以階層成長模型探討全球科技製造業之競爭優勢-以光學產業為例

Abstract

隨著科技產品生命週期不斷縮短，創新的消費性電子產品引領市場的變化，自早期的傳統相機與光碟機到數位相機以及最近熱銷的智慧型照像手機，主流產品的熱銷與成長性造就光學製造產業的蓬勃發展，然而經濟環境變動快速，現代的企業更需要具備良好的動態能力來因應市場及競爭者的挑戰。Tang and Liou (2010)指出，企業獨特的資源構型創造出企業優越的績效表現，透過觀察財務指標能夠衡量其營運績效。因此企業的競爭優勢，可以反映在其資源構型、動態管理能力以及財務績效間的相互因果關係中。過去探討企業競爭優勢文章多以比較靜態方式進行研究，不易掌握動態競爭的本質，本研究以階層成長模型捕捉廠商之動態競爭優勢，使用S&P Compustat資料庫樣本探討全球54間光學製造業廠商於2006~2010年之競爭優勢的來源與變化並以企業創造之經濟附加價值作為評估競爭優勢與否的財務指標。 研究結果顯示，競爭優勢確實會受到時間的影響而改變，適逢金融海嘯期間企業的競爭優勢呈現衰退現象，但透過動態能力的調整在時間推移下仍能改善此衰退現象甚至轉為成長。光學製造業之經濟附加價值則受到現金管理能力與稅賦管理能力的影響，此兩項競爭優勢資源更會進一步影響時間的效果，即現金管理能力與稅賦管理能夠改善競爭優勢衰退的效果，且若未有效加強稅賦管理能力則會更進一步地降低時間對競爭優勢的正U型影響效果。在經濟景氣動盪的逆境中，光學產業首當其衝的面對到消費性電子產品的需求衰退，廠商更應注重現金管理的能力以降低營運風險，並適時調整資源分配有效運用稅賦上的優惠與減免，將有助於企業掌握住扭轉頹勢的契機進而創造競爭優勢。

Innovative consumer electronics products lead the market change in the high-tech industry. The Optical manufacturing industry, in particular, has received substantial growth as mainstream products, such as traditional cameras, digital camreras, and the latest smart phones are in great demand. However, current enterprises need to have increasing dynamic capabilities to respond to the rapidly changing economic environment. Tang and Liou(2010) indicated that firms’ unique resource configuration could create superior performance. The operating performance can also be measured through financial indicators (such as???). Many previous articles discussed competitive advantage in a comparative static way which may ignore the dynamic feature of being competitive. This thesis capture firms’ dynamic competitive advantage by applying the hierarchical growth model. We used samples derived from the compustat database during 2006 to 2010 and measured whether the firm has competitive advantage or not through the financial indicator- economic value added (EVA).The result showed that the competitive advantage in global optical manufacturing industry would change over time. Although there were a period of recession during the financial crisis, firms still could improve their situation during this recession through the adjustment of dynamic capacity over time. Conclusively, the.EVA of optical Manufacturing are related to the ability of cash management and taxes management. These two resources would even moderate the effect of time. Furthermore, the time’s positive U effect to competitive advantage will decrease if firms do not enhance their taxes management abilities. In a turbulent economic status, firms should pay more attention to cash management as so reduce operating risk. Further, firms can timely adjust resource allocation to apply the tax incentives to grasp the opportunity and create competitive advantage.