The Study for the Relationship among the Board Composition、Innovation Capital and Economic Value Added

• Main Authors: Bo- ming Shih, 施伯明
• Other Authors: Te- shun Huang
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/44388119930642168389

碩士 === 國立中正大學 === 企業管理所 === 96 === Abstract In our age of knowledge economy with highly changeful and treacherous markets and rapid transmission of information, the economic development of developed countries is motivated by creativity(Chen et al., 2004), therefore enterprises often establish and integrate database consisting of knowledge and capability inside them to compensate for insufficient personal ability in order to decrease risks(Peppard and Rylander, 2001). Thus, constant innovation and improvement are required in case of intending to occupy a part of the market of a given industry. The former related studies also indicate that more research founding would bring forth better performance and increase the value and stock price of a company as well. In the new economic age when free trade has become worldwide inevitable trend, constant innovation and research are required to maintain a company’s competitive advantage in the open globalized market. Jiang et al. (2003) assumes that under the impact of the shift out of the industries and economic depression Taiwan must accumulate intellectual capital with a view to accomplish the conversion of her industries into knowledge-type with highly supplementary value, which may resist the Mainland China’s predominance of manpower cost. However, it’s far from sufficient to upgrade innovation and research. Huang (1998) indicates that an enterprise must be able to execute its own strategy for competition in order to maintain its competitive advantage and the core of the execution lies in its own economic capital assets. Choice of a right strategy and effects of execution more often than not affect the creation of the value of a given enterprise, so whether administration and supervision works or not have greater influence on the operation of the organization and the distribution of the resources. Our study focuses on the listed electronics industries in Taiwan. Our study is processed between 1997 and 2006 by means of 1840 samples collected in 184 companies in total. We examine the relationships among organization of a directorate, capital for innovation and supplementary value by (Multiple Regression Analysis). The empirical results are as follows: (一).Well-designed innovation capital can effectively raise the firm value; 1.The firm value is significantly positive related to the imported technology 2. The firm value is significantly positive related to the R&D 3. The firm value is significantly negative related to the approved patents (二).Joins the board of directors characteristic variable to be able to strengthen the innovation capital to the EVA relations explanation ability 1.The board of directors composes in the variable holds the stock proportion by board of directors's total number of people and theboard of directors is affects EVA the most important variable 2.In the innovation capital variable by the imported technology, the R&D expense and the approved patents number is affects EVA the most important variable In the mean time, our study proposes that supplementary value would be made to be more applicable to various industries if EVA1, EVA2 and EVA3 were adjusted according to the characteristics of the organization of a directorate and the capital for innovation. We discover that EVA3 represents value and performance of a company and depreciation methods, but cannot really demonstrate the use of the capital. Due to the respective minus average value of EVA1, EVA2 and EVA3, the electronics industries in Taiwan, as a whole, are not competitive in the globalized markets with respective to administration, innovation and research, and the use of capital for equipment. Thus, we suggest that the owners of electronics industries in Taiwan pay more attention to the value of their enterprises and consider how to get more competitive advantage in the globalized markets.