輕資產戰略與營運績效關係之研究－以台灣企業為例

Asset-Light Strategy and Operational Performance: With a Case Study on Taiwan Enterprises

10.6504/JOM.2007.24.01.05

唐瓔璋(Ying-Chan Tang)；劉芬美(Fen-May Liou)；黃寶慧(Pao-Huei Huang)

輕資產 ； 投入資本報酬率 ； 市場基礎資產 ； Light Assets ； Return on Invested Capital ； Market-Based Assets

管理學報

24卷1期（2007 / 02 / 01）

75 - 91

繁體中文

在新經濟時代，非物質性資源（輕資產），創造財富的比重遠超過物質性因素。目前除商譽及無形資產外，大部分的輕資產均未認列於財務報表中，若有明確的價值測量方法，有助於瞭解企業的資產運用能力。本文利用投入資產報酬率推導輕資產價值模式，用以探討輕資產營運與企業獲利能力的關係。本文先運用跨國汽車製造業之財務績效驗證輕資產價值模式，並將各種指標建立之企業績效排名與輕資產排名做比較，再探討台灣企業運用輕資產之特性與獲利能力之關係。本文發現：(1)日商之輕資產營運優於美商；(2)輕資產價值之企業排名與綜合指標企業排名較為相近；(3)台灣前五十大企業普遍較世界十大企業有更高的輕資產比重及資本投入報酬率；(4)企業愈「輕」，獲利愈高。

In the New Economy, non-physical resources, i.e., company's light assets, create more wealth than physical resources do. Currently, most light assets, except goodwill and intangibles, are not included in financial reports. The concept of asset-light–or asset-efficient–has been embedded in most of the business management areas. The pedigrees of asset-light model are ”intellectual and intangible assets” in finance (Edvinsson and Malone 1987; Stewart 1997; Sullivan 2000); ”marketing productivity” in marketing (Srivastava et al. 1998; Sheth and Sisodia, 2002); ”Pareto optimality” in economics; and resource-advantage theory in strategic management (Barney 1991; Hunt and Morgan 1996). The resource-based view (RBV) characterized advantage resources of firms as valuable, rare, imperfectly imitable, and non-substitutable. ”Resources” are the tangible and intangible entities available to the firm that enable them to produce efficiently and/or effectively market offerings that have value for some market segments (Hunt and Morgan, 1996). Barney (1991) and Srivastava et al. (1998) define marketing resources as any attribute, tangible or intangible, physical or human, intellectual or relational, that can be developed by the firm to achieve a competitive advantage in the market. Except brands, patents, and intellectual properties, most market-based intangibles such as customer relationships, channels, and networks are excluded from current accounting statements since those non-financial elements are invisible, untouchable, and hard to evaluate. To summarize, the asset-light strategy echoes the viewpoint of RBV-related perspectives in terms of focus (e.g., target segment and customer relationship) and of the focal point of the competitive advantage of firms (e.g., carry-over effect of brand equity). A practical light assets metrics is useful to assess potential profitability of a business. Connecting asset-light strategy with the financial performance is crucial. Maly and Palter (2002) consider asset-light as a business strategy that pursues capital efficiency by focusing the equity investment on those assets where a company's expertise attains the best return for investors. From the measurement point of view, asset-light strategy refers to all intangible assets (both on and off the balance sheet) that create additional net benefits beyond the book value. This logic leads to our valuation model of light assets where the difference of ICA (invested capital at actual value) and ICB (invested capital at book value) equals a company's ability to outperform an average competitor that has similar tangible assets. This paper uses ROIC (return on invested capital) measure to investigate the relationship between assets light and profitability of a company. First, financial performances of multinational motor companies were used to verify the validation of the light assets valuation model. Second, based on light-asset metrics, we rank global companies listed in Business Week and Forbes from a different valuation perspective. Finally, we compare different light-assets valuation between Taiwan top 50 companies and global top 10 companies. Results show that: (1) the light-assets operations of most Japanese motor companies are superior to American counterparts; (2) business ranking based on light-assets valuation correlates more to Forbs ranking (multiple-indices) than Business Week ranking (single index); and (3) comparing with the global top 10 companies, Taiwan top companies are ”lighter” in enjoying higher return on invested capital. Our paper contributes to the development of asset-lights model, which unifies the multidisciplinary crucial reasoning on how the asset-efficient strategy can produce superior financial performance.

