台灣高科技產業經濟附加價值之研究－以資訊電子上市、上櫃公司為例

Abstract

無疑的，台灣的高科技產業的發展，對國內的經濟成長有極大的貢獻，但是政府也付出了許多昂貴的成本。隨著企業價值的衡量的重要性增加，我們想了解台灣的高科技產業在這十多年以來，公司價值變化的過程。除此之外，亞洲金融風暴的發生是個重要的警訊，企業所重視的應該是實質上的企業內部價值的增加。 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。它主要的觀念在於所謂的資金成本不應該只是看財務上的數字，而是應該要考慮到所謂的資金的機會成本，強調公司應賺取超過資金成本的報酬來創造股東價值。 本研究使用經濟附加價值(EVA) 做為公司價值的主要衡量指標。以台灣資訊電子產業為研究對象，研究期間為1985年至1999年，並將資訊電子產業的上、中、下游分成三個子樣本。使用的統計工具為單樣本的T檢定、Wilcoxon 符號等級和檢定法、因素分析及多元迴歸分析法。 經由本研究的實證的結果顯示以下的結果： 1.台灣的資訊電子公司創造經濟附加價值的能力並不明顯。 2.金融風暴前後期，資訊電子公司績效有明顯的改變。 3.影響經濟附加價值最重要的因素為公司的獲利能力與週轉率。

It is widely held that Taiwan’s high-tech industry contributes greatly to the island’s economy. However, it is also argued that the government has paid a substantial price for it. It remains unsettled whether Taiwan’s high-tech industry has created economic value to justify all the effort. In this thesis, we examined the financial performance of all the listed and over-the-counter electronic firms during the period from 1985 to 1999. Data of 213 companies are collected and analyzed. Statistical methods employed include one-sample T-test, Wilcoxon signed-rank test, factor analysis, and multiple regression analysis. Financial performance measures of ROS, ROA, ROE, and EVA are calculated and analyzed. The impacts of the Statue of Upgrading Industry and the Asian Financial Crisis on the economic value creation are also investigated and tested. The results of the study suggest the following: First, the capability of economic value added of Taiwan’s high-tech industry is found to be insignificant. Second, the Asia financial crisis did adversely affect the performance of Taiwan’s high-tech industry. Third, the Statue of Upgrading Industry has helped the industry in strengthening their value creation capability. And lastly, the most influential factors on economic value added are the profitability and the turnover ratios.