台灣電子產業與非電子產業Tobin's q之差異及其成因之研究

Abstract

在知識經濟時代，無形資產為企業成長之重要關鍵，由於以往績效衡量指標如權益報酬率(ROE)等，未能充分反應出企業的無形資產，故本研究利用Tobin’s q值來探討台灣電子產業與非電子產業績效之差異及造成此差異之原因。研究結果顯示，電子產業Tobin’s q值高於非電子產業，而電子產業Tobin’s q值與產業景氣呈正相關，與當期研發投入、廣告投入無顯著相關，但其R&D投入與未來2-8期的績效呈正相關，顯示研發投入之效益並非一蹴可及。在非電子產業方面，其績效與當期R&D投入、產業景氣呈正相關，與當期廣告投入無顯著相關且其R&D投入與未來數期之績效亦無顯著相關，對非電子產業來說，由於R&D投入相對薄弱，導致技術無法提升，使得產業發展缺乏成長性。故本研究發現公司創新能力與產業的成長性為造成產業間差異的重要決定因素，而研發投入對績效有遞延效果，但現行會計準則都將研發投入費用化，有其修正的必要。對整體產業未來發展來說，電子產業應開始發展自有品牌以免受制於上游廠商的景氣影響，非電子產業則需加強R&D的投入以加速產業升級。而研發資源投入是企業未來成長的基礎，應視為企業的長期投資，在環境變動快速與市場高不確定性的新競局下，最後的成功將眷顧那些高瞻遠矚的經營者。

In a knowledge-based economy, the intangible assets are the keys to enhance the industries’ performance. However, the studies that relied on accounting-based measures such as, ROE would tend to ignore the intangible value. In this paper, we use Tobin’s q to investigate the difference and their causing factors between the electronics and other industries in Taiwan. The results show the Tobin’s q of the electronics industries is higher than the others. The economic of fluctuation had a significantly positive relationship with the electronics industries. R&D and advertising investments wouldn’t have significantly association to the electronics industries’ Tobin’s q. But we find a significant positive relationship between the R&D investment and the future performance. With respect to the other industries, R&D、fluctuation would have the positive relationship with their Tobin’s q. Thus, we find that the technology innovation and the economic of fluctuation would cause the performance difference between the electronics and other industries. And the R&D investment wouldn’t show in a minute. It’s critical to revise the accounting stands to measure the firm’s true value. In such a dynamic environment, the farsighted managers would win the game.