1. (2001).Business Week, The Global 1000.
2. Financial Times
3. Amit, Raphael,Paul J. H. Schoemaker(1993).Strategic Assets and Organizational Rents.Strategic Management Journal,14,33-46.
4. Barney, Jay B.(1986).Organizational Culture: Can It Be a Source of Sustained Competitive Advantage?.Academy of Management Review.
5. Barney, Jay B.(1991).Firm Resources and Sustained Competitive Advantage.Journal of Management,17(1),99-120.
6. Collis, David J.,Cynthia A. Montgomery(1995).Competing on resource strategy in the 1990`s.Harvard business Review.
7. Edvinsson, Leif,Michael S. Malone(1997).Intellectual Capital, Realizing Your Company's True Value By Finding Its Hidden Brainpower.
8. Forbes(2003).The Forbes Global 2000.
9. Furrer Olivier,Devannathan Sudharshan,Maria Tereza Alexandre,Howard Thomas(2004).Resource Configurations, Generic Strategies, and Performancy.
10. Grant, Robert M.(1996).Prospering in Dynamicallycompetitive Environments: Organizational Capability as Knowledge Integration.Organization Science.
11. Hamel, Gary,C. K. Prahalad(1994).Competing for the future.Harvard Business Review.
12. Hunt, Shelby D.,Robert M. Morgan(1996).The Resource-Advantage Theory of Competition: Dynamics, Path Dependencies, and Evolutionary Dimensions.Journal of Marketing,60(4),107-114.
13. Hunt, Shelby. D.(2000).A General Theory of Competition.
14. Mahoney, Joseph. T.,J. Rajendran Pandian(1992).The Resource-Based View within the Conversation of Strategic Management.Strategic Management Journal,13(5),363-380.
15. Maly, Jiri,Rob N. Palter(2002).Restating the Value of Capital Light.McKinsey on Finance.
16. Penrose, Edith T.(1959).The Theory of the Growth of the Firm,.New York, NY:John Wiley.
17. Peteraf, Margaret. A.(1993).The Cornerstones of Competitive Advantage: A Resource-Based View.Strategic Management Journal,14(3),179-191.
18. Porter, Michael E.(1980).Competitive Strategy: Techniques for Analyzing Industries and Competitors.
19. Porter, Michael. E.(1985).The Competitive Advantage: Creating and Sustaining Superior Performance.NewYork:Free Press.
20. Prahalad, C.K.,G.ary Hamel(1990).The Core Competence of the Corporation.Harvard Business Review.
21. Schumacher, Ernst Friedrich(1999).Small is beautiful: Economics as if People Mattered.Vancouver:Hartley & Marks Publishers.
22. Selznick, P.(1957).Leadership in Administration： A Sociological Interpretation.
23. Sheth Jagdish N,Rajendra Sisodia,J. Heibrunn(1995).Improving Marketing Productivity.Marketing encyclopedia: Issues and Trends Shaping the Future.
24. Smitka, Michael J.(1991).Competitive Ties: Subcontracting in the Japanese Automotive Industry.
25. Smitka, Michael J.(1990).The Invisible Handshake: The Development of the Japanese Automotive Parts Industry.Business and Economic History.
26. Srivastava, Rajendra K.,Tasadduq A. Shervani,Liam Fahey(1998).Market-Based Assets and Shareholder Value: A Framework for Analysis.Journal of Marketing,62(1),2-18.
27. Stalk, George,Philip Evans,Lawerence E. Shulman(1992).Competing on Capabilities: The New Rules of Corporate Strategy.Harvard Business Review.
28. Stewart, Thomas A.(1997).Intellectual Capital: The new wealth of organizations.
29. Sullivan, Patric H.(2000).Value-Driven Intellectual Capital.New York:John Wiley and Sons.
30. Sveiby Karl-Erik(2004).Methods for Measuring Intangible Assets.
31. Tapscott, Don(1997).Strategy in the New Economy.Strategy & Leadership,25(6),8-14.
32. Wernerfelt, Birger(1984).A Resource-Based View of the Firm.Strategic management Journal,5(2),171-180.
33. 天下雜誌(2004)。最佳營運績效五十強：誰是新贏家。天下雜誌，298，106-107。
34. 孫黎、朱武祥(2003)。輕資產運營－以價值為驅動的資本戰略輕資產運營－以價值為驅動的資本戰略,北京:中國社會科學出版社。