第五章 結論與建議
5.2 研究限制與建議
本研究僅尌財務面進行分析智慧電網產業結合雲端運算科技的競爭優勢，然影響競 爭優勢的關鍵因素除財務面外，尚有國際景氣、利匯率、法律規範及產品政策等，因此 僅使用財務面來分析並非十分綜觀，茲將本研究之未來研究方向作一建議。對後續研究 者的建議：
1. 由於本研究採用 Standard & Poor Global 資料庫，受資料來源的限制，無法將資 料擴充至未上市之公司，未來之研究若能克服上述限制，可增強結論的代表性；
且本研究僅選取 108 家公司 6 年內中 4 年之帄均財務資料為樣本，受限於樣本資 料不齊，因此無法保留所有樣本，且為研究嚴謹刪除一些不具財務資料的企業，
使得原本 833 家企業僅存 108 家符合資格之研究樣本，篩選合格樣本的過程也有
34
待後續研究者再進一步改善之。
2. 本研究利用因素分析及集群分析推導出營運績效較佳的集群因素，但隨著時間的 改變，科技的日新月異及競爭者的模仿及學習，讓原本的企業資源構型也可能隨 時間而改變，企業也會因此在不同企業型態中遊走，這些相對的競爭優勢與策略 族群是否會隨時間而改變，是值得後續的研究者來研究討論的。
3. 由於利用過去的財務資料來推導企業競爭優勢及資源構型，然卻無法進行未來的 預測，僅能尌結果來推論該型態企業的競爭優劣勢及給予未來策略方向之建議。
對於企業來說，若能夠有效預測其策略績效及資源的使用效果將能對產業競爭優 勢分析更有助益及貢獻，未來研究可進行財務資料之預測並建構出未來預測之企 業資源構型。
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網路文獻
[1] 美國能源部 DOE: http://www.energy.gov/
[2] 美國國家能源技術實驗室 NETL: http://www.netl.doe.gov/
[3] 美國國家標準局 NIST: http://www.nist.gov/index.html [4] 國際能源總署 IEA: http://www.iea.org/
[5] 綠色能源產業資訊網 http://www.taiwangreenenergy.org.tw/
[6] 經濟部能源局 http://www.moeaboe.gov.tw/
[7] 智慧電網協會 Gridwise: http://www.gridwise.org/
[8] Ctimes :http://www.ctimes.com.tw
[9] E 化部落格 http://eblog.cisanet.org.tw/post/Cloud-Computing.aspx [10] MIC: http://mic.iii.org.tw/aisp/
[11] SYS-CON’s Clouding Computing Journal: http://cloudcomputing.sys-con.com/node/770174
Company ROIC TA ART COS/S APT INVT R&D/S SG&A/S DEP/S FAT TAX/S
DELL INC 0.39 24221.83 9.93 0.81 5.84 78.60 0.01 0.11 0.01 28.31 0.02
COMPUTER PROGRAMS & SYSTEMS 0.33 46.85 7.03 0.55 72.81 68.66 0.01 0.24 0.02 18.92 0.07
MICROSOFT CORP 0.23 74442.17 5.12 0.16 17.34 64.45 0.16 0.44 0.03 13.90 0.11
NESS TECHNOLOGIES INC 0.11 528.41 2.79 0.69 10.49 828.42 0.00 0.22 0.02 18.66 0.01 INTERNET INITIATIVE JP -ADR 0.09 430.31 5.09 0.74 6.82 110.46 0.00 0.14 0.09 5.24 -0.01 GLOBAL SOURCES LTD 0.08 200.40 11.50 0.30 23.72 153.89 0.03 0.54 0.03 5.09 0.00
APPLE INC 0.08 20345.00 7.63 0.68 5.99 74.23 0.04 0.17 0.01 15.86 0.04
DIEBOLD INC 0.07 2434.42 5.04 0.72 16.64 6.59 0.02 0.17 0.02 11.95 0.02
KONAMI CORP -ADR 0.07 2853.63 9.11 0.66 14.39 12.49 0.01 0.20 0.04 5.42 0.02 WESTERN DIGITAL CORP 0.06 2981.35 8.61 0.78 6.68 20.68 0.06 0.09 0.04 9.20 0.00 LIONBRIDGE TECHNOLOGIES INC 0.06 254.42 5.76 0.66 21.57 17.07 0.01 0.28 0.02 34.04 0.01 MICROS SYSTEMS INC 0.06 692.75 4.70 0.48 17.89 14.66 0.05 0.36 0.02 29.53 0.05 INTL BUSINESS MACHINES CORP 0.05 109624.00 3.55 0.54 12.22 33.82 0.06 0.28 0.05 6.60 0.04 HEWLETT-PACKARD CO 0.02 87493.20 4.77 0.74 8.36 12.75 0.04 0.16 0.03 13.22 0.01 SIMULATIONS PLUS INC 0.02 8.13 4.02 0.26 43.27 26.55 0.10 0.55 0.01 78.58 0.07 FORMULA SYSTEMS 1985 LTD-ADR 0.02 608.71 3.48 0.70 9.67 165.59 0.03 0.24 0.01 27.66 0.01 EPICOR SOFTWARE CORP 0.01 572.19 4.65 0.42 28.78 83.22 0.10 0.42 0.06 29.18 0.00
