從資源基礎面建構輕資產價值指標系統

Abstract

本論文嘗試從資源基礎面來建構衡量企業輕資產價值的指標系統，衡量輕資產策略是否能有效增加企業價值。指標計算使用Tobin’s Q的市價比淨值觀念以及股東權益報酬率來估計企業總價值，以稅後息前淨利、超額報酬率來估計無形資產價值；以及其他衡量輕資產價值指標共分2群(輕資產、重資產)3構面(市場基礎資產、財務結構、週轉資產)5指標(無形資產、研發展密集度、負債比率、存貨週轉天數、固定資產週轉天數)。實證研究2003年台灣資訊電子業共287家上市公司財務資訊，使用虛擬變數複迴歸模式來探討供應鏈上中下游不同組別的企業使用輕資產指標來創造企業價值Q值的差異性，以及探討影響企業價值Q值的輕資產指標之顯著性。得到結論為資訊電子業供應鏈上、中、下游各組別的企業，不論企業性質在創造企業價值Q值方面並無差異。且4個輕資產價值指標(無形資產、負債比率、存貨週轉天數、固定資產週轉天數)對於企業價值Q值有顯著性影響，但研發密集度指標對企業價值Q值並無顯著影響。針對複迴歸模型中研發密集度指標不顯著的結果，本研究從單因子變異數分析以及敘述統計分析發現台灣資訊電子業產業依存性以及業務同質性高，並且應將研發費用投入於使產品差異化創新研究上，而非減少OEM的流程成本上。

A procedure is trying to build an indicator system of asset-light valuation from resource-based view. The research purpose is to see if the indicator system could effectively increase enterprise value. The 5 indicators are：intangible asset, R&D density, debt ratio, inventory turnover days, fixed asset turnover days of 3 dimensions (market-based asset, structure asset, turnover asset) of 2 groups (assets-light, assets-heavy). The enterprise value is Tobin’s Q, which is estimated by stock price, EPS, and ROE. And the intangible asset indicator is estimated by Tobin’s Q、earning before interest and after tax、excess return rate (ROIC-WACC). The data sample is Taiwan IT industry 287 companies in 2003 of the value chain: upstream, midstream and downstream. By dummy variable regression model we found that all the enterprises have no difference to create enterprise value, no matter which supply-chain group (upstream、midstream、downstream) they belong. By multiple regression model we found that all the indicators except R&D density have significant effect to enterprise value (Tobin’s Q). By one-way ANOVA analysis we found that the reason which caused the R&D density indicator insignificant is that the IT industry in Taiwan should focus R&D expenditure more on diversification innovation but on OEM process’ cost saving.