平或衡计分卡架构下企业价值影响因素之研究-以台湾生物科技业为例.docVIP

平衡計分卡架構下企業價值影響因素之研究－ 以臺灣生物科技業為例 王祝三 徐清俊 林士堯 中正大學財務金融研究所 南華大學財務管理管理研究所 南華大學財務管理管理研究所 摘 要 面對全球化與微利時代的競爭壓力，如何評量企業的價值，是所有公司經營管理者、股東及投資大眾所關注的重要議題。過去研究多探討財務資訊與企業價值間之關係，但傳統的衡量方法已不足以對企業價值作一允當衡量。Kaplan Norton（1992）提出的平衡計分卡提供了一個全面性整合架構，據以檢測企業價值之驅動因素。故本研究以平衡計分卡架構探討1999年至2003年間台灣生物科技業上市上櫃公司之企業價值影響因素，並驗證平衡計分卡四種觀點，是否較只以財務績效衡量方式，更能解釋企業價值之產生。 本文之實證結果顯示，平衡計分卡之四個構面對企業價值皆有其顯著影響力，不可偏廢。本文並證實採用平衡計分卡比起僅用單一財務構面衡量指標，的確對企業價值具有較高的解釋能力。因此，同時納入財務與非財務構面之營運績效指標，將更有助於吾人了解驅動企業經濟價值創造之來源，平衡計分卡實為衡量企業價值之較佳模式。 關鍵字：企業價值、平衡計分卡、生物科技業 Using the Balanced Scorecard to?Evaluate?the Influential Factors of Enterprise Value─An Empirical Study on Taiwan Biotechnology Firms CHU-SAN EDWARD WANG CHING-JUN HSU SHIH-YAO LIN National Chung Cheng University Department of Finance Nanhua University, Institute of Financial Management Nanhua University, Institute of Financial Management ABSTRACT Under the transition of economy, the business environment has entered into a micro-profit era, and companies are facing an intense global competition. The evaluation of companies’ value becomes a critical issue to executive managers, shareholders and the public investors. Traditional financial measures are inadequate for evaluating the performance of companies. Robert Kaplan and David Norton developed a new approach, the ‘balanced scorecard’, to strategic management. This research studies Taiwan’s biotechnology companies listed in TSEC OTC over the 1999 to 2003 period. The purpose of this study is to explore key factors that influence those companies’ value and to testify Kaplan’s four perspectives of balanced scorecard. The empirical finding of this research proves that all of the four perspectives of balanced scorecard have significant impact on a company’s value. This research also proves that a company’s value could be better evaluated with the application of balanced scorecard than using a traditional financial measure. This research concludes that the balanced scorecard, a measurement wh