本研究主要以2000到2005年台灣上市、上櫃和興櫃公司為樣本，採變異數分析分析法對會計利潤指標(ROA和ROIC)和市場價值指標(Tobin’s q)做獲利分析，目的在討論產業效果、集團效果、子公司效果、年效果以及產業和年交互效果等因素何者具有較佳的獲利解釋能力。結果發現子公司效果的獲利解釋能力最高，集團效果具有一定的解釋力，此結論與韓國的情況類似，集團企業扮演相當重要的角色。不同之處在於市場價值指標的總產業效果高出會計利潤指標ROA和ROIC，可以發現在以市值方式計算公司價值時，各產業間的差異相當明顯，可能原因於台灣以電子產業為主流，其資本市場流動資金比例佔其七成以上，造成電子產業與其他產業的差距較為明顯，因此產業效果對於市場價值指標影響較大。

另外，本文將整體樣本分為國際化高低兩個次樣本，其中國際化高的公司多以高科技電子產業為主，其比例約八成以上，而國際化低之公司則以傳統產業和非製造業為主。分析結果發現國際化高之企業各效果重要性與整體樣本一致，依序為子公司效果、集團效果、產業效果和年效果。而國際化低之企業則是以子公司效果最重要，產業效果和集團效果同等重要。比較兩者結果，國際化高之樣本的產業效果和集團效果小於國際化低之樣本，而子公司效果大於國際化低之樣本。

This study discusses about the accounting profit and market value measurement of component of variance analysis associated with Taiwan business groups which are divided into industry effects, business group effects, subsidiary company effects, year effects, and transient industry effects in listed companies, OTC listed companies, and emerging companies from the years 2000 to 2005. The results reveal that subsidiary company effects are the most important factor and substantial business group effects. That situation is similar to Korea and business groups in Taiwan play an important role. The difference that total industry effects of market value measurement are more than theirs of accounting profit measurement indicates market value made a discre- pancy between industries. Because the electronic industries in Taiwan are the most one, the transaction amount is more than seventy percentages in capital market suggesting industry effects of market value measurement are higher.

Besides, we partition our simple into two subsamples, highly-internationalization and lowly-internationalization. The former is almost high-tech microelectronic indu- stries that we find these results are in accordance with the entire simple, and the latter is the main of traditional and non-manufacturing industries which imply that the most important source is subsidiary company effects and industry effects are as substantial as business group effects. In the other words, highly-internationalization companies have lower industry effects and business group effects and higher subsidiary company effects.

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