非財務性構面與企業價值關聯性之探討 -以上市公司半導體產業為例

The Investigate of Relation between Non-Financial Indices and Business Value - An instance of the Listed Semiconductor Industry in Taiwan

郭家慶(Chia-Ching Kuo)

指導教授 ： 沈仰斌

元智大學/管理學院/管理研究所/碩士(2006年)

摘要

本研究即是為探討非財務性構面與企業價值之關聯性，研究對象以民國89年至93年上市半導體公司，共計39家139份樣本，資料來源包括該公司財務報表、股東會年報、公開資訊觀測站、證券交易所網站，以及該公司網站，評量項目為財務績效、無形資產、資訊透明度、股權結構，以及其它變數等五大項。
經營能力方面證實與企業價值呈顯著正相關者，有固定資產週轉率一項，這代表固定資產週轉率越快，確能提升公司價值獲得證實；在獲利能力方面證實與企業價值呈顯著正相關者，有ROA、ROE、EPS等三項，代表公司獲力能力越強，對公司價值的提升越有助益；在無形資產群組中被證實與企業價值呈顯著正相關者，有人力資源結構、薪資結構，以及工程師人數比等三項，表示在半導體產業中，擁有高學歷工程師的比率越高的公司，其企業價值會較低學歷工程師的公司高，這也是創新產業的關鍵指標之一；
在所有獲得證實具顯著相關性變數中，唯一一項為負相關變數是否執行庫藏股一項，表示執行庫藏股公司並無法有效推升公司價值，反而會因其它因素而降低。

關鍵字

企業價值 ； 半導體公司 ； 相關係數分析 ； 迴歸分析 ； 非財務性構面

並列摘要

This research mainly probes into the connection between non-financial indices and enterprise’s value. The researching subjects are those semiconductor companies listed in Taiwan stock market from 89 to 93 year, and it totally amounts to 39 companies and 139 samples. The source of the materials includes the financial statement, the annual report of the shareholders' convention, the market observation post system, Taiwan stock exchange website, and the enterprise website; the reviewing items have the financial performance, the intangible assets, the transparency of information, the structure of stock right, and other parameters.
As the result to show, in those listing semiconductor companies, the turnover rate of fixed assets verifies to be high-positively related with management ability and enterprise’s value. This presents if the turnover rate of fixed assets is getting quickly, the enterprise’s value is proved to be surely rising up. In the division of earning capacity, ROA, ROE and EPS are verified to be high-positively related with enterprise’s value. This presents that the more strong earning capacity enterprise owns, the more helpful to move up enterprise’s value. Besides, in the group of intangible assets, the following three items including the structure of human resources, the structure of wages and the ratio of engineer are verified to be high-positively related with the growth of enterprise’s value. In the industry of semiconductor, the data is showing that the value of enterprise who own the higher rate of well-educated engineers will be much higher than the one who own low academic engineers. This is also one of key indexes of an innovative industry.
In all verified relevant parameters, there is only one, stock repurchases, which belongs to negative relevant parameter. The company who stock repurchases is still unable to pull up the company’s value effectively; it means that the value of company will be reduced due to other factors.

並列關鍵字

Business Value ； Semiconductor Industry ； coefficient of Correlation ； regression ； Non-Financial Indices

參考文獻

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