廠商經營績效與獲利高低，以及其決定因素，向來是策略管理學者最關注的實證議題之一。早期的產業經濟理論基於結構-行為-績效觀點，主張產業結構面的因素是左右廠商獲利差異的主要因素(Bain, 1956；Schmalensee, 1985)。近年，基於資源基礎觀點(Resource-Based View)的學派，認為廠商的資源及能耐才是決定廠商經營績效差異的主要因素(Wernerfelt, 1984；Barney, 1991)。
廠商的資源及能耐可取決於公司策略、事業單位策略以及集團策略，Chang and Choi (1988)、Khanna and Palepu (1997, 2000b)和 Khanna and Rivkin (2001)研究指出除廠商、產業因素外，集團因素也有可能影響廠商經營績效與獲利差異。
故本研究採用階層線性模型(Hierarchical Linear Modeling, HLM)，以2000至2009年台灣地區上市上櫃興櫃集團企業為研究對象，探討廠商績效變異受到產業效果、集團效果和廠商效果的影響性，以及在不同層級下的策略變數對績效的影響，並提供管理者進行決策時的參考。研究結果支持資源基礎理論，且廠商寬裕資源與廠商規模會影響廠商績效，而集團規模與集團內廠商家數與廠商績效的關連性在本研究中並無法得到支持，產業資本密集度與產業集中度對廠商績效的影響在本研究中亦無法獲得証實。

Firm performance, and profitability, and their determinants are one of the most concerned empirical issues studied by strategic management scholars. Early industrial economics theorists advocate industry’s structural factor are the main causes influencing company’s profitability (Bain, 1956; Schmalensee, 1985). Since 1980s, the scholars of Resource-Based View concluded that company’s resource and capability as the main determinants affecting their operating performance (Wernerfelt, 1984; Barney, 1991).
In recent years, Chang and Choi (1988), Khanna and Palepu (1997, 2000b), and Khanna and Rivkin, (2001) have argued that, in addition to company and industry factors, group enterprises factor may also affect firm’s performance and profitability.
This research uses Hierarchical Linear Modeling method, and takes 2000-2009 TSE/GTSM listed companies, subordinating to group enterprises in Taiwan as the research objects, mainly investigating the existence of significant differences in operating performance among different companies, groups, and industries, and the influence of strategic variable toward firm’s performance at different levels, and to provide managers with a reference when making decisions. Results support Resource-Based Theory, showing that firm’s resource and scale would positively affect the operating performance. However, the relevance between group size, number of firms in a group, and firm’s performance are not supported in this study. Besides, the effect of industry capital intensity and industry concentration toward the performance of firms has not been confirmed in this study.

中文部分
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廖婉君，2008，廠商、策略群、產業對台灣製造業獲利影響分析，國立台灣科技大學企業管理學系碩士論文
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