企業的股東價值與其動因之探討－以台灣上市電子工業為例

Exploring the Drivers of the Shareholder Value of Firms: An Empirical Examination of Listed Electronics Industry in Taiwan

黃小玉(Shoue-Yu Huang)

《興國學報》 4期 (2005/07) Pp. 177-194

https://doi.org/10.29950/JHKUM.200507.0013

摘要

如何知道公司經營是否良好？如何找出最好的衡量指標？股東價值是公司經營績效的主要指標，公司經營的目標在求取股東財富價值的極大化。本研究以上市電子工業154家為研究對象，蒐集2001年至2003年之資料進行迴歸分析。結論有以下幾點：1、依據理論基礎與實證經驗，選定股東價值的衡量指標為股東附加價值；影響股東價值的價值動因則分別由財務策略面、供給鏈及平衡記分卡三方面來加以探究。2、平衡記分卡價值動因對股東價值之解釋能力優於供給鏈價值動因，也優於財務策略面價值動因。3、掌握了影響股東價值的所有動因後，企業可經由這些動因建立相關指標，並隨時掌握這些指標的消長變化，協助企業選擇增進企業價值的投資決策。

關鍵字

股東價值 ； 價值動因 ； 財務策略 ； 供給鏈 ； 平衡記分卡 ； 迴歸分析

並列摘要

How do you know if a company is doing well and what are the best measures to use to find out? The concept of shareholder value as a key indicator of corporate performance. Assuming that the objective of the corporation is to maximize shareholder value. The study including the calculation of 18 variables and regression analysis in the sample of 154 listed electronics industry from 2001 to 2003. Result: 1.The most widely studied to measure shareholder value is shareholder added value (SVA). The three drivers of enhanced shareholder value are financial strategy field, supply chain field and balanced scorecard field. 2.The value drivers of balanced scorecard is more powerful than supply chain and financial strategy in explaining shareholder value, 3.Based on our results, a firm could establish indicators to guide managerial actions. Finally, SVA analysis could aid a firm in choosing value-enhancing investment projects.

並列關鍵字

shareholder value ； value driver ； financial strategy ； supply chain ； balanced scorecard ； regression analysis