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研究生:黃志斌
研究生(外文):Chin-Pin Huang
論文名稱:全球半導體產業景氣循環下之競爭優勢分析-資源基礎觀點
論文名稱(外文):Competitive Advantage and Financial Strength: Connecting Resource Advantage with Financial Ratios
指導教授:劉芬美劉芬美引用關係
指導教授(外文):Fen-May Liou
學位類別:碩士
校院名稱:元培科學技術學院
系所名稱:經營管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:60
中文關鍵詞:資源基礎觀點無形資產橫斷面時間序列分析半導體產業
外文關鍵詞:Resource-based viewIntangible assetsPanel dataSemiconductor industry
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過去相關之實證研究,多偏重探討擁有某項單一資源較多的企業是否具有競爭優勢,本研究以結構決定績效理論、資源基礎理論及資源優勢理論為基礎,探討競爭優勢資源與財務指標之關係,運用杜邦等式將投入資本報酬率分解,找出可代表企業之各種資源優勢的財務指標特性,將資源優勢分為四類:客戶關係管理、供應商關係管理、知識資產以及資產管理能力。本研究使用固定效果模型的橫斷面與時間序列合併資料模型,研究時間為2000~2005年,資料來源取自S&P Compustat之全球半導體產業之樣本為研究對象;研究結果顯示:(1)半導體企業的無形資產與其獲利能力之關係有顯著影響(毛利率、投入資本報酬率),惟半導體企業的無形資產對股東權益報酬率的影響為不顯著;(2)大多數的資源優勢對各企業的財務績效(ROIC)有顯著影響,其中,供應商關係管理對投入資本報酬率的影響最大,其次為知識資產;最後是資產管理能力;(3)半導體市場上不管景氣的好壞,大多數的資源優勢對各企業的財務績效(ROIC)沒有顯著影響,除了知識資產(R&D占銷貨收入的比率、管銷費用占銷貨收入的比率)。當半導體市場景氣差的時候應盡量追求管銷費用的使用效率以提升獲利能力;(4)先進國家的獲利能力來源與知識資產的關係為不顯著,而開發中國家的獲利能力與資產管理的關係為顯著;顯示先進國家與開發中國家的企業資源優勢沒有差異。區別分析進一步將企業資源指標區分半導體企業為持續性競爭優勢或是非競爭優勢兩群。在競爭優勢、非競爭優勢的資料中,先進國家中(歐洲、美國、日本)有51%(57/111)的企業屬於競爭優勢的企業;反而是開發中國家(亞太、其他地區)有74%(20/27)的企業屬於競爭優勢的企業,顯示出亞太地區卓越的競爭力。
To investigate how “competitive advantage-generates-superior performance” inference can be realized, we introduce a financial-based framework corresponding to the three major theories addressing the reasoning of sustainable competitive advantage. The du Pont identity is used to describe the associations between position advantage and the drivers of financial return. The financial ratios in the components of the financial drivers are then examined and connected to various forms of firm advantage resources. The financial-based framework is subsequently applied to analyze the resource advantage of the worldwide semiconductor industry as an empirical study. Results show that the competitive of a firm is generated from a combination of various firm resources.
誌謝 I
中文摘要 II
英文摘要 III
目錄 IV
圖目錄 VI
表目錄 VII
第一章 緒論 1
1.1研究背景 1
1.2研究動機 2
1.3研究目的 3
1.4研究流程 4
第二章 文獻回顧 5
2.1經濟學的競爭市場理論及經濟租 5
2.2資源基礎觀點 5
2.3無形資產評價方法 7
2.4無形資產的類別 10
2.5競爭優勢與景氣循環 16
2.6先進國家與開發中國家半導體產業發展現況與特性 17
第三章 研究方法 20
3.1研究假說 20
3.2操作型定義 20
3.2.1企業資源優勢及對應之財務指標 20
3.2.2 企業財務績效 21
3.2.3 無形資產價值 22
3.2.4 半導體產業之景氣循環 23
3.2.5 控制變數 23
3.3因素分析 23
3.4研究假設 25
3.5計量經濟分析方法 27
3.6區別分析 31
第四章 實證研究 32
4.1全球半導體產業之特性 32
4.2資料來源 33
4.3敘述性統計分析 34
4.4從財務指標的共同因素分析企業資源優勢 35
4.5 Panel Data分析結果 37
4.6區別分析結果 43
4.7研究假說驗證分析 44
第五章 結論與建議 46
5.1結論 46
5.2建議 47
參考文獻 49
附錄一 57
附錄二 60
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