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題名 企業未來成長價值動因之研究--台灣連鎖零售業之實證
作者 李建興
貢獻者 吳啟銘
李建興
關鍵詞 經濟附加價值
價值動因
EVA
Value Drivers
日期 2005
上傳時間 18-Sep-2009 15:01:44 (UTC+8)
摘要 台灣連鎖零售業國內自從 1979 年，由統一企業與美國南方公司合作，引進國外連鎖經營的全套管理制度及經營知識之後，至今近三十年間國內的零售產業經歷巨變，傳統商店漸漸式微；隨著知識經濟、網路高科技的時代來臨，企業的價值不像過去只反應有形資產帶來的利潤與附加價值，更著重於知識技術、管理人才、品牌商譽等無形資產所創造的附加價值。學者S. David Young and Stephen F. O`Byrne (2000) 在其書 ”EVA® and Value-Based Management” 中，將經濟附加價值進一步延伸為現在營運價值 (COV) 與未來成長價值 (FGV) ，不論是企業的未來成長價值或是成長機會，都是企業價值裡複雜且難以捉摸的一部份。
本研究針對台灣上市櫃零售業，影響每投入單位資本的企業未來成長價值 FGV 與價值因子之間的關係，實證結果彙總如下：
1. 零售業的規模大小與未來成長機會呈顯著負關係。
2. 零售業的資產使用效率的良窳，與其未來成長價值正關係。
3. 零售業賺取超額報酬率的能力，正向影響未來發展的機會。
4. 零售業的過剩資金導致其資金成本與j未來發展正相關。
5. 零售業的當期營運價值將侵蝕其未來的成長價值。
6. 零售業採取營收擴張或資本支出擴充策略無助於未來的價值創造。
本研究試圖找出創造零售業未來價值的關鍵因子，而價值驅動因子是一種績效評估指標，該指標對於事業經營的績效有直接影響。並進而建議零售業者藉由瞭解其產業的特性，依據企業所處的生命週期及競爭環境，透過內部改善或外部創新等方式，以創造企業潛在的價值。將企業價值的創造納入企業策略規劃與執行中，並發展以價值導向的績效目標與考核制度；建立一套與企業價值鏈相結合的員工激勵制度。將企業的資源隨著環境的改變予以適當地配置，實行以價值為導向的管理系統。最後，透過財務結構的調整策略，選擇正確的財務決策，以降低企業營運的資金成本、增加企業稅後淨利，增進企業競爭優勢並免於被惡意併購的風險。
Since the introduction of the complete management system and the business expertise through the collaboration of the Uni-President and The South Corporation in 1979, the retail industry in Taiwan has gone through a thirty-year period of huge changes in which conventional stores diminish gradually. With the coming era of knowledge economy and internet technology, corporate value lies more in knowledge、techniques、administrative human resource、goodwill, etc created by intangible assets, rather than the profits and other added value brought by visible assets. In his book EVA® and Value-Based Management, S. David Young and Stephen F. O’Byrne (2000) stated that the economic benefit could be extended to the concepts of Current Operating Value and Future Growth Value and either the future growth value or the growth prospect, these elements are complicated and hard to predict.
This research focuses on the study of the effect of per-unit devoted capital has on the relation between future growth value and value factor.
The results are listed as below:
1. There is a negative correlation between the scale and the future growth value in the retail industry.
2. There is a positive correlation between the application efficiency of asset and the future growth value in the retail industry.
3. The ability of making excess return has a positive effect on the prospect of future growth.
4. The capital surplus in the retail industry can result in a positive correlation between the cost of capital and future development
5. In the retail industry, the current operating value can erode the future growth value.
6. In the retail industry, the adaptation of revenue expansion or capital expenditure expansion policy has no positive effect on the creation of value.
