經濟附加價值與企業關鍵價值因子研究–以台灣LED產業為例

A study between the Economic Value Added and Value Drivers - An Empirical Study on Taiwan LED Industries

倪志珍(CHIH-JEN NI)

指導教授 ： 陳達新

國立臺北大學/商學院/企業管理學系/碩士(2010年)

摘要

近年來因為全球暖化現象，喚起人類對於環保之重視，也造成產業結構的重大改變，綠能產業－發光二極體(LED)及太陽能產業的發展最為快速。
本研究針對價值鏈與競爭優勢、併購整合策略、經濟附加價值、企業價值創造與價值因子及智慧資本等相關文獻進行探討。
透過資料分析方法，以經濟附加價值觀點，探討台灣LED產業之財務性價值驅動因子(價值動因)，及非財務性價值驅動因子(智慧資本)，並探討台灣LED產業之未來發展策略。
研究結果顯示，價值動因及智慧資本對LED產業企業價值皆具有解釋能力，且價值動因強於智慧資本，這可能與所選取的智慧資本變數有關。
就價值動因分析而言：銷貨成長率、進貨成本/淨銷貨收入比、營運資金、總資產週轉率與LED產業經濟附加價值呈現顯著正相關。其中，進貨成本/淨銷貨收入比與預期方向相反，可能因為近年來缺料問題，為取得穩定料源，雖進貨成本提高，但仍可為企業創造更高的經濟附加價值。
就智慧資本分析而言：(1)淨利與研發費用比與LED產業經濟附加價值呈現顯著正相關，顯示LED產業若能持續研發創新將可提高獲利能力，為企業創造更多價值。(2)員工平均年齡與LED產業經濟附加價值呈現顯著負相關，顯示員工平均年齡愈年輕，較易激發想像力與企圖心，對強調知識與創新的LED高科技產業而言，能為企業創造更高的經濟附加價值。
就未來發展策略而言，同業與異業之產業整合，及持續開發新技術、新應用則是未來主要競爭力之所在；此外，政府的態度與支持亦為重要關鍵成功因素。

關鍵字

發光二極體 ； 智慧資本 ； 經濟附加價值

並列摘要

Because global warming in the recent years, arouse mankind's attention to environmental protection, also cause the great change of the industrial structure. Green industries － LED and Solar energy industries are the fastest.
This research is directed at the value chain and competition advantage, merger and acquisition, economic value added, enterprise value creation and value factor, and intellectual capital to discuss.
Using the data analysis, in the view of EVA, probe into the financial value drivers (value factor) and non-financial value drivers (intellectual capital) of the LED industry of Taiwan, and the future development strategy.
The result of study shows, financial value drivers are more associated with the LED enterprise value than non-financial value drivers (intellectual capital), probably owing to the intellectual capital parameters chosen.
In the analysis of the value factor: Sales Growth, Purchase Cost Sales, Working Capital and Total Asset Turnover Ratio are significant positive correlation with EVA of the LED industry, but Purchase Cost Sales is opposite to hypotheses. Probably perhaps the lack of the material question in the recent years, in order to obtain stable material source, although purchasing cost raise, can create high EVA for the enterprise.
In the analysis of the intellectual capital: (1) Net Income to Research and Development Expense is significant positive correlation with EVA of the LED industry. If the LED industry continuously research and develop, will create more value for the enterprise. (2) Average Employee Age is significant negative correlation with EVA of the LED industry. If the Average Employee Age is young, will excite imaginative power and attempt, will create more value for the enterprise.
As regards development strategy in the future, the industrial merger, and develop the new technology continuously, is the main competitiveness. In addition, the attitude of government and supporting are also the important successful factors.

並列關鍵字

LED ； Intellectual Capital ； Economic Value Added

參考文獻

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