隨著土地、勞力成本提高及開發中國家之競爭，台灣的傳統產業長期低迷不振，而美國「新知識經濟」效應，引伸出智慧資本的重要性，也使得投資人資金追逐具有未來憧憬的高科技股票，導致傳統產業發展陷入瓶頸。儘管現今高科技產業當道，但平心而論，不少傳統產業也曾是過去的新興產業，並造就台灣經濟奇蹟，在經濟發展史上不容忽視。職此，本研究以價值衡量觀點出發，以經濟附加價值（EVA）為公司價值之衡量指標，主要目的在探討傳統產業和高科技產業之價值驅動因子差異性。實證結果發現：（一）不論傳統或高科技產業，財務性價值動因皆為企業達成價值創造的主要因素。傳統產業若能提高銷貨成長率、增進營運資金使用效率、降低資金成本，皆有助創造企業價值。高科技產業如能妥善運用營運資金，亦能創造價值。資本支出在兩種產業中皆為價值創造之決定因素，然卻與預測方向不符。（二）智慧資本對傳統產業不具解釋力。高科技產業中，員工平均年齡較年輕、員工每人營收愈高，將提昇企業價值；而每名員工管理費用與預測方向不符。（三）不論傳統或高科技產業，財務性價值動因皆較智慧資本具解釋力，這可能因智慧資本指標不具代表性或與研究期間有關。但對於無形資產當道的新經濟時代，建議傳統產業可考慮將產業特性與科技結合，積極升級、轉型；高科技產業未來仍需就軟體與網路應用深耕發展，提昇科技人才素質及創新研發能力。最後，藉由發現影響企業價值的主要因素，企業應將此類攸關因素加以揭露，或以補充性報表表達，不但使企業更瞭解本身競爭優勢，協助管理當局進行價值管理與價值創造，也能幫助投資人更精確地評估企業價值。 / With the increasing costs of land and labor, also with the competitions from developing countries, traditional industries in Taiwan have depressed for a long time.「New Knowledge Economy」effects also reveal the importance of intellectual capital, making investors search for high-tech stocks; therefore, traditional industries fall into a bottleneck. The study uses EVA（Economic Value Added）as an enterprise value measure to explore the differences of value drivers between traditional and high-tech industries, finding the following results. First, financial value drivers are important variables to create value both in traditional and high-tech industries. These variables are SG（Sales Growth）、WC（Working Capital）and WACC（Weighted Average Cost of Capital）in traditional industries, and WC（Working Capital）in high-tech industries. CE（Capital Expenditure）is also a vital factor, but is opposite to hypotheses. Second, there's a significant association between intellectual capital variables and enterprise value of high-tch industries; nevertheless, appearing no significant reaction in traditional industries. In high-tech industries, ADE（Administrative Expense per Employee）、AEA（Average Employee Age）and SPE（Sales per Employee）are all value creative drivers, but ADE is in a reverse direction. Third, financial value drivers are more associated with enterprise value than non-financial value drivers（intelligent capital variables）in both industries, probably owing to the research period or the fact that intellectual capital variables aren't representative. However, we suggest traditional industries increase R&D expense to upgrade and high-tech industries expand to software or Internet field. Finally, the results recommend enterprises disclosure these value-creation drivers or express them in a supplementary statement.

