Building an indicator system of asset-light valuation from resource-based view

• Main Authors: Chen, Szu-Hua, 陳思華
• Other Authors: YingChan Edwin Tang
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/69622268813175713024

碩士 === 國立交通大學 === 管理學院碩士在職專班經營管理組 === 94 === A procedure is trying to build an indicator system of asset-light valuation from resource-based view. The research purpose is to see if the indicator system could effectively increase enterprise value. The 5 indicators are：intangible asset, R&D density, debt ratio, inventory turnover days, fixed asset turnover days of 3 dimensions (market-based asset, structure asset, turnover asset) of 2 groups (assets-light, assets-heavy). The enterprise value is Tobin’s Q, which is estimated by stock price, EPS, and ROE. And the intangible asset indicator is estimated by Tobin’s Q、earning before interest and after tax、excess return rate (ROIC-WACC). The data sample is Taiwan IT industry 287 companies in 2003 of the value chain: upstream, midstream and downstream. By dummy variable regression model we found that all the enterprises have no difference to create enterprise value, no matter which supply-chain group (upstream、midstream、downstream) they belong. By multiple regression model we found that all the indicators except R&D density have significant effect to enterprise value (Tobin’s Q). By one-way ANOVA analysis we found that the reason which caused the R&D density indicator insignificant is that the IT industry in Taiwan should focus R&D expenditure more on diversification innovation but on OEM process’ cost saving.