績效評估整合架構之建立：平衡計分卡與經濟附加價值之結合

Establishing an Integrated Performance Evaluation Framework by Combining Balanced Scorecard with Economic Value-Added

10.29735/SJEB.200603.0003

吳翠治(Tsui-Chih Wu)

平衡記分卡BSC ； 每股經濟附加價值 ； 價值動因 ； Balanced scorecard BSC ； Economic value-added EVA ； Value driver

東吳經濟商學學報

52期（2006 / 03 / 01）

59 - 92

繁體中文

本文旨在探討臺灣資訊電子業上市公司以平衡記分卡(BSC)與以每股經濟附加價值表示之企業價值之間的關係。首先驗證平衡計分卡四個構面之結構性關係，以證明BSC與EVA是可整合的系統，運用線性結構關係模式(linear structural relations model, LISREL)進行因果關係的分析，結果顯示所有指標皆達到配適度判定指標之期望數值，且分析中結構模式及衡量模式的參數估計值皆達到0.001的顯著水準，故所推導的觀念架構之主要因果關係，可獲得模式結果的的支持。 其次，探討台灣資訊電子產業上市公司的BSC與EVA兩種重要企業價值衡量模式之關聯性。分析結果顯示：BSC財務構面之「每股盈餘」、「總資產週轉率」與「每股EVA」有顯著的正向關係。顧客構面之「市場佔有率」、「銷貨成長率」與「每股EVA」亦有顯著的正向關係，而「顧客退貨率」與「每股EVA」有顯著的負向關係。內部程序構面之「生產力」與「每股EVA」有顯著的正向關係。學習成長構面中僅「員工平均收益」與「每股EVA」有顯著的正向關係。

The major purposes of this research are twofold. First, this study aims to introduce linear structural relations model (LISREL) and show how this methodology can effectively integrate two complementary frameworks, namely the balanced scorecard (BSC) and economic value-added (EVA), into an overall performance measurement system. Results have demonstrated the existence of performance indicators in a causal chain framework. That is, learning and growth dimension has significant impact on internal business process, while internal business process in turn has significant impact on customers. Finally, customers dimension has significant positive impact on EVA per share. Another purpose of this study is to examine the association between performance indicators of the four BSC dimensions and EVA by employing multiple regression analysis. Empirical results have largely shown the existence of significant statistical relationship between the two systems. Overall, an integrated framework has been presented for improving the implementation of value-based management by using the BSC to identify value drivers and simultaneously developing a performance measurement system quantitatively by using EVA. Therefore. This study has significant implications in today's business environment where innovation, quality, and customer satisfaction are the rules of the game.

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