This research aims at finding out the key factors in the creation of future growth value in the retail industry, and the key value driver is an indicator of the achievement assessment. The indicator has direct effects on enterprise’s operational performance. It is recommended that the retailers can create its potential value by comprehending the industry’s characteristics through internal improvement or external innovation in accordance with its life cycle and competitive environment. It is also recommended to include the creation of corporate value to the formulation and implementation of business strategy and to develop a value-oriented performance target and assessment system. By doing this, the corporate can set up a staff encouragement system that co-relates to corporate’s value chain. Furthermore, it is suggested that the corporate should properly allocate the resources in accordance with the changes in the environment in order to implement the value-oriented management system. Finally, through the financial structure adjustment strategy, the corporate can choose the correct financial strategy, enabling the decrease of operational cost of capital、the increase of after-tax profits、the improvement of corporate competitiveness and the avoidance of mal-merger.
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1. 天下雜誌1000大特刊，2003~2006年5月。
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5. 沈佳玲 (2002) ，「台灣電子業經濟附加價值之探討」，國立台北大學會
計研究所碩士論文。
6. 吳啟銘 (2001) ，《企業評價個案實證分析》，台北：智勝文化。
7. 李孟熹 (1985) ，《現代商業經營要訣》，作者自行出版。
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大學財務管理所碩士論文。
9. 汪萱蕙 (2006) ，台灣經濟研究院產經資料庫整理 --- 百貨公司業基本
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中正大學企業管理研究所碩士論文。
13.高榮熙 (2004) 「經濟附加價值理論可行性的一項探討 --- 以台灣
TFT-LCD產業為例」，國立台灣大學財務金融研究所碩士論文。
14.清水滋 (1998) ，《零售業管理》，初版，台北，五南圖書出版公司。
15.許英傑 (1999) ，《流通經營管理》，台北：新陸書局。
16.黃德舜 (1998) ，《企業財務分析 --- 企業價值的創造及評估》，台
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18.葉錞鎂 (2001) ，「以EVA指標衡量寬頻網路服務供應商之購併績效~以
Excite@Home為例」，國立中山大學傳播管理研究所碩士論文。
19.經濟部商業司，商業動態統計月報，2005年8月。
20.經濟部統計處商業動態 2005 年調查統計報告。
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財務管理所碩士論文。
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效」，國立中正大學企業管理研究所碩士論文。
二、英文部份：
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2. Alfred, Marshall (1890) ,Principles of Economics,
Macmillan Press, London.
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Diversificiation”,Harvard Business Review, Sep.-Dec.,
p.114.
4. Andrew, Black; Philip Wright; John E. Bachman; John
Davies, (1998) ”SHV at war mergers and acquisitions”，
In Search of Shareholder Value，Great Britain，Price
Waterhouse，pp.104-119.
5. Biddle , Bowen&Wallace，“Evidence on EVA” , Journal of
Applied Corporate Finance, Summer 1999.
6. Christie, A.(1989), “ Equity risk, the opportunity set,
production cost and debt”, Working paper (University of
Rochester, Rochester, NY).
7. Chung, K.H. and C. Charoenwong (1991), “ Investment
options, assets in place, and the risk of stocks”,
Financial Management 20, p.21-33.
8. Devlin, G. (1991), “Diversification: A Redundant
Strategic Option”, European Management Journal, Vol.9
Iss.1, p.76-81.
9. Gapenski, L., C. (1997) “Using MVA and EVA to measure
financial performance” ,Healthcare Financial
Management, ：p.56-59.
10.Hax,A.C. and Nicolas S.Majluf (1991), The Strategy
Concept and Process : A Pragmatic Approach, Englewood
Cliffs,N.Y.:Prentice Hall,p.116.
11.Kester, W.C. (1986), “ An option approach to corporate
finance”, Ch.5, Handbook of corporate finance, p.3-35.
12.Kinnear, T. C. and Bernhardt K. L. (1990), Principles of
Marketing, 3rd ed., Scott, Foresman/Little, Brown Higher
Education.
13.Knight, James A.(1998)，Value Based Management：
Developing A Systematic Approach to Creating Shareholder
Value，New York：McGraw-Hill，p.169-170.
14.Kotler, P. (2000), “Future markets, ” Executive
Excellence，Vol.17, No.2,Feb , p.6.
15.Lamb, Robert Boyden (ed.) (1984), Competitive Strategic
Management , Prentice-Hall Inc.
