企業獲利變異主要是受到產業所影響，抑或是受企業本身策略所主導的爭論，一直以來都是策略管理學者關注的議題之一。早期的產業組織理論基於結構-行為-績效觀點，主張產業結構面為企業績效主要影響因素。而後80年代，資源基礎理論則認為企業的資源及核心能力才是主要因素。此外，台灣集團於經濟中佔有不可忽視的重要地位，故本研究探討子公司面、集團面和產業面何者為企業經營績效之主要獲利來源。

本研究以1997-2010年台灣上市上櫃及興櫃的集團子公司為樣本，並採用階層線性模型(Hierarchical Linear Modeling, HLM) 進行統計分析，實證結果支持資源基礎理論：子公司效果最重要，即子公司本身策略及資源為企業獲利之主要來源。而後本研究將樣本分成兩類，探討景氣好壞時，集團效果之差異，結果顯示當景氣相對不好時，集團效果較高。此外，本研究亦探討時間變動效果對於企業績效的重要性，結果也證實時間變動效果存在且佔績效最大變異成分。

The debate on sources of firms’ profitability which are driven by industries or firms’ strategies is one of the most concerned issues by strategic management scholars. Early industrial organization theorists advocate industry structure is the central determinant influencing firms’ profitability and the theory is on the basis of conduct-behavior-performance view. However, in 1980s, resource-based theory proposes that firm’s resources and core competences are the main factors. In addition, Taiwanese business groups’ play an important role in Taiwan economics. As a result, this study discusses the central sources of firms’ profitability driven by firm factors, group enterprises factors or industry factors.

This study analyzes listed companies, OTC listed companies and emerging companies’ profitability from the years 1997 to 2010 by using hierarchical linear modeling method. The results support resource-based view and reveal that subsidiary company effects are the most important factor. In other words, subsidiary companies’ strategies and resources are the main sources of firm’s profitability. After that, we partition samples into two subsamples and discuss the difference of group effects among economic recovery and recessions. The results show that group effects are higher during recessions. Furthermore, we also discuss the importance of time effects on firms’ profitability, and the results prove that time effects exist and are the biggest part of the variance of firms’ profitability.

中文文獻

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