台灣IC設計產業智慧資本對經營績效影響之研究
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(2) IC Empirical Study of Intellectual Capital and Firm Performance of IC Design Companies in Taiwan. Student: Lu, Yen Ju Advisor: Dr. Sue-Fung Wang. A Thesis Submitted to Graduate institute of Finance College of Management National Chiao-Tung University in Partial Fulfillment of the Requirements for the Degree of Master in Finance June 2011 Hsinchu, Taiwan, Republic of China.
(3) IC. IC IC q. IC IC. IC q. IC. IC. IC.
(4) EMPIRICAL STUDY OF INTELLECTUAL CAPITAL AND FIRM PERFORMANCE OF IC DESIGN COMPANIES IN TAIWAN Student: Lu, Yen-Ju. Advisor: Dr. Sue-Fung Wang. Graduate institute of Finance College of Management National Chiao-Tung University. Abstract The purpose of this study is to explore the relationship between intellectual capital and firm performance of Taiwan IC design companies. Empirical results suggest that intellectual capital agencies such as: R&D expense, management cost per employee, marketing expense, revenue per employee, company size, company age, etc. have significant influence on Taiwan IC design companies' firm performance. This study also observed that it is about one to two years later to see a significant contribution to revenues or firm performance after Taiwan IC design companies’ R&D expenditure. In addition, in the study of firm performance during the global financial crisis from 2008 to 2009, the empirical results show that the increase of intellectual capital, such research and development expenses, management fees or marketing expenses, have significantly negative impact on both internal performance (ROA) and external performance (Tobin's q). Hopefully the results of this empirical study can help IC design companies to understand their competitive advantages, and as a reference of business improvement and competitiveness enhancement. Keywords: intellectual capital; performance evaluation; financial crisis; IC design..
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(6) ............................................................................................................................ i ........................................................................................................................... ii .................................................................................................................................. iii .................................................................................................................................. iv ................................................................................................................................. vii ................................................................................................................................ viii .................................................................................................................. 1 ................................................................................................... 1 ................................................................................................... 2 ....................................................................................... 3 .......................................................................................................... 4 ............................................................................... 4 ....................................................................................... 5 ......................................................................................... 7 ......................................................................................... 7 ......................................................................................... 8 ......................................................................... 9 ............................................................................. 11 /. ............................................................................. 11. Tobin's q Ratio .............................................................................. 12 Calculated Intangible Value (CIV) ............................................... 12 (VAICTM) ............................................. 13 ................................................................................. 14 ........................................................................................................ 17 ..................................................................................... 17.
(7) ......................................................................................... 18 ............................................................................. 18 ........................................................................................... 18 ....................................................................................... 19 ....................................................................................... 21 ..................................................................................... 24 ............................... 24 ....................... 24 ....................... 25 ........................... 25 ................................................................................................. 26 ............................................................................................ 28 ..................................................................................... 28 ............................................................................................. 31 ............................................................................... 31 ................................................................................... 33 ......................................................................................... 34 ................................................................................................................ 40 ......................................................................................................................... 41.
(8) 1. .......................................................................................2. 2. ...............................................................................................4. 3. ...............................................................................................9. 4. .......................................................................................9. 5. .....................................................................................14. 6. IC. (. ) .....................................................17. 7. IC. (. ) .....................................................18. 8. ....................................................................................................23. 9. ....................................................................................................25. 10. ...........................................................................28. 11. .......................................................................29. 12. IC. .................................................................29. 13. IC. .................................................................30. 14. (Pearson's correlation coefficient) ...........................................31. 15. (Spearman's rank correlation coefficient) ....................32. 16. (VIF). .........................................................33. 17. ...................................................35. 18. ...................................................36.
(9) 1. ...................................................................................................................3. 2. (Brooking 1996) .......................................................................................6. 3. (Edvinsson and Malone 1997) .............................................6.
(10) (Lev 2001; Hussi and Ahonen 2002) (Read, Ross et al. 2001). 1969 Michael Kaleeki. John Kenneth Galbraith. Galbraith. (Bontis 1999; Pena 2002). 99. 1 89. 98. 10. 197,631. 367,174. 1.91%. 2.85%. 63.6%. 70.1% IC IC IC IC 1.
