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題名 以平衡計分卡架構探討我國資訊電子業企業價值之影響因素
作者 陳玉芳
貢獻者 歐進士博士<br>梁嘉紋博士
<br>
陳玉芳
關鍵詞 企業價值
市價/帳面價值比
平衡計分卡
firm value
price-to-book ratio
balanced scorecard
日期 2002
上傳時間 11-Sep-2009 17:18:35 (UTC+8)
摘要 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
參考文獻 一、中文部分
1. Copeland, T. E., T. Koller, and J. Murrin，2002，事業評價─價值管理的基礎，陳隆麒譯，台北：華泰文化。
2. Porter, M. E.，1998，競爭策略─產業環境及競爭者分析，周旭華譯，台北：天下文化。
3. Kaplan R. S. and D. P. Norton，1999，平衡計分卡─資訊時代的策略管理工具，朱道凱譯，台北：臉譜文化。
4. Kaplan R. S. and D. P. Norton，2001，策略核心組織─以平衡計分卡有效執行企業策略，劉珊如審訂，台北：臉譜文化。
5. 李淑華，2003，產業價值鏈知識密度與企業績效，國立台灣大學會計學系未出版博士論文。
6. 吳秀娟，2000，企業市場價值與淨值差異影響因素之研究─以我國資訊電子業為例，國立政治大學會計學系未出版碩士論文。
7. 吳啟銘，2001，企業評價─個案實證分析，台北：智勝文化。
8. 周文賢，2002，多變量統計分析─SAS/STAT使用方法，台北：智勝文化。
9. 林炯垚，1999，企業評價：投資銀行實務，台北：禾豐文教基金會。
10. 林怡芳，2002，市場價值與帳面價值之差異探討─以IC設計產業為例，國立台灣大學會計學系未出版碩士論文。
45. Zeithaml, V.A. 2000. Service quality, profitability, and the economic worth of customers：What we know and what we need to learn. Journal of the Academy of Marketing Science 28(Winter)：67-85
46. Deng, Z., B. Lev, and F. Narin. 1999. Science and Technology as Predictors of
Stock Performance. Financial Analysts Journal 55(May/June)：20-32
三、網站部分
1. www.yahoo.com
2. www.ibm.com
3. www.apple.com
4. www.honhai.com.tw
5. tw.stock.yahoo.com
11. 陳怡倫，1996，台灣高科技產業上市公司股票評價模式之研究，國立政治大學企業管理學系未出版碩士論文。
12. 陳隆麒，1999，當代財務管理，台北：華泰文化。
13. 陳柏彰，2002，創新發明能力與企業生產力以及企業價值之關聯性研究─以台灣之資訊電子業為例，國立台灣大學會計學系未出版碩士論文。
14. 黃德舜，1998，企業財務分析─企業價值創造與評估，台北：華泰文化事業
股份有限公司。
15. 曾麗芬，2000，實施平衡計分卡之問題研究－以某銀行為例，國立政治大學會計學系未出版碩士論文。
16. 歐進士，1998，我國企業研究發展與經營績效關聯之實證研究，中山管理評論，第六卷第二期：357-386。
17. 廖冠力，2002，以平衡計分卡來探討績效衡量指標-以國立成功大學學生事務處為例，國立成功大學工業管理科學系專班未出版碩士論文。
18. 蕭天信，2000，企業價值評估：台灣高科技產業之實證研究，私立長庚大學管理學研究所管理組未出版論文。
19. 蘇俊源，2001，產業間價值創造因素差異性之研究---以水泥業與軟體業為例，國立中正大學企業管理學系未出版碩士論文。
二、英文部分
1. Amir, E. and L. Baruch. 1996. Value-relevance of nonfinancial information：The
wireless communications industry. Journal of Accounting and Economics 22
(Aug-Dec)：3-30
2. Anderson, E. W., C. Fornell, and R. T. Rust. 1997. Customer satisfaction,
productivity, and profitability: Differences between goods and services. Marketing Science 16(2)：129-145
3. Ball, R. and P. Brown. 1968.An empirical evaluation of accounting income numbers. Journal of Accounting Research 6(Autumn)：159-178
4. Banker, R. D., G. Potter, and D. Srinivasan. 2000. plan that includes nonfinancial performance measures. The Accounting Review 75(January)：65-92
5. Bassi, L. J. and D. P. Mcmurrer. 1998. Training investment can mean financial performance. Training and Development 52(May)：40-42
6. Bates, A. 2002.What drives profit in franchising. Franchising World 34(April)：46-47
7. Bernard, V. L. 1994. Accounting-based valuation methods, determinants of markets-to-book ratios, and implications for financial statement analysis. Working paper, University of Michigan.
