輕資產營運模式與企業獲利關係之研究-以台灣上市櫃電子公司為例

Abstract

「輕資產」的營運意涵是指企業因有效運用外部與內部資源，產生以組織文化、企業形象、品牌價值、供應商管理、顧客關係、產品品質管理等無形資產為主的整體競爭優勢，本研究認為企業所擁有的輕資產優勢，具有不易移轉、不易複製、與耐久的資源特性，是企業真正的核心競爭力。從策略管理面來看，衡量企業的輕資產可以區別企業是否有效率的執行策略，為衡量企業累積所有策略成果的數字，亦即衡量企業經營的好壞。本研究以台灣上市櫃電子公司為樣本數，以區別分析作為研究方法，推導出的區別函數，與顯著的區別變數。 依據本研究所採用的模型篩選出六個具有顯著區別能力的變數，分別為輕資產報酬率(ROLA)、股本規模、管理費用率、純益率、投入資本報酬率(ROIC)與帳上的有形資產。這些區別變數將可協助經營者觀察，並做為邁向輕資產營運的指標，此外，將具有區別能力的變數帶入區別函數之中，即可判定該企業是否具有競爭優勢（輕資產）。 結果分析（一）以輕資產評價模式計算出企業的輕資產價值，將可作為判定企業為輕或重資產管理的營運指標（二）輕資產與企業之獲利能力具有相當程度的關連，其中獲利指標係以輕資產報酬率、投入資本報酬率與純益率具有區別能力（三）研發費用率、推銷費用率、產品毛利率對於區別企業是否為輕資產之區別能力低。（四）股本規模的擴充必須要小心謹慎，若在內部控制與整體利潤率的提升上尚有未盡之處，應以內部控制與整體利潤率提升為首要目標，而非盲目的擴充股本，企業的成功之道應是懂得控制成本提升利潤率的企業，要做強才能做大。

"Light assets" is the meaning of the operation of an enterprise as a result effective use of internal and external resources to produce organizational culture, corporate image, brand value, vendor management, customer relations, product quality management, and other of intangible assets consisting mainly of competitive advantage. This study considered that corporate owned by the light assets is the advantage of not being easily transferred and difficult to reproduce, and the durability of the resources is really the core of enterprise competitiveness. From a strategic management perspective, in light of an enterprise's assets can be differentiated enterprise is the implementation of an efficient strategy for all of an enterprise's cumulative number of the outcome of the strategy. Accordingly, the present study to Taiwan listed counters for samples of several electronics companies, to distinguish between analysis as a method derived from the difference between function, and significant differences between variables. Based on the model used in this study selected six notable is the ability to distinguish between variables, respectively, return on light assets (ROLA), the equity scale, rate management costs, net profit rate, return on investment capital (ROIC) and the tangible assets value, these differences will be variable assist the operators to observe, as a move towards the operation of the assets of light indicators, in addition, will have the capacity to distinguish between variables into the function of the difference can determine whether the enterprise has competitive advantage (Light assets) . Study found that (a) the light assets value will serve as a judge for light or heavy enterprise asset management operating indicators (b) Light assets and the profitability of enterprises with a considerable degree of connection (c) The general used of profit targets, such as return on equity and return on assets had no significant correlation between the light asset value. Becouse of the profit targets do not represent all of the resources and therefore their ability to distinguish between lower. (d) the expansion of the scale of equity must be cautious, and if the internal control and improve the overall profitability of the backlog, there should be internal control and improve the overall profitability primary objective, rather than blindly expanding equity, enterprise the success of cost control should know how to improve corporate profitability, more stronger can make.