為企業創造股東附加價值是策略管理的主要目標之一，然而，極少數的學術研究著重在股東價值的衡量指標及其與企業策略的連結上。於是本研究首先依據價值基礎管理（Value-Based Management）的相關研究，建立一項能同時反應資本生產力與資金成本的指標－股東附加價值（Shareholder Value Added，SVA）；其次，在發現企業間的SVA存在顯著的異質性後，本研究將聚焦於探索影響上述異質性之價值動因（value drivers）。
　　於是本研究將從企業內部能耐的觀點出發，結合資源基礎理論、平衡計分卡與服務利潤鏈等理論，以「系統性」的方法來探討隱藏在企業內部的價值動因。透過理論探討與邏輯推論，本研究得出以下層層相關的價值動因：財務、客戶、內部流程、員工、與研發等五個構面。再者，為了要驗證上述多層次之結構關係模式，本研究從所有台灣電子資訊業的上市櫃公司中挑選出158家作為分析的樣本，並援用結構關係模式（LISREL程式）來驗證模式內各構念的系絡關係。其結果如下圖：
　　(附圖請參閱原文)
　　在掌握了影響股東價值的所有動因之後，企業經營者將更能專注於價值創造的活動上。再者，企業可利用上述價值動因來為企業建構領先指標與同時指標，以隨時掌握價值動因之消長。此外，企業亦可建立模仿障礙與隔離機制，來維持其價值創造的能力。最後，透過本研究的股東附加價值分析方法，將可協助企業選擇增進企業價值的投資決策。

Creating shareholder’s value has been one of the goals of strategic management of a firm. However, very few research works have been made in specifically linking measures of shareholder’s value to the strategy used by the company. Adopting the arguments of Value-based Management research, we first established an operating routine for measuring Shareholder Value Added (SVA), which reflects both the capital productivity and the opportunity costs of the capital used in a firm. As we found that there exists heterogeneity in SVAs, our research inquiry becomes what mechanism drives a firm’s SVA.
Building upon the theoretical constructs suggested by resource-based view of the firm, balance scorecard, and service profit chain, the present thesis proposes a theoretical framework containing value drivers in five categories, they are finance, customer, internal process, employee, and R&D. We then conduct an empirical investigation to validate this theoretical framework. The empirical context is in electronics and information industries in Taiwan. We collect firm-level data from 158 listed companies in these two categories and use a structural equation model (LISREL program) to verify significant pathway to drive a high SVA, results of which show in below.
　　(Refer the thesis for the diagram)
　　Based on our results, managers could make efforts more selectively on business activities leading toward shareholder value creation. Further, a firm could establish leading and current indicators to guide managerial actions. In addition, in order to sustain value creation, a firm has to build up imitation barriers, or isolating mechanisms, to sustain its value creation. Finally, SVA analysis could aid a firm in choosing value-enhancing investment projects.

　　　　　　　　　　　　　　目錄
謝詞 ……………………………………………………………… I
論文摘要 ………………………………………………………… II
Thesis Abstract ………………………………………………… IV
目錄 ……………………………………………………………… VI
圖次 ……………………………………………………………… VIII
表次 ……………………………………………………………… IX
第一章　緒論 …………………………………………………… 1
　第一節　研究動機 …………………………………………… 1
　第二節　研究問題 …………………………………………… 3
　第三節　研究目的 …………………………………………… 5
　第四節　研究範圍與限制 …………………………………… 7
　第五節　論文架構 …………………………………………… 8
第二章　文獻探討 ……………………………………………… 11
　第一節　企業經營之目的 …………………………………… 11
　　一、價值基礎管理的意義與目的 ………………………… 11
　　二、價值基礎管理的發展 ………………………………… 12
　　三、小結 …………………………………………………… 16
第二節　影響企業經營之因素 ………………………………… 17
一、資源基礎理論 ……………………………………………… 17
二、隔離機制的建立 …………………………………………… 19
三、資源基礎理論的發展與影響 ……………………………… 21
四、小結 ………………………………………………………… 23
第三節　股東價值動因之探討 ………………………………… 24
一、平衡計分卡 ………………………………………………… 24
二、服務利潤鏈 ………………………………………………… 31
三、小結 ………………………………………………………… 34
第三章 研究方法 ……………………………………………… 35
第一節　研究理論架構 ………………………………………… 35
第二節　研究假設 ……………………………………………… 38
一、財務面 ……………………………………………………… 38
二、客戶面 ……………………………………………………… 39
三、內部流程面 ………………………………………………… 41
四、員工面 ……………………………………………………… 42
五、研發面 ……………………………………………………… 46
六、研究假設架構圖 …………………………………………… 48
第三節　實證設計 ……………………………………………… 50
一、樣本的選定 ………………………………………………… 50
二、衡量變數的建構 …………………………………………… 50
三、研究限制 …………………………………………………… 57
第四節　分析方法 ……………………………………………… 59
第四章　結果分析與討論 ……………………………………… 63
第一節　樣本特徵 ……………………………………………… 63
第二節　各衡量變數的基本統計資料 ………………………… 68
第三節　假設檢定 ……………………………………………… 69
一、模式設定 …………………………………………………… 69
二、結構模式的評估 …………………………………………… 72
三、假設關係的驗證 …………………………………………… 73
第五章 結論與建議 ……………………………………………… 79
第一節　研究結論與貢獻 ……………………………………… 79
　一、研究結論 ………………………………………………… 79
　二、研究貢獻 ………………………………………………… 84
第二節　管理意涵與實務建議 ………………………………… 85
第三節　研究限制與未來研究建議 …………………………… 86
　一、研究限制 ………………………………………………… 86
　二、未來研究建議 …………………………………………… 86
附錄A ……………………………………………………………… 89
附錄B ……………………………………………………………… 90
附錄C ……………………………………………………………… 91
參考文獻 ………………………………………………………… 93

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