第五章 結論與建議
5.2 研究限制與建議
1. 本研究的資料來源是 S&P Compustat 資料庫取得之公司財務資訊,並刪除其 中資訊不足的企業以作為本研究之樣本參考; 在公司的樣本上不能擴充到未 上市公司,若未來的研究能夠克服上述的限制,可以增加樣本的代表性,使 得結論更具代表性。
2. 本研究找出了營運績效較佳的集群因素, 但是隨著時間的改變及科技的進步 及競爭者的模仿及學習,這些相對的競爭優勢與策略群組是否會隨時間而改 變,是值得後續的研究者來研究討論的。
48
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網路文獻
1. 美國能源部 DOE: http://www.energy.gov/
2. 美國電力科學研究所 EPRI: http://intelligrid.epri.com/default.asp 3. 美國國家能源技術實驗室 NETL: http://www.netl.doe.gov/
4. 國際能源總署 IEA: http://www.iea.org/
5. 美國國家標準局 NIST: http://www.nist.gov/index.html 6. 智慧電網協會 Gridwise: http://www.gridwise.org/
7. 經濟部能源局 http://www.moeaboe.gov.tw/
8. 綠色能源產業資訊網 http://www.taiwangreenenergy.org.tw/
9. MIC: http://mic.iii.org.tw/aisp/
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附錄一 ROIC 排名前二十大公司
Company ROIC TA ART CGS/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 0.009 28.31 0.019 ACTIONS SEMICNDCTR LTD -ADR 0.36 206.62 13.88 0.45 12.21 16.01 0.09 0.17 0.010 40.82 0.018 COMPUTER PROGRAMS & SYSTEMS 0.33 46.85 7.03 0.55 72.81 68.66 0.01 0.24 0.017 18.92 0.074 MICROSOFT CORP 0.23 74442.17 5.12 0.16 17.34 64.45 0.16 0.44 0.027 13.90 0.109 RESEARCH IN MOTION LTD 0.20 3927.67 5.29 0.49 21.39 14.51 0.08 0.23 0.030 7.91 0.030 SUNTECH POWER HOLDINGS -ADR 0.19 901.28 18.02 0.72 32.64 5.28 0.01 0.08 0.019 7.86 0.008 ELECSYS CORP 0.10 14.72 7.44 0.65 12.54 4.05 0.02 0.26 0.026 4.40 0.001 NAM TAI ELECTRONICS 0.09 513.72 6.51 0.86 6.61 24.67 0.01 0.06 0.026 7.18 0.003 INTERNET INITIATIVE JP -ADR 0.09 430.31 5.09 0.74 6.82 110.46 0.00 0.14 0.087 5.24 -0.015 SOLARFUN POWER HOLDINGS -ADR 0.08 382.92 4.95 0.81 15.20 3.48 0.01 0.08 0.010 5.19 0.000 QIAO XING UNVERSAL TELEPHONE 0.08 583.08 2.69 0.78 14.77 11.31 0.01 0.09 0.012 9.54 0.026 GLOBAL SOURCES LTD 0.08 200.40 11.50 0.30 23.72 153.89 0.03 0.54 0.031 5.09 0.005 APPLE INC 0.08 20345.00 7.63 0.68 5.99 74.23 0.04 0.17 0.013 15.86 0.043 LG DISPLAY CO LTD -ADR 0.07 13315.88 8.21 0.69 15.31 13.36 0.01 0.05 0.183 1.49 -0.001 PHOTONIC PRODUCTS GROUP INC 0.07 14.83 6.20 0.61 14.87 5.30 0.00 0.26 0.074 3.45 -0.002 RELM WIRELESS CORP 0.07 29.38 8.86 0.49 23.95 3.55 0.12 0.42 0.019 21.23 -0.084 DIEBOLD INC 0.07 2434.42 5.04 0.72 16.64 6.59 0.02 0.17 0.022 11.95 0.019 CANADIAN SOLAR INC 0.07 253.07 6.14 0.81 18.60 3.78 0.00 0.10 0.006 14.65 0.013 KONAMI CORP -ADR 0.07 2853.63 9.11 0.66 14.39 12.49 0.01 0.20 0.036 5.42 0.020 R F INDUSTRIES LTD 0.07 14.46 7.42 0.50 50.65 2.99 0.00 0.35 0.016 35.36 0.063
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:
55
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;
56
57
附錄二 ROIC 排名後二十大公司
Company ROIC TA ART COS/S APT INVT R&D/S SG&A/S DEP/S FAT
SONICWALL INC -0.76 413.06 8.95 0.27 21.02 36.97 0.19 0.69 0.058 36.16 THQ INC -0.78 858.41 10.66 0.65 23.53 31.32 0.11 0.35 0.023 25.09 AIRSPAN NETWORKS INC -0.79 104.90 4.02 0.69 5.70 5.93 0.25 0.57 0.037 20.05 ISILON SYSTEMS INC -0.82 104.24 4.39 0.41 8.64 10.78 0.32 0.94 0.076 9.34 ELBIT VISION SYSTEMS LTD -0.83 20.32 4.31 0.59 6.20 4.18 0.17 0.52 0.063 30.87 SOCKET MOBILE INC -0.84 22.51 8.29 0.49 9.65 9.51 0.17 0.56 0.029 36.29 MAKEMUSIC INC -0.88 11.58 10.75 0.14 29.98 34.99 0.28 0.84 0.020 30.50 EZCHIP SEMICONDUCTOR LTD -0.89 58.44 4.93 0.36 26.97 3.80 1.22 1.65 0.101 25.43 SONIC FOUNDRY INC -0.95 18.65 3.60 0.24 8.62 38.59 0.23 1.29 0.065 7.86 APPLIED MICRO CIRCUITS CORP -1.02 649.85 9.67 0.37 10.99 8.60 0.38 0.61 0.128 8.32 SIBONEY CORP -1.43 5.66 8.07 0.25 32.14 25.49 0.08 0.86 0.024 30.67 PALM INC -1.46 1099.50 9.11 0.68 8.24 37.89 0.12 0.34 0.023 47.27 MIDWAY GAMES INC -1.54 227.84 5.33 0.80 13.94 37.24 0.19 0.60 0.042 10.30 IMMERSION CORP -2.04 83.72 5.33 0.25 12.55 10.61 0.30 1.22 0.069 17.29 FINDEX.COM INC -2.11 2.78 13.57 0.48 5.89 28.44 0.06 0.74 0.096 44.25 SCO GROUP INC -2.26 26.01 5.97 0.43 29.18 145.29 0.25 0.90 0.060 57.43 WIRELESS RONIN TECHNOLOGIES -2.58 19.45 2.87 0.75 4.21 10.30 0.52 2.93 0.126 4.55 FOCUS ENHANCEMENTS INC -3.28 26.72 7.42 0.57 8.85 7.10 0.45 0.86 0.046 28.50 NEW MEXICO SOFTWARE INC -5.92 0.56 5.86 0.49 12.37 69.45 0.15 1.50 0.038 13.05 IMAGEWARE SYSTEMS INC -7.24 9.54 9.71 0.34 8.57 74.08 0.34 1.17 0.048 22.89
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:
58
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;
59
附錄三 集群 1: 研發型公司名稱 Cluster 1: 研發型
公司名稱 公司名稱
ADVANCED MICRO DEVICES ANDREA ELECTRONICS CORP APPLIED MICRO CIRCUITS CORP CIRRUS LOGIC INC
ECTEL LTD
EZCHIP SEMICONDUCTOR LTD FOCUS ENHANCEMENTS INC ICAD INC
IMAGEWARE SYSTEMS INC
INTERPLAY ENTERTAINMENT CORP ISILON SYSTEMS INC
MELLANOX TECHNOLOGIES LTD NEW MEXICO SOFTWARE INC ON TRACK INNOVATIONS LTD RIVERBED TECHNOLOGY INC SONIC FOUNDRY INC
WIRELESS RONIN TECHNOLOGIES
附錄四 集群 2: 顧客關係型公司名稱 Cluster 2: 顧客關係型
公司名稱 公司名稱
ACTEL CORP
ACTIONS SEMICNDCTR LTD -ADR ADEPT TECHNOLOGY INC
ADVANCED ANALOGIC TECH ADVANCED PHOTONIX INC -CL A AIRSPAN NETWORKS INC
ALVARION LTD
AML COMMUNICATIONS INC ANALOG DEVICES
APPLE INC
ARC WIRELESS SOLUTIONS INC ARRIS GROUP INC
AUDIOCODES LTD