16.Lieber, Ronald. B. (1996), ” Who are the real wealth
creators? ” Fortune, Vol .134 (Dec) , p.73-78.
17.McNair, Malcolm P. and May, Eleanor G.（1978）, The Next
Revolution of the Retailing Wheel, Harvard Business
Review, 56（5）: p.81-92.
18.Myers, S.C. (1977),“Determinants of corporate
borrowing,”Journal of Financial Economics 5：p.147-145.
19.Philpott, W. J. (1977), Retailing： Made Simple, London：
W. H. Allen
20.Rappaport, Alfred（1986），Creating Shareholder Value，
New York：The Free Press，p.56.97.98.
21.S. David Young and Stephen F. O`Byrne (2000) ” EVA®
and Value-Based Management ” ：A Practical Guide to
Implementation，New York：McGraw-Hill Companies
p.74.308~319.
22.Smith, C.W. and R.L. Watts (1992), “ The investment
opportunity set and corporate financing, dividend and
compensation policies ”,Journal of Financial Economics
32,p.263-292.
23.Solomons,D.(1965) “ Divisional Performance: Measurement
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24.Stephen F. O`Byrne (1996) “ EVA® and Market Value ”
Bank of America Journal of Applied Corporate Finance ,
Spring , p.116-125.
25.Stern, J. M., J.S. Shiely, and I. Ross. (2001)“The EVA
Challenge: implementing value-added change in an
organization,”John Wiley & Sons.
26.Stewart ш, G., B.(1991) “The Quest for Value,” Harper
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27.Tully, Shawn (1993) “The real key to creating wealth.”
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Financial Statement Analysis (Winter), p.7-19.
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
93932719
94
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093932719
資料類型 thesis
dc.contributor.advisor 吳啟銘zh_TW
dc.contributor.author (Authors) 李建興zh_TW
dc.creator (作者) 李建興zh_TW
dc.date (日期) 2005en_US
dc.date.accessioned 18-Sep-2009 15:01:44 (UTC+8)-
dc.date.available 18-Sep-2009 15:01:44 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 15:01:44 (UTC+8)-
dc.identifier (Other Identifiers) G0093932719en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/35439-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 93932719zh_TW
dc.description (描述) 94zh_TW
dc.description.abstract (摘要) 台灣連鎖零售業國內自從 1979 年，由統一企業與美國南方公司合作，引進國外連鎖經營的全套管理制度及經營知識之後，至今近三十年間國內的零售產業經歷巨變，傳統商店漸漸式微；隨著知識經濟、網路高科技的時代來臨，企業的價值不像過去只反應有形資產帶來的利潤與附加價值，更著重於知識技術、管理人才、品牌商譽等無形資產所創造的附加價值。學者S. David Young and Stephen F. O`Byrne (2000) 在其書 ”EVA® and Value-Based Management” 中，將經濟附加價值進一步延伸為現在營運價值 (COV) 與未來成長價值 (FGV) ，不論是企業的未來成長價值或是成長機會，都是企業價值裡複雜且難以捉摸的一部份。
本研究針對台灣上市櫃零售業，影響每投入單位資本的企業未來成長價值 FGV 與價值因子之間的關係，實證結果彙總如下：
1. 零售業的規模大小與未來成長機會呈顯著負關係。
2. 零售業的資產使用效率的良窳，與其未來成長價值正關係。
3. 零售業賺取超額報酬率的能力，正向影響未來發展的機會。
4. 零售業的過剩資金導致其資金成本與j未來發展正相關。
5. 零售業的當期營運價值將侵蝕其未來的成長價值。
6. 零售業採取營收擴張或資本支出擴充策略無助於未來的價值創造。
本研究試圖找出創造零售業未來價值的關鍵因子，而價值驅動因子是一種績效評估指標，該指標對於事業經營的績效有直接影響。並進而建議零售業者藉由瞭解其產業的特性，依據企業所處的生命週期及競爭環境，透過內部改善或外部創新等方式，以創造企業潛在的價值。將企業價值的創造納入企業策略規劃與執行中，並發展以價值導向的績效目標與考核制度；建立一套與企業價值鏈相結合的員工激勵制度。將企業的資源隨著環境的改變予以適當地配置，實行以價值為導向的管理系統。最後，透過財務結構的調整策略，選擇正確的財務決策，以降低企業營運的資金成本、增加企業稅後淨利，增進企業競爭優勢並免於被惡意併購的風險。		zh_TW
dc.description.abstract (摘要) Since the introduction of the complete management system and the business expertise through the collaboration of the Uni-President and The South Corporation in 1979, the retail industry in Taiwan has gone through a thirty-year period of huge changes in which conventional stores diminish gradually. With the coming era of knowledge economy and internet technology, corporate value lies more in knowledge、techniques、administrative human resource、goodwill, etc created by intangible assets, rather than the profits and other added value brought by visible assets. In his book EVA® and Value-Based Management, S. David Young and Stephen F. O’Byrne (2000) stated that the economic benefit could be extended to the concepts of Current Operating Value and Future Growth Value and either the future growth value or the growth prospect, these elements are complicated and hard to predict.