隨著競爭的激烈，現今半導體晶圓代工產業面臨研發支出不斷增加以及晶圓製造廠的投資門檻越發提高之環境。然而在這晶圓代工競賽中，金融市場投資者也開始關注到金額龐大的資本資出是否能為公司創造更多的價值，以及其投資決策與融資決策對晶圓代工公司營運績效影響為何。 本研究以經濟附加價值(Economic Value Added; EVA)作為衡量半導體晶圓代工產業的公司價值指標，利用縱橫資料模型(panel data)驗證晶圓代工公司的EVA與市場價值之關連性，並探討影響半導體晶圓代工公司的價值創造的因子。此外，本研究亦針對半導體景氣循環指標及晶圓代工公司價值創造的關係進行研究。最後本研究以個案方式分析半導體晶圓代工公司價值創造之原因。 實證結果發現晶圓代工公司的EVA與市場價值具有高度的關連性與解釋能力，代表EVA確實能反映企業的真實價值。本文亦發現公司投入愈多的資本支出、追求高的營業利潤率、降低資金成本都會為半導體晶圓代工公司創造更多的價值。然而營收增加、營運資金投入的多寡及半導體景氣循環指標等因素對晶圓代工公司價值創造並無明顯之影響。此外，本文個案研究歸納出晶圓代工公司創造公司價值之因素共有下四點：一、擴大對現有的投入資本的報酬率。二、利用低利率環境和低β值，以降低資金成本。三、維持技術領先的競爭優勢，使公司擁有一段較長的時間能產生高於正常報酬率。四、加大資本資出進行新的投資，以賺取超額報酬。 / Advanced semiconductor manufacturing is at an inflection point with escalating R&D intensity and capital expenditure requirements for new fabrication plants of leading process. However, investors are concerned whether tremendous capital expenditure could generate return and create value to the company in this competition. Therefore, the objective of this study is to examine the foundry firms’ value by adopting the concept of Economic Value Added (EVA), measuring the excessive return that a company can generate over the cost of capital. At first, this study tests the power of EVA to capture the relationship between a company’s market value and EVA of foundries. As EVA may be affected by numerous financial value drivers, this research examines and ascertains which factors are relevant. Furthermore, this study also monitors the EVA of these firms to determine their relationship with the semiconductor cyclical index. The primary findings of this study are illustrated as below. EVA is systematically linked to market value in foundry industry. In addition, foundries with higher operating profit margin and higher capital expenditure could create more firms’ value while foundries with higher cost of capital and financial flexibility would destroy its value. Moreover, foundries’ EVAs are not been significantly affected by growth of sales, investments in working capital, and semiconductor cycle index. Furthermore, this paper also conducts a case study to analyze why TSMC creates EVA continuously: (1)TSMC increases returns on existing capital while holding WACC and invested capital constant. (2)TSMC reduces the cost of capital by leveraging low interest rate and low beta. (3)TSMC makes new investments that earn returns greater than the WACC. (4)TSMC sustains the competitive advantage of technological leadership which enables the company to generate above-normal returns for a longer period.

No description available.

Grassland is an important component of agrarian landscape, performing wide range of ecological, economic and social functions. Long-term changes of the conditions of habitats, determined by human economic activities, influence the state of grassland plants. Rural Development Programme for Lithuania 2007–2013 sets measure to preserve biological diversity of grassland. The purpose of it is to reduce negative anthropogenic effect on grassland plant communities using the EU funds. Having researched the differences of grassland plant diversity and economic value, influenced by different intensity economic activities, the main objective of this paper is to evaluate the efficiency of EU regulated, agri-environmental measures based, grassland management methods in small farming sector of Lithuania. The research, involving the assessment of the number of plant species, diversity of plant families, distribution of relative plant abundance, and dominance of plant species in plant communities in grassland managed traditionally and according to the requirements of agri-environmental farming, showed that both types of grassland had similar plant communities. Such conclusion was drawn from the analysis of Jaccard and Sörensen similarity coefficients. The difference of plant adaptation to soil dampness, acidity, and nutrition was not statistically significant in grasslands of both types. Most of the plants in grassland researched were mesophytes; soil acidity was not a determining factor to... [to full text] / Pievos yra svarbus agrarinio kraštovaizdžio komponentas, atliekantis įvairias ekologines, ekonomines ir socialines funkcijas. Ilgalaikiai augaviečių sąlygų pokyčiai, kuriuos lemia žmogaus ūkinė veikla, įtakoja pievų augalų būklę. Lietuvos kaimo plėtros 2007–2013 m. programoje numatyta priemonė pievų biologinės įvairovės išsaugojimui, kurios tikslas panaudojant ES lėšas mažinti neigiamą antropogeninį poveikį pievų augalų bendrijoms. Ištyrus pievų augalijos įvairovės ir ūkinės vertės skirtumus, sąlygotus skirtingos ūkinės veiklos intensyvumo, šio darbo tikslas įvertinti reglamentuotų, ES agrarinės aplinkosaugos priemonėmis paremtų, pievų tvarkymo metodų efektyvumą smulkiuose Lietuvos ūkiuose. Atliktas tyrimas parodė, kad įvertinus augalų rūšių skaičių, augalų šeimų įvairovę, augalų rūšių santykinio gausumo pasiskirstymą, dominuojančias augalų rūšis tradiciniais ir agrarinės aplinkosaugos reikalavimus atitinkančiais ūkininkavimo metodais tvarkomose pievose, nustatyta, kad jose augo panašios augalų bendrijos. Tai parodė ir Žakaro bei Sörensen bendrumo koeficientų reikšmės. Abiejų tipų pievose rastų augalų rūšių prisitaikymo prie dirvožemio drėgmės, rūgštingumo, turtingumo maisto medžiagomis rodiklių reikšmės statistiškai reikšmingai nesiskyrė. Pievų augalų bendrijose vyravo mezofitai, daugumai augalų rūšių dirvožemio rūgštingumas buvo neįtakojantis veiksnys, pievoms būdingi mezooligotrofiniai ir mezotrofiniai žolynai. Tyrimas parodė, kad biologinės įvairovės apsaugai palankus... [toliau žr. visą tekstą]

