| Summary: | 企業價值受到資本市場的眾多投資人、公司股東或企業管理階層等等的高度矚目。企業價值評價的方法眾多，最理想之狀況是根據企業相關資訊而計算出的實質價值。然而實質價值難以估計，遂以市價(亦即股票價格或股價乘以發行股數)做為實質價值之代理變數。然而，考量不同公司，其發行在外股數多寡不一，為消除公司規模問題，本研究根據Ohlson(1995)提出之模型加以延伸，以市價/帳面價值比作為企業價值之衡量指標。
然而，企業價值究竟受到哪些因素影響呢？過去研究多偏向探討財務資訊與企業價值間之關係，一直到近期始開始注意到非財務性資訊對企業價值之影響。但仍缺少一個完整的邏輯結構，Kaplan and Norton(1992)提出的平衡計分卡提供了一個全面性整合的架構去評估組織之績效，以嚴謹的邏輯關係將財務與非財務層面之因素加以連結，透過計分卡的四個構面：財務、顧客、內部流程及學習與成長的層層推演，幫助達成組織之策略目標。而企業策略目標之達成，對於企業價值應有正面助益，故本研究以平衡計分卡之架構，討論我國資訊電子業企業價值之影響因素，探討欲提升企業價值可從哪些因素著手。
本研究以複迴歸方式進行分析，研究結果顯示：（一）財務構面的營業毛利成長率與股東權益報酬率與企業價值間有顯著正相關；（二）顧客構面的顧客滿意度與企業價值間有顯著正向關係；（三）內部程序構面的研發強度與企業價值間有顯著正相關；（四）學習與成長構面的員工生產力與員工教育程度與企業價值間有顯著正向關係。建議我國資訊電子業欲提升自身之企業價值，可從上述各因素著手努力。
關鍵字：企業價值、市價/帳面價值比、平衡計分卡
=== Valuation of the firms is a considerable issue for investors, stockholders, and managers. The valuation methods are numerous, the most ideal one is intrinsic value which is calculated on the firm’s related information, such as dividend policy, profitability and growth etc. However, it is difficult to calculate the intrinsic value. The related research always substitute market value (stock price or stock price*outstanding shares) for intrinsic value. Considering the firm scale, this research followed the Ohlson model (1995), and chose the price-to-book ratio (P/B ratio) as the measure of the firm value.
Anyhow, what are the critical factors influencing firm value? Most past researches focused on the relationship between financial information and firm value. Currently, the influence of non-financial information factors begins being emphasized. Yet, it still lacks a set of complete logical structure. “Balanced scorecard”, presented by Kaplan and Norton (1992), provides an integrated enterprise performance evaluation system. This tool logically connects the financial and non-financial factors and divides all the influential factors into four different “scorecards”, including “finance”, “customer”, “internal process” and “learning and growth”, in order to help the organization achieve its strategic objectives. Furthermore, the achievement of strategic objectives is supposed to have positive effect on organizational performance. Therefore, this research explores the influential factors toward firm value, utilizing “balanced scorecard”, and probe which factors can clearly increase the firm value. The research target sample is the information technology industry in Taiwan.
The statistical analysis method in this research is multiple regressions. The research results are as follows. 1. In the finance perspective, “gross profit growth rate” and “return of equity” positively affect the firm value. 2. In the customer perspective, “customer satisfaction rate” positively affects firm value. 3. In internal process perspective, “research and development (R&D) intensity” positively affects the firm value. 4. In learning and growth perspective, “employees productivity” and “employees education level” positively affect the firm value. Hence, this research suggests the information technology industry in Taiwan can aim at the concluded factors to increase its firm value.
Key words：firm value, price-to-book ratio, balanced scorecard
|
|---|