This research focuses on the study of the effect of per-unit devoted capital has on the relation between future growth value and value factor.
The results are listed as below:
1. There is a negative correlation between the scale and the future growth value in the retail industry.
2. There is a positive correlation between the application efficiency of asset and the future growth value in the retail industry.
3. The ability of making excess return has a positive effect on the prospect of future growth.
4. The capital surplus in the retail industry can result in a positive correlation between the cost of capital and future development
5. In the retail industry, the current operating value can erode the future growth value.
6. In the retail industry, the adaptation of revenue expansion or capital expenditure expansion policy has no positive effect on the creation of value.
This research aims at finding out the key factors in the creation of future growth value in the retail industry, and the key value driver is an indicator of the achievement assessment. The indicator has direct effects on enterprise’s operational performance. It is recommended that the retailers can create its potential value by comprehending the industry’s characteristics through internal improvement or external innovation in accordance with its life cycle and competitive environment. It is also recommended to include the creation of corporate value to the formulation and implementation of business strategy and to develop a value-oriented performance target and assessment system. By doing this, the corporate can set up a staff encouragement system that co-relates to corporate’s value chain. Furthermore, it is suggested that the corporate should properly allocate the resources in accordance with the changes in the environment in order to implement the value-oriented management system. Finally, through the financial structure adjustment strategy, the corporate can choose the correct financial strategy, enabling the decrease of operational cost of capital、the increase of after-tax profits、the improvement of corporate competitiveness and the avoidance of mal-merger.		en_US
dc.description.tableofcontents 誌謝…………………………………………………………………………………I
摘要…………………………………………………………………………………II
ABSTRACT…………………………………………………………………………III
目錄…………………………………………………………………………………V
表目錄……………………………………………………………………………VII
圖目錄………………………………………………………………………………IX
第一章 緒論…………………………………………………………………………1
第一節 研究背景與動機……………………………………………………………1
第二節 研究目的……………………………………………………………………3
第三節 研究流程……………………………………………………………………4
第二章 相關文獻探討………………………………………………………………6
第一節 連鎖零售業相關文獻………………………………………………………6
第二節 經濟附加價值(EVA®)與市場附加價值(MVA)…………………………11
第三節 企業成長價值動因相關文獻……………………………………………22
第三章 連鎖零售產業現況分析…………………………………………………33
第一節 台灣零售業市場發展現況………………………………………………33
