臺灣博碩士論文加值系統

本研究以策略群組（strategic groups）之觀念為核心，檢視我國主機板製造廠商是否存在不同之策略群組，同時並探討不同策略群組在經營績效上之表現。
本研究採用Hofer and Schendel（1978）之「領域」、「資源投入」、「競爭優勢」三個構面發展出24項競爭策略變數，經由因素分析萃取出二個因素構面，再利用層次式集群法對樣本廠商在二項因素構面進行分群。本研究經由上述分析過程得到3個策略群組，並以三者在策略因素構面上的表現分別命名為「前瞻者策略群」、「分析者策略群」及「防禦者策略群」。確認三個策略群組後，接著以無母數統計檢定三策略群組在市場、生產力、財務結構、償債能力、經營能力、獲利能力、現金流量、槓桿度與成長機會等九個經營績效構面上是否有顯著差異，實證結果發現三群組在大多數經營績效變數中均有顯著差異。
由於主機板製造廠商環境變動快速，且其客戶重視產品品質勝於價格，因此強調「外部導向」、顧客滿意度的前瞻者策略群在市場、經營能力與獲利能力等構面之績效最佳，兼具穩定與變化特質的分析者策略群次之，重視成本控制而專注維持穩定產品市場的防禦者策略群則最差。此外，由於前瞻者的理財態度多趨向保守，因而在財務結構、償債能力、現金流量與財務槓桿方面的表現顯得穩健。至於防禦者較佳的固定資產週轉率正好與其較低之營運槓桿相呼應，映證其為維持成本領先地位所作的成本控管。從應收款項週轉率、存貨週轉率與淨營業週期可以得知，防禦者利用與金融機構間的短期融資，並取得較寬鬆的應付帳款支付期限，壓低利息費用，因而產生較低之財務槓桿。
整體而言，前瞻者策略群在九項經營績效構面上表現最佳，因此，在主機板製造廠商中，採行前瞻者策略群的差異化策略，似乎能獲致較佳之經營績效表現。

Based on the literature on strategic groups, this thesis first investigates the existence of strategic typology among twelve motherboard manufacturers in Taiwan, and then examines the differences in operating performance across strategic groups.
Appeal to three strategic dimensions－scope, resources commitment and competitive advantage, proposed by Hofer and Schendel (1978), twenty-four strategy variables are developed. Employing a factor analysis approach first to extract two factor dimensions, and a hierarchical cluster method followed, three strategic groups are identified. The three strategic groups are named accordingly based upon their features shown on the common factor dimensions: Prospector, Analyzer and Defender respectively. Using a nonparametric statistical method, this thesis empirically tests the cross-group differences in operating performance. The empirical results indicate that there are significant cross-group differences in most of the operating performance dimensions examined in this thesis.
Prospectors, with emphases on external orientation and customer satisfaction, outperform Analyzers and Defenders in the dimensions of market share, activity, and profitability. Defenders, with foci on cost control and stable product market have the lowest performance with aforementioned performance dimensions. Analyzers who put mixed emphasis on both external orientation and stable product market earn the second place in the related performance. With respect to dimensions of financial structure, liquidity, cash flow adequacy, and financial leverage, the findings indicate that Prospectors exhibit a more conservative attitude toward financing activities than Analyzers and Defenders. The results also show that in concert with their strategy in cost leadership, Defenders have higher fixed asset turnover accompanied with lower operating leverage. Defenders are also found to have lower financial leverage through obtaining an extended period of paying their account payables, which in turn reduce their interest expense.
Operating in a turbulent environment, manufacturers in the motherboard industry face customers who value quality more than prices. The empirical results found in this thesis thus suggest that it may be beneficial for participants in the industry to adopt a Prospectors strategy that seems to be able to reap from the product differentiation.

第1章　緒論 1
1.1研究動機……………………………….………...……..…………….…1
1.2研究問題……………………………………….………..………...….…4
第2章　文獻回顧 6
2.1策略理論部分………………………………………………..……….…6
2.1.1策略的定義……………………..………………………..………..6
2.1.2策略的層級與型態………………………………………………..8
2.2策略群組……………………………………..……………………..….10
2.2.1策略群組的定義………………………..……...…………………11
2.2.2策略群組的形成原因……………………..……………………...14
2.2.3策略群組之實務上用途……………………..…………………...16
2.2.4策略群組的理論發展…………………………..………………...17
2.2.5國外策略群組與績效之實證研究…………………..…………...19
2.2.6國內策略群組與績效之實證研究………………..……………...27
第3章　研究方法 33
3.1研究假設………………………………………………..….…………..33
3.2研究變數………………………………………………………..….…..35
3.2.1策略變數………………………...…………………………..……35
3.2.2績效變數………………………...…………………………..……37
3.3資料收集與問卷設計……………………………………….………....43
3.3.1資料收集…………………………...……………………………..43
3.3.2問卷設計…………………………...……………………………..43
3.4分析方法…………………………………………………………….…47
第4章　實證結果分析 48
4.1資料說明………………………………………………..….…………..48
4.1.1樣本廠商名單………………………………………………...…..48
4.1.2信度與效度檢定……………………………………………...…..48
4.2策略群組的形成…………………………………………….…..……..49
4.2.1因素分析……………………………………………………….…49
4.2.2集群分析……………………………………………………….…50
4.3策略群組間經營績效差異之分析…………………………..………...53
4.3.1經營績效變數敘述統計量分析………………...………………..54
4.3.2經營績效變數相關分析………………………...………………..61
4.3.3前瞻者與分析者之經營績效差異分析…………...……………..62
4.3.4分析者與防禦者之經營績效差異分析…………...……………..64
4.3.5前瞻者與防禦者之經營績效差異分析…………...……………..66
4.3.6小結…………………………………………………...…………..68
第5章　結論與建議 72
5.1研究結論………………………………………………..….…………..72
5.2研究限制…………………………………………………….…..……..74
5.3研究建議………………………………………………..……….……..75
參考文獻 78
附錄 85
附錄A…………………………………………………………….…….……85
附錄B………………………………………………………………..………88

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