運用財務指標分析全球製藥業之競爭優勢

Abstract

過去相關之實證研究，多偏重探討擁有某項單一資源較多的企業是否 具有競爭優勢，本研究以結構決定績效理論、資源基礎理論及資源優勢理論為基礎，探討競爭優勢資源與財務指標之關係，運用杜邦等式將投入資本報酬率分解，找出可代表企業之各種資源優勢的財務指標特性。本研究使用固定效果模型的橫斷面與時間序列合併資料模型，研究時間為2006~2010年，資料來源取自S&P Compustat之全球製藥產業之樣本為研究對象；研究結果顯示：(1)大多數的資源優勢對企業的財務績效(ROIC)有顯著影響；利用因素分析，我們萃取出三項因素：運作經濟效益、有形資產管理、以及稅收管理作為該產業競爭優勢的主要來源。(2) 經過進一步用時間序列分析法分析後，發現運作經濟效益、有形資產管理這兩個因素和全球製藥產業的財務績效(ROIC)有正相關。

In previous empirical studies, most of them emphasize on exploring competitive advantage with a dominant resource, which is also what we call the core competence. In our research, we use resource-based of theory, and the concept of competitive advantage as our foundation. With financial indicators and DuPont equation, we analyze the configuration of invested capitals, and look for the relationship between firm’s financial performance and its operation. In this research, we use data from S&P Compustat database, from year 2006 to year 2010, and 9 financial ratios as indicators to explore main sources of competitive advantage in the global pharmaceutical industry. The result of research illustrates: (1) In the global pharmaceutical industry, most advantageous resources have significant effects on the firm’s performance. Through the factor analysis, we find that Operation Economic Efficiency, Tangible Asset Management, and Tax Management will be main sources of competitive advantage. (2) We use panel data for further analysis, and find that Operation Economic Efficiency and Tangible Asset Management will be positively correlated to financial performance (ROIC).