企業的經濟附加價值與成長動能之探討— 以台灣行動上網產業為例

Abstract

經濟環境變化迅速，面對全球化與微利時代的競爭壓力，企業經營更顯困難，如何提升企業的整體營運績效與獲利能力，進而創造企業價值，是經營管理者必須關注的議題。因此，本研究擬以行動上網產業裡不同類型的廠商為系絡，檢視其價值創造程度及其驅動因素。為正確反映對企業價值創造程度的衡量，本研究採取經濟附加價值(EVA)為主要績效指標，並以2005~2007年度為研究範圍。 本研究首先探討行動上網的技術發展與產業演進，並以經濟附加價值指標分析台灣行動上網產業整體與各子產業區隔的績效，然後根據經濟附加價值、股東權益報酬率、與企業營收成長率，選取兼具高成長與高價值創造企業為標竿，包括晶片商(聯發科)、零組件提供商(原相)、筆電代工商(緯創)、手機代工商(鴻海)、通路商(神腦)、與品牌商(宏達電)等，接著，再運用成長引擎的概念，定性地分析與歸納驅動這些標竿企業價值創造的因素。 據此，本研究歸納出以下結論，並據以提出管理意涵與政策建議： (一) 約有六成樣本公司其2005-2007年間創造正的經濟附加價值，顯示此一產業內的主要廠商其為股東創造正向價值的能力強。 (二) 以行動上網產業內七個子產業區隔為分析基礎，產業上下游確實存在如「微笑曲線」式的價值創造差異。 (三) 在此產業系絡，兼具營收成長與高獲利，從而產生高EVA的標竿企業，其成長策略首重建構接續性的業務組合，以支持其成長動能。其中自有品牌的廠商應側重其產品規劃與市場判斷，而通路與代工業者則需重視客戶組合以支持其成長動能。

The economic environment changes rapidly. When facing the competitive pressures of globalization and thin profit margin, company’s operation becomes more challenging. Therefore, how to enhance the over-all performance of a company and, more importantly, create value for shareholders become critical issues to the general management. Motivated by such an inquiry, the present research attempts to explore the extent of a company’s value creation and its underlying growth drivers. Economic value added (EVA) is adopted as the key performance measure as it well capture the economic profit, rather than accounting profit, of the firm. This research took the Mobile Internet (MI) industry and major Taiwanese firms as primary empirical context. The time coverage is from 2005 to 2007 so that the uncontrollable impact from economic turbulence can be avoided. Our study first investigates the development of MI-related technologies and the evolution of MI industry structure. We then use EVA to assess the extent of value creation of all MI firms in Taiwan under which benchmarking firms are selected based on EVA, ROE, and Sales Growth. These benchmark firms include chip provider (MTK), component provider (Pixart), NB OEM firm (Wistron), EMS firm (Foxconn), Channel service (Senao) and Brand name company (HTC). We then conduct qualitative analyses on these benchmark firms and inductively conclude their growth drivers. Research results are concluded as following and strategy recommendations are also discussed in the thesis. 1) Around 60% of sample firms delivered positive EVA during 2005-2007, which implies that the majority of Taiwanese MI firms are capable of creating shareholder’s value. 2) Although there are variations in EVA within each industry sector, the distribution of average EVA along the MI value chain by and large reflects the shape of the well known “smile curve”. 3) Based on analytical results and qualitative evidence of benchmark firms, we found that the common growth driver is highly related to the growth momentum of the industry segments in which the sample firm enters. Given the impact of managing growth portfolio, brand name company shall well manage their product roadmap and ODM firms channel companies have to plan their customer portfolio.