Pievos yra svarbus agrarinio kraštovaizdžio komponentas, atliekantis įvairias ekologines, ekonomines ir socialines funkcijas. Ilgalaikiai augaviečių sąlygų pokyčiai, kuriuos lemia žmogaus ūkinė veikla, įtakoja pievų augalų būklę. Lietuvos kaimo plėtros 2007–2013 m. programoje numatyta priemonė pievų biologinės įvairovės išsaugojimui, kurios tikslas panaudojant ES lėšas mažinti neigiamą antropogeninį poveikį pievų augalų bendrijoms. Ištyrus pievų augalijos įvairovės ir ūkinės vertės skirtumus, sąlygotus skirtingos ūkinės veiklos intensyvumo, šio darbo tikslas įvertinti reglamentuotų, ES agrarinės aplinkosaugos priemonėmis paremtų, pievų tvarkymo metodų efektyvumą smulkiuose Lietuvos ūkiuose. Atliktas tyrimas parodė, kad įvertinus augalų rūšių skaičių, augalų šeimų įvairovę, augalų rūšių santykinio gausumo pasiskirstymą, dominuojančias augalų rūšis tradiciniais ir agrarinės aplinkosaugos reikalavimus atitinkančiais ūkininkavimo metodais tvarkomose pievose, nustatyta, kad jose augo panašios augalų bendrijos. Tai parodė ir Žakaro bei Sörensen bendrumo koeficientų reikšmės. Abiejų tipų pievose rastų augalų rūšių prisitaikymo prie dirvožemio drėgmės, rūgštingumo, turtingumo maisto medžiagomis rodiklių reikšmės statistiškai reikšmingai nesiskyrė. Pievų augalų bendrijose vyravo mezofitai, daugumai augalų rūšių dirvožemio rūgštingumas buvo neįtakojantis veiksnys, pievoms būdingi mezooligotrofiniai ir mezotrofiniai žolynai. Tyrimas parodė, kad biologinės įvairovės apsaugai palankus... [toliau žr. visą tekstą] / Grassland is an important component of agrarian landscape, performing wide range of ecological, economic and social functions. Long-term changes of the conditions of habitats, determined by human economic activities, influence the state of grassland plants. Rural Development Programme for Lithuania 2007–2013 sets measure to preserve biological diversity of grassland. The purpose of it is to reduce negative anthropogenic effect on grassland plant communities using the EU funds. Having researched the differences of grassland plant diversity and economic value, influenced by different intensity economic activities, the main objective of this paper is to evaluate the efficiency of EU regulated, agri-environmental measures based, grassland management methods in small farming sector of Lithuania. The research, involving the assessment of the number of plant species, diversity of plant families, distribution of relative plant abundance, and dominance of plant species in plant communities in grassland managed traditionally and according to the requirements of agri-environmental farming, showed that both types of grassland had similar plant communities. Such conclusion was drawn from the analysis of Jaccard and Sörensen similarity coefficients. The difference of plant adaptation to soil dampness, acidity, and nutrition was not statistically significant in grasslands of both types. Most of the plants in grassland researched were mesophytes; soil acidity was not a determining factor to... [to full text]

