1. 本研究資料來源是從S＆P Compustat資料庫所取得之資訊，並刪除其中資訊不足 之企業作為本實證研究之樣本，因此並未將完整之產業資訊納入觀察，恐有遺珠 之憾。若能克服上述限制，結論將能更具代表性。
2. 近年來雲端運算產業變化快速，許多大型指標企業為尋求快速步入雲端之徑，紛 紛在市場上尋找併購標的，以彌補企業自身不足之能力，後續研究或許可針對併 購公司前後營運績效進行分析探討。
3. 本研究僅以投入資本報酬率（ROIC）為企業績效之衡量指標，後續研究可採用 不同財務績效指標進行集群間差異之比較，將能更確認整體雲端運算產業之優勢 組織型態。
42
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附錄一 集群分析結果及個別投入資本報酬率（ROIC）
設施倚賴型企業
產業代碼 企業 ROIC
4813 AT&T INC 0.1239
7370 INTERNAP NETWORK SVCS CORP -0.0684
7370 KEYNOTE SYSTEMS INC -0.3161
4813 KT CORP -ADR 0.0387
7370 LIMELIGHT NETWORKS INC -0.3784 4813 NIPPON TELEGRPH & TELE -ADR 0.0242 4812 NTT DOCOMO INC -ADR 0.1035 7374 RACKSPACE HOSTING INC -0.0136 4813 ROSTELECOM LONG DSTNCE -ADR 0.0381 4812 SK TELECOM LTD -ADR 0.0800
7370 VERISIGN INC 0.0406
4812 VIMPELCOM LTD -ADR 0.3038
議價優勢型企業
產業代碼 企業 ROIC
7372 A D A M INC 0.2568
7372 ACCELRYS INC -1.6826
7372 ACTIVISION BLIZZARD INC -0.4204
7372 ACTUATE CORP -0.4925
7374 ACXIOM CORP 0.1701
7372 ADEPT TECHNOLOGY INC -0.3997
7372 ADOBE SYSTEMS INC -0.0397
7372 ADVENT SOFTWARE INC 0.9358 7370 AKAMAI TECHNOLOGIES INC 0.1927
7373 ALLIN CORP 1.3837
7372 ASTEA INTERNATIONAL INC -12.8398
48 7372 BLUEPHOENIX SOLUTIONS LTD -0.4996 7372 BOTTOMLINE TECHNOLOGIES INC -0.4988 7372 BRIDGELINE DIGITAL INC -0.2356 7373 COMPELLENT TECHNOLOGIES INC -0.2902 7373 COMPUTER PROGRAMS & SYSTEMS 0.4838 7372 CONCUR TECHNOLOGIES INC -0.0293
7372 CONVIO INC -2.4615
7370 COSTAR GROUP INC -0.0229
7372 COVER-ALL TECHNOLOGIES INC 0.6311
3571 CRAY INC -0.4479
3577 CREATIVE TECHNOLOGY LTD -0.3668 7372 DASSAULT SYSTEMES SA -ADR -0.2220
7372 DATAWATCH CORP -1.1102
7372 DEALERTRACK HOLDINGS INC -0.0436
3571 DELL INC 0.3881
7372 E-FUTURE INFORMATION TECH -0.8584
49
7372 ELECTRONIC GAME CARD INC 0.5405
3572 EMC CORP/MA -0.0356
7372 EPICOR SOFTWARE CORP -0.2830 7372 ERESEARCHTECHNOLOGY INC 0.1212 7371 EVOLVING SYSTEMS INC 0.0537 3576 EXTREME NETWORKS INC -1.0095
7373 F5 NETWORKS INC -0.2999
7373 FAIR ISAAC CORP 0.1072
3577 FINISAR CORP -0.2810
7372 FORMULA SYSTEMS 1985 LTD-ADR 0.1229
5961 GAIAM INC -0.3125 7372 INTERACTIVE INTELLIGENCE INC -0.6323
3577 INTERMEC INC -0.1196
7370 INTERNET INITIATIVE JP -ADR 0.0987 7370 INTL BUSINESS MACHINES CORP 0.1632
7372 INTUIT INC 1.1870
3576 JUNIPER NETWORKS INC -0.2263
7372 KENEXA CORP 0.3990
7370 KNOT INC -0.2030
7372 KONAMI CORP -ADR 0.0652
50
7373 L-1 IDENTITY SOLUTIONS INC 0.0397 7372 LAWSON SOFTWARE INC -0.4089 3577 LEXMARK INTL INC -CL A -0.1887 7372 LIONBRIDGE TECHNOLOGIES INC 0.0605
7372 LIVEPERSON INC -0.4363
3577 LOGITECH INTL SA -0.2008
7370 LOOKSMART LTD -0.8405
7372 LYRIS INC -3.1553
7372 MAGIC SOFTWARE ENTERPRISES 0.0244 7372 MAJESCO ENTERTAINMENT CO -6.5738 7373 MANHATTAN ASSOCIATES INC -0.2123
7372 MCAFEE INC 0.3470
5961 MECOX LANE LTD -ADR -1.2661
7372 MEDASSETS INC 0.3093
7373 MEDIWARE INFORMATION SYSTEMS -0.1710
7374 MEDQUIST INC -0.0598
7373 MODERN MEDICAL MODALITIES CP -9.9858 7372 MONOTYPE IMAGING HOLDINGS 0.2512
7370 MORNINGSTAR INC 0.4590
7372 NUANCE COMMUNICATIONS INC -0.3119 3572 OCZ TECHNOLOGY GROUP INC -0.9201
3571 OMNICELL INC -0.0037
7372 OPENWAVE SYSTEMS INC -1.3733
51