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(13) 1969. John Kenneth Galbraith. Michael Kaleeki. (Hudson 1993) (Brooking 1996). (Edvinsson. and Sullivan 1996). (Stewart 1997). (Edvinsson and Malone 1997). 2. 2. John Kenneth Galbraith Hudson, W.J.. 1969 1993. Stewart, T.A.. 1991, 4.
(14) 1997. Edvinsson and Sullivan Brooking A.. 1996 1996. Edvinsson and Malone. 1997. Roos, J., et al. Sullivan, P. H.. 1998 2000. (Stewart 1997). (Bontis 1999). (Dzinkowski 2000) Brooking (Brooking 1996). 2. 5.
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(16) /. (Roos, Edvinsson et al. 1998). (Edvinsson and Malone 1997) (Roos, Edvinsson et al. 1998). (Bontis 1998). (Edvinsson and Sullivan 1996). 7.
(17) (Edvinsson and Malone 1997). (Roos, Edvinsson et al. 1998). (Edvinsson and Sullivan 1996). (Edvinsson and Malone 1997). (Stewart 1997) (Bontis 1998). (Dzinkowski 2000). 8.
(18) 3 ( ) Bontis (1996) Edvinsson & Malone(1997) Ross et al. (1997) Stewart (1997) Brooking et al. (1998) Lynn, B. (1998) Molyneux (1998) Bassi & Van Buren (1999) Sveiby (1999) Dzinkowski (2000) (2000) (2004). V V V V V V V V V V V V. V V V V V V V V V V V V. V V V V. V. V. V V. V. V. /. / and Malone 1997). (Edvinsson. 4. 4. (Stewart 1997; Sveiby 2000; and 2008) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997; Stewart 1997; Sveiby 2000; and 2008) (Stewart 1997; 2000) (Morbey and Reithner 1990) (Stewart 1997; Sveiby 2000) 9.
(19) (Sveiby 2000) (Edvinsson and Malone 1997; Stewart 1997) ( and 2004) (Edvinsson and Malone 1997) (Stewart 1997) (Stewart 1997) (Stewart 1997) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997; Stewart 1997; and 2008) (Edvinsson and Malone 1997) (Stewart 1997) (Sveiby 2000) (Edvinsson and Malone 1997) (Stewart 1997; Sveiby 2000; 2000) (Stewart 1997) (Edvinsson and Malone 1997) (Stewart 1997) (Stewart 1997) (Edvinsson and Malone 1997) (Lim and Dallimore 2004; and 2008) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997; Stewart 1997) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997) (Bontis 1998) (Edvinsson and Malone 1997) (Edvinsson and Malone 1997; Stewart 1997). /. /. 10.
(20) Sveiby (Sveiby 2000). Edvinsson. Malone (Edvinsson and Malone 1997). (Calculated Intangible Value). MVA. (Stewart 1997). / Stewart. 1997. =. MV BV. 11. . (Market value added).
(21) Tobin's q Ratio Tobin’s q Tobin’s q (market value). Kee H. Chung and Stephen W. Pruitt. 1994. Tobin’s q.
(22) =. MVE. + +
(23). ×. PS DEBT. -. +. TA. q. q. Calculated Intangible Value (CIV). Calculated Intangible Value (CIV). 12.
(24) CIV. ROA ROA ROA. CIV. (VAICTM) Ante Pulic (Pulic 2000). Skandia (Capital Employed, CE). (Human Capital, HC). (Structural. Capital, SC). VAICTM. 13.
(25) 5. Bontis (1998). (2000) ( ) (. ) ( (. ) ). Guthrie (2001). (2004). (2005). IC. 1. 2. 3.. 14.
(26) 4.. IC 5.. IC ROE. (2005). IC (2008). IC. (2008). (2008). Saenz, Aramburu et al. (2009). (1) (2010). 15.
(27) (2). (3). (4). 16.
