台灣高獲利企業特質與經營策略之探索研究

Abstract

本研究從2002至2006年上市櫃公司中，篩選連續五年股東權益報酬率(ROE)維持於15%以上的企業，共有66家，其中以電子資訊產業佔多數。將66家企業依照平均ROE及σROE的中位數分成高報酬低風險、高報酬高風險、穩定報酬低風險、穩定報酬高風險四個族群。其中低風險族群的企業相較高風險族群規模較大，獲利穩定成長。在股票市場的表現，高報酬高風險族群的β值顯著大於穩定報酬低風險族群，此與σROE所劃分出的風險高低結果ㄧ致。資源投入部分，高報酬低風險族群中IC設計公司佔多數，研發費用投入比率最高；穩定報酬低風險族群中因位處下游通路、資訊服務的公司較多，在管銷費用投入較高的比率。此外，高報酬族群營運資金運用比率最高，著重於現有獲利的本業；相較之下，穩定報酬企業長期投資的運用比率最高，策略上採取轉投資其他有未來性的新興事業。本研究發現不管在產業價值鏈的哪一端皆存在持續高獲利的企業，重要的是了解自己的市場定位下，投入適當的資源，不斷創新、創造核心競爭力以保持高獲利的表現。

There were 66 companies whose ROE were higher than 15% during 2002 to 2006. Most of them belonged to information electronic industries. The research divided them into four groups by the median of average ROE and σROE. There were groups characterized by high profit low risk, high profit high risk, stable profit low risk, and stable profit high risk. First, the size of low risk group in general was larger than that of high risk one. Second, the value of β for the high profit high risk group was significantly larger than that of the stable profit low risk group. Third, the high profit low risk group made more investments in R&D than others because the majority of companies in the group were IC design houses. On the contrary, the stable profit low risk group made more investments in marketing & sales expenses to retain more end customers. In addition, most firms in the high profit groups focused on current profitable business as they had the highest percentage of working capital. On the other hand, the stable profit groups used more long-term investments in external growing business. In conclusion, the research found that there were high profitable companies cross all parts of the value chain. Above all, these companies strategically invested resources and sustained their core competencies to remain high profitable by innovating continually.