The Differences in Tobin’s q and Their Affecting Factors between the Electronics and Other Industries in Taiwan before versus after 2000

• Main Authors: Wei-Hong Lin, 林威宏
• Other Authors: Po-Young Chu
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/32297796409529020007

碩士 === 國立交通大學 === 管理科學系所 === 97 === In a knowledge-based economy, the intangible assets are the drivers to enhance the industries’ performance. However, the studies basing upon accounting-based measures such as ROE could not sufficiently reflect the intangible value. In this paper, we first use Tobin’s q to investigate the difference among each industry in Taiwan before versus after 2000. Secondly, we use Tobin’s q to investigate the difference and their affecting factors between the electronics and other industries in Taiwan during 2000-2006.Finally, we divide firms in each industry into two groups according to a firm’s Tobin’s q is whether more or less than 1.Then we further investigate the relationship between Tobin’s q and other explanatory variables under these two groups in the same industry.The main results of this research are concluded as bellow. 1. The Tobin’s q of each industry before 2000 is larger than that after 2000. The Tobin’s q of the electronics industries is higher than that of the others. 2. The wide gap of the accumulated of R&D inputs is the main factor leading to the performance difference between the electronics and other industries as well as contributing to the difference between the two groups divided according to the value of Tobin’s q more or less than 1 in the same industries. 3. The marginal productivity of R&D inputs in the electronics industries is less than that in the other industries. Furthermore, the marginal productivity of R&D inputs in high Tobin’s q companies is higher than that in low Tobin’s q companies.