力晶科技股份有限公司創立於 1993 年，位於新竹科學園區，公司主要業務為記
憶體製造及晶圓代工。二十五年來經歷了亞洲金融風暴，記憶體產業數次的衰退危機，
2006 年創辦人黃董事長身陷旗下關係企業之內線交易案，2009 年又因某半導體內線
交易案受到牽連，這個期間更值全球記憶體廠不斷的擴充，供過於求產能過剩，價格
慘跌之時期，產業狀況慘烈，銀行信用緊縮，外部人覬覦經營權之危機，困境重重中，
對公司進行變革，轉型成功，帶領公司員工度過難關，讓公司從返獲利，創造高科技
產業起死回升之奇蹟，終將記憶體廠根留台灣。本個案乃在討論企業領導者在順境中
如何居安思危，如何發現改變的契機？在危機時帶領著部屬，說服銀行，供應商，客
戶支持共度難關。探討的問題包括：黃董事長之創業家精神與變革決策，並分析董事
長在逆境中變革的根據與阻礙，進而提出經營上的建議。本研究採用哈佛個案教學方
式撰寫，內容為研究者經營事業歷經環境起伏變化下所採取的因應策略與過程，提供
企業在創業過程中，面臨景氣衝擊或市場挑戰時，可作為參考與借鏡。本研究可用於
討論領導特質、融資順位、組織變革、商業模式及等議題。

Powerchip Technology Co., Ltd. founded in 1993, located in Hsinchu Science Park.
The main business of which are access memory manufacturing and wafer foundry. In the past 25 years, memory industry has faced a recession due to the continuous expansion of global memory factories, therefore contributed to oversupply. The price of products slumped, while Powerchip was facing bank credit crunch. In the meanwhile, outsiders coveted the right of management. The founder, Chairman Huang, reformed the company, leading the employees overcame the difficulties and showed a turn from loss to profit, which became a legend of high-tech industry. This case is to discuss how business leaders to be alert to dangers even in times of calm and how they find out the proper time to reform.
Persuading banks, suppliers, customers to support each other and overcome the dilemma and difficulties. This particularly enterprises' development in decision-making and strategies forming can be used as a reference for other enterprises, startups, and entrepreneurs in facing economic recessions or market challenges. A Harvard case study is adopted in this research to discuss the leadership, pecking order theory, open innovation, business model. This case study could exert a profound influence on the environment, society, and the social mass.

中文部分
吳淑如 (2002)，領導特質與團隊效能知覺之關係研究―以北區升研究所文理補教業
班主任為例。朝陽科技大學企業管理系碩士論文，台中市。
洪志賢 (2013)，DRAM 產業競爭及營運模式。國立臺灣大學高階公共管理組碩士論
文，台北市。
陳柔蓁 (2016)，企業轉型與挑戰之個案研究。國立臺灣科技大學財務金融研究所碩士
論文，台北市。
盧希鵬 (2012)，「盧希鵬專欄，戰略模式(9)：策略是一種生態思維」，經理人月刊
(http://www.managertoday.com.tw/articles/view/17390)
英文部分
Afuah, A. (2004). Business models: A strategic management approach.
Afuah, A., & Tucci, C. L. (2003). Biznes internetowy-strategie i modele. Oficyna
Ekonomiczna.
Bohnsack, R., Pinkse, J., & Kolk, A. (2014). Business models for sustainable technologies:
Exploring business model evolution in the case of electric vehicles. Research Policy,
43(2), 284-300.
Casadesus-Masanell, R., & Ricart, J. E. (2010). From strategy to business models and onto
tactics. Long range planning, 43(2), 195-215.
Chesbrough, H. W., & Garman, A. R. (2009). How open innovation can help you cope in
lean times. Harvard business review, 87(12), 68-76.
Chesbrough, H., & Rosenbloom, R. S. (2002). The role of the business model in capturing
value from innovation: evidence from Xerox Corporation's technology spin‐off
companies. Industrial and corporate change, 11 (3), 529-555.
48
Chirinko R.S. and A.R. Singha (2000). Testing Static Tradeoff Against Pecking Order
Models of Capital Structure: A Critical Comment.”Journal of Financial Economics 58,
417-425.
Chirinko R.S. and Singha A.R. (2000) Testing Static Tradeoff Against Pecking Order
Models of Capital Structure: A Critical Comment. Journal of Financial Economics 58,
417-425.
Drucker, P. F., (1993). Post-Capitalist Society, London, Oxford: Butterworth Henemann,
Harper Business.
Hamel, G. 2000. Leading the revolution. Boston: Harvard Business School Press. Google
Scholar
Hu, B. (2014). Linking business models with technological innovation performance through
organizational learning. European Management Journal, 32(4), 587-595.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency
costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Johnson, M. W. (2010). Seizing the white space: Business model innovation for growth and
renewal. Harvard Business Press.
Johnson, M. W., Christensen, C. M., & Kagermann, H. (2008). Reinventing your business
model. Harvard business review, 86(12), 57-68.
Jong A.D., M. Verbeek and P. Verwijmeren (2010) The Impact of Financing Surpluses and
Large Financing Deficits on Tests of the Pecking Order Theory. Financial Management
39, 733-756.
Konczal, E. F. (1975). Models are for managers, not mathematicians. Journal of Systems
Management, 26(165), 12-15.
Kotter, J. P., & Schlesinger, L. A. (2008). Choosing strategies for change. Harvard business
review.
McGrath, R. G., & MacMillan, I. C. (2000). The entrepreneurial mindset: Strategies for
49
continuously creating opportunity in an age of uncertainty (Vol. 284). Harvard Business
Press.
Morris, M., Schindehutte, M., & Allen, J. 2005. The entrepreneur’s business model: Toward
a unified perspective. Journal of Business Research, 58: 726-35.
Myers, S. C. (1984). The capital structure puzzle. The journal of finance, 39(3), 574-592.
Myers, S. C. (1984). The capital structure puzzle. The journal of finance, 39(3), 574-592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when
firms have information that investors do not have. Journal of financial economics, 13(2),
187-221.
Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for
visionaries, game changers, and challengers. John Wiley & Sons.
Pai-lin Chen, Freemont Hung, Tommy Li (March 2013), The Introduction of Open
Innovation Toolkit: the Development and Practice of Creative Concerto Platform,
Journal of enterpriship research,8 (1), 77-102.
Ross, L. (1977). The intuitive psychologist and his shortcomings: Distortions in the
attribution process. Advances in experimental social psychology, 10, 173-220.
Weill, P., & Vitale, M. (2001). Place to space: Migrating to eBusiness Models. Harvard
Business Press.
West, J., & Gallagher, S. (2006). Challenges of open innovation: the paradox of firm
investment in open‐source software. R&d Management, 36(3), 319-331.