研究意涵

從產業競爭模式的角度，本文引伸的意涵為，在如 IC 設計的知識產業中，市 場領導者廠商的無形資產價值大於與跟隨者，並且其價值較難用既存的績效指標觀 察，其中可能包括品牌、know-how 等智慧流程。相對的，市場跟隨者的無形資產價

值驅動因子，仍與傳統的績效指標（當期獲利）相似，其無形的知識價值較低。本 篇論文之結果對亞洲開發中國家包括大陸與東南亞等高科技廠商之追隨者深具意 涵，若僅強調低成本、高效率製造的優勢，市場跟隨者若無法強調品牌與創新價值，

獲利往往會落入惡性競爭的夢靨。

成功需要策略，策略是一套追求成功的做法。在IC 設計產業中，美國和台灣都 是成功者， 美國是市場領導者（market leader），而台灣是市場的追求者（market follower），市場領先者享有得天獨厚的優勢，Tellis & Golde(2001)發現，五大關鍵要 素 創 造 了 市 場 領 先 地 位 的 地 位 ︰1. 對 主 要 市 場 的 洞 悉 力 （ Vision of the Mass market）、2.管理的堅持一致性（Managerial persistence）、 3. 持續的創新（Relentless innovation）、 4.財務上的承諾（Financial commitment）、4.資產運用的槓桿能力（Asset leverage）；而市場追隨者亦有其經營的策略，正如 Lim & McAleer(2002) 指出的於 產業競爭中，處於技術、所得較落後的國家 ，會傾向於複製領先國家的經驗模式，

透過模仿可以降低研究與發展的成本支出，使其保有產業生存的立足點。

本研究對於擁有與IC 設計產業相似的知識行產業具有高度的價值參考，例如電 信產業，市場領導者是歐洲，跟隨者是亞洲；LCD 產業，市場領導者是日本廠商，

而市場跟隨者是韓國/台灣廠商。作為市場的領先者，雖然有能力從事連續性的創新 (Sequential Innovation)，把原有產品做得更好，以取得更高的市場占有率及顧客滿意 度，但也因此最容易忽略市場上正興起的破壞式創新(disruptive innovation)，陷入 Christensen(2005)所言的『創新者的兩難（The Innovator's Dilemma）』。而一個技術追 隨者當技術追隨到一定階段時，仍然要呈現出自己的創新前瞻技術，領先市場，拉 近與先進國家的落差，建立以設計創新與創新價值為主體的新興產業，最終目標為 建立新市場。

近年來，高科技產業逐漸進入微利時代，台灣業者將面臨製造成本優勢不再，

產業群聚的邊際效益正逐漸遞減中，企業為避免陷入價格戰，必須跳脫昔日以成本

優勢為唯一考量的經營模式，在既有核心能力與競爭優勢的基礎上，試圖朝向提升 產品與服務價值的方向發展，利用「營運模式創新」與「產品功能創新」來達到企 業經營效率的提昇與附加價值的創造，朝價值鏈兩端的創新經營延伸，才能因應產 業在全球化過程中，新興競爭者崛起所帶來的競爭威脅，建立企業之持久競爭優勢。

6.3 研究限制與後續研究建議

本實證研究的第一個限制乃未調整兩國之制度或會計處理所發生的財務報導的 差異。另外，受限於非財報資訊的取得不易，未來之研究方向，可深入就本研究所 選取的自變數（即解釋變數）未能解釋國外IC 設計公司無形資產價值的部份，再深 入選取其它的構面變數以瞭解其無形資產之價值驅動及創造過程，裨利了解無形資 產決定因子在不同資本市場形成模式，是具廣泛應用潛力之研究議題。

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