臺灣博碩士論文加值系統

本研究旨在探討美國半導體公開發行公司輕資產營運策略對公司績效之影響，並進一步探究管理能力在輕資產營運策略與公司績效間之調節效果。輕資產策略是一種將公司資金有效地投資在企業自身專長或輕資產上，並藉此來提高企業報酬之營運策略。研究結果顯示，輕資產營運策略顯著地影響美國半導體公司之績效；此外，本文亦發現管理能力在輕資產營運策略與公司績效間，具有顯著地調節效果。本研究之實證結果與文獻一致，即輕資產營運策略與管理能力皆能改善企業之績效，同時亦有助於企業應對成本上升與價格競爭之環境。

The purpose of this study is to examine the impact of asset-light strategies on the performance of companies in the U.S. semiconductor industry. In addition, we extend the analysis by investigating the moderating effect of managerial ability on the relationship between asset-light strategies and firms’ performance. Asset-light strategy is a strategy adopted by a business to pursue capital efficiency by focusing the investment of equity on those assets where a company’s expertise could obtain the best returns for investors. The results show that asset-light strategies are positively associated with the performance of semiconductor firms. Moreover, we also find that better managerial ability strengthens the relationship between an asset-light strategy and firm performance. This is consistent with the premise that both an asset-light strategy and managerial ability could improve the performance of semiconductor companies because they significantly affect the firms’ ability deal with rising costs and fierce price competition.

Title Page i
Abstract in Chinese ii
Abstract in English iii
Acknowledgements iv
Table of Contents v
List of Tables vi
List of Figures vii
CHAPTER 1 INTRODUCTION 1
CHAPTER 2 LITERATURE REVIEW 5
2.1 Asset-Light Strategy 5
2.2 Managerial Ability 6
2.3 Firm Performance – Return on Assets 8
2.4 Hypotheses Development 10
2.4.1 Asset-Light Strategy and Firm Performance 10
2.4.2 The Moderating Role of Managerial Ability 11
CHAPTER 3 RESEARCH DESIGN 13
3.1 Research Model 13
3.2 Samples and Data Collection 13
3.3 Measure of Asset-Light Strategy 14
3.4 Measure of Managerial Ability 18
3.5 Measure of Firm Performance 23
CHAPTER 4 EMPIRICAL RESULTS 24
4.1 Descriptive Statistics 24
4.2 Regression Results 25
4.2.1 The Main Effect of Asset-Light Strategy 26
4.2.2 The Moderating Effect of Managerial Ability 27
4.3 Discussion and Managerial Implications 28
CHAPTER 5 CONSLUSIONS 30
REFERENCES 32
APPENDIX 37

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