| 摘要: | 從股王個案研究上顯示高度成長性之產業愈容易產生股王，產業中的主要競爭
對手為數不多或競爭強度小加上股王所屬之產品或使用介面之未來成長率愈高，對
股王獲利能力愈具有正面效果。主要之競爭優勢為電子產業股王於研發上掌握關鍵
技術或專利數愈多則可增加進入障礙，加上研發費用支出且研發人員為擁有碩士學
位以上比率愈高則愈具競爭力。於當市場成長率高時，產品與製程創新能力愈高對
電子產業股王獲利能力有正面績效，其為。行銷費用支出高低取決其行銷策略，若
主打自有品牌則行銷費用支出愈高，對獲利能力有正效果，該公司為減少拓展自有
品牌所需之行銷費用及降低經營自有品牌所面臨之風險，行銷費用支出愈高，則對
獲利能力有反效果。在市場成長率高時，由於市場需求大則產品的高定價與供應鍊
之穩定度愈高對營運績效有正效果。
在實證分析上，台灣電子產業股王，可依廠商所擁有之資源或所追求之策略的
相似性，而將其區分為數個彼此間具有差異之策略群組其可命名為差異化策略群、
技術集中與國際化策略群、多角化與等待反應策略群。三個策略群組在成長力、財
務結構、償債能力、經營能力、獲利能力及產品與銷售地區數皆有顯著差異。三個
策略群組在總體經濟變數上僅經濟成長率具顯著差異，於產業成長率上並無差異情
形。在影響股王的獲利因素上經逐步迴歸對全體樣本得知在股東權益報酬率部份，
主力產品數、製造費用率、速動比率呈顯著負相關，應收帳款週轉率呈正相關，每
股盈餘成長率及經濟成長率則不顯著。在每股盈餘部份，主力產品數、產業成長率、
淨值成長率呈顯著負相關，製造業銷售值、應收帳款週轉率、固定資產週轉率為顯
著正相關，每股盈餘成長率則不顯著。在區分為股王與準股王之分析上於股東權益
報酬率部份，股王與準股王在應收款項週轉率、製造業銷售值、產業成長率皆為顯
著正相關，於速動比率為顯著負相關，股王於固定資產週轉率為顯著正相關而於經
濟成長率為顯著負相關而準股王則否。在每股盈餘部份，股王與準股王在應收款項
週轉率、製造業銷售值皆為顯著正相關，股王於製造費用率、主力產品數、經濟成
長率為顯著負相關而於每股盈餘成長率為顯著正相關而準股王則否。外在的環境因
素的確會影響股王的企業內部運作決策及績效，但真正影響其獲利能力者為股王的
企業內部運作與決策機智，亦言之股王擁有屬於自身經營之獨特能耐不論外在環境
如何變動其獲利能力依舊高人一等。
;Based on the conclusions of case study with the stock leader, provided some
research topics as following. The industrial of highly growth will generate the stock
leader. Less or weak competitors in the industrial, product or used interface highly
growth in the future, and high innovation ability for product or process’ when high
market growth are good for stock leader’s profitability. The stock leader of electrical
industrial whose major competitive advantage is key technical and patents on the hand
which enhance the industrial’s entry barrier. Advantaged R&D human resources (Master
degree and above) and highly R&D expense expenditure are fully to enhance the stock
leader’s competitive advantage. Furthermore, marketing expense expenditure based on
marketing decisions which is for brand that marketing expense expenditure highly then
the profitability will generate positive effect, or will be negative. Highly market growth,
stable supplier chain or resource enhances for operating performance of the stock leader.
For stock leader strategic groups research, the research outcome that we can
distribute three strategic groups which are differentiation group, technical centralization
and international group, and diversification and waiting response group, which have
significant difference regarding growth, financial structure, debt pay off, operating,
profitability, major product, and selling area. For external variation, Macroeconomics
growth ratio appears significance difference but industries growth rate doesn’t have. We
also focus on profitability factor for the stock leader and use stepwise regression. For
overall samples, for ROE, we can get the major product, manufactured expense, and
quick ratio which is significant negative correlated and receivable account is significant
positive correlated. EPS and Macroeconomics growth ratio appears do not have any
significant correlated. For EPS, major product, industries growth ration, and net income
ration are significant negative correlated. Manufacturing selling, receivable account, and
fixed asset turnover ratio are significant positive correlated. EPS growth ratio appears do
not have any significant correlated. For stock leader and would be stock leader research,
for ROE, receivable account, manufacturing selling, industries growth ratio are
significant positive correlated and quick ration is significant negative correlated for stock
leader and would be stock leader. Fixed asset turnover ratio is significant positive
correlated and Macroeconomics growth ratio appears significant negative correlated for
the stock leader, and would be stock leader do not have. For EPS, receivable account and
manufacturing selling are significant positive correlated. Manufactured expense, major
product, and Macroeconomics growth ratio are significant negative correlated, and would
be stock leader do not have. Finally, we also find the external factors to internal factors
have significant positive correlated and real to affect the profitability is internal factors
that means the stock leader possess unique competitive advantage and operating ability
whatever environmental variance and the stock leader’s profitability is still aggressive. |