(28) IC 2006. 2010. 60 IC. 41. IC. IC. 6. 7. 2010. 6. 2363 2379 2388 2401 2436 2454 2458 3014 3034 3035 3041 3073 3094 3169 3219. 19. IC. 3227 14,347 35,045 3228 3259 25,158 14,385 3268 3443 7,058 3534 482,869 20,263 3556 4919 12,739 5302 52,731 5314 22,409 5471 15,227 5487 1,301 6103 4,055 6104 2,989 6129 464. (. 6202 20,015 6229 4,928 6233 1,288 6236 970 6237 14,787 6243 16,584 8016 3,967 8024 12,349 1,944 8040 8054 1,467 8299 11,701 890 144 5,187 4,382. 17. ). 10,159 731 4,110 122 4,049 3,917 6,743 1,757 3,517 4,575 26,915. N = 41.
(29) 7. IC. 3006 3188 3288 3291 3317 3438 3527 3545 3553 3582 3588. 13,058 729 1,398 1,380 2,258 2,803 4,774 9,243 4,534 5,912 5,844. (. 5351 5468 6138 6198 6286 6291 8081 8261. ). 10,542 792 5,181 379 34,687 690 11,911 4,906. N=19. 2006. 2010. USPTO. ROA. Tobin’s q Tobin’s q. 18.
(30) 1. -. (ROA). 2. - Tobin’s q ratio Tobin’s q. q q Kee H. Chung and Stephen W.. Pruitt. 1994. Tobin’s q. Tobin’s q +. ×. =( -. +. )÷. 1. (Chauvin and Hirschey 1993). Tobin’s. q. (Hersch, Netter et al. 2008). (. ,. et al. 2007). IC IC. IC. 2007). 19. (.
(31) IC. IC. (Ben-Zion 1978; Delorme, Kamerschen et al. 2002; Kothari, Laguerre et al. 2002). = (. ) × 100%. /. 2. (. and. = ln (. 2008). /. 20. ).
(32) 3. = (. ) × 100%. /. 4. = ln (. /. 1. = ln (. ). 2. IC. 21. ) × 100%.
(33) =. 2010. 3 2007. IC. 2008. 2009. 0=. 4. 1=. IC IC. IC IC. IC. 0=. IC. 22. 1=. IC.
(34) 8. 8. PERF. (ROA) Tobin’s q ( ) × 100%. RD RD1 RD2 MANAGE SALE. ln ( ( 100% ln ( ln ( 2010. REV_PP SIZE AGE TSU. /. /. ) ) ×. / /. ). ) 0 =. 1= DIGI. IC 1=. 23. 0= IC. IC.
(35) ROA. Tobin's q. (Stewart 1997) Bontis. (Bontis 1998; Bontis 1999). IC. H1. H1. IC. (Ben-Zion 1978; Delorme, Kamerschen et al. 2002; Kothari, Laguerre et al. 2002) IC. H2. IC. 24.
(36) IC. 2008. 2009. H3-1. IC. H3-2. IC. H3-3. IC. IC. IC IC. H4. IC. 9. 9. H1 H2 H3-1 H3-2 H3-3 H4. IC IC IC IC IC IC. 25.
(37) IC. IC PERF (ROA). Tobin’s q. PERF = a0 + a1 × RD + a2 × REV_PP + a3 × SALE + a4 × MANAGE + a5 × SIZE + a6 × AGE + ε. IC. PERF = a0 + a1 × RD + a2 × RD1 + a3 × RD2 + a4 × REV_PP + a5 × SALE + a6 × MANAGE + a7 × SIZE + a8 × AGE + ε. 26.
(38) PERF = a0 + a1 × RD + a2 × TSU × RD + a3 × TSU × RD1 + a4 × TSU × RD2 + a5 × REV_PP + a6 × SALE + a7 × MANAGE + a8 × SIZE + a9 × AGE + ε. PERF = a0 + a1 × RD + a2 × TSU × MANAGE + a3 × REV_PP + a4 × SALE + a5 × MANAGE + a6 × SIZE + a7 × AGE + ε. PERF = a0 + a1 × RD + a2 × TSU × SALE + a3 × REV_PP + a4 × SALE + a5 × MANAGE + a6 × SIZE + a7 × AGE + ε. IC IC PERF = a0 + a1 × RD + a2 × DIGI × RD + a3 × REV_PP + a4 × SALE + a5 × MANAGE + a6 × SIZE + a7 × AGE + ε. 27.
