運用財務指標比例分析產業競爭優勢 -以藥品產業為例

Abstract

從資源基礎論的觀點來看，獨特的資源和管理能力是該企業競爭優勢的主要來源，這也是造成企業間績效的差異重要因素。但以往的研究卻缺乏這之間關係的具體論述，因此本研究採用Tang & Liou(2010)在SMJ發表的論文中探索如何以「競爭優勢產生卓越績效」的概念作為理論的架構，透過財務指標從中找出競爭優勢、資源構型、卓越績效和管理能力之間的因果關係。本研究採用已知的企業財務報表為基礎，透過杜邦衡等式拆解出來的財務指標比例，討論企業的財務績效（果），如何推導出企業在競爭優勢的資源與管理能力（因）。而本篇資料庫來源是以傳統製藥產業（Pharmaceutical Preparations）和生物製劑產業（Biological products）的全球藥品產業為主要研究對象，探討此各企業在經歷2009年的金融風暴的衝擊下所存活下來的原因為何。

From the resource-based theory point of view, the unique resources and managing capabilities are the core business competitive advantage, and it is also the main reason for the heterogeneities among the corporate performance. However, for the past years, the concrete correlation between competitive advantages and business advantage remained ambiguous. Therefore, based on Tang and Liou’s theoretical concept that published in the SMJ in 2010, “the principle of how competitive advantage generates sustainable superior performance” developed a theoretical framework of the causal relationships among competitive advantage, resource configuration, superior performance and management capability through financial indicators. Based on the corporate financial report, this research discusses how enterprises deduced from competitive advantage of resources and management capability (effect), which can be reflected by the financial performance (cause) through the constituent elements of financial indicators. The data of this article sources from global pharmaceutical industry of Pharmaceutical Preparations and Biological products, which discusses how these enterprises survived under the impact of the financial turmoil experienced in 2009.