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題名:產業價值鏈知識密度與企業績效
作者:李淑華 引用關係
作者(外文):Lee, Shu-Hua
校院名稱:國立臺灣大學
系所名稱:會計學研究所
指導教授:柯承恩
學位類別:博士
出版日期:2003
主題關鍵詞:研發支出外溢效果理性定價知識密度價值鏈research and development expenditurespillover effectrational pricingknowledge intensityvalue chain
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當知識經濟時代來臨,創造及運用知識進而創造價值才是國家及企業的競爭關鍵。台灣IC產業由設計、製造、封裝及測試形成完整的產業價值鏈,而其獨特的專業分工模式,更為許多後進地區欲發展IC產業所爭相複製的模式。IC產業為知識密集型產業,持續鉅額研發(知識)投入為該產業生存命脈;然而,產業價值鏈間各階段知識密集度不同,高知識密集度對企業績效應產生較大的貢獻。台灣IC產業階段間依存度高,探討IC產業價值鏈間研發(知識)投入活動外部性(本文探討之外部性影響包含跨產業間、同產業間及發展吸納能力三項)對企業績效的影響為本研究的另一核心議題,此項研究結果將更具政策意涵。另外,綜合研發(知識)投入對公司經營績效及價值影響的議題,本研究採用Mishkin test檢驗股票市場對IC產業之研發(知識)投入資訊是否符合理性定價假說。
本研究中有關企業績效的衡量指標有二:(1)以加回折舊、折耗及研發費用之營業淨利(以下簡稱OI)或以銷貨額平減後(以下簡稱OI/S)之會計數字評估經營績效;(2)以市價帳面價值比(以下簡稱MV/bv)或市價(以下簡稱MV)評估公司價值。本論文研究結論與建議如下:
1. 知識)投入活動對整體IC產業之企業績效創造正向貢獻:於樣本期間內,若台灣整體IC產業公司當期至落後二期平均投資一元研發支出,將創造當期OI之總效益為1.506元;而對MV貢獻之總效益為8.778元。IC產業知識(研發)密集度高於我國企業平均,此一實證結果亦高於國內文獻研究結果,凸顯高知識密度產業對企業績效的高度貢獻。
2. 產業階段間研發(知識)投入活動對企業績效之加值效應:不論是以OI或MV為衡量指標,IC設計業均為各產業階段之冠,其總效益分別為3.567元及14.760元。然而以經營績效變數OI而言,製造階段的研發(知識)投入高於封裝及測試階段,但其OI卻未表現較佳;以公司價值變數MV而言,製造階段表現高於封裝及測試階段,但結果都不如設計階段顯著。然而,兩種衡量指標下,IC設計業與IC製造業總效益的落差大於IC製造業與IC封裝及測試業總效益的落差。IC設計階段的優異表現再度印證高研發創新才是價值的來源。此研究結果對於政府鼓勵企業創新及政府對高創新產業提供研發或稅賦補助的政策,提供具體回饋及正面肯定。
3. 產業價值鏈各階段研發(知識)投入對企業績效之外部性影響:(1)跨產業間:不論是以OI或MV為衡量指標,IC設計階段之研發(知識)投入的外溢效果最強。另外,根據訪談結果亦支持IC設計業為產業創新的來源,亦將帶動整體產業價值鏈發展。(2)發展吸納能力:以OI/S為衡量指標時,亦顯示高研發(知識)投入公司吸納IC設計業產生之外溢性最大,而其他兩階段研發(知識)投入之外溢性並未使高研發(知識)投入公司之OI/S表現更好;而以MV/bv為衡量指標時,則各產業階段之研發(知識)投入無法使高研發(知識)投入公司得到更佳的績效。此一部份結論可鼓勵企業制訂公司研發政策時亦應將發展吸納研發外溢能力因素列入考慮。(3)同產業間:競爭對手研發(知識)投入之競爭性效果或外溢性效果:以OI/S為衡量指標時,顯示當期競爭對手研發(知識)投入顯現競爭性效果;而落後一期競爭對手研發(知識)投入為外溢性效果較強;然而總效果為正值,顯示外溢性效果大於競爭性效果。此研究結論與產業實務相符,IC產業生命週期短且競爭激烈,特定生產技術或產品的新開發將對其他企業造成威脅;但隨時間經過將使整產業的技術向上提升,而得研發外溢效果。但以MV/bv為衡量指標時,則無法區別競爭對手研發(知識)投入為競爭性效果或外溢性效果。
4. 研發(知識)投入外部性之議題對政策制定具特殊意涵:政府鼓勵企業創新研發,應考量極大化研發(知識)投入所創造之社會福利,而非僅立於個別企業極大化企業績效之觀點。綜言之,根據本文研究結論及訪談結果,企業研發(知識)投入活動存在跨產業間、同產業間及發展吸納能力的不同外部性影響,故對研發政策的建言為政府應大力倡導企業創新研發及提升產業地位,這對產業發展及國家競爭力提升有相乘效應。另外,研發活動存在正向外溢效果,這可能是台灣特有的IC產業聚落發展模式成功的一個原因。
5. 比較國外相關文獻,其研發效益存續期間長達五年以上,而本研究樣本期間內我國IC產業之研發效益年限存續期間不長於兩年,甚至發生在當年及落後一年間。訪談中受訪者亦認為此一結果在IC產業是合理的。就IC產業而言,即使今日我國IC產業產品設計能力及製程技術已達國際水平,但該產業之關鍵技術仍多掌握於美、日、歐先進國家。故這項結果可能隱含我國投入研究發展活動的性質與國外不同,即可能我國企業研發活動多傾向「發展」,而非「基礎研究」,然而基礎研究及關鍵技術才是價值長久來源,故政府應鼓勵企業朝產業前端及創新方向發展。
6. 本研究有關研發外部性議題拓展過去國內外會計文獻探討研發投入議題的方向。而對會計政策管制者而言,當制訂會計規範時,應考慮國內外企業及產業特性差異的影響。另外,本文實證結果亦可協助投資人解讀IC產業研發投入資訊的意涵,增加資訊有用性。
7. 股市對研發資訊理性定價假說之實證結果:在Mishkin測試中,不論針對研發投入資訊或非研發投入資訊,其單一資訊限制之結果,與針對非研發資訊、研發資訊及所有資訊分別同時設限制式之狀況,其檢定統計量均相當顯著,此一結論可能反映台灣股票市場波動劇烈的特性,股市對傳統評價變數與研發變數可能均呈現過度反應狀況。
This study addresses two set of broad questions. (1) does R&D (knowledge) expenditure have a positive impact on firm performance? And (2) does R&D (knowledge) expenditure have spillover effect on enterprises in the same segment and in different segments? Besides, if the stock market properly uses public information of R&D investments and if the stock price conforms to the rationally pricing for this public information is also examined in this research.
The empirical evidence shows that IC design firms have a R&D valuation parameter of $6.78, which is more than that of the whole IC industry ($3.17) and that of IC manufacturers ($2.11). This implies that investors saw the earnings of IC designers as more permanent than the earnings of other segments in the IC value chain. The inter-segments externality effects on the market value to book value ratio ( ) found only in IC design segment. When the current overall R&D investment of the segment in IC design increases by 2.72 ( ) times, the spillover effect would result in a 2.134 dollars of market value for the R&D expenditure made in the current year by firms in other segments.
For the Mishkin test of rational pricing issues, all the pricing coefficients are much higher than the prediction coefficients, suggesting that the market may overprice the R&D and non-R&D related-information relative to their ability to predict operation incomes. The ratios of the implied coefficient derived from the pricing equation to the actual coefficient from the prediction equation show that the market may overprice the R&D and non-R&D related-information by as high as 5 to 15 times. This is a strong evidence of irrational pricing on the market for the information examined.
To sum up, the R&D contribution of IC design is obviously higher than the other two segments in the same value chain. This leads to a suggestion that the authority in Taiwan should re-consider their subsidy-policy regarding the IC industry. IC design segment is the one in the value chain that needs most attention from the government. This is especially true, if we explicitly account for the positive externality brought by the IC segment to the whole value chain.
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