第二節 綜合及其他商品零售業現況分析………………………………………36
第四章 研究方法…………………………………………………………………46
第一節 研究問題與範圍…………………………………………………………46
第二節 研究假說…………………………………………………………………47
第三節 研究之變數定義…………………………………………………………50
第四節 研究資料收集與處理……………………………………………………53
第五節 分析方法…………………………………………………………………54
第五章 實證結果與分析…………………………………………………………56
第一節 敘述性統計分析與相關係數檢定………………………………………56
第二節 迴歸分析結果……………………………………………………………63
第三節 迴歸分析結果 (零售業態比較)………………………………………69
第六章 結論與建議………………………………………………………………74
第一節 研究結論…………………………………………………………………74
第二節 研究建議…………………………………………………………………78
第三節 研究限制…………………………………………………………………80
參考文獻…………………………………………………………………………81


表目錄
表 2-1 GAAP 與EVA® 會計科目處理方式之比較…………………………17
表 2-2 產品／市場擴張矩陣…………………………………………………22
表 2-3 美國1992-1997年 29 個產業多因子分析結果…………………27
表 2-4 損益表中的營運價值動因……………………………………………30
表 2-5 資產負債表中的營運價值動因………………………………………30
表 2-6 價值動因—相關變數表………………………………………………31
表 2-7 成本領導策略之戰略表………………………………………………32
表 2-8 差異化策略之戰略表…………………………………………………32
表 3-1 2000~2005 年商業營業額及成長率統計表………………………33
表 3-2 批發及零售業之營業額指數變動……………………………………34
表 3-3 綜合商品零售業各業態營業額及年增率……………………………36
表 3-4 便利商店之定義一覽表………………………………………………37
表 3-5 2001~2005年台灣連鎖便利商店店數統計表………………………38
表 3-6 主要百貨公司營收統計表……………………………………………39
表 3-7 2006年2月台灣零售式量販店家數概況 …………………………42
表 3-8 2005年我國消費性電子3C家數概況………………………………43
表 4-1 研究假說彙總表………………………………………………………49
表 4-2 本研究之樣本…………………………………………………………53
表 5-1 統一超商 (2912) 之 WACC 計算表………………………………56
表 5-2 統一超商 (2912) 之企業FGV與COV 計算表……………………57
表 5-3 敘述統計彙總表 (整體連鎖零售業總樣本)………………………58
表 5-4 敘述統計彙總表 (綜合商品連鎖零售業樣本)……………………59
表 5-5 敘述統計彙總表 (一般商品連鎖零售業樣本)……………………60
表 5-6 整體零售業 PEARSON 相關係數檢定分析表……………………61
表 5-7 綜合商品零售業 PEARSON 相關係數檢定分析表………………61
表 5-8 一般商品零售業 PEARSON 相關係數檢定分析表………………62
表 5-9 整體零售業迴歸分析結果…………………………………………64
表 5-10 整體零售業假說驗證結果彙總表…………………………………66
表 5-11 綜合商品零售業迴歸分析結果……………………………………67
表 5-12 一般商品零售業迴歸分析結果……………………………………67
表 5-13 綜合及一般商品零售業假說驗證結果比較表……………………68
表 5-14 便利商店業相關係數檢定分析表…………………………………69
表 5-15 超級市場及零售式量販店業相關係數檢定分析表………………70
表 5-16 百貨公司業相關係數檢定分析表…………………………………70
表 5-17 專賣店業相關係數檢定分析表……………………………………70
表 5-18 消費性電子 3C 相關係數檢定分析表……………………………71
表 5-19 各業態別零售業應變數與自變數相關性會比較表………………71
表 5-20 各業態別零售業假說驗證結果比較表……………………………72
表 5-21 各零售業態別假說驗證結果比較表………………………………73


圖目錄
圖 1-1 研究架構圖……………………………………………………………5
圖 2-1 行銷通路………………………………………………………………7
圖 2-2 行政院主計處(2001)頒定之第七版行業標準分類零售業細項分類架
構………………………………………………………………………10
圖 2-3 EVA® 為未來價值評估與過去績效衡量時間缺口的橋樑…………18
圖2-4 成長策略分類架構……………………………………………………23
圖 2-5 企業成長方式 ………………………………………………24
圖 2-6 企業股權價值與價值基礎管理連結網 ………………………29
圖 3-22005年綜合商品零售業各業態營收構成比………………………36		zh_TW
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dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0093932719en_US
dc.subject (關鍵詞) 經濟附加價值zh_TW
dc.subject (關鍵詞) 價值動因zh_TW
dc.subject (關鍵詞) EVAen_US
dc.subject (關鍵詞) Value Driversen_US
dc.title (題名) 企業未來成長價值動因之研究--台灣連鎖零售業之實證zh_TW
dc.type (資料類型) thesisen
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