AVIZA TECHNOLOGY INC BROADCOM CORP -CL A CANADIAN SOLAR INC CANON INC -ADR
CIRCUIT RESEARCH LABS INC CLEARONE COMMUNICATIONS INC COBRA ELECTRONICS CORP
CRAY INC
CYPRESS SEMICONDUCTOR CORP
MERCURY COMPUTER SYSTEMS INC MERRIMAC INDUSTRIES INC
MICREL INC MICRONETICS INC MICROS SYSTEMS INC MIDWAY GAMES INC NAM TAI ELECTRONICS NAPCO SECURITY TECH INC NETGEAR INC
NICE SYSTEMS LTD -ADR NUMEREX CORP -CL A NVIDIA CORP
OCLARO INC OMNICELL INC
OVERLAND STORAGE INC PALM INC
PERFORMANCE TECHNOLOGIES INC PHOTONIC PRODUCTS GROUP INC PLANAR SYSTEMS INC
PLANTRONICS INC POLYCOM INC
POWER INTEGRATIONS INC
60 DELL INC
DIEBOLD INC
DIGITAL ANGEL CORP DOT HILL SYSTEMS CORP DRI CORP
ELBIT VISION SYSTEMS LTD ELECSYS CORP
ELECTRONIC ARTS INC
ELECTRONIC CONTROL SECURITY ELECTRONIC SYSTEM TECH INC ELECTRONICS FOR IMAGING INC EMC CORP/MA
EXTREME NETWORKS INC FINDEX.COM INC
FINISAR CORP
FORMULA SYSTEMS 1985 LTD-ADR FRANKLIN ELECTRONIC PUBLISH GENERAL DATACOMM INDUSTRIES GSI TECHNOLOGY INC
HEWLETT-PACKARD CO
HIMAX TECHNOLOGIES INC -ADR HITACHI LTD -ADR
HYPERCOM CORP
INTEGRATED SILICON SOLUTION INTEL CORP
INTERMEC INC
INTERNET INITIATIVE JP -ADR INTERSIL CORP -CL A
INTL BUSINESS MACHINES CORP ITERIS INC
IXYS CORP
JDS UNIPHASE CORP
KIMBALL INTERNATIONAL -CL B KONAMI CORP -ADR
KYOCERA CORP -ADR LANTRONIX INC
LASERCARD CORP
LEXMARK INTL INC -CL A
QIAO XING UNVERSAL TELEPHONE QUALSTAR CORP
QUANTUM CORP RADIANT SYSTEMS INC
RAMTRON INTERNATIONAL CORP RELM WIRELESS CORP
RESEARCH IN MOTION LTD RF MICRO DEVICES INC SANDISK CORP
SEACHANGE INTERNATIONAL INC SEAGATE TECHNOLOGY
SEMTECH CORP
SILICON GRAPHICS INC SILICON LABORATORIES INC SILICON MOTION TECH –ADR SOCKET MOBILE INC
SOLARFUN POWER HOLDINGS –ADR SONICWALL INC
SPECTRUM CONTROL INC STEC INC
STEELCLOUD INC
STMICROELECTRONICS NV -ADR SUN MICROSYSTEMS INC
SUNTECH POWER HOLDINGS -ADR SUPERCLICK INC
SYNERGX SYSTEMS INC
TAKE-TWO INTERACTIVE SFTWR TDK CORP -ADS
TECHNITROL INC TEKELEC
TELECOMMUNICATION SYS INC TEXAS INSTRUMENTS INC THQ INC
TRANSACT TECHNOLOGIES INC UNISYS CORP
UTSTARCOM INC
VERIFONE HOLDINGS INC VICOR CORP
61 LG DISPLAY CO LTD –ADR
LGL GROUP INC
LIONBRIDGE TECHNOLOGIES INC LOGITECH INTL SA
LOJACK CORP
LOUD TECHNOLOGIES INC LSI CORP
MAGAL SECURITY SYSTEMS LTD
VIEWCAST.COM INC VIMICRO INTL CORP –ADR VISCOUNT SYSTEMS INC WEGENER CORP
WESTERN DIGITAL CORP XATA CORP
XYRATEX LTD ZILOG INC
附錄五 集群 3: 供應商關係型公司名稱 Cluster 3: 供應商關係型
公司名稱 公司名稱
ALTERA CORP AUTODESK INC AVOCENT CORP
BLUE COAT SYSTEMS INC
BOTTOMLINE TECHNOLOGIES INC