8. Block, F. E. 1995. Study of price to book relationship. Financial Analysts Journal
51 (Jan/Feb)：63-73
9. Boer, F. P.1999. The Valuation of technology : Business and financial issues in R&D. New York: John Wiley & Sons Inc.
10. Bosworth, D. and M. Rogers. 2001. Market Value, R&D and intellectual property：An empirical analysis of large Australian firms. Economic Record 77 (December)：323-337
11. Bukh, P. N., H. T. Larsen, and J. Mouritsen. 1999. Constructing intellectual
capital statements. Scandinavian Journal of Mamagement 17(March)：87-108
12. Buren, M. E. V. 1999. A yardstick for knowledge management. Training and
Development 5(May)：71-78
13. Chung, H. Y. and J. Kim. 2002. Multi-period lead relations between price-to-book
ratios and accounting rates-of-returns：Korean evidence. Asia-Pacific
Financial Markets 9(March)：61-82
14. Copeland, T. E., T. Koller, and J. Murrin.1994. Valuation：Measuring and
managing the value of companies，2nd ed. New York：John Wiley & Sons.
15. Edvinsson, L. and M. S. Malone. 1997. Intellectual capital：Realizing your
company’s true value by finding its hidden brainpower. 1st ed .New York : Harper Business.
16. Galbreath, J. 2002. Success in the relationship age：Building quality relationship
assets for market value creation. The TQM Magazine 14(1)：8-24
17. Griliches, Z. 1981. Market value, R&D, and patents. Economic Letters 7(2)：
183-187
18. Hughes II, K. E. 2000. The value relevance of nonfinancial measures of air
pollution in the electric utility industry. The Accounting Review 75(April)：209-228
19. Ittner, C. D., D. F. Larcker, and M. V. Rajan. 1997.The choice of performance
measures in
annual bonus contracts. The Accounting Review 72(April)：231-255.
20. Ittner, C. D. and D. F. Larcker. 1998. Are nonfinancial measures leading
indicators of financial performance? An analysis of customer satisfaction. Journal of Accounting Research 36：1-35
21. Kalafut, P. C. and J. Low. 2001. The value creation index：Quantifying intangible value. Strategy & Leadership 29(September-October)：9-15
22. Kaplan, R. S., and D. P. Norton. 1992. The balanced scorecard-measures that
drive performance. Harvard Business Review (January-February): 71-79
23. Kaplan, R. S., and D. P. Norton. 1993. Putting the balanced scorecard to work.
Harvard Business Review (September-October): 134-147
24. Kaplan, R. S., and D. P. Norton. 1996. Using the balanced scorecard as a strategic
management system. Harvard Business Review (January-February): 74-85
25. Kaplan, R. S., and D. P. Norton.2001.Tranforming the balanced scorecard
from performance measurement to strategic management：partⅠ. Accounting Horizons 15(March)：87-104
26. Kaplan, R. S., and D. P. Norton. 2001.Tranforming the balanced scorecard
from performance measurement to strategic management：partⅡ. Accounting Horizons 15(June)：147-160
27. Keating, E. K., T. Z. Lys and R. P. Magee. 2003. Internet downturn：Finding
valuation factors in spring 2000. Journal of Accounting and Economics 34(January)：189-236
28. Kothari, S. P. and J. L. Zimmerman. 1995. Price and return models. Journal of
Accounting and Economics 20(September)：155-192
29. Lee, C. M. C. 1999. Accounting-based valuation：Impact on business
practices and research. Accounting Horizons 13(December)：413-425
30. Leibowitz, M. A. 1999. Market-to-book ratios and positive and negative returns
on equity. The Journal of Financial Statement Analysis 4(Winter)：21-29
31. Leonard-Barton, D. 1992. Core capabilities and core rigidities: A paradox in
managing new product development. Strategic Management Journal 13(Summer)：111-125
32. Lev, B. and T. Sougiannis. 1996. The capitalization, amortization and value
relevance of R&D. Journal of Accounting and Economics 21(Feburary)：
107-138
33. Lipe, M. G. and S. E. Salterio. 2000. The balanced scorecard：Judgmental effects
of common and unique performance measures. The Accounting Review75
(July)：283-298
34. Morin, R. A. and S. L. Jarrel. 2001. Driving shareholder value. New York：
McGraw-Hill.