STRATASYS INC 0.01 123.55 3.94 0.42 23.80 8.49 0.07 0.38 0.03 5.85 0.06
NINETOWNS INTERNET TECH -ADR 0.00 157.93 3.31 0.08 19.18 34.31 0.17 0.92 0.06 12.53 -0.01
STEC INC 0.00 193.91 5.82 0.71 14.42 7.17 0.05 0.19 0.02 20.93 0.02
S:銷售淨額; TA:總資產; ART:應收帳款周轉率; CGS/S:銷貨成本/銷售淨額; APT:應付帳款周轉率; INVT:存貨周轉率; R&D/S:研發費用佔銷售淨額的比率; SG&A/S:
管銷費用佔銷售淨額的比率; DEP/S:折舊費用佔銷售淨額的比率; FAT:固定資產周轉率; TAX/S:營業所得稅佔銷售淨額的比率
ROIC 排名前二十大公司
2
Company ROIC TA ART COS/S APT INVT R&D/S SG&A/S DEP/S FAT TAX/S
IMAGEWARE SYSTEMS INC -7.24 9.54 9.71 0.34 8.57 74.08 0.34 1.17 0.05 22.89 0.00 NEW MEXICO SOFTWARE INC -5.92 0.56 5.86 0.49 12.37 69.45 0.15 1.50 0.04 13.05 0.00 FOCUS ENHANCEMENTS INC -3.28 26.72 7.42 0.57 8.85 7.10 0.45 0.86 0.05 28.50 0.00 WIRELESS RONIN TECHNOLOGIES -2.58 19.45 2.87 0.75 4.21 10.30 0.52 2.93 0.13 4.55 0.00
SCO GROUP INC -2.26 26.01 5.97 0.43 29.18 145.29 0.25 0.90 0.06 57.43 0.01
FINDEX.COM INC -2.11 2.78 13.57 0.48 5.89 28.44 0.06 0.74 0.10 44.25 0.03
IMMERSION CORP -2.04 83.72 5.33 0.25 12.55 10.61 0.30 1.22 0.07 17.29 0.11
MIDWAY GAMES INC -1.54 227.84 5.33 0.80 13.94 37.24 0.19 0.60 0.04 10.30 0.01
PALM INC -1.46 1099.50 9.11 0.68 8.24 37.89 0.12 0.34 0.02 47.27 0.07
SIBONEY CORP -1.43 5.66 8.07 0.25 32.14 25.49 0.08 0.86 0.02 30.67 0.00
SONIC FOUNDRY INC -0.95 18.65 3.60 0.24 8.62 38.59 0.23 1.29 0.06 7.86 0.00
EZCHIP SEMICONDUCTOR LTD -0.89 58.44 4.93 0.36 26.97 3.80 1.22 1.65 0.10 25.43 0.00
MAKEMUSIC INC -0.88 11.58 10.75 0.14 29.98 34.99 0.28 0.84 0.02 30.50 0.00
ELBIT VISION SYSTEMS LTD -0.83 20.32 4.31 0.59 6.20 4.18 0.17 0.52 0.06 30.87 0.00 ISILON SYSTEMS INC -0.82 104.24 4.39 0.41 8.64 10.78 0.32 0.94 0.08 9.34 0.00
THQ INC -0.78 858.41 10.66 0.65 23.53 31.32 0.11 0.35 0.02 25.09 0.02
SONICWALL INC -0.76 413.06 8.95 0.27 21.02 36.97 0.19 0.69 0.06 36.16 0.00
SILICON GRAPHICS INC -0.75 445.28 7.28 0.56 25.17 9.19 0.14 0.52 0.09 10.81 0.00
LANTRONIX INC -0.73 36.86 9.71 0.47 8.30 6.61 0.13 0.59 0.03 39.36 0.00
ICAD INC -0.71 64.38 5.17 0.15 10.87 15.61 0.22 0.87 0.07 15.34 0.00
S:銷售淨額; TA:總資產; ART:應收帳款周轉率; CGS/S:銷貨成本/銷售淨額; APT:應付帳款周轉率; INVT:存貨周轉率; R&D/S:研發費用佔銷售淨額的比率; SG&A/S:
管銷費用佔銷售淨額的比率; DEP/S:折舊費用佔銷售淨額的比率; FAT:固定資產周轉率; TAX/S:營業所得稅佔銷售淨額的比率
ROIC 排名後二十大公司
40