以公司異質能力與績效持續性推論持續性競爭優勢

Abstract

企業如何獲取並維持持續性競爭優勢而永續生存一直是策略管理領域的重要議題。影響企業績效表現的驅動因子有很多，不同學派學者提出不同的看法，主張隨機漫步假說的學者認為企業優越績效的異質性來自於機會事件、雜訊干擾或是一連串純隨機過程；然而，眾多傳統競爭優勢理論則認為企業能掌握關鍵資源或異質能力，以形成持續性的競爭優勢。 本研究以重要財務指標建構模型進行實證研究，探討不同產業之間企業的績效走勢是否有趨勢可循，或者受到外在因素不確定性與複雜性的影響較大，進而探討企業優越績效的持續性，討論企業異質能力的存在與否，並以貝氏認識論的觀點來推論企業達成持續性競爭優勢的可能概率。實證結果發現隨機性確實存在並影響企業績效，而只有少數公司其優越績效具有持續性，同時也證實企業異質能力的存在，此外，以貝氏機率推論的概念，推論企業優越績效持續性越久，則能夠達成持續性競爭優勢的可能性越高。

Sustained competitive advantage of a firm, which is an abiding research topic in strategic management, has been studied by scholars in the recent two decades. A firm’s superior performance is affected by many driving forces. There are arguments between different schools. Starting from random walk proposition in the beginning, scholars said heterogeneity of superior performance were constituted by chance events, noises, or a series of purely random process. However, an emphasis on key resources or heterogeneous capabilities in many traditional theories of competitive advantage. This study use the key financial indicator to construct models for conducting empirical studies. One of purposes in this study is to discuss if there are any differences related to competitive advantage in different industries based on firms’ superior performance, or if the impact caused by uncertainties and randomness is larger. Moreover, to test the persistence of superior performance and further discuss whether or not there are heterogeneous capabilities that are able to affect firm’s performances. Finally, inferring a firm achieves sustained competitive advantage based on the Bayesian epistemology. The empirical results showed that the randomness indeed exists and affect firms’ performances. Only a few companies have a persistent superior performance, and we identify the existence of heterogeneous capabilities. Under the probabilistic reasoning, we infer that the longer a firm’s superior performance persist, more possible the firm can achieve sustained competitive advantage.