無形資產價值驅動因子之研究－以台灣生化科技產業為例

Determinants of the Valuation of Intangible Assets-Am Empirical Study on Biotech Industry

熊杏華 ； 朱博湧 ； 曾雅嫆 ； 王若蓮

《評價學報》 1期 (2009/05) Pp. 29-43

https://doi.org/10.30073/JV.200905.0003

摘要

在知識經濟時代，無形資產管理不僅攸關組織價值，且為企業成長之重要關鍵；然而，如何決定無形資產價值評估的方式，與確認無形資產的決定因子乃為二大難題。本研究第一個目的，乃以Sveiby［26］五種無形資產的評價模式分別計算台灣生化科技產業公司的無形資產價值。研究結論指出均支持此知識密集產業的確蘊含豐富之無形資產價值。本文的第二個目的，乃以財務及智慧資本構面構成的24個因子，以因素分析法，分別萃取出6種創造無形資產價值的主要組成項目，採用逐步迴歸分析確定攸關因子對各種評價方式的解釋程度，研究結論指出，影響無形資產價值最重要之驅動因子為『研發成果』，唯有以永續經營的觀點，持續投入研發，申請專利，才是最攸關無形資產價值創造的關鍵因素。其次，『員工與資產管理能力』、『償債能力』、『獲利能力』亦為重要關鍵因素。

關鍵字

智慧資本 ； 無形資產 ； 生化科技產業 ； 企業評價

並列摘要

In the knowledge economy, the analysis of intangible resources affects an organization's value and growth. The choosing of the evaluation model and the critical factors for intangible assets both are the most difficult issues to determine. The first purpose of this study employs five Sveiby(2002) evaluation models to compute the intangible value of biotech industry in Taiwan. The results show that biotech companies indeed own high intangible values. The second purpose of this paper is to investigate the compositions of intangible assets in Taiwanese biotech industry by examining the possible elements which is determined by the different aspects of the relationship between intangible determinates and intangible value. We constructed 24 items from financial and intellectual capital aspects. Results of factor analysis indicated 6 main attributes of intangible value. Results of stepwise regression indicated that research performance attributes is the most important attribute to predict intangible value in biotech industry. The finding presents that biotech industry is more long-running business oriented. Besides, asset management ability, debt ratio, and profit performance are also the critical attributes.

並列關鍵字

Intellectual Capital ； Intangible Assets ； Biotech industry ； Business Evaluation