臺灣博碩士論文加值系統

資訊服務業為知識經濟下的代表性產業,其企業價值的創造可以說完全來自 於智慧資本的累積與影響,而對於台灣經濟而言,資訊服務業亦是新興的成長動 力來源。伴隨著網路科技的發達,近期資訊服務業中亦產生異於過去單方向進行 軟體開發及推廣的平台商業模式(Platform Business Model),舉凡電子商務、 線上遊戲、社群網站及通訊軟體皆在此範疇內,而根據 Chesbrough(2006)的開 放式創新理論,平台型企業是最能適應環境變化,亦能最快、最有效率達到創新 的公司,擁有更強的競爭優勢。

因此,本研究主要探討在資訊服務業中,平台型商業模式如何影響企業在智 慧資本上的投資,以及如何影響企業價值。本研究以台灣上市(櫃)資訊服務業 近 2012-2014 年的資料為樣本,利用追蹤資料迴歸模型(Panel Regression), 控制公司成長面、獲利面、風險面及公司規模,並固定年份所帶來的時間效果, 探討在產業當中平台商業模式對智慧資本投資以及企業價值的影響。

實證結果分為三個部分,(1)選擇平台作為商業模式,能帶來更高的企業價 值,並且顯著異於其他非平台資訊服務同業。(2)資訊服務業的關鍵智慧資本為 人力資本,然而資訊服務業中的平台模式更強調結構資本的重要性,相較之下非 平台的資訊服務同業在顧客資本的投資能帶來更高的企業價值。(3)對於平台模 式而言,人力資本與結構資本之交互作用,能為企業價值帶來顯著性的綜效,但 非平台模式在各個智慧資本間則沒有綜效產生。

As a representative industry of knowledge economy, all the value creation of Information Service value is from the Intellectual Capital(IC). Besides, for the economy of Taiwan, the sector is also the new engine of economic growth. With the development of the Internet, information service industry in recent years has produced a different business model, transformed from “single direction software development” to “multi-sided market platform”, which included e-commerce, online games, social media and instant message
service. According to the theory of Open Innovation by Chesbrough(2006), this kind of platform business is the most able to adapt to environmental changes, also the fastest, most efficient achieve innovative company, and has a stronger competitive advantage.

This study focuses on the platform business model and IC of Information Service Industry, and tries to decode how platform business model affects investment in IC, and how it affects corporate value. The study collected the listed Taiwan Information Service companies in 2012-2014 for data sample, uses Panel Regression Model with the control of the company's growth, profitability, risk and size, and fixed the year Effect, to investigate the effects of the platform business model for IC investment and the impact on corporate value.

The evidence can be divided into three sections: (1) In the industry, platform business model can lead to higher corporate value, which also significantly different from other internet information services peers; (2) Human Capital is key IC for Information

Service Industry. However, platform business emphasizes more on the importance of Structural Capital, compared with other peers of the industry which investment of Customer Capital would lead to higher corporate value; (3)The interaction of Human Capital and Structural Capital can bring significant synergy on corporate value for platform business, compared with other peers of the industry which have no synergy between ICs on corporate value.

謝辭............................................................... I
摘要.............................................................. II Abstract......................................................... III
目錄.............................................................. IV
圖目錄............................................................. V
表目錄............................................................. V

第一章 緒論 ..................................................... 1
第一節 研究背景與動機 ................................................. 1
第二節 研究目的 ....................................................... 4
第三節 研究特點 ....................................................... 5
第四節 論文架構流程 ................................................... 7

第二章 文獻回顧 ................................................. 9
第一節 資訊服務業 ..................................................... 9
第二節 智慧資本與企業價值 ............................................ 11
第三節 平台商業模式與競爭優勢 ........................................ 14
第三章 研究假說 ................................................ 19

第四章 研究設計 ................................................ 23
第一節 樣本選擇與資料來源 ............................................ 23
第二節 研究變數選取及衡量方式 ........................................ 25
第三節 研究模型 ...................................................... 42

第五章 實證結果與分析 .......................................... 46
第一節 敘述統計分析 .................................................. 46
第二節 相關性分析 .................................................... 49
第三節 迴歸分析 ...................................................... 52

第六章 結論與建議 .............................................. 59
第一節 研究結論與管理意涵 ............................................ 59
第二節 管理意涵 ...................................................... 61
第三節 研究限制與建議 ................................................ 62

參考文獻.......................................................... 64

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