35. Ohlson, J.1995. Earning, book values, and dividends in equity valuation.
Contemporary Accounting Research 11(Spring)：661-687
36. Penman, S. H.1991. An evaluation of accounting rate-of-return. Journal of
Accounting, Auditing, and Finance 6(Spring)：233-255
37. Penman, S. H. 2001. Financial statement analysis and security valuation.
McGraw-Hill.
38. Rappaport, A. 1986. Creating shareholder value：The new standard for business performance, New York: The Free Press
39. Reilly, F. K. and K. C. Brown. 2003. Investment analysis portfolio management. 7th ed. Thomson Learning South-Western.
40. Stewart, T. A. 1998. Intellectual capital : the new wealth of organizations. London : Nicholas Brealey.
41. Sveiby, K. E. 1997. The new organizational wealth : managing & measuring knowledge-based assets. 1st ed. San Francisco, Calif.：Berrett-Koehler Publishers.
42. Trueman, B., M. H. F. Wong, and X. J. Zhang. 2000. The eyeballs have it：Searching for the value in Internet stocks. Journal of Accounting Research 38：137-162
43. Tuller, L. W. 1994. Small business valuation book. Massachusetts：Bob Adams Inc.
44. Waltermann, B. 2002. Idle assets mean dead cash；No firm can afford such wastage. Knight Ridder Tribune Business News.
描述 碩士
國立政治大學
會計研究所
90353010
91
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0090353010
資料類型 thesis
dc.contributor.advisor 歐進士博士<br>梁嘉紋博士zh_TW
dc.contributor.advisor <br>en_US
dc.contributor.author (Authors) 陳玉芳zh_TW
dc.creator (作者) 陳玉芳zh_TW
dc.date (日期) 2002en_US
dc.date.accessioned 11-Sep-2009 17:18:35 (UTC+8)-
dc.date.available 11-Sep-2009 17:18:35 (UTC+8)-
dc.date.issued (上傳時間) 11-Sep-2009 17:18:35 (UTC+8)-
dc.identifier (Other Identifiers) G0090353010en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/30129-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 90353010zh_TW
dc.description (描述) 91zh_TW
dc.description.abstract (摘要) 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		zh_TW
dc.description.abstract (摘要) 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		en_US
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究動機與研究問題 1
     第二節 論文架構 4
     第二章 文獻回顧與實證假說 5
     第一節 企業價值 5
     第二節 平衡計分卡 14
     第三節 本研究在文獻上之定位 19
     第四節 實證假說 21
     第三章 研究方法 27
     第一節 樣本 27
     第二節 變數 28
     第三節 統計估計方法 33
     第四章 實證結果 35
     第一節 基本資料分析 35
     第二節 基本迴歸分析結果 36
     第三節 敏感性分析結果 37
     第四節 結論 42
     第五章 結論與建議 45
     第一節 研究結論 45
     第二節 研究限制及建議 48
     附表 50
     參考文獻 65		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0090353010en_US
dc.subject (關鍵詞) 企業價值zh_TW
dc.subject (關鍵詞) 市價/帳面價值比zh_TW
dc.subject (關鍵詞) 平衡計分卡zh_TW
dc.subject (關鍵詞) firm valueen_US
dc.subject (關鍵詞) price-to-book ratioen_US
dc.subject (關鍵詞) balanced scorecarden_US
dc.title (題名) 以平衡計分卡架構探討我國資訊電子業企業價值之影響因素zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文部分zh_TW
dc.relation.reference (參考文獻) 1. Copeland, T. E., T. Koller, and J. Murrin，2002，事業評價─價值管理的基礎，陳隆麒譯，台北：華泰文化。zh_TW
dc.relation.reference (參考文獻) 2. Porter, M. E.，1998，競爭策略─產業環境及競爭者分析，周旭華譯，台北：天下文化。zh_TW
dc.relation.reference (參考文獻) 3. Kaplan R. S. and D. P. Norton，1999，平衡計分卡─資訊時代的策略管理工具，朱道凱譯，台北：臉譜文化。zh_TW
dc.relation.reference (參考文獻) 4. Kaplan R. S. and D. P. Norton，2001，策略核心組織─以平衡計分卡有效執行企業策略，劉珊如審訂，台北：臉譜文化。zh_TW
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