7372 PARAMETRIC TECHNOLOGY CORP -0.8056
5961 PARENT CO -2.3814
5961 PC CONNECTION INC 0.0016
7372 PERFECT WORLD CO LTD -ADR 0.2341 3576 PERFORMANCE TECHNOLOGIES INC -0.3608 4812 PURPLE COMMUNICATIONS INC -4.5783 7372 QLIK TECHNOLOGIES INC -1.0129
7372 RENAISSANCE LEARNING INC 0.8088
7372 RETALIX LTD -0.4034
7372 RIGHTNOW TECHNOLOGIES INC 6.9029
7372 ROSETTA STONE INC -0.9380 7372 SCIENTIFIC LEARNING CORP -1.7595 7372 SEACHANGE INTERNATIONAL INC -0.4450 3572 SEAGATE TECHNOLOGY PLC 0.0033 7372 SHANDA GAMES LTD -ADR 1.0401 7370 SHANDA INTERACTIVE-ADR 0.1446 7370 SILICON GRAPHICS INC -14.1709 3575 SILICON MOUNTAIN HOLDINGS 4.1839 7372 SIMULATIONS PLUS INC 0.0455
7370 SINA CORP -0.0476
52 7372 TAKE-TWO INTERACTIVE SFTWR -1.5602
7372 TALEO CORP -0.2968
7370 TECHTARGET INC -0.3136
7373 TELECOMMUNICATION SYS INC 0.0758
7372 THE9 LTD -ADR -0.0612
7372 THQ INC -2.9765
7372 TIBCO SOFTWARE INC -0.2192 7372 TOP IMAGE SYSTEMS LTD -0.7033 3577 TRANSACT TECHNOLOGIES INC -0.1545 7372 TRINTECH GROUP PLC -ADR -0.6970
53
3576 BROCADE COMMUNICATIONS SYS -0.2768 7372 CADENCE DESIGN SYSTEMS INC -0.6055 3577 COMMUN INTELLIGENCE -6.6500 7372 CTI GROUP HOLDINGS INC -3.7115 7372 DATATRAK INTERNATIONAL INC -6.2380
7372 DEMANDTEC INC 6.0081
7373 DIVX INC -2.3882
7370 EDGAR ONLINE INC -15.6804
7372 EGAIN COMMUNICATIONS 14.2399
7372 EGAMES INC -9.5255
7373 ELBIT VISION SYSTEMS LTD -2.6046 7372 ELECTRONIC ARTS INC -2.0811 3576 ELECTRONICS FOR IMAGING INC -0.7861
3576 EMULEX CORP -0.3996
3576 EZENIA INC -1.4093
7372 FINDEX.COM INC 1.2836
7372 FIRSTWAVE TECHNOLOGIES INC -2.7340 3576 FOCUS ENHANCEMENTS INC -7.4786 7372 FUTUREMEDIA PLC -ADR 0.4234
54
7370 ILINC COMMUNICATIONS INC 2.5302 7373 IMAGEWARE SYSTEMS INC 2.1229
3576 INTERPHASE CORP -1.0798
3572 ISILON SYSTEMS INC -1.5283
3576 LANTRONIX INC -0.9567
7370 LOCATEPLUS HOLDINGS CORP 0.2852
7372 LOGMEIN INC -0.9538
7372 MAGMA DESIGN AUTOMATION INC -2.9002
7372 MAKEMUSIC INC -0.8622
7373 MENTOR GRAPHICS CORP -1.0549 7373 MERCURY COMPUTER SYSTEMS INC -0.6935 7374 MEZABAY INTERNATIONAL -OLD 4.8709
3577 MITEK SYSTEMS INC -2.7975
7370 MOVE INC -0.7904
7370 MYPHOTOALBUM INC 3.9609
7372 NATIONAL INSTRUMENTS CORP -0.2209
3570 NETEZZA CORP -0.3079
7373 NETSUITE INC 1.2692
7372 NEUMEDIA INC 38.9002
7372 OCTAVIAN GLOBAL TECHNOLOGIES 4.4603
7372 OMTOOL LTD 8.3241
7372 PERVASIVE SOFTWARE INC -0.4633 7372 PHOENIX TECHNOLOGIES LTD -1.7131
7372 QUOTEMEDIA INC -13.2546
7372 RADVIEW SOFTWARE LTD 1.3630
3576 RADWARE LTD -1.1473
7372 REALNETWORKS INC -0.9509
3576 RIVERBED TECHNOLOGY INC -0.5199
7373 ROOMLINX INC -1.4269
7370 SALARY.COM INC 11.0179
7372 SCO GROUP INC -7.8846
7372 SELECTICA INC -0.4839
7372 SMITH MICRO SOFTWARE INC -0.5307
55
7372 SONIC FOUNDRY INC -1.9396
7372 ST BERNARD SOFTWARE INC 1.4976
7372 SUCCESSFACTORS INC 4.2335
7372 SUPPORT.COM INC -1.0422
7372 SWK HOLDINGS CORP -2.0829
7372 SYMANTEC CORP -1.4210
7372 UNICA CORP -2.7731
3576 VERAZ NETWORKS INC -0.7663 7372 VERTICAL COMMUNICATIONS INC -5.8308
7372 VIRYANET LTD 0.7125
7373 VUANCE LTD 2.3211
7372 WIZZARD SOFTWARE CORP -2.7577
7372 WORKSTREAM INC 3.8693
7370 ZIX CORP 11.1052