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

Univ., Diss.--Frankfurt a.M., 2003.

This disertation labour focuses on assessment of the financial situation analyzed company using the economic value added. In theoretical part is characterized economic value added, there is described its origin, calculation variants and the posibility of using this indicator. There are defined the necessary adjustments of accounting data for achieving economic data, procedures for determing the cost of capital and pyramid decoposition economic value added. The practical part is targeted to calculate economic value added by variant of entity and equity in rated company. It is targeted to compare the results of these two variants, to pyramid decomposition EVA equity in 2014 compare 2013 and to alternatives economic value added.

A água, apesar de ser um bem essencial para a sobrevivência, é também um bem que possui valor econômico, uma vez que, dado o uso intenso desse recurso, o mesmo passou a ser escasso. O conceito moderno de valor, em termos econômicos, considera o valor de uso como medida de referência. Dessa forma, uma maneira de evitar o uso intenso e não eficiente da água, seja pela indústria, pela agricultura ou pelo uso urbano, garantindo o seu valor econômico, é estabelecer uma medida de valor que reflita a disposição a pagar pelo uso desse recurso. Na bacia do rio Gravataí, atualmente, paga-se apenas pelo serviço de distribuição da água, nada é cobrado ainda pelo seu valor econômico. Contudo, uma vez que a cobrança pelo uso da água passou a ser estabelecida por lei (LF 9.433/97 e LE 10.350/94), algumas bacias vêm realizando estudos e estabelecendo a cobrança pelo uso da água. Dessa forma, o presente estudo busca obter um valor de referência pelo uso da água na agricultura na bacia do Gravataí utilizando-se dois métodos distintos: Método Econométrico Tradicional de estimação da demanda por água, aplicando-se a elasticidade-preço da demanda para chegar ao valor, e o Método de Valoração Contingente, que utiliza-se da Disposição a Pagar (DAP) para calcular o valor econômico da água. Para tanto, foi realizada uma pesquisa de campo nos municípios de Viamão e de Santo Antônio da Patrulha, utilizando-se por base um estudo das Nações Unidas (QUEISS, T.; SHDEED K.; GABR, M.; 2000). / Water, although it is an essential god for surviving, it is also a god that has economic value, once, given the intensive use of this resource, it is scarce. The modern concept of value, in economic terms, considers the value of the use as a reference measurement. Therefore, in order to avoid the intensive and inefficient use of water, in the industry as well as in agricultural and urban use, guaranteeing its economic value, is to establish a value measure that reflect the willingness to pay for this resource. Currently one pays only for the service of water distribution, and nothing is charged for its economic value at Gravataí River Basin. However, once the collection for the water’s use was established in law (Federal Law 9.433/97 and State Law 10.350/94), some basins are carrying out studies and stabling the collection for the water’s use. Thus, the present study aims at delivering a reference value for the water’s use in agriculture at Gravataí basin using two distinct methods: The traditional Econometric Method of demand estimation, applying the elasticity-price of demand in order to get the value, and The Contingent Valuation Method, which is used with the Willingness to Pay (WTP) to calculate the economic value of the water. According to these methods a field research in the cities of Viamão and Santo Antônio da Patrulha were carried out, using a study of the United Nations (QUEISS, T.; SHDEED, K.; GABR, M., 2000) as basis.