檢視公司價值、獲利力、成長力間的關係探討－以台灣IC產業為例

Abstract

公司為追求高水準的經營績效及永續經營的目標，就必須仰賴更有效的經營管理及訂定能夠達成經營方針的策略。為了策略能夠適度地執行，以便能制定各種政策，而公司在制定所有決策時，幾乎都與財務脫離不了關係。因此，此篇論文最主要的是想運用價值基礎規劃模型(Value-Based Planning Models)來檢視公司價值、成長力、獲利力之間的關係，欲探討何者對於公司價值的創造帶來重大的影響？利用價值基礎規劃模型來檢視公司價值和一些財務變數之間的關係，透過multiple regression (pooling data及panel data)分析來探討這些關係，能否和公司的策略相互結合進而採取決策達成目標。本研究以台灣半導體內的積體電路產業(也就是俗稱的IC產業)為研究對象，研究期間為民國90年至民國95年，經由本研究實證結果顯示： 1.IC產業內，總資產成長率是創造公司價值最重要的因素，並和公司價值呈正相關；而當超額報酬>0的公司及對公司價值的影響是大於超額報酬<0的，由此可見當公司有正的獲利對公司價值的增加是有很大幫助的。 2.各公司必須掌握住成長時機，經由市場力量及投資人未來樂觀預期，透過市場報酬率使成長力轉換成公司價值創造的催化劑，產生錦上添花的效果。 3.在IC產業中，公司規模不是大就是美。整體而言，在IC產業內，前端製程的公司對公司價值的影響是大於後端製程的。

Firms must rely on more efficient operation management and decide the strategies of achieving the operation guide in order to pursue high level object of operation performance and going-concern operation. Firms draw all decisions related with finance in order to carry out moderately strategies. Therefore, this article mainly applies value-based planning models to examine the empirically the relationship between growth, profitability, with firm value and discusses which is important for creations of firm value. We apply Value-Based Planning Models to examine the relationships between the financial variables and the firm value and analyze whether these relationships can be combined with firm strategies via the multiple regression (pooling data and panel data).Our sample is the IC industry of Taiwan and the sample period is 1999 to 2006. In this study, we found: 1.In Taiwan IC industry, the most important factor of firm’s value creation is total assets growth that has positive relation with firm’s value. The firms that have positive spread have larger effect for firm’s value than that have negative spread. We can know if the firms have postivie profitability, it can help to increase firm’s value. 2.Firms must grasp the opportuneties moment that firms grow up through the power of market and investors optimistic expect in future. Growth via market return can convert the catalyst of firm’s value creation. 3.In Taiwan IC industry, the larger firm’s size is not a good thing. Overall, the firms that have the precede manufacture process has larger effect for firm’s value than that have after manufacture process.