兩岸物聯網產業鏈公司價值評估分析

Assessing the Value of the Firms on Internet of Things Industry: A Comparative Study of across Taiwan Strait

柯瓊鳳(Chiung-Feng Ko) ； 張家豪(Chia-Hao Chang)

《東吳經濟商學學報》 95期 (2017/12) Pp. 57-90

摘要

既有物聯網相關研究文獻較少探討物聯網產業的公司價值或是產業上下游結構。因此，本研究以Ohlson模式，針對MONEY DJ理財網物聯網概念股，探討有關中國及台灣物聯網產業公司之獲利能力，帳面價值及其他財務等因子進行公司價值分析。實證結果顯示，物聯網產業公司價值為帳面價值、盈餘及其他資訊之加總。台灣企業在每股淨值（BV）、每股盈餘（EPS）、營業毛利率（GP）、營業利益率（OP）、營收成長率（LM）及權益乘數（EM）等變數具有統計上有效解釋公司價值之結果；中國企業則每股淨值（BV）、每股盈餘（EPS）、營業毛利率（GP）、營業利益率（OP）、權益報酬率（ROE）、資產報酬率（ROA）、營收成長率（LM）、稅前淨利成長率（GT）以及取log後營業收入淨額（DA）等變數具有顯著結果。兩岸部份之實證結果則除了營業利益率（OP）未達統計上顯著水準之外，其餘皆為顯著變數。依產業環節細分，台灣企業在物聯網產業上游具有顯著效果，而中國企業在上游及中游產生顯著，兩岸企業在上游及中游產生顯著效果。中國物聯網產業在政策的推動下，逐漸顯現產業位階的效果。

關鍵字

物聯網 ； 感知層 ； 網路層 ； 應用層 ； Ohlson Model

並列摘要

The Internet of Things (hereinafter referred to as IoT) is one of the strong momentums in the technological world but despite the enormous attention and investment, the clear industrial value is still hard to identify. Applying the Ohlson model, the paper investigates the base category of IoT which is set by MONEY DJ financial website for China and Taiwan companies. The research results show the following variables are significant for Taiwan companies, there are: book value per share (BV), earnings per share (EPS), gross profit rate (GP), operating income rate (OP), sales growth rate (LM) and equity multiplier (EM). For China companies, the significant variables are: book value per share (BV), earnings per share (EPS), gross profit rate (GP), operating income rate (OP), return on equity (ROE), return on assets (ROA), sales growth rate (LM), pre-tax net profit growth rate (GT) and net sales (log type) (DA); All variables for cross-straits are significant except for the operating income rate (OP). According to industry segments, in Taiwan, the IoT in the upstream enterprises has a significant effect, while Chinese enterprises in the upstream and midstream reaches significant results, same results as the cross-strait enterprises do. Driven by the nation policy, China accelerates the development of IoT industry and results in good effect of utilizing IoT technology.

並列關鍵字

Internet of Things ； Perception Layer ； Network Layer ； Application Layer ； Ohlson model

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