邱顯比臺灣大學：財務金融學研究所高榮熙Kao, Yung-HsiYung-HsiKao2007-11-282018-07-092007-11-282018-07-092004http://ntur.lib.ntu.edu.tw//handle/246246/60835摘要 一般公認會計原則(GAAP)直到今天仍然存在有許多未解決的問題，包括容易遭操縱報導經營結果、不重視無形資產之合理評價、 忽視權益資金成本致產生「代理問題」等。經濟附加價值指標EVA®自90年代後，在歐美逐漸成為企業價值管理與衡量企業價值最熱門 的工具之一。但90年代末期許多出名的大公司如AT&T、JC Penny… 等又紛紛拋棄使用多年的EVA®管理系統，而回歸傳統會計指標，這也提醒了我們，EVA®可能仍舊有瑕疵。國內對於EVA®仍然相當陌生，研究者對其是否是為較好的公司價值或內部績效衡量指標，尚 無定論。 本研究對EVA®理論中，包括研發費用、行銷費用、備抵呆帳、及折舊與在建工程等常見調整項目的調整原理及計算方式，提出不 同看法或改進意見。 本研究標的台灣TFT-LCD產業的特色為：資本密集、技術密集、競爭激烈。根據經濟附加價值EVA®之定義，對台灣TFT-LCD產業五家上市公司自民國八十九年十二月至九十三年三月公告的季度財務資訊，就可取得資訊及可進行步驟，進行EVA®與「投入資金(IC)」的逐步調整計算。並將計算出來之EVA®相對於幾個傳統會計衡量指標﹝營業利益、經常利益、及自由現金流量﹞與市場附加價值(MVA)作實證比較分析，結果發現： 1. 經濟附加價值指標對台灣TFT-LCD產業的市場附加價值具有解 釋能力，但其適用要考慮成本效益關係。 2. 就現階段台灣TFT-LCD產業而言，相較於傳統績效評估指標， 經濟附加價值並非顯著的更佳指標。此應係該產業樣本公司 於樣本期間仍值青壯期，其特徵為研發行銷支出龐大，建購 廠房設備現金流出量甚鉅，經濟附加價值泰半為負數所使 然。 建議進一步研究的方向為，對無形資產的將來價值辨識與評價方法、擴大樣本公司及於該產業的上游、選擇有導入經驗的企業作個案探討研究、取得細部相關資訊、以及作為內部經營績效衡量指標效能的研究。ABSTRACT Up to today, there are still issues related to the generally accepted accounting principles (GAAP) yet to be resolved. These include, among others, apt to be manipulated in the reporting of operating results, disregarding the reasonable valuation of intangible assets, and the overlook of equity capital cost that leads to ‘agency problems’, etc. Since the inception of 90’s, ‘Economic Value Added (EVA®)’ has become one of the most popular performance measures. In the late nineties, however, a lot of well known companies, like AT&T, JC Penny…..abandoned the adoption of EVA® based managerial system, and resumed to the conventional performance measures. This situation alerts us that there still exist some defects in the EVA® scheme. Domestically, the EVA® is still an unfamiliar term. Researchers do not reach a consensus on whether it is a better external or internal performance measure as compared with their conventional counterpart. This study presented different views on the identification and treatment of certain frequently adjusted items in the EVA® scheme, including R&D expenditures, marketing expenses, provision for bad debts, depreciation and contraction in progress, etc. TFT-LCD industry in Taiwan has expressed characteristics in capital and technical intensive, as well as fierce competition. I used the five listed Taiwanese TFT-LCD industry companies’ quarterly public financial information, for the period December 2000 to March 2004, adjusted step by step into their respective economic value added (EVA®) as well as adjusted invested capital, by referencing to the theory and guidelines provided by the EVA®. This study then compared the capability in the reflection of market value added (MVA) of calculated EVA®, to the extent information and approach available and practical, with that of a few conventional accounting performance measures, namely, operating profit, ordinary income, and free cash flows, and found: 1. EVA® has had the capability in the reflection of MVA for Taiwan TFT-LCD industry. The adoption of this measure will have to weigh the benefit with the cost associated therewith, however. 2. For the sample period, to the Taiwan TFT-LCD industry, empirical evidences did not support the hypothesis that EVA® outperforms other conventional accounting performance measure. This may attribute to the facts that sample companies in the industry are still in the early development stage. They have common characteristics in having heavy R&D as well as marketing expenditures, and substantial plant and equipment purchases, caused most sample periods’ EVA® negative in value. My recommendations on fields of further study include the methodology in the identification and amortization of intangibles, expanding sample coverage to upstream enterprises, choosing companies with implementation experiences as sample, obtaining further detail relevant information from inside, and the evaluation of effectiveness of using EVA® as an internal performance measure.目錄 第一章 緒論…………………………………………………………….1 第一節 研究動機………………………………………………….1 第二節 研究目的………………………………………………….4 第三節 研究架構………………………………………………….5 第四節 研究流程………………………………………………….7 第二章 文獻探討……………………………………………………….8 第一節 經濟附加價值EVA®理論之探討………………………… 8 第二節 經濟附加價值EVA®的提升………………………………10 第三節 經濟附加價值EVA®之限制與問題探討…………………11 第四節 經濟附加價值EVA®與MVA的關係……………………….14 第五節 經濟附加價值EVA®與股價的關係……………………..18 第六節 經濟附加價值實證結果歸納…………………………. 21 第三章 EVA®及相關理論架構 ……………………………………….24 第一節 企業常用傳統績效衡量指標…………………………..26 第二節 市場附加價值MVA ……………………………………..28 第三節 經濟附加價值EVA® .............................31 第四節 EVA®之應用及限制……………………………………..40 第五節 實行EVA®的問題………………………………………..42 第四章 對EVA®理論的幾個檢視………………………………………50 第一節 研發、行銷和人力支出的調整…………………………51 第二節 呆帳損失準備的調整 ………………………………… 54 第三節 折舊及在建工程的調整 ……………………………….56 第五章 個案標的-台灣TFT-LCD產業分析……………………………58 第一節 何謂TFT-LCD…………………………………………….59 第二節 TFT-LCD産業結構……………………………………….61 第三節 TFT-LCD産業特性……………………………………….62 第四節 TFT-LCD的潛在競爭對手……………………………….63 第五節 台灣TFT-LCD產業現況………………………………….68 第六節 台灣TFT-LCD產業未來觀察…………………………….73 第六章 個案研究………………………………………………………79 第一節 研究設計與研究方法……………………………………79 第二節 假說分析…………………………………………………86 第三節 實證結果與分析…………………………………………88 第七章 結論與建議……………………………………………………95 第一節 研究結論…………………………………………………95 第二節 研究限制與建議…………………………………………97 參考文獻 ………………………………………………………………991310796 bytesapplication/pdfen-US經濟附加價值市場附加價值績效指標Economic Value AddedEVA&regPerformance IndicatorMVAMarket Value Addedthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/60835/1/ntu-93-R89723017-1.pdf