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  • 學位論文

頻率元件產業人力資本、財務績效與企業價值關聯性之研究

The Investigation of Relation between Human Capital、 Financial Performance and Enterprise Value In Frequency Components Industry

指導教授 : 李弘暉
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摘要


本研究針對無線通訊產業所不可或缺、關鍵之頻率元件產業,以已經量化、實質會計審核、公開公告之財務性構面與非財務性構面績效衡量因子,研究、探討各變異因子與企業價值之關聯性,期能對該產業經營及資源投注、分配提供巨觀之決策參考。 本研究實證分析證實,頻率元件產業之市值面值比接近於國內IC設計及晶圓代工產業而高於IC封測及DRAM,市場價值認同度不差。 頻率元件產業公司間之本益比及市值淨值比差異較大,除採樣區間之景氣循環影響外,個別公司之產品內容、市場客戶對象及工程人力素質、經營獲利能力及資金運用效率等都貢獻了價值差異。 頻率元件產業之資產報酬率(ROA)及股東權益報酬率(ROE)在不同基期及公司別之差異頗大,而資產報酬率(ROA)及股東權益報酬率(ROE)與公司價值之市值淨值比之相關度達0.896與0.907,值得經營階層注意、追蹤、研究並祭以對策因應改善。 此研究標的產業之現金比率及速動比,最小值達0.02與0.65,顯示該產業有成員公司,流動資產相較於流動負債之比例偏低,具財務現金資金風險,應速謀改善。 總結本研究之分析及統計檢定,結果顯示,在92年至95年間,國內該產業上市櫃公司中,經實證證實與企業價值呈具顯著正相關者,在經營獲利能力財務構面績效方面有ROE股東權益回收率一項。在財務槓桿財務構面績效方面呈具顯著正相關者,有應收款週轉率一項。在人力資產群組非財務構面指標中呈具顯著正相關者,有員工學歷比重一項。 本研究以複迴歸分析得到最適配的頻率元件產業企業價值評估模型方程式為︰ 市值淨值比= α-3.733+0.216*應收款週轉率+0.074* ROE+0.034*員工學歷比重 此模式可在此產業現階段企業價值評估中為價值估算之模型,依產業及整體經濟後續發展,宜持續追蹤修正。

並列摘要


This research tends to utilize those quantified, accounted, officially published financial and non-financial data to dig out the correlation between those indexes and the enterprise value in frequency component industry, and hope to provide Marco-view of reference for the management in this industry while making decision for investment and resource allocation. As the result to show from this research, Average of Market Value / Register Value Ratio of the companies in frequency component industry is close to IC design and wafer production companies but better than IC packaging and DRAM. Value recognition to the companies in this industry is fairly good in the market. On viewing Price / Earnings ratios and Market / Book Value ratios, except the influence from economic cycle, the difference was mainly contributed by the product content, market segmentation and the level of management quality, capital investment efficiency, Engineering capability and profitability of each individual company in this industry. There is significant difference on Return of total assets (ROA) and Return of equity (ROE) among target companies. The correlation coefficient between ROAs versus Market / Book Value Ratios and ROEs versus Market / Book Value Ratios are highly located at 0.896 and 0.907. Management shall pay special attention on this area, closely track and take whatever action when necessary to control and improve those indexes. Lowest minimum current ratio and quick ratio of the companies in this industry reached 0.96 and 0.65; this indicates some individual company in this group has unhealthy cash flow; the situation shall be improved through proper ways of funding and cash out control. On operating profit earning capability, Return on Equity Ratio is proved as a strong relative contributor to the value of enterprise. Surely quick return on Shareholders equity will encourage investors in the market to pay higher value. On non-operating financial capital earning capability, Receivable Turnover Ratio is verified as a high relative contributor of enterprise value. Surely quick return on accounts receivables could improve the capital efficiency and also avoid the risk of credit concerns related to the payer. On non-financial human capital capability, Education level of indirects is proved as a high level of relative contributor of enterprise value. This conclusion matches with the results from many of articles on studying human resource valuation and development. Frequency component industry is a unique industry in Taiwan and very experienced engineering dependent, Human capital could be the key factor for companies to win the future. By regression with the observed data, the research concluded the most suitable valuation model for the companies in frequency component industry: Market Price/Book Value Ratio = - 3.733+0.216* Turnover of ARs+0.074* ROE +0 .034* Weighting of Employee’s Education Level The valuation model is suitable for current status of companies in this industry; it shall be modified by tracking the changes occurred through time in the industry and the entire economic environment.

參考文獻


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被引用紀錄


李 志 強(2008)。平衡計分卡應用於頻率元件產業績效衡量之實證研究—以T公司為例〔碩士論文,元智大學〕。華藝線上圖書館。https://www.airitilibrary.com/Article/Detail?DocID=U0009-0707200818194100

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