建議 - 重新檢視財星百大企業之持續性競爭優勢

本研究採用資料為《財星》2008年所公布之列表，但截至截稿當下(2009年5 月底)，未有人能肯定是否各國已經安然走出此波金融海嘯，因此還有待未來學者進一步針對此樣本做後續跟新的研究，以增加穩定信度(stability reliability)(即不同時間做測量時，可以得到同樣的結果)以及和結果的穩定性(robotic)，但本研究頗具拋磚引玉將之意。另外，本研究所採用的資料為2003~2007的財務比率資料，是否能有效培養出企業具備的競爭優勢，來讓其在面臨金融海嘯的2008年有傑出的表現還有待確認，建議未來學者可將「時間」因子考慮進去，或提出更適

合一般化使用的抽樣時間區間，讓管理者更容易使用此模式來觀察並增強其不足之處，讓學界與業界成功結合。

除此之外，本文雖命名為檢驗持續性競爭優勢，但針對持續性應該進行的動態分析，乃依據Tang & Liou(2009)所採用的平均數當作持續性的評判標準，建議未來學者可在此部分利用其他動帶分析模型加以分析，來強化此持續性競爭優勢的說服力。

這份研究只針對一般非金融、控股和健保相關的產業進行分析，部分原因因為這些機構的關鍵財務指標不同於一般性的產業，故有待後續學者繼續針對此部分提出更好的財務指標來分析其競爭優勢，且建議可以使用本研究一般化模式之方式。

此外，由於Tang & Liou(2009)利用貝式定理所提出模式(圖4)的資源構型，會因為不同產業別、時間、地域等有所差異，因此除了找出不同的企業組合可能有不同結果外，建議未來學者除了實證分析結果外，更須仔細且注意此觀念的正確使用。

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附錄一、貝氏事後機率理論與資源構型

依據Powell (2001; 2002; 2003)所提出的條件機率式之論述，此一機率函數表示如下：

P θ, Ψ|Y

其中，θ 為該企業具有競爭優勢，即 Tang & Liou (2009)所主張之資源構型模型，Y 則是外部環境和競爭對手等總體環境可觀察到的企業績效。先以 P(θ|Y) 了解Powell 提出的條件機率之推論邏輯，即表示「在給定企業績效 Y 等條件下，

該企業擁有競爭優勢θ 之機率值」。

依據Tang & Liou (2009)將競爭優勢之內涵定義為使企業具有獨特之資源構型的資源與活動x 及其相關連之權重 λ，亦即ψ =( , )xλ。此時P θ, Ψ|Y 即表示，「在給定企業績效Y 等條件下，各企業所具有其獨特之資源構型，致使該企業擁有競爭優勢θ 之機率值」。

此外，在給定企業績效之條件下，企業擁有競爭優勢之機率與擁有競爭弱勢之事件為互斥，即機率和等於1，P(θ|Y) + P(~θ|Y) = 1。因此將P θ, Ψ|Y 此一事前機率改寫為：

P( , | ) = P( | , ) P( | )

θ

Y θ

Y

× ψ

Y

此時，在企業績效給定之條件下，該企業擁有資源構型及競爭優勢之機率 P θ, Ψ|Y 即等於，給定該企業之績效及資源構型下，該企業擁有競爭優勢之機率 P θ|Ψ, Y ，乘上給定該企業績效之條件下，其所屬資源構型類別之機率 P(Ψ|Y)。

因此，企業的「資源構型」決定所擁有的競爭優勢或弱勢。在企業之財務績效為公開下，資源構型也可透過關鍵財務指標加以衡量之，並在取得企業之財務資料下，利用貝氏區別模型(Sivia, 1996)了解企業資源與能力是如何形成資源構型，進而推估各企業具有競爭優勢或競爭弱勢。

附錄二、財星兩百大企業之產業分類與排名

Aerospace and Defense

Boeing (27), United Technologies (39), Lockheed Martin(57), Honeywell International (73), Northrop Grumman(76), General Dynamics (87), Raytheon(112), L-3 Communications (182),

Airlines AMR(109), UAL(124)

Apparel Nike(153)

Automotive Retailing, Penske Automotive Group (194)

Beverages

Coca-Cola(83), Coca-Cola Enter(118), Pepsi Bottling(190)

Chemicals

Dow Chemical(42), DuPont(81)

Computer Software

Microsoft(44)

Computers, Office Equipment

Hewlett-Packard(14), Dell(34), Apple(103), Xerox(144), Sun Microsystems (184)

Electronics, Electrical Equipment

Emerson Electric (111), Whirlpool(127)

Energy

Constellation Energy (117)

Engineering, Construction

Fluor(148)

Entertainment

Time Warner (49), Walt Disney(67), News Corp.(84), CBS(181), Viacom(191)

Food and Drug Stores

CVS Caremark(24), Kroger(26), Walgreen(40), Safeway(55), Supervalu(62), Publix Super Markets (107), Rite Aid(142)

Food Consumer Product

PepsiCo(59), Kraft Foods(63)

Food Production

Archer Daniels(52), Tyson Foods(88)

Forest and Paper Products

International Paper (114), Weyerhaeuser(147)

General Merchandisers

Wal-Mart Stores(1), Target(31), Sears Holdings(45), Macy's(91), J.C. Penney(126), Kohl's(152)

Homebuilders

Centex(177)

Hotels, Casinos, Resorts

Marriott International (197)

Household and Personal Products

Procter & Gamble(23), Kimberly-Clark(136), Colgate-Palmolive (186)

Industrial and Farm Equipment

Caterpillar(50), Deere(102)

Industrial and Farm Equipment

Illinois Tool Works (155)

Information Technology Services

International Business Machines (15)

Internet Services and Retailing

Amazon.com(171)

Mail, Package and Freight Delivery

FedEx(68)

Metals

Alcoa (80), United States S(146), Nucor(151)

Mining, Crude-Oil Production

Occidental Petroleum (123), Freeport-McMoRan Copper & Gold (140)

Miscellaneous

3M(100)

Motor Vehicles and Parts

General Motors (4), Ford Motor(7), Johnson Control(72), Delphi(92), Goodyear Tire & (119), Lear(157), Paccar(169), TRW Automotive(174)

Network and Other Communications Equipment

Motorola (65), Cisco Systems(71)

Oil and Gas Equipment, Services

Hiburton(167)

Petroleum Refining

Exxon Mobil(2), Chevron(3), ConocoPhillips(5), Valero Energy(16), Marathon Oil(36), Sunoco(56), Hess(77), Murphy Oil(34)

Pharmaceuticals

Johnson & Johns(35), Pfizer(47), Abbott Laboratories (96), Merck(101), Wyeth(113), Bristol-Myers S(125), Eli Lilly(133), Amgen(173)

Semiconductors and Other Electronic Components

Intel(60), Texas Instruments (185)

Specialty Retailers

Home Depot(22), Costco Wholesale(29), Best Buy(66), Staples(128), TJX(132), Office Depot(164), Toys 'R' Us(189)

Telecommunications

DirecTV Group(143)

Tobacco

Altria Group(61)

Utilities: Gas and Electric

FPL Group(168)

Wholesalers: Electronics and Office Equipment

Ingram Micro(69), Tech Data(105), Arrow Electronics (158), Avnet(163)

Wholesalers: Food and Grocery

Sysco(70)

Wholesalers: Health Care

McKesson(18), Cardinal Health(19), AmerisourceBergen (28)

在文檔中重新檢視財星百大企業之持續性競爭優勢－以財務比例作為衡量指標 (頁 48-56)