經濟附加價值理論可行性的一項探討
-以台灣TFT-LCD產業為例

摘要一般公認會計原則(GAAP)直到今天仍然存在有許多未解決的問題，包括容易遭操縱報導經營結果、不重視無形資產之合理評價、忽視權益資金成本致產生「代理問題」等。經濟附加價值指標EVA®自90年代後，在歐美逐漸成為企業價值管理與衡量企業價值最熱門的工具之一。但90年代末期許多出名的大公司如AT&T、JC Penny… 等又紛紛拋棄使用多年的EVA®管理系統，而回歸傳統會計指標，這也提醒了我們，EVA®可能仍舊有瑕疵。國內對於EVA®仍然相當陌生，研究者對其是否是為較好的公司價值或內部績效衡量指標，尚無定論。本研究對EVA®理論中，包括研發費用、行銷費用、備抵呆帳、及折舊與在建工程等常見調整項目的調整原理及計算方式，提出不同看法或改進意見。本研究標的台灣TFT-LCD產業的特色為：資本密集、技術密集、競爭激烈。根據經濟附加價值EVA®之定義，對台灣TFT-LCD產業五家上市公司自民國八十九年十二月至九十三年三月公告的季度財務資訊，就可取得資訊及可進行步驟，進行EVA®與「投入資金(IC)」的逐步調整計算。並將計算出來之EVA®相對於幾個傳統會計衡量指標﹝營業利益、經常利益、及自由現金流量﹞與市場附加價值(MVA)作實證比較分析，結果發現： 1. 經濟附加價值指標對台灣TFT-LCD產業的市場附加價值具有解釋能力，但其適用要考慮成本效益關係。 2. 就現階段台灣TFT-LCD產業而言，相較於傳統績效評估指標，經濟附加價值並非顯著的更佳指標。此應係該產業樣本公司於樣本期間仍值青壯期，其特徵為研發行銷支出龐大，建購廠房設備現金流出量甚鉅，經濟附加價值泰半為負數所使然。建議進一步研究的方向為，對無形資產的將來價值辨識與評價方法、擴大樣本公司及於該產業的上游、選擇有導入經驗的企業作個案探討研究、取得細部相關資訊、以及作為內部經營績效衡量指標效能的研究。

關鍵字

經濟附加價值；市場附加價值；績效指標

並列摘要

ABSTRACT Up to today, there are still issues related to the generally accepted accounting principles (GAAP) yet to be resolved. These include, among others, apt to be manipulated in the reporting of operating results, disregarding the reasonable valuation of intangible assets, and the overlook of equity capital cost that leads to ‘agency problems’, etc. Since the inception of 90’s, ‘Economic Value Added (EVA®)’ has become one of the most popular performance measures. In the late nineties, however, a lot of well known companies, like AT&T, JC Penny…..abandoned the adoption of EVA® based managerial system, and resumed to the conventional performance measures. This situation alerts us that there still exist some defects in the EVA® scheme. Domestically, the EVA® is still an unfamiliar term. Researchers do not reach a consensus on whether it is a better external or internal performance measure as compared with their conventional counterpart. This study presented different views on the identification and treatment of certain frequently adjusted items in the EVA® scheme, including R&D expenditures, marketing expenses, provision for bad debts, depreciation and contraction in progress, etc. TFT-LCD industry in Taiwan has expressed characteristics in capital and technical intensive, as well as fierce competition. I used the five listed Taiwanese TFT-LCD industry companies’ quarterly public financial information, for the period December 2000 to March 2004, adjusted step by step into their respective economic value added (EVA®) as well as adjusted invested capital, by referencing to the theory and guidelines provided by the EVA®. This study then compared the capability in the reflection of market value added (MVA) of calculated EVA®, to the extent information and approach available and practical, with that of a few conventional accounting performance measures, namely, operating profit, ordinary income, and free cash flows, and found: 1. EVA® has had the capability in the reflection of MVA for Taiwan TFT-LCD industry. The adoption of this measure will have to weigh the benefit with the cost associated therewith, however. 2. For the sample period, to the Taiwan TFT-LCD industry, empirical evidences did not support the hypothesis that EVA® outperforms other conventional accounting performance measure. This may attribute to the facts that sample companies in the industry are still in the early development stage. They have common characteristics in having heavy R&D as well as marketing expenditures, and substantial plant and equipment purchases, caused most sample periods’ EVA® negative in value. My recommendations on fields of further study include the methodology in the identification and amortization of intangibles, expanding sample coverage to upstream enterprises, choosing companies with implementation experiences as sample, obtaining further detail relevant information from inside, and the evaluation of effectiveness of using EVA® as an internal performance measure.

並列關鍵字

Economic Value Added ； EVA&reg ； Performance Indicator ； MVA ； Market Value Added

參考文獻

8. 李武隆 (2000)，「績效衡量指標與股票報酬關聯性之研

灣應用的可行性，國立中央大學財務管理研究所未出版碩士論

14. 互億科技股份有限公司，財務報告，民國九十二年及九十一年

15. 吳宛芳(2004)，2004年TFT LCD產業展望，元大京華投顧

value added and abnormal economic earnings : An empirical

國際替代計量

經濟附加價值理論可行性的一項探討 -以台灣TFT-LCD產業為例

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