(39) 2.42. 3.12%. 15.63%. 14.37. 0.27 11. -9.70% Tobin’s q ratio 10 IC. 12. 10. ROA Tobinsq RD MANAGE. % %. Tobin’s q ratio. ln(. ). SALE REV_PP SIZE AGE TSU DIGI. ln(. ). ln(. ). IC. % -. 28. 3.12 3.72 3.08 -9.70 15.63 2.42 1.75 1.94 0.27 14.37 14.80 9.46 13.24 0.55 49.31 123.82 83.38 107.12 -341.92 793.88 4.68 2.34 6.68 4.70 0.52 5.21 4.53 4.05 0.00 36.09 3.49 3.39 2.48 0.00 36.45 7.81 0.85 7.82 4.82 10.50 5701 14557 1782 32 158833 14.57 1.27 14.39 10.38 18.88 5.95 3.73 6.00 0.00 20.00 0.40 0.49 0.00 0.00 1.00 0.66 0.47 1.00 0.00 1.00. 1142 1043 1121 1166 1143 1150 1166 1165 1199 1199 1148 1240 1240.
(40) 11. ROA Tobinsq RD MANAGE. % %. Tobin’s q ratio. ln(. ). SALE REV_PP SIZE. ln(. ). ln(. AGE TSU DIGI. MANAGE. -. IC. SIZE. % %. Tobin’s q ratio. ln(. ). AGE TSU DIGI. ln(. ). ln(. ). IC. 468 442 453 482 473 474 482 482 489 489 472 496 496. 2.89 3.59 2.97 -9.70 15.63 2.41 1.69 1.97 0.27 14.37 16.02 9.22 15.10 1.25 48.87 129.80 86.06 110.64 -26.49 793.88 4.72 0.54 4.71 2.34 6.68 4.02 0.00 36.09 4.97 4.43 3.16 2.89 2.26 0.12 18.13 7.74 0.81 7.73 4.82 9.81 7347 17456 1998 32 158833 14.77 1.36 14.51 10.38 18.88 6.57 3.84 6.50 0.00 20.00 0.40 0.49 0.00 0.00 1.00 1.00 0.00 1.00 1.00 1.00. 775 738 760 796 789 784 796 796 804 804 792 820 820. IC. SALE REV_PP. -. ). 12. ROA Tobinsq RD. %. 2.46 -9.16 15.08 2.40 3.28 1.92 1.21 1.61 0.27 7.46 16.08 9.82 14.38 0.77 49.31 124.54 82.72 107.84 -320.68 636.76 4.69 2.34 6.46 4.71 0.52 5.90 5.27 4.37 0.00 36.09 3.11 2.87 2.24 0.16 17.67 7.69 0.88 7.71 5.10 9.78 5605 14603 1777 32 132916 14.58 1.26 14.39 10.38 18.71 6.24 3.67 6.00 0.00 19.00 1.00 0.00 1.00 1.00 1.00 0.66 0.47 1.00 0.00 1.00. % -. 29.
(41) 13. ROA Tobinsq RD MANAGE. IC. % %. Tobin’s q ratio. ln(. ). SALE REV_PP SIZE AGE TSU DIGI. ln(. ). ln(. ). IC. % -. 30. 3.60 3.94 2.46 1.88 12.24 9.45 110.96 75.81 4.65 0.47 5.73 4.71 4.20 4.20 7.96 0.90 2351 2554 14.18 0.98 4.58 3.06 0.40 0.49 0.00 0.00. 3.46 -7.89 15.17 1.88 0.38 12.06 9.16 0.55 49.31 98.55 -341.92 542.56 4.62 3.41 6.30 4.14 0.00 29.98 3.20 0.00 36.45 8.07 5.86 10.50 1277 225 12387 14.06 12.33 16.33 4.00 0.00 13.00 0.00 0.00 1.00 0.00 0.00 0.00. 367 305 361 370 354 366 370 369 395 395 356 420 420.
