工業 4.0 潮流下機器人產業鏈經營績效分析

An Empirical Study of the Operating Performance of Robotics Industry Chain in the Trend of Industry 4.0

曹恒翎(Heng-Lin Tsao)

指導教授 ： 林惠玲

國立臺灣大學/社會科學院/經濟學研究所/碩士(2018年)

https://doi.org/10.6342/NTU201800690

摘要

本論文以工業和服務型機器人產業鏈之上市櫃公司資料為研究對象，共選取53 家公司為樣本，研究期間為2008 年第一季到2017 年第三季，以panel data之資料型態進行處理分析，所選取之市場結構變數包含廠商規模；廠商行為變數包括廠商研究發展費用、營收成長率及垂直整合行為；總體經濟變數包含美元兌新台幣匯率、台灣機械產品外銷訂單海外生產比、M2 餘額和工業4.0；政策面變數包含政府支出-研發經費；以資產報酬率(ROA)、股東權益報酬率(ROE)和Tobin's Q 值作為衡量經營績效的價值。
實證結果發現，工業4.0、向後整合和營收成長率對資產報酬率(ROA)、股東權益報酬率(ROE)和Tobin's Q 值皆呈現顯著正相關；台灣機械產品外銷訂單海外生產比和政府支出-研發經費對資產報酬率(ROA)和股東權益報酬率(ROE)則呈現顯著負相關。最後考慮工業4.0 前後的影響可以區分會計績效與市場績效的結果，以會計績效資產報酬率(ROA)、股東權益報酬率(ROE)來探討，發現工業4.0前較工業4.0 後相對影響較大；以市場績效Tobin’s Q 值來探討，發現工業4.0 後較工業4.0 前相對影響較大。
參考本研究所分析歸納之結果，廠商應更積極從事上中游的整合作業，政府應優先編列經費加強培養中小型的系統整合廠商，扶植機器人產業關鍵零組件的品質及可靠度提升並加速產業鏈垂直整合，徹底在各產業執行生產力4.0 政策，激發台灣機器人產業發展的契機。

關鍵字

工業4.0 ； Tobin’s Q 值 ； 資產報酬率 ； 股東權益報酬率 ； 產業鏈

並列摘要

This thesis adopted the data of listed companies in the industrial robot and service robot industry chain as the research subject. A total of 53 companies are selected for the sample between 2008Q1 to 2017Q3 and use panel data regression to analyze. There is an independent variable of market structure including firm size. The independent variables in business conduct include R&D expense ratio, sales growth rate and vertical integration behavior. The macroeconomics variables include the exchange rate of the USD to NTD,Taiwanese machinery export orders overseas production ratio、monetary aggregate and the Industry 4.0. The government policies variables include government spending -R&D expense. We use ROA, ROE and Tobin's Q to evaluate operating performance.
The empirical results show that the Industry 4.0, backward integration and sales growth rate have significantly positive effect on operating performance (ROA, ROE and Tobin's Q), and Taiwanese mechanical products export orders overseas production ratio and government spending-R&D expense have a significant negative effect on operating performance (ROA, ROE). Finally, we can distinguish the results of accounting performance (ROA, ROE) and market performance (Tobin's Q) considering the effect of the Industry 4.0. Based on the accounting performance, it is found that the Industry 4.0 before has relatively greater impact than Industry 4.0 after. Based on the accounting performance, it is found that the Industry 4.0 after has relatively greater impact than the Industry 4.0 before.
The results summarized in this study so that manufacturers should be more actively engaged in integration work in the upper and middle reaches. The government should prioritize funding to strengthen small and medium-sized system integrators, to foster the higher quality and reliability of key components in the robot industry and speed up the industrial chain vertically integrated. The government can fully execute the Productivity 4.0 project in various industries and stimulate the development of Taiwan's robot industry.

並列關鍵字

Industry 4.0 ； Tobin’s Q ； ROA ； ROE ； Industry chain

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