產業組織理論與資源基礎理論旨在探討影響廠商績效的主要因素，二派學者也發表許多關於產業、公司、事業單位等不同分析層級對於廠商績效變異的相對影響性的研究。有鑑於過去文獻皆已證實策略群組的存在性及其與廠商績效之間的關聯性，但僅少數文獻同時考量產業、策略群組與廠商對廠商績效變異的影響；且過去研究方法(變異數成份分析、變異數分析)僅能捕捉不同層級效果解釋績效變異的比例，未能檢驗各種層級之特定因子對廠商績效的影響，又其背後假設不同效果間呈獨立性，有違崁套結構資料的本質，故本研究採用近年興起的階層線性模型(Hierarchical Linear Modeling, HLM)來檢驗多層級(廠商、策略群組與產業)對廠商績效變異的解釋能力，及在不同層級下的特定因子對績效的影響，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，且廠商規模與寬裕資源會正向影響廠商績效，而廠商槓桿程度、策略群組研發密集度之變異性、產業資本密集度與廠商績效呈現負向關係。因此，管理者可藉由下述方式提高己身績效：(1)擴大營運規模；(2)維持較同業者略高的寬裕資源以掌握外部機會；(3)基於資訊不對稱與資金成本的觀點，應以企業內部資金為主要融資策略；(4)移往持續且穩定投資競爭優勢(研發支出)的策略群組，觀察該組內較具代表性廠商的策略變數，將之視為參考點，以了解其對市場資訊的反應與解讀，且可藉由共同合作與經營群組名譽來創造雙贏局面。此外，廠商所屬產業的資本密集度愈高，其意味著廠商的退出障礙較高且較缺乏調整產出以因應需求變動的彈性，故廠商更應謹慎地預期未來景氣，以避免過度投資致使產能過剩降低毛利與其績效表現。

To investigate the main determinant of firm performance has been the center of industry organization theorem and resource-based theorem, both schools have published many articles about the relative importance of the influence of different analysis levels-industry, corporation and business units on the variance of firm performance. Whereas there are many researchers have confirmed the existence of strategic groups with correlation between the performances, but only few literatures consider the impact of industry, strategic groups and corporation on the performance variability at the same time. Furthermore, the past approach (variance component analysis or ANOVA) can only capture categorical effects but do not examine specific strategic factors within each effect which indeed is beneficial to understand the firm performance for managers, and both techniques assume that effects are generated independently which may not be met by the underlying nested data. Therefore this research applied Hierarchical Linear Modeling (HLM) to investigate the non-independent relationship among industry, strategic groups and corporation, and also can to explore the influence of different levels of specific factors on performance. The result supports the view of resource-based theorem, and show firm size and slack which positively related to firm performance, while firm leverage, variance of R&D intensity of strategic groups and industry capital intensity are negatively related to firm performance. Hence, managers could improve performance by following ways: increasing operation scale, maintaining slightly higher slack than peers to grasp external opportunity, using internal capital as main financial strategy based on information asymmetry and cost of capital, and moving to strategic groups with consistently and stablely investing in competitive advantage(R&D) and observing the strategic variables of reprehensive firms within that strategic group, regarding them as the reference points, understanding its reaction and interpretation of market information, and creating win-win situation by coordinating with each other and establishing reputation. In addition, the higher the industry capital intensity was, represented higher exit barrier and lack of adjusting output in response to changes in demand. Therefore firm must carefully anticipate future economy to avoid over investment which leads to excess capacity and is harmful to firm’s gross profit and performance.

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