運用財務績效指標分析無人車產業競爭優勢

Abstract

本研究利用財務指標來探討無人車產業的競爭優勢。以Tang & Liou(2010)於 Strategic Management Journal (SMJ) 發表的論文「競爭優勢產生卓越績效」作為理論的架構，從財務指標找出獨特的管理能力，再進一步指出其獨特的資源構型，最後探討其競爭優勢。 本研究對象為全球汽車產業廠商，將汽車產業簡單分為三個階層。第一層為OEMs即傳統汽車製造商，如TOYOTA和 Benz等。第二層為Tier1廠商，如Continental和 Delphi等。第三層為Tier 2廠商，芯片和軟體供應商，如Mobileye等。 資料來源為COMPUSTAT S&P，蒐集從2009年到2015年各公司的財務指標，透過杜邦恆等式所演繹出的八個財務指標以因素分析法，探討其資源構型，再進一步分析其背後的管理能力及意涵。 本研究結果指出，OEMs 廠商的產品特色為材料成本導向，因此需求較佳的供應鏈關係管理，資源構型卓重於成本控管能力和供應鏈關係管理能力。而Tier 2的產品特色為知識成本導向，因此有輕資產但高研發費用的特色，其資源構型除了成本控管能力和供應鏈關係管理能力以外，還有資產管理能力。

This study mainly discusses the competitive advantages of autonomous car industry. Based on Tang and Liou (2010), referring to the following causal sequence of strategic management: Competitive advantage → Unique source configuration → Distinct management abilities→ Superior financial performance. The global automotive firms are the study objectives, and it is divided by three layers. The first layer is OEMs, TOYOTA and Benz. The second layer is Tier 1 companies, continental and Delphi for instance. The third layer is Tier 2 suppliers proving chips or software; Mobileye are involved.

The result comes out that the distinct resource configurations of OEMs are Cost management and Supply Chain management. As for Tier 2 companies, their distinct resource configurations are Cost management, Assets management and Supply Chain management. OEMs has material-based products, so they require better supply chain management. Tier 2 has knowledge-based products, so they have light assets but high R&D expenses.