(42) (Pearson's correlation coefficient). (Spearman's rank. correlation coefficient). Pearson's correlation coefficient coefficient. 13. Spearman's correlation. 14. REV_PP. RD Variance Inflation Factor (VIF). 14. ROA Tobinsq. RD MANAGE. SALE REV_PP. SIZE AGE TSU DIG. ROA Tobinsq 1.000 0.537 1.000 -0.442 -0.137 0.057 0.097 -0.438 -0.111 0.519 0.197 0.274 0.046 -0.294 -0.323 -0.146 -0.236 -0.017 -0.005. (Pearson's correlation coefficient) RD. MANAGE. 1.000 -0.013 0.522 -0.754 -0.188 0.298 0.080 0.204. 1.000 -0.084 0.236 0.138 -0.035 0.016 0.083. SALE REV_PP. SIZE. AGE. TSU. DIG. 1.000 -0.633 -0.418 0.069 0.065 -0.154. 1.000 0.392 0.021 0.200. 1.000 0.018 0.209. 1.000 -0.010. 1.000. 31. 1.000 0.564 -0.171 -0.053 -0.074.
(43) 15. ROA Tobinsq. RD MANAGE. SALE REV_PP. SIZE AGE TSU DIG. ROA Tobinsq 1.000 0.567 1.000 -0.379 -0.103 0.036 0.088 -0.398 -0.143 0.520 0.229 0.272 0.103 -0.282 -0.317 -0.168 -0.248 0.010 0.032. (Spearman's rank correlation coefficient) RD. MANAGE. 1.000 -0.027 0.458 -0.760 -0.144 0.279 0.089 0.271. 1.000 -0.120 0.215 0.064 0.009 0.024 0.097. SALE REV_PP. SIZE. AGE. TSU. DIG. 1.000 -0.675 -0.477 0.036 0.089 -0.108. 1.000 0.440 0.018 0.189. 1.000 0.029 0.209. 1.000 -0.010. 1.000. 32. 1.000 0.557 -0.140 -0.049 -0.097.
(44) Variance Inflation Factor (VIF). VIF. 10. 15 VIF. 10. 16. RD MANAGE SALE REV_PP SIZE AGE RD1 RD2 TSU×RD TSU×RD1 TSU×RD2 TSU×MANAGE TSU×SALE DIGI×RD. (VIF). 3.07 1.15 1.67 4.96 2.53 1.65. 4.43 1.18 1.66 5.66 2.97 1.71 3.33 2.61. 3.64 1.18 1.65 5.57 2.98 1.71. 3.07 1.16 1.67 4.96 2.53 1.65. 3.08 1.15 2.01 4.96 2.53 1.66. 4.84 1.15 1.87 4.98 2.57 1.66. 8.19 7.96 6.35 1.03 1.35 2.51. 2.94. 4.36. 33. 2.30. 2.39. 2.67 2.82.
(45) (Ordinary Least Square). 16. 17. F. RD 16. ROA. Tobin’s q. RD. RD Tobin’s q IC. AGE IC. 34.
