政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/35439
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113392/144379 (79%)
Visitors : 51210470      Online Users : 861
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/35439


    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.
    Reference: 一、中文部份：
    1. 天下雜誌1000大特刊，2003~2006年5月。
    2. 中時報系資料庫，http://www.tol.com.tw/CT_NS/ctsearch.aspx。
    3. 台灣連鎖店年鑑 (2002~2006) ，台北：台灣連鎖暨加盟協會。
    4. 行政院主計處 (2001) 頒定之第七版行業標準分類零售業細項分類架構。
    5. 沈佳玲 (2002) ，「台灣電子業經濟附加價值之探討」，國立台北大學會
    計研究所碩士論文。
    6. 吳啟銘 (2001) ，《企業評價個案實證分析》，台北：智勝文化。
    7. 李孟熹 (1985) ，《現代商業經營要訣》，作者自行出版。
    8. 邱昰芳 (2004) ，「企業未來成長價值影響因素之研究證」，國立中山
    大學財務管理所碩士論文。
    9. 汪萱蕙 (2006) ，台灣經濟研究院產經資料庫整理 --- 百貨公司業基本
    資料及超級市場之現況與展望 -- 2006第一季。
    10.林正修及王明元(1995)，現代零售業管理，台北：華泰文化事業股份有
    限公司。
    11.流通快訊雜誌，2006年1、3月。
    12.涂宏任 (2000) ，「經濟附加價值解釋科技產業經營績效能力之研究」，
    中正大學企業管理研究所碩士論文。
    13.高榮熙 (2004) 「經濟附加價值理論可行性的一項探討 --- 以台灣
    TFT-LCD產業為例」，國立台灣大學財務金融研究所碩士論文。
    14.清水滋 (1998) ，《零售業管理》，初版，台北，五南圖書出版公司。
    15.許英傑 (1999) ，《流通經營管理》，台北：新陸書局。
    16.黃德舜 (1998) ，《企業財務分析 --- 企業價值的創造及評估》，台
    北：華泰文化事業股份有限公司。
    17.張崇興 (2003) ，「企業未來成長價值影響因子之研究 --- 台灣資訊電
    子產業之實證」，國立中山大學財務管理所碩士論文。
    18.葉錞鎂 (2001) ，「以EVA指標衡量寬頻網路服務供應商之購併績效~以
    Excite@Home為例」，國立中山大學傳播管理研究所碩士論文。
    19.經濟部商業司，商業動態統計月報，2005年8月。
    20.經濟部統計處商業動態 2005 年調查統計報告。
    21.潘世奇 (2003) ，「影響企業價值波動之關鍵因素探討」，國立中山大學
    財務管理所碩士論文。
    22.顏銘志 (2000) ，「以MVA、FCF 等新型指標衡量企業購併之財務績
    效」，國立中正大學企業管理研究所碩士論文。
    二、英文部份：
    1. Aaker, D.A.（1984）, Strategic Market Management, p.70.
    2. Alfred, Marshall (1890) ,Principles of Economics,
    Macmillan Press, London.
    3. Ansoff,H.I.(1957),“Strategies for
    Diversificiation”,Harvard Business Review, Sep.-Dec.,
    p.114.
    4. Andrew, Black; Philip Wright; John E. Bachman; John
    Davies, (1998) ”SHV at war mergers and acquisitions”，
    In Search of Shareholder Value，Great Britain，Price
    Waterhouse，pp.104-119.
    5. Biddle , Bowen&Wallace，“Evidence on EVA” , Journal of
    Applied Corporate Finance, Summer 1999.
    6. Christie, A.(1989), “ Equity risk, the opportunity set,
    production cost and debt”, Working paper (University of
    Rochester, Rochester, NY).
    7. Chung, K.H. and C. Charoenwong (1991), “ Investment
    options, assets in place, and the risk of stocks”,
    Financial Management 20, p.21-33.
    8. Devlin, G. (1991), “Diversification: A Redundant
    Strategic Option”, European Management Journal, Vol.9
    Iss.1, p.76-81.
    9. Gapenski, L., C. (1997) “Using MVA and EVA to measure
    financial performance” ,Healthcare Financial
    Management, ：p.56-59.
    10.Hax,A.C. and Nicolas S.Majluf (1991), The Strategy
    Concept and Process : A Pragmatic Approach, Englewood
    Cliffs,N.Y.:Prentice Hall,p.116.
    11.Kester, W.C. (1986), “ An option approach to corporate
    finance”, Ch.5, Handbook of corporate finance, p.3-35.
