併購企業之無形資產與經營績效之關聯性探討

Abstract

全球已漸漸走向以知識導向的經濟體，無形資產的價值將逐漸成為未來企業併購的誘因。本研究以無形資產中人力資本、結構資本與關係資本之三構面，與經營績效間是否能呈現正向的相關性，證明企業併購後無形資產的增加確實能增加企業的經營績效。本文主張將『無形資產』納入『有形』思考，其重要性在於，無形資產的價值確然不容忽視，而無形資產帶來的經濟效益已顯著的影響企業，其價值已逐漸成為企業所無法承擔之風險，從併購後所取得的無形資產能激發企業經營績效，則企業應更加重視無形資產管理與價值創造。 本研究選取63家於2007年至2012年曾宣告併購活動之台灣企業為樣本，運用敘述性統計、驗證性因素分析以及線性結構方程模型來達到本研究之目的。實證結果顯示，經營績效與人力資本與關係資本間均具有正向並顯著影響能力，經營績效與結構資本間具有負向顯著的影響力。無形資產之交互影響關係中，人力資本與關係資本間呈現正向的顯著影響能力，然關係資本與結構資本之間為低度相關不顯著，顯示關係資本與結構資本並無明顯之相關性存在。 本文引伸企業併購應重視無形資產管理規劃，並應發揮最大價值，而其所能創造出的利潤將是公司併購的重點之一。不論是當期展現價值之人力資本與關係資本，亦或是結構資本，三者長期皆必是經年累月的企業經營與良善管理，充分的溝通使被併公司的員工將企業文化，以及顧客關係逐漸融入在原先的企業環境中，將促進無形資產發揮關鍵效用，並具增值之經濟效益。

The world has come to the knowledge-based economy era, the value of intangible assets become one of the incentives for M&A. The value creation by intangible assets through merger and acquisition is acknowledged as a standard of whether the firm is operating functionally. This study is based on Acquirer’s' merger and acquisition announcement during the period of 2007 to 2012 as study scope. The study justifies intangible assets acquired in merger and acquisitions are positive related to firm’s business performance. The empirical results are as follows. Human capital and relational capital are positively associated with corporate performance. Human capital is significantly positive effect on relational capital. However, the structural capital is negatively associated with firm’s business performance as timing effect might occur. The implication of this study suggests that firms concentrate on the intangible asset as for creating firm’s short and long-term value. The study shows human capital and relational capital reflect values at current period. The value creation by the intangible assets will be the focal point for M&A activities. Through business management and well operating methods, the intangible assets would be profitable and cost-effective that bring the potential value into fully play.