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| Title: | 企業未來成長價值動因之研究--台灣連鎖零售業之實證 |
| Authors: | 李建興 |
| Contributors: | 吳啟銘
李建興 |
| Keywords: | 經濟附加價值
價值動因
EVA
Value Drivers |
| Date: | 2005 |
| Issue Date: | 2009-09-18 15:01:44 (UTC+8) |
| Abstract: | 台灣連鎖零售業國內自從 1979 年，由統一企業與美國南方公司合作，引進國外連鎖經營的全套管理制度及經營知識之後，至今近三十年間國內的零售產業經歷巨變，傳統商店漸漸式微；隨著知識經濟、網路高科技的時代來臨，企業的價值不像過去只反應有形資產帶來的利潤與附加價值，更著重於知識技術、管理人才、品牌商譽等無形資產所創造的附加價值。學者S. David Young and Stephen F. O`Byrne (2000) 在其書 ”EVA® and Value-Based Management” 中，將經濟附加價值進一步延伸為現在營運價值 (COV) 與未來成長價值 (FGV) ，不論是企業的未來成長價值或是成長機會，都是企業價值裡複雜且難以捉摸的一部份。
本研究針對台灣上市櫃零售業，影響每投入單位資本的企業未來成長價值 FGV 與價值因子之間的關係，實證結果彙總如下：
1. 零售業的規模大小與未來成長機會呈顯著負關係。
2. 零售業的資產使用效率的良窳，與其未來成長價值正關係。
3. 零售業賺取超額報酬率的能力，正向影響未來發展的機會。
4. 零售業的過剩資金導致其資金成本與j未來發展正相關。
5. 零售業的當期營運價值將侵蝕其未來的成長價值。
6. 零售業採取營收擴張或資本支出擴充策略無助於未來的價值創造。
本研究試圖找出創造零售業未來價值的關鍵因子，而價值驅動因子是一種績效評估指標，該指標對於事業經營的績效有直接影響。並進而建議零售業者藉由瞭解其產業的特性，依據企業所處的生命週期及競爭環境，透過內部改善或外部創新等方式，以創造企業潛在的價值。將企業價值的創造納入企業策略規劃與執行中，並發展以價值導向的績效目標與考核制度；建立一套與企業價值鏈相結合的員工激勵制度。將企業的資源隨著環境的改變予以適當地配置，實行以價值為導向的管理系統。最後，透過財務結構的調整策略，選擇正確的財務決策，以降低企業營運的資金成本、增加企業稅後淨利，增進企業競爭優勢並免於被惡意併購的風險。
Since the introduction of the complete management system and the business expertise through the collaboration of the Uni-President and The South Corporation in 1979, the retail industry in Taiwan has gone through a thirty-year period of huge changes in which conventional stores diminish gradually. With the coming era of knowledge economy and internet technology, corporate value lies more in knowledge、techniques、administrative human resource、goodwill, etc created by intangible assets, rather than the profits and other added value brought by visible assets. In his book EVA® and Value-Based Management, S. David Young and Stephen F. O’Byrne (2000) stated that the economic benefit could be extended to the concepts of Current Operating Value and Future Growth Value and either the future growth value or the growth prospect, these elements are complicated and hard to predict.
This research focuses on the study of the effect of per-unit devoted capital has on the relation between future growth value and value factor.
The results are listed as below:
1. There is a negative correlation between the scale and the future growth value in the retail industry.
2. There is a positive correlation between the application efficiency of asset and the future growth value in the retail industry.
3. The ability of making excess return has a positive effect on the prospect of future growth.
4. The capital surplus in the retail industry can result in a positive correlation between the cost of capital and future development
5. In the retail industry, the current operating value can erode the future growth value.
6. In the retail industry, the adaptation of revenue expansion or capital expenditure expansion policy has no positive effect on the creation of value.
This research aims at finding out the key factors in the creation of future growth value in the retail industry, and the key value driver is an indicator of the achievement assessment. The indicator has direct effects on enterprise’s operational performance. It is recommended that the retailers can create its potential value by comprehending the industry’s characteristics through internal improvement or external innovation in accordance with its life cycle and competitive environment. It is also recommended to include the creation of corporate value to the formulation and implementation of business strategy and to develop a value-oriented performance target and assessment system. By doing this, the corporate can set up a staff encouragement system that co-relates to corporate’s value chain. Furthermore, it is suggested that the corporate should properly allocate the resources in accordance with the changes in the environment in order to implement the value-oriented management system. Finally, through the financial structure adjustment strategy, the corporate can choose the correct financial strategy, enabling the decrease of operational cost of capital、the increase of after-tax profits、the improvement of corporate competitiveness and the avoidance of mal-merger. |
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| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
93932719
94 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0093932719 |
| Data Type: | thesis |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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