    12.Kinnear, T. C. and Bernhardt K. L. (1990), Principles of
    Marketing, 3rd ed., Scott, Foresman/Little, Brown Higher
    Education.
    13.Knight, James A.(1998)，Value Based Management：
    Developing A Systematic Approach to Creating Shareholder
    Value，New York：McGraw-Hill，p.169-170.
    14.Kotler, P. (2000), “Future markets, ” Executive
    Excellence，Vol.17, No.2,Feb , p.6.
    15.Lamb, Robert Boyden (ed.) (1984), Competitive Strategic
    Management , Prentice-Hall Inc.
    16.Lieber, Ronald. B. (1996), ” Who are the real wealth
    creators? ” Fortune, Vol .134 (Dec) , p.73-78.
    17.McNair, Malcolm P. and May, Eleanor G.（1978）, The Next
    Revolution of the Retailing Wheel, Harvard Business
    Review, 56（5）: p.81-92.
    18.Myers, S.C. (1977),“Determinants of corporate
    borrowing,”Journal of Financial Economics 5：p.147-145.
    19.Philpott, W. J. (1977), Retailing： Made Simple, London：
    W. H. Allen
    20.Rappaport, Alfred（1986），Creating Shareholder Value，
    New York：The Free Press，p.56.97.98.
    21.S. David Young and Stephen F. O`Byrne (2000) ” EVA®
    and Value-Based Management ” ：A Practical Guide to
    Implementation，New York：McGraw-Hill Companies
    p.74.308~319.
    22.Smith, C.W. and R.L. Watts (1992), “ The investment
    opportunity set and corporate financing, dividend and
    compensation policies ”,Journal of Financial Economics
    32,p.263-292.
    23.Solomons,D.(1965) “ Divisional Performance: Measurement
    and Control,” Financial Executives Research Foundation,
    New York.
    24.Stephen F. O`Byrne (1996) “ EVA® and Market Value ”
    Bank of America Journal of Applied Corporate Finance ,
    Spring , p.116-125.
    25.Stern, J. M., J.S. Shiely, and I. Ross. (2001)“The EVA
    Challenge: implementing value-added change in an
    organization,”John Wiley & Sons.
    26.Stewart ш, G., B.(1991) “The Quest for Value,” Harper
    Business, New York.
    27.Tully, Shawn (1993) “The real key to creating wealth.”
    Fortune.128, Sep., p.38-50.
    28.Young, S., D. (1999) “ Some reflection on accounting
    adjustments and economic value added,” Journal of
    Financial Statement Analysis (Winter), p.7-19.
    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:[Executive Master of Business Administration] Theses

    Files in This Item:

    File Description SizeFormat
    93271901.pdf44KbAdobe PDF2945View/Open
    93271902.pdf72KbAdobe PDF21075View/Open
    93271903.pdf84KbAdobe PDF21137View/Open
    93271904.pdf75KbAdobe PDF21371View/Open
    93271905.pdf112KbAdobe PDF21477View/Open
    93271906.pdf348KbAdobe PDF23399View/Open
    93271907.pdf284KbAdobe PDF225185View/Open
    93271908.pdf157KbAdobe PDF23587View/Open
    93271909.pdf200KbAdobe PDF21564View/Open
    93271910.pdf126KbAdobe PDF21665View/Open
    93271911.pdf115KbAdobe PDF21510View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback