運用財務指標分析雲端運算產業之競爭優勢

Abstract

本研究以全球科技產業之未來趨勢─「雲端運算」為主題，並以Tang and Liou（2010）之理論為研究基礎，將杜邦恆等式拆解出十一項財務指標，透過財務指標探究相關企業在競爭過程中如何運用企業內部資源，找出是否有營運績效優於其他同業的策略群組，以作為台灣相關業者未來經營策略之參考。研究資料取自北美版S&P Compustat資料庫，刪除財務資料不全或為離群值之樣本後，取305家上市公司為研究對象。藉由因素分析將十一項財務指標萃取為四項管理能力：供應商管理能力、知識管理能力、資產管理能力與顧客關係管理能力。接著以兩階段集群分析，將觀察樣本分為三個策略群組：設施倚賴型、議價優勢型及專注技術型。最後，採用投入資本報酬率為營運績效之衡量指標，以Mann-Whitney U檢定三個策略群組之營運績效：議價優勢型優於專注技術型優於設施倚賴型。

This article inherits the theoretical framework proposed by Tang and Liou (2010). We decompose the Du Pont identity into 11 financial ratios. With the theme of Cloud Computing, the future trend of the global information technology industry, we use the financial ratios to figure out how the related companies exert their internal resources and whether there exists any dominant strategic group. Then, we propose some administrative advices to the managers. We take 305 cloud computing companies as our research samples from Standard & Poor Compustat. First, we extract four major management capabilities, which are Supplier Relationship management, Knowledge management, Assets management, and Customer Relationship management form 11 financial ratios. Then, based on the four management factors, we conduct Two-step Cluster Analysis, which classify the cloud computing industry into three strategic groups. In the end, we examine their operating performance and derive the most ideal configuration for the cloud computing industry.