平衡計分卡與智慧資本之攸關性研究－以台灣IC產業為例

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Title:	平衡計分卡與智慧資本之攸關性研究－以台灣IC產業為例
Other Titles:	The Relationship between Balanced Scorecard and Intellectual Capital －a Case Study of Taiwan IC Industry
Authors:	曾于芯 Tseng, Yu-Shin
Contributors:	李秀英;林灼榮 Lee, Grace H. Y.;Lin, Jwu-Rong 東海大學會計學系
Keywords:	平衡計分卡;智慧資本;Tobin''s Q值;經濟附加價值;智慧資本增值係數 Intellectual Capital;Balanced Scorecard;Tobin’s Q;Value Added Intellectual Coefficient;Economic Value Added
Date:	2006
Issue Date:	2011-04-07T05:43:06Z (UTC)
Abstract:	摘要本研究以台灣IC產業為研究對象，探討平衡計分卡與智慧資本之關聯。有鑑於台灣IC產業係採垂直分工出口導向策略，且需投入大量人力及資金進行創新與研發，其長期競爭力之維繫，除了應重視財務構面之表現外，顧客、內部流程、學習與成長等構面亦不可忽視。它凸顯引進平衡計分卡架構之重要性。再則，因IC產業高度仰賴專利與智慧財產授權以維繫獲利基礎，亦指出無形資產累積之重要性。它也說明，在現今知識與科技發達的時代，智慧資本價值之高低係企業長期永續經營之關鍵所在。基於上述理念，本研究探討台灣IC產業之平衡計分卡與智慧資本之攸關性。茲將實證結果歸納如下：(1) Tobin’s Q 值與資產報酬率、前五大供應商進貨比率、市場占有率、管理密集度、研發費用占管理費用比率、組織穩定度及員工成長率間均呈現顯著且正向之關係，而與股東權益報酬率呈負相關；智慧資本增值係數與速動比率、每股盈餘、員工平均營收以及員工平均營業利益具有正向顯著關係，但與股東權益報酬率及資產報酬率呈現負相關；經濟附加價值與資產報酬率和每股盈餘呈現顯著正相關，但與專利核准數呈負相關。(2) Tobin’s Q 值與財務獲利性、創新流程指標及營運流程指標呈現正向之顯著關係，與員工延續能力呈負相關；智慧資本增值係數與財務獲利性、內部流程指標具顯著正相關；顧客構面之顧客延續率則呈現負相關；經濟附加價值則與財務獲利性呈正向顯著之關係，而與員工延續能力呈負相關。(3) 財務構面總指標對於智慧資本衡量變數之Tobin’s Q 值、智慧資本增值係數與經濟附加價值皆呈現顯著正相關；而內部流程總指標，則與Tobin’s Q 值具正向顯著關係。(4) 整合本研究之實證結果發現：平衡計分卡中，除了財務指標與智慧資本關係呈現不確定外，其餘三構面與智慧資本四指標間，大抵呈現正向攸關性。此等訊息顯示，台灣IC產業在犧牲短期財務績效，以強化顧客、內部流程、學習與成長等構面之策略下，將有助於累積智慧資本而維繫其長期之競爭力。 AbstractThis paper analyzes the relationship between Balance Scorecard (BSC) and Intellectual Capital (IC) of Taiwan IC industry which adopts the vertical disintegration strategy and requires huge amounts of investment in human capital and R&D. Our empirical findings are: (1) Tobin’s Q is positively related to Return on Assets (ROA), the ratio of the purchases of the top five suppliers to the purchases of all firms in the IC industry, market share, the ratio of administrative expenses to net sales, the ratio of R&D expenses to administrative expenses, the degree of organization steady, and the ratio of employee growth. The Value Added Intellectual Coefficient (VAIC) has positive impact on quick ratio, EPS, average sales of per employee, and average operating income per employee. On the other hand, the VAIC is negatively related to Return on Equity (ROE) and ROA. The Economic Value Added (EVA) has positive effect on ROA and EPS, and is negatively related to the number of patents granted. (2) Tobin’s Q has positive influence on financial profitability, innovation process, and operating process, but is negatively related to employee retention. In addition, the VAIC has positive impact on financial profitability, internal process, but is negatively related to customer retention. Besides the above, the EVA is positively correlated with financial profitability, and is negatively related to employee retention. (3) The overall index of financial perspective is positively related to Tobin’s Q, VAIC and EVA. The overall index of internal process perspective is positively correlated with Tobin’s Q. (4) In sum, among the four perspectives of the Balanced Scorecard, except for financial perspective whose effect on Intellectual Capital is not consistent, the other three perspectives show positive influences on Intellectual Capital. Our findings suggest that, in order to accumulate Intellectual Capital and enhance sustaining competitive advantage, the sample industry should focus on customer, internal process, and learning and growth perspectives.
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