA are examined. Results of this study provide valuable recommendations to companies in the information technology industry. By using ANOVA and regression analysis, the stages of value chain are found to be significantly different from financial policies, but are positively related to EVA. In addition, the investment and dividend policies are closely related to EVA. Financial policy, on the other hand, is not significantly related to EVA.