由經濟附加價值(EVA)檢視產業間價值驅動因子之差異性

隨著土地、勞力成本提高及開發中國家之競爭，台灣的傳統產業長期低迷不振，而美國「新知識經濟」效應，引伸出智慧資本的重要性，也使得投資人資金追逐具有未來憧憬的高科技股票，導致傳統產業發展陷入瓶頸。儘管現今高科技產業當道，但平心而論，不少傳統產業也曾是過去的新興產業，並造就台灣經濟奇蹟，在經濟發展史上不容忽視。職此，本研究以價值衡量觀點出發，以經濟附加價值（EVA）為公司價值之衡量指標，主要目的在探討傳統產業和高科技產業之價值驅動因子差異性。實證結果發現：（一）不論傳統或高科技產業，財務性價值動因皆為企業達成價值創造的主要因素。傳統產業若能提高銷貨成長率、增進營運資金使用效率、降低資金成本，皆有助創造企業價值。高科技產業如能妥善運用營運資金，亦能創造價值。資本支出在兩種產業中皆為價值創造之決定因素，然卻與預測方向不符。（二）智慧資本對傳統產業不具解釋力。高科技產業中，員工平均年齡較年輕、員工每人營收愈高，將提昇企業價值；而每名員工管理費用與預測方向不符。（三）不論傳統或高科技產業，財務性價值動因皆較智慧資本具解釋力，這可能因智慧資本指標不具代表性或與研究期間有關。但對於無形資產當道的新經濟時代，建議傳統產業可考慮將產業特性與科技結合，積極升級、轉型；高科技產業未來仍需就軟體與網路應用深耕發展，提昇科技人才素質及創新研發能力。最後，藉由發現影響企業價值的主要因素，企業應將此類攸關因素加以揭露，或以補充性報表表達，不但使企業更瞭解本身競爭優勢，協助管理當局進行價值管理與價值創造，也能幫助投資人更精確地評估企業價值。 With the increasing costs of land and labor, also with the competitions from developing countries, traditional industries in Taiwan have depressed for a long time.「New Knowledge Economy」effects also reveal the importance of intellectual capital, making investors search for high-tech stocks; therefore, traditional industries fall into a bottleneck. The study uses EVA（Economic Value Added）as an enterprise value measure to explore the differences of value drivers between traditional and high-tech industries, finding the following results. First, financial value drivers are important variables to create value both in traditional and high-tech industries. These variables are SG（Sales Growth）、WC（Working Capital）and WACC（Weighted Average Cost of Capital）in traditional industries, and WC（Working Capital）in high-tech industries. CE（Capital Expenditure）is also a vital factor, but is opposite to hypotheses. Second, there's a significant association between intellectual capital variables and enterprise value of high-tch industries; nevertheless, appearing no significant reaction in traditional industries. In high-tech industries, ADE（Administrative Expense per Employee）、AEA（Average Employee Age）and SPE（Sales per Employee）are all value creative drivers, but ADE is in a reverse direction. Third, financial value drivers are more associated with enterprise value than non-financial value drivers（intelligent capital variables）in both industries, probably owing to the research period or the fact that intellectual capital variables aren't representative. However, we suggest traditional industries increase R&D expense to upgrade and high-tech industries expand to software or Internet field. Finally, the results recommend enterprises disclosure these value-creation drivers or express them in a supplementary statement