重新檢視財星百大企業之持續性競爭優勢－以財務比例作為衡量指標

Abstract

過去各策略管理主留學派雖多一致認為企業優勢是造成企業內企業績效差異的主要原因，但卻缺乏競爭優勢是’如何’創造企業優勢績效之具體論述。本文以Tang and Liou(2009)發表於SMJ之理論做為主要研究架構，剖析策略理論中「競爭優勢創造價值」之法則，透過解析財務績效的構成因素來加以推論各企業競爭優勢的主要來源。主要方法乃分解財務報酬率之一的杜邦恆等式，得到不同之財務指標，做為企業營運活動的外顯表象，透過這些關鍵財務指標揭露各企業所擁有之獨特資源與能力，即該文所定義之企業組織「資源構型」，本研究利用此理論背景，針對美國《財星》雜誌所公布之2008年財星百大做為研究對象，透過資源構型分析各企業之競爭優勢主要來源，並將此理論範疇推廣為一般模式，非侷限於單一產業之樣本。本研究支持Tang and Liou(2009)之論點，也就是競爭優勢雖無法直接觀察，但透過關鍵財務比率之分析，同樣可以找出各企業之優勢所在，提供企業一個具體的方法來觀察競爭優勢，進而尋求有效的組織企業管理策略。

For the past years, the mainstream of the strategic management agreed that the business advantages of the enterprise is the main reason for differences in corporate performance, but it is still lacks of concrete 'how to' make competitive advantage to create a business advantage on the performance of. In this paper, I adopt Tang and Liou’s theoretical framework published in the SMJ(2009), which analyze the principle of "competitive advantage to create value", through the analysis of the constituent elements of financial performance to be inferred the main source of enterprises’ competitive advantage. Through decomposition of the key financial indicators in DuPont identity, the business operation activities will be explicitly representative, because the key financial indicators of these companies must expose all of the unique resources and capabilities, that is, as defined in the text organization of "resource configuration", this study was the use of this theoretical background. Also, this article use "Fortune 100" published by Fortune magazine in 2008 in United State as a study objects, resource structure through analysis of enterprises is the main source of competitive advantage, and I utilize this theory to be used in a general model which apply to cross-industries. This study supports argument of the Tang and Liou (2009), that is, competitive advantage, although not directly observed, but through analysis of key financial ratios, can also find out the advantages of the enterprises, to provide enterprises a way to observe the specific competitive advantages, to find effective corporation management strategy.