經營績效及智慧資本對企業價值的影響 -台灣線上遊戲產業之實證分析

隨著科技的發展，電子用品越來越發達，帶動遊戲產業也愈來愈進步，根據電腦商業公會顯示，台灣在2018年遊戲產業產值達到新台幣580億元，其最主要的產值為手機遊戲，並且與日本、韓國排進Google Paly全球前五大遊戲市場。本研究主要探討台灣線上遊戲公司之經營績效及智慧資本對企業價值的影響，本研究選取上市櫃公司共計11家，研究期間自2007至2018年，共計12年。本研究預計利用經營績效（每股盈餘EPS、資產報酬率ROA、股東權益報酬率ROE）、智慧資本的三項構面（結構資本、人力資本、顧客資本）進行分析，並且以市價與帳面價值比、TobinQ及智慧資本附加價值係數VAICTM探討台灣遊戲產業之公司經營績效及智慧資本對企業價值的影響。本研究之目的旨在分析台灣遊戲產業在如此高產值下，如何運用其資源來創造出更高的企業價值，並且作為其他中小遊戲開發商或是企業參考，祈使我國遊戲產業能在競爭激烈的全球遊戲產業鏈中更進一步提升。

關鍵字

遊戲產業；智慧資本；企業價值；經營績效

並列摘要

With the development of science and technology, electronic products are more and more developed, and the game industry is also getting more and more advanced. According to the Computer Business Association, Taiwan’s game industry output value reached NT$58 billion in 2018, and its main production value is mobile games. And with Japan, South Korea ranked in the top five game markets of Google Paly. This study mainly discusses the operating performance of Taiwan online game companies and the impact of intellectual capital on corporate value. This study selected 11 listed cabinet companies, and the research period was from 2007 to 2019, for a total of 13 years. This study is expected to use the three dimensions of asset performance (EPS per share), intellectual capital (structural capital, human capital, customer capital), and Market added value, TobinQ and Smart Capital Value Added Coefficient explore the impact of the company's operating performance and intellectual capital on the value of the company in the Taiwan game industry. The purpose of this study is to analyze how the Taiwan game industry uses its resources to create higher corporate value under such high output value, and as a reference for other small and medium-sized game developers or enterprises, the game industry in China can be fiercely competitive. The global game industry chain is further enhanced.