企業績效變異的來源一直是策略管理研究非常關注的議題，雖然過去學者致力於歸納產業和廠商效果孰大的結論，卻極少有研究深入探討各個層級中有哪些「特殊策略子因素」才是主要形塑企業績效的深層因子。因此，本研究採用1990年至2014年台灣上市、上櫃與興櫃企業資料，以多層次結構探討在不同生命週期下時間、廠商和產業效果對企業績效的影響是否有所不同，實證結果顯示，時間效果最大且逐漸遞增；廠商效果次之且逐漸遞減；產業效果最小且亦為逐漸遞減。進一步探討特殊策略子因素的影響後，彙總以下建議提供企業經營策略的參考： (1) 企業應該多將資金挹注在研發創新與能夠創造無形價值的資產上，亦須適時儲備組織寬裕資源，來加強其順應環境變化的動態能力； (2) 擴大企業規模、充實自有資金與增加獨立董事人數，都對提升企業績效有非常大的助益； (3) 成長期時，廠商規模為產業之間的競爭力來源；成熟期時，廠商自有資金為產業之間的競爭力來源；而無論在何種生命週期階段，無形資產和組織寬裕資源是企業締造獨特於其他產業和廠商之競爭優勢的關鍵。

The sources of firm performance variance is a crucial issue concerned by strategic management field all the time. Although previous researchers were eager to look for a conclusion about whether industry effects or firm effects is more important, less researches look deeper into each level and find out “specific strategic factors”, and these factors are critical reasons to build firm performance. Therefore, the study used the data of public traded companies in Taiwan during the year of 1990 to 2014 and utilized multilevel approach to discuss the relative importance of time, firm, and industry effects on firm performance at different life cycle stages. The result shows that time effects is the greatest and increase over time; firm effects is less than time effects and decrease over time; and industry effects is the smallest and also decrease over time. Further, this study investigate the influences of specific strategic factors in each level at different life cycle stages, and give some suggestions as below: (1) Taiwanese firms should spend more efforts on R&D and the assets which can create intangible value. Also, they should keep some organization slack occasionally to enhance dynamic capabilities and to adapt the changing environment; (2) enlarging firm size, enriching owned capital, and raising the number of independent directors are all very useful to increase firm performance; (3) at growth stage, firm size is the competitive strength inter-industry, while at mature stage, corporate owned capital is the competitive strength. No matter in what life cycle stages, intangible assets and organization slack in time level is the key for companies to create different competitive strength between firms and inter-industry.

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