本文依據「資源基礎廠商理論（Resource-based View of the Firm）」與「策略群競爭理論（Strategic Group Theory）」的理論基礎，採用階層線性模式（Hierarchical Linear Modeling, HLM）實證分析台灣國際觀光旅館業績效變異的重要決定因子。根據「稅前投資報酬率」、「稅前營業獲利率」、「稅前獲利率」三項績效指標，實證結果發現，在研究期間(2006-2013)，台灣國際觀光旅館業者的經營績效變異，其中(1)廠商效果可解釋廠商經營績效差異約39.75% ~ 76.95%，與文獻結果相似；(2)策略群效果可解釋0% ~ 4.26%，顯示策略群因子有一定解釋能力，但低於一般文獻6% ~ 10%的解釋比重；(3)年效果可解釋0.22% ~ 1.64%，表示在研究期間內，總體環境因素對台灣國際觀光旅館績效差異影響極為有限。本研究證實台灣國際觀光旅館的資源與執行力是影響旅館業績效變異的主要關鍵因素。建議旅館管理者在擬定策略時，應釐清其在整個產業內的競爭優勢，善用其核心能力，以獲得更佳的經營績效並能夠永續經營。

Based on Resource-based View of the Firm and Strategic Group Theory as our theoretical background, this study applied Hierarchical Linear Modeling (HLM) to identify the sources of performance differences among international tourist hotels in Taiwan. According to the performance variables including Return on Investment before tax, Operating Profit Margin before tax, and Profit Margin before tax, we found performance differences of international tourist hotels in Taiwan during the study period (from 2006 to 2013). The findings included (1) Firm Effect accounted for 39.75% to 76.95% of variance among international tourist hotels in Taiwan which was similar to findings in previous literature. (2)Strategic Group Effect explained 0% to 4.26% of performance differences. Strategic Group Effect had a certain explanatory power, but our finding was lower than suggested in previous literature which explained 6% to 10%. (3) Year Effect accounted for 0.22% to 1.64% of performance differences, which is close to the finding of previous literature. Our finding found that the macro environment in 2006 to 2013 didn’t play an important role in the performance of firms. The main finding of our study was that business performance outcomes of international tourist hotels in Taiwan are largely determined by the ways in which they make use of their own resources. We suggest that in this industry, when planning managerial decisions, each hotel should evaluate its particular resources and capacities, and use these to create a competitive advantage, so that it can maintain its financial competitiveness and carve out a sustainable future.

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