| 摘要: | 在市場發展變化迅速的產業環境中，同業競爭、產品市占率、組織效率、製程技術以及研究發展的創新等因素，皆可能對企業獲利或成長帶來重大的影響。而為釐析出企業經營效益的良窳與未來獲利價值的潛力，本研究特參酌平衡計分卡及智慧資本之基礎理論，彙整出四大基礎八個項目的衡量經營效益指標，並分別以ROA、Tobin’s Q代表會計基礎下以及市場基礎下之企業價值衡量指標，藉以探討企業價值與經營效益之關聯性。
本研究主要以國內蘋果手機產業鏈為樣本公司之選取條件，蒐集500家國內上市、上櫃公司資料，將其分群為蘋果鏈與非蘋果鏈，並運用迴歸分析進行檢測各項經營效益指標與企業價值間，是否存在著顯著的關聯性。實證結果發現，在蘋果鏈與非蘋果鏈供應廠商的迴歸分析中，雖有部份衡量經營效益指標與ROA及Tobin’s Q存在著不同程度的影響，但其與企業價值的關聯性，皆同樣具有絕對的解釋能力，這代表著企業經營效益愈佳，其企業價值也就愈高。
本研究結果除可提供企業管理者，於從事經營目標、擬定策略、計劃營運方向之參考外，還可提供企業管理者參酌此評估架構以為優化經營績效管理，並藉此衝量架構，持續觀測、衡量及分析企業經營的機能與活動，瞭解企業價值之效益評估狀況，以提昇企業經營獲利績效、再創企業價值成長之新契機。
關鍵字：Tobin’s Q、企業價值、平衡計分卡、智慧資本、經營效益
;With the rapidly changing market development, factors such as industry competition, product market share, organizational efficiency, manufacture technology, and R&D innovation can have strong impact on the profit or growth of an enterprise. In order to analyze the pros and cons of enterprise operational efficiency and its future potential, this study summarized four fundamentals and an eight items matrix for measuring operational efficiency based on balanced scorecard and the Intellectual capital theory. ROA and enterprise value matrix with different basis such Tobin’s Q that represents the accounting basis and the market basis were used to investigate the relationship between enterprise value and operational efficiency.
The main criteria used to choose the sample for this study is whether a company is part of the domestic Apple industry chain, and a total of 500 listed domestic companies were chosen. The companies were divided into Apple supply chain and non-Apple supply chain before performing regression to examine whether a significant relationship exists between each component of the operational efficiency matrix and the enterprise value in both the short and long term. The regression result from Apple supply chain and non-Apple supply chain showed that although part of the operational efficiency matrix has varying impact on ROA and Tobin’s Q, its relationship with enterprise value is clear and can be accounted for. This means that the higher the operational efficiency of an enterprise, the higher its value.
In addition to providing enterprise mangers with a reference for operational goal, strategy formulation, and operational planning, this study also demonstrates an evaluation framework that managers can reference to optimize operational efficiency management. By using this matrix framework, the managers can continue to observe, measure and analyze the operational functionality and activity of the enterprise, understand the firm value efficiency evaluation status. This serves as an excellent opportunity to improve operational efficiency and enable growth in firm value.
Keywords：Tobin’s Q , Firm value , Balanced Score Card , Intellectual Capital , Operational Efficiency . |
