次貸危機後全球半導體產業資源構型變化－ 探討企業持續性競爭優勢

Abstract

策略管理的目的是要解釋產業績效的異質性表現，聚焦的重點應該探討整體產業績效分布背後的緣由。近期的次貸危機造成全球經濟蕭條，隨後世界景氣復甦緩慢且新科技加速更迭、產業內外競爭疆界模糊，面對這樣的外部環境挑戰更適合檢驗企業的競爭優勢和說明異質性的經營績效。本文採用Tang&Liou的資源構型架構，運用因素分析拆解杜邦恆等式以及使用集群分析得到集群分類，可整理出次貸風暴前與後企業資源構型的變化。

分析資料來源為S&P compustat，具備2004~2013年財務資料完整的全球半導體公司，經由因素分析得到2004~2008年(次貸風暴前)三個構型：資產效率型、價值鏈優勢型、雙元組織型；2009~2013年(次貸風暴後)四個構型：知識管理型、成本控制型、關係優勢型、產業跟隨型。本研究嘗試進一步說明了次貸風暴前與後，企業如何配置與挪動其資源、擁有相同的資源條件為何每家企業的績效表現會不同。本研究應可協助企業思考經營策略時，先看清楚自身具備的資源條件，切莫只短視財務報表上的數字表象，應將企業的競爭優勢應訂在長期運行的組織，將自身的競爭優勢轉化成獨特的構型，隨著外部環境調整，才是長期獲利的準則。

The purpose of strategic management is explaining the different performances in the industry. Subprime mortgage crisis caused global economic regression. After that, companies faced much more challenges from an external environment. This paper used a conceptual framework from resource configuration and Du Pont Identity to examine the companies’ competitive strategies and we also try to explain the different performances.

The samples were collected from S&P compustat which contained the complete financial items during the year of 2004~2013 in global semiconductor industry. After using factory and cluster analysis, the result which revealed three clusters- assets efficiency management, supply chain management advantage and ambidextrous power in 2004~2008. And another four clusters showed knowledge management, cost control, well-management in relationship and followers in 2009~2013. This paper tried to further explain the changes of resource allocations causing the company of configuration and suggest the company identifying what resources you have had when planning the business strategy in the end.