(46) 17. ROA RD MANAGE SALE REV_PP SIZE AGE RD1 RD2 TSU_RD TSU_RD1 TSU_RD2 TSU_MANAGE TSU_SALE DIG_RD _cons N R-sq adj. R-sq F 1.***, **,* 2. ( ) p. -0.034** -0.019 -0.180*** 0.779** 0.532*** -0.356***. -7.259*** 1068 0.349 0.345 88.518. (0.042) (0.932) (0.000) (0.013) (0.000) (0.000). (0.000). Tobinsq 0.015* 0.126 -0.001 0.208* 0.224*** -0.216***. -1.911** 984 0.144 0.139 25.714. 1 ,5. ROA. (0.067) (0.214) (0.944) (0.093) (0.000) (0.000). (0.028). 10. (. -0.079*** -0.362 -0.188*** 1.076*** 0.565*** -0.367*** 0.037* 0.068***. -9.165*** 925 0.337 0.332 54.361. ). 35. (0.000) (0.144) (0.000) (0.004) (0.000) (0.000) (0.050) (0.000). (0.000). Tobinsq -0.027** 0.073 0.015 0.263** 0.314*** -0.237*** 0.024** 0.044***. -3.696*** 928 0.169 0.162 23.749. (0.014) (0.453) (0.336) (0.039) (0.000) (0.000) (0.015) (0.000). (0.000). ROA. Tobinsq. -0.004 -0.300 -0.203*** 0.833** 0.569*** -0.359***. (0.847) (0.232) (0.000) (0.027) (0.000) (0.000). 0.029*** 0.094 0.011 0.111 0.323*** -0.234***. (0.002) (0.340) (0.446) (0.379) (0.000) (0.000). -0.029 -0.008 0.009. (0.204) (0.734) (0.702). -0.039*** 0.021 -0.021*. (0.002) (0.103) (0.069). -7.090*** 925 0.321 0.314 46.272. (0.000). -2.439*** 928 0.169 0.161 24.348. (0.004).
(47) 18. ROA RD MANAGE SALE REV_PP SIZE AGE RD1 RD2 TSU_RD TSU_RD1 TSU_RD2 TSU_MANAGE TSU_SALE DIG_RD _cons N R-sq adj. R-sq F 1.***, **,* 2. ( ) p. Tobinsq. ROA. -0.032* 0.069 -0.176*** 0.756** 0.555*** -0.356***. (0.052) (0.763) (0.000) (0.017) (0.000) (0.000). 0.018** 0.199** 0.007 0.206* 0.252*** -0.221***. (0.020) (0.045) (0.628) (0.089) (0.000) (0.000). -0.155***. (0.000). -0.174***. (0.000). -7.577*** 1068 0.359 0.355 78.740. (0.000). -2.364*** 984 0.196 0.190 30.708. 1 ,5. 10. (0.005). (. Tobinsq. -0.032* -0.021 -0.149*** 0.774** 0.544*** -0.359***. (0.051) (0.925) (0.004) (0.014) (0.000) (0.000). 0.019** 0.109 0.054*** 0.227* 0.244*** -0.226***. (0.018) (0.281) (0.001) (0.058) (0.000) (0.000). -0.070**. (0.022). -0.111***. (0.000). -7.390*** 1068 0.352 0.348 81.284. (0.000). -2.301*** 984 0.179 0.173 28.752. (0.006). ). 36. ROA. Tobinsq. -0.016 -0.021 -0.197*** 0.747** 0.556*** -0.353***. (0.387) (0.928) (0.000) (0.021) (0.000) (0.000). 0.001 0.128 0.011 0.220* 0.210*** -0.217***. (0.955) (0.207) (0.499) (0.075) (0.000) (0.000). -0.019 -7.325*** 1068 0.350 0.346 81.341. (0.136) (0.000). 0.014** -1.805** 984 0.147 0.141 22.814. (0.044) (0.037).
(48) RD. RD1 RD2 ROA. ROA. p. Tobin’s q. 0.05. 0.001. 0.001. RD1. Tobin’s q. ROA 0.024. p. 0.037. RD2. 0.015. 0.068 Tobin’s q. 0.044. Sougiannis (Sougiannis 1994) Green. (Green, Stark et al. 1996). (. 2001). IC. IC TSU. RD. RD1. RD2. CEO CEO (Bushee 1998; Cheng 2004). 37.
(49) ROA. Tobin’s q. IC TSU. (ROA). MANAGE. (Tobin’s q). IC TSU SALE. (ROA). (Tobin’s q). IC DIGI. 38. IC. RD.
(50) (ROA). IC (Tobin’s q). IC. IC. 39. IC.
(51) IC q. IC IC. IC. IC. 2008. (ROA). 2009. (Tobin’s q). IC IC. 40.
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