台灣DRAM廠商無形資產評價之研究-資本化超額盈餘法之應用

Abstract

動態隨機存取記憶體（Dynamic Random Access Memory, DRAM）屬於記憶體IC的一環，而記憶體IC更是在半導體中扮演著舉足輕重的角色。以國外知名研究機構iSuppli 於2003年3月的報告顯示，2002年記憶體 IC約佔全球IC產值1,333億美元的21%，達到 282億美元，而DRAM約佔記憶體IC的56.05%，達到158.05億美元。所以，DRAM市場具有強大的影響力。 DRAM在IC產業扮演著重要的角色，然而卻鮮少研究來探討DRAM產業的無形資產價值，本研究旨在以資本化超額盈餘法來了解產業無形資產價值，並了解影響國內DRAM產業無形資產的因子。本研究依據其模式嘗試以國內華邦、南亞、力晶及茂德等四家主要生產DRAM廠商為研究對象，並以1997至2001年，五年的時間為研究期間，來探討國內DRAM產業所存在的無形資產價值。另本研究擬按Edvinsson（1997）訂出的五大類智慧資本衡量指標，將造成產業無形資產之影響因子，分為財務焦點、顧客焦點、流程焦點、更新與開發焦點與人力焦點五大部份。然考量相關資料可能涉及公司機密未公開或無形資產管理的落實仍未普遍，而造成資料的取得不易，加以本研究係屬一探索性研究，故變數內容乃依據相關的文獻、公開資訊的取得以及研究者主觀判斷等基礎來決定。 經由迴歸分析，本研究發現與國內DRAM產業無形資產價值具有顯著關係的因子為員工每人營收、市場佔有率、管理費用比率、核准專利權數以及員工人數。迴歸之判定係數達0.87（調整後判定係數為0.83），亦即本研究所篩選之所有自變數與應變數有相當程度的密切關係。

Dynamic Random Access Memory (DRAM), a member of the memory IC chip, plays a key role in the semiconductor industry. It was reported that the total market sale of IC products was 133 billion dollars in 2002 of which 15.8 billion (11%) was contributed by DRAM alone. In recent years, the DRAM industry suffered greatly from profitability impairment. It is inevitable for one to question the capability of DRAM manufacturing firms in term of their intangible assets. The purpose of this thesis is to investigate issues regarding the value of intangible assets of Taiwanese DRAM manufacturers. The capitalized excess earnings method (CEEM) was used to estimate the value of the intangible assets. Five variables were proposed and tested by Lief Edvinsson to determine the factors that affect the value of intangible assets. Financial data of four domestic DRAM manufacturing firms, Winbond, Nanya, Powerchip and ProMOS over the period from 1997 to 2001 were collected. Regression models were proposed and estimated. The results of our study suggested that there appeared to be inseparable relation between all the independent variables we chosen and the dependent variable in virtue of the adjusted R is equal to 0.83, therefore these five factors we selected had greatly inseparable relation between the valuation of Intangible Assets of Taiwanese DRAM manufacturers.