公司價值創造因子：公司能力與經理人能力之比較

Abstract

本研究以資源基礎觀點探討公司能力和經理人能力對於公司價值的影響，並分析市場競爭環境及金融危機期間，公司能力與經理人能力對公司價值的影響。資源基礎觀點認為：公司擁有與競爭對手不同的最適資源，是解釋該公司得以保有競爭優勢、提升績效及創造價值的主要原因。本研究利用Demerjian, Lev, and McVay (2012)的數據，區分公司能力與經理人能力，另以Tobin's Q衡量公司價值，發現1980年至2016年間，美國企業的公司能力與經理人能力，對於公司價值均具有顯著正向影響，且兩者對公司價值的正面影響，沒有顯著差異。當公司處於低度競爭市場環境時，經理人能力對公司價值的正面影響，顯著小於公司能力。而在金融危機期間，公司能力與經理人能力對於公司價值的正面影響，則沒有顯著差異。

Based on the resource-based view, this study investigates the impact of firm-specific ability and managerial ability on firm value and analyzes how the environment of market competition and financial crisis alter that impact. The resource-based view argues that the firms maintain their competitive advantage, improves performance, and creates firm value because they possess resources that are most suitable for themselves and different from their competitors. Using data from Demerjian, Lev, and McVay (2012), this study separates firm-specific ability from managerial ability, and measures firm value by Tobin's Q. It finds that for U.S. firms between 1980 to 2016, both firm-specific ability and managerial ability have a significant positive impact on firm value, but there is no significant difference between the two abilities. When firms are in a low market environment, the positive impact of managerial ability on the firm value is significantly lower than that of firm-specific ability. During the financial crisis, the positive impacts of firm-specific ability and managerial ability on firm value are, however, insignificantly different.