| Summary: | 碩士 === 銘傳大學 === 國際企業學系碩士在職專班 === 98 === Intellectual capital is increasingly hailed as a key factor of competitive advantage in the knowledge economy. Along with the evolution of knowledge-based economy, traditional accounting system cannot meet the requirements of modern companies anymore because it cannot measure the businesses value that the core capably creating. Thus this study examines the relative importance of industry, corporate, year, and transient industry effects on ROA, Tobin’s Q, EVA and VAICTM as the profitability measures from 1996 to 2008. The purpose of the study expore the differences in the importance of various effects among four measures.We further divide the sample into two subsamples: business groups and non-business groups. We explore whether various effects might be different between business groups and non-business groups.
The results indicate that the impact of firm effect on business profitability is much more significant than other effects in all measuring indicators. The emerging markets and mainland China grew; besides, companies in Taiwan faced the industrial development to a mature stage since 2000s. The competitive ability of Taiwan manufacturing declining under the highly competitive industrial environment. Thus the variant of industrial structure has the less impact on business profitability in Taiwan. In addition, this paper also finds that during the year of 2001 to 2008, regardless of business groups or non-business groups, the results of VAICTM measuring indicators indicate considerable interpretation. It may show that, both of business groups or non-business groups need to utilize available resources such as R&D, technical development and human resource to absorb its know-how so as to rise firm''s market value added with the maturity of markets and the knowledge industry emerging in 2000s. For complicated modern business groups or large companies, ROA profitability indicator may have no longer represent their true profitability. Our finding suggest that VAICTM is much suitable to use as the indicator of firm''s profitability than other profitability indicators, and can more really present firm''s values.
|
|---|
