無形資產的價值動因分析--以臺灣網路IC設計業為例

Abstract

臺灣近十年來，半導體工業蓬勃發展，至今IC設計公司已達300家左右。有鑑於知識型企業有很多無形資產價值是傳統的財務報表無法清楚表達出來,且即使同樣是知識型企業，雖然期初投入的有形資產相差無幾，然經過一段時間之後，各家公司表現出來的市場價值/帳面價值之比卻有天壤之別。因此，本研究乃從無形資產與智慧資本的觀點，去對一個IC設計公司現在與未來的價值做衡量與探討。 本研究首先經由文獻上有關於無形資產的定義與評價方法做回顧，再從IC設計業之特質探討無形資產評量方式的適切性。經由IC設計公司價值的創造過程，尋找出其無形資產價值的動因。並應用物理學中動量的觀念來構建出一個簡易的「IC設計公司無形資產價值的衡量」模型，並經由業界訪談與案例探討，來檢驗此模型之正確性。研究結果顯示: 1) 無形資產價值創造力 = (質量 × 速度)•方向 無形資產的價值不是將某些個別智慧資本項目的績效或因素相加總，而是由三種不同群組的智慧資本做純量與向量的乘積而產生。 2) 不論質量、速度或方向其個別項目有多強，只要其中有一項很弱，則此企業的無形資產價值就無法顯現出來。雖然在個別項目上做資源的投入，對公司無形資產的價值提昇是正相關，但唯有綜觀全局，做資源的整合與配置，方能將公司的無形資產價值極大化。 3) 新創公司或小型公司，若也能運用本文的動量觀念，將質量、速度與方向整合搭配運用，聚焦於某一領域，則其當可以挑戰既有市場的領先者，甚至於在差異化的市場上擁有一遍天。

During the recent years, the semiconductor industry in Taiwan has experienced a strong blooming. It is widely believed that the number of IC design companies has reached over 300. As the value of knowledge activities is suggested to be over US$100 billion, it is of interest and importance to determine the present and the future value of an IC design company from the prospect of intangible assets and intellectual property, rather than from the traditional accounting point of view. In this thesis, we investigated the special characteristics of intangible assets of an IC design company. We examined the value drivers of its intangible assets through the study of the value creation processes of an IC design company. Based on the finding of our analysis, we then proposed a simple model to evaluate the value of an IC design company's intangible asset. The model is similar to the momentum concept in physics. Finally, we examined the suitability of this model through industry consulting and case analysis on three data communications IC design companies in Taiwan. The results of our study are as follow: First, the value of intangible asset of an IC design house can be described as (Mass × Velocity)•Direction. The model indicates that the value is affected both by the scalar and vector manipulation of three factors which are mass, velocity, and direction. We then offer the ingredients of each of the three variables. Second, to create value of intangible assets, an IC design company needs to do well in all these three factors. Third, based on our understanding of the momentum concept, we proposed that even a small start-up company can beat the incumbent market player, as long as the momentum of its product line can be tuned to the maximum.