本論文以台灣養生村產業為研究對象，在人口快速老化與「在地老化」政策背景下，探討其由傳統安養設施轉型為跨域整合服務的發展脈絡。本研究運用產業經濟學之「結構－行為－績效（S-C-P）」分析架構，輔以文獻回顧與產業現況數據，系統性解析養生村的基本條件、法規環境，以及其市場競爭與經營特性，藉此釐清產業運作機制與未來發展之困境。 研究結果深刻揭示了台灣養生村產業從市場結構、廠商行為到經營績效的因果連動關係。在市場結構（Structure）方面，受限於極高的土地取得成本、龐大的初期資本投入與特許法規限制，產業形成了顯著的進入障礙，導致台灣養生村市場呈現寡占的結構特性。基於上述高資本門檻與高集中度的結構壓力，廠商在市場行為（Conduct）上為求加速回收成本，普遍避開價格戰。業者轉以醫養結合與高端品牌深化差異化，並廣泛運用「高額保證金」與「兩部訂價法」精準鎖定金字塔頂端客群。此市市場結構與廠商行為，最終決定了產業的經營績效（Performance）呈現強烈的異質性。在財務績效上，成熟業者憑藉差異化行為與保證金帶來的無息資金，一旦入住率跨越損益兩平門檻，即可享有極高的邊際獲利率與資本回報；相對地，缺乏品牌溢價能力的中小型業者，則深陷入住率波動與回收期漫長的財務風險中。在社會績效上，廠商極大化利潤的訂價行為雖然減輕了政府長照的財政負擔，卻也產生了強烈的價格排他性，導致中低收入與一般中產階級被排除在外，加劇了「人老屋老」的雙老困境，突顯出產業獲利與社會公平之間的矛盾。 綜合上述 S-C-P 連動關係的分析結果，本論文建議：業者應持續深化服務創新以鞏固競爭壁壘；而政府若欲兼顧社會大眾利益，必須從改變市場結構著手，透過公有土地釋出或稅賦誘因降低廠商的進入門檻，藉以引導民間資金投入平價合宜型養生村之開發。;This study investigates Taiwan′s retirement community industry in the context of rapid pop-ulation aging and the government′s "Aging in Place" policy. As traditional long-term care facil-ities have gradually evolved into integrated service communities that combine housing， healthcare， long-term care， and lifestyle services， this study examines the industry′s develop-ment using the Structure–Conduct–Performance (S-C-P) paradigm in industrial economics. Through a comprehensive literature review and industry data analysis， the study systematically explores the industry′s fundamental conditions， regulatory environment， market structure， firm behavior， and operating performance to clarify its operating mechanisms and future develop-ment challenges. The findings reveal a strong causal relationship among market structure， firm conduct， and industry performance. From the perspective of market structure， the industry is characterized by significant barriers to entry resulting from high land acquisition costs， substantial initial cap-ital requirements， and strict regulatory restrictions. These factors have contributed to a highly concentrated oligopolistic market. Under such structural conditions， firms generally avoid price competition in order to accelerate capital recovery. Instead， they adopt differentiation strategies by integrating healthcare and long-term care services， strengthening premium brand positioning， and widely applying high-security deposit systems and two-part tariff pricing to target high-income consumers. The interaction between market structure and firm conduct ultimately determines the indus-try′s performance. In terms of financial performance， established operators benefit from differ-entiated services， strong brand equity， and interest-free capital generated through refundable security deposits. Once occupancy rates exceed the break-even point， these firms can achieve substantial marginal profits and attractive returns on investment. In contrast， small and medium-sized operators with limited brand recognition face greater financial risks arising from fluctu-ating occupancy rates and extended investment payback periods. Regarding social performance， although profit-maximizing pricing strategies help reduce the government′s long-term care ex-penditure， they also create significant affordability barriers that exclude middle- and lower-income households from accessing retirement communities. This pricing exclusion further ag-gravates the dual challenges of population aging and housing deterioration， highlighting the inherent tension between industry profitability and social equity. Based on the S-C-P analytical framework， this study suggests that industry operators should continue to strengthen service innovation， integrated healthcare services， and brand differenti-ation to reinforce their competitive advantages. Meanwhile， the government should improve market structure by lowering entry barriers through policies such as releasing public land， providing tax incentives， and encouraging private investment in affordable retirement commu-nities. Such measures would facilitate the development of a more inclusive retirement commu-nity industry while promoting both industrial sustainability and social welfare in Taiwan′s aging society.
