智慧資本對經濟附加價值與績效影響之研究-以LCD產業為例

The Study of Relationship among the Intellectual Capital, Economic Value Added and Corporate Performance – An Analysis for the Taiwan’s LCD Industry

陳靜芬(Ching-Fen Chen)

指導教授 ： 陳若暉

中原大學/商學院/企業管理研究所/碩士(2006年)

https://doi.org/10.6840/cycu200600037

摘要

摘 要

在知識經濟時代中，企業競爭的優勢不再只是利用資金及土地等有形資產，更來自於無形資產及知識創造的機制。現行財務報表仍偏重衡量與報導有形之部分，大多未考量到無形資產、籌措資金的負債及權益成本。採用美國紐約Stern Stewart & Co.顧問公司所發展出的經濟附加價值(Economic Value Added, EVA)，強調所有資金都有其成本，唯獨在GAAP的基礎下可能會有扭曲的現象，進而做部分會計科目的調整，達到接近企業真實的價值。

探討智慧資本和價值動因對於LCD產業之經濟附加價值之影響。另分析LCD產業的公司成長、槓桿比率與經營績效(Tobin’s Q值)的關聯性。

本研究參考多位學者的智慧資本衡量指標，歸納出本研究所選取的智慧資本變數及價值動因、公司成長性及槓桿比率，再以Panel Data模型之固定和隨機效果進行實證。樣本資料以2002年第4季至2005年第2季的台灣「兩兆雙星」產業中的LCD相關產業廠商為主。實證結果發現：
一、智慧資本的四個構面-人力資本、顧客資本、創新資本及流程資本，僅人力資本及 顧客資本可以提升LCD產業的企業價值。
二、價值動因的三個因子-營運資金、稅前息淨利、資本支出可以提昇LCD產業的企業價值。
三、LCD產業經計算其Tobin’s Q值大於1，表示公司處於高成長期公司，未來的成長機會可期。另由於長期資金需求較高，舉債的增加可以為公司帶來較高的淨值，使公司呈正成長現象。

關鍵字

智慧資本 ； 價值動因 ； Tobins’Q值 ； 經濟附加價值

並列摘要

ABSTRACT

In the era of knowledge-based Economics, the enterprises emphasized on important factors of the tangible assets such as capital and properties are no longer valid for competitive advantages. More contributions are generated from intangible assets and innovation knowledge. The traditional financial statements are only focusing on the tangible portion, ignoring the intangible asset, cost of fund raising and equities. The Economic Value Added (EVA) method developed by Stern Stewart & Co. emphasizes on cost of funds, but could be twisted under GAAP. Therefore, some adjustments for particular accounts are necessary of expressing true value for firm.

After reviewing relevant literature of intellectual capital, the investigation confirms the existence of some factors, the variables of intellectual capital, value drivers, growth and leverage. This research adopted the period from 2002 Q4 to 2005 Q2, under the framework of Panel Data model with the fixed and random efforts to examine whether the intellectual capital and value drivers can deliver the contribution to EVA of corporations, and analyze the relationship between growth and finance leverage with Tobin’s Q.

The results revealed that only two factors of Intellectual capital, Human capital customer capital, can improve the value of company.

The value drivers, working capital, profit before Tax and capital expenditure, may also improve the value of company.

When Tobin’s Q of LCD industry was greater then one, it indicates that a firm will have more opportunities in the future grow up fruitfully. Due to a higher demand of long term capital, adding debit can bring more net worth to a firm and make it steady grow.

並列關鍵字

Tobin’s Q. ； Intellectual Capital ； Economic Value-Added (EVA)

參考文獻

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