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研究生:施伯明
研究生(外文):Bo- ming Shih
論文名稱:董事會組成、創新資本與經濟附加價值關係之研究
論文名稱(外文):The Study for the Relationship among the Board Composition、Innovation Capital and Economic Value Added
指導教授:黃德舜黃德舜引用關係
指導教授(外文):Te- shun Huang
學位類別:碩士
校院名稱:國立中正大學
系所名稱:企業管理所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2007
畢業學年度:96
語文別:中文
論文頁數:112
中文關鍵詞:董事會組成智慧資本創新資本經濟附加價值資源基礎理論
外文關鍵詞:Corporate GovernanceBoard CompositionInnovation CapitalResource
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論文提要:
在面臨詭譎多變的市場環境和資訊傳遞快速的知識經濟時代下,已開發國家的經濟成長趨動力,是來自於創新的能力(Chen et al., 2004),因此企業常透過建立與整合企業內隱知識及能力所形成的知識資料庫,來彌補個人能力的不足以降低企業的風險(Peppard and Rylander, 2001);所以想要在產業市場中佔有一席之地,就必須不斷地創新與進步。過去學者的研究亦顯示投入較多的研發活動會為企業帶來更佳的績效,也會提昇公司的價值及股價。
因此在經濟貿易自由已然是世界潮流及必要趨勢的新經濟時代,公司為了維持在知識經濟時代的競爭力,就必須不斷的創新研發,才能因應國際市場開放,以及提升競爭力的重要競爭優勢,江逸之等人(2003)也認為;在產業外移與全球經濟不景氣的衝擊下,台灣必須累積智慧資本,才能轉型為高附加價值知識型產業,抵擋住中國大陸在人力成本上的優勢。
但是光靠提升創新研發能力的經營策略是不夠的,黃德舜(1998)提出企業要維持其競爭優勢的存在,必須有能力去執行其所選擇的競爭策略,而其執行的核心能力就是企業所擁有的經濟資產。選擇正確的策略及執行成效,往往會影響企業價值的創造程度?所以公司經營管理階層的管理制度與監理機制健全與否,更是影響企業內組織運作及資源配置與發展的重要因素。
因此本研究以台灣地區電子工業類別之上市公司為研究對象,所研究之期間橫跨十個年度為1997∼2006年,總計184家公司1840個樣本數,採用多元迴歸分析檢視董事會組成特性、創新資本與經濟附加價值的關係,實證結果顯示如下:
(一)電子工業之創新資本變數與經濟附加價值之創造具高度之相關
1. 技術引進與經濟附加價值呈顯著正相關
2. 研發費用與經濟附加價值呈顯著正相關
3. 專利權件數與經濟附加價值呈顯著負相關
(二)電子工業加入董事會特性變數能強化創新資本對EVA®關係之解釋能力
1. 董事會組成變數以董事會總人數與董事會持股比率為影響經濟附價值最重要之變數
2. 創新資本變數以技術引進、研發費用與專利權件數為影響經濟附價值最重要之變數
本研究同時考慮以董事會組成特性與創新資本對三種經濟附加價值(EVA1、
EVA2、EVA3)之調整,讓經濟附加價值之應用更能適切各種產業別。其中發現EVA3的值較能代表企業之價值及績效,代表電子工業產業之折舊攤提方式,無法真實顯現企業資產的使用率;綜觀EVA1、EVA2、EVA3三者的平均值皆呈現負數,可見台灣的電子工業產業,整體來看,在管理制度及創新研發能力與設備資產使用效率上,都不具有國際競爭力,而這個研究結果可做為未來台灣電子工業產業的經營者對企業價值的重視與如何提升國際競爭力的省思。
Abstract
In our age of knowledge economy with highly changeful and treacherous markets and rapid transmission of information, the economic development of developed countries is motivated by creativity(Chen et al., 2004), therefore enterprises often establish and integrate database consisting of knowledge and capability inside them to compensate for insufficient personal ability in order to decrease risks(Peppard and Rylander, 2001). Thus, constant innovation and improvement are required in case of intending to occupy a part of the market of a given industry. The former related studies also indicate that more research founding would bring forth better performance and increase the value and stock price of a company as well.
In the new economic age when free trade has become worldwide inevitable trend, constant innovation and research are required to maintain a company’s competitive advantage in the open globalized market. Jiang et al. (2003) assumes that under the impact of the shift out of the industries and economic depression Taiwan must accumulate intellectual capital with a view to accomplish the conversion of her industries into knowledge-type with highly supplementary value, which may resist the Mainland China’s predominance of manpower cost.
However, it’s far from sufficient to upgrade innovation and research. Huang (1998) indicates that an enterprise must be able to execute its own strategy for competition in order to maintain its competitive advantage and the core of the execution lies in its own economic capital assets. Choice of a right strategy and effects of execution more often than not affect the creation of the value of a given enterprise, so whether administration and supervision works or not have greater influence on the operation of the organization and the distribution of the resources.
Our study focuses on the listed electronics industries in Taiwan. Our study is processed between 1997 and 2006 by means of 1840 samples collected in 184 companies in total. We examine the relationships among organization of a directorate, capital for innovation and supplementary value by (Multiple Regression Analysis). The empirical results are as follows:
(一).Well-designed innovation capital can effectively raise the firm value;
1.The firm value is significantly positive related to the imported technology
2. The firm value is significantly positive related to the R&D
3. The firm value is significantly negative related to the approved patents
(二).Joins the board of directors characteristic variable to be able to strengthen the innovation capital to the EVA relations explanation ability
1.The board of directors composes in the variable holds the stock proportion by
board of directors's total number of people and theboard of directors is affects
EVA the most important variable
2.In the innovation capital variable by the imported technology, the R&D expense
and the approved patents number is affects EVA the most important variable

In the mean time, our study proposes that supplementary value would be made to be more applicable to various industries if EVA1, EVA2 and EVA3 were adjusted according to the characteristics of the organization of a directorate and the capital for innovation. We discover that EVA3 represents value and performance of a company and depreciation methods, but cannot really demonstrate the use of the capital. Due to the respective minus average value of EVA1, EVA2 and EVA3, the electronics industries in Taiwan, as a whole, are not competitive in the globalized markets with respective to administration, innovation and research, and the use of capital for equipment. Thus, we suggest that the owners of electronics industries in Taiwan pay more attention to the value of their enterprises and consider how to get more competitive advantage in the globalized markets.
目 錄
圖 次 7
表 次 8
第壹章 緒論 10
第一節 研究背景與動機 10
第二節 研究目的 13
第三節 研究範圍與流程 15
第貳章 文獻探討 19
第一節 資源基礎理論 19
第二節 董事會組成與創新資本 23
第三節 經濟附加價值 34
第四節 創新資本與經營績效……… 52
第參章 研究方法 65
第一節 研究架構 65
第二節 研究假說之建立 68
第三節 研究變數及操作定義 70
第四節 統計方法之應用 76
第五節 樣本資料之搜集與整理 78
第肆章 實證分析 82
第一節 敘述統計及分析 82
第二節 相關分析及檢定 85
第三節 迴歸分析結果 87
第伍章 結論與建議 94
第一節 結論 94
第二節 研究貢獻 96
第三節 研究建議 98
參考文獻 99
附錄一: 台財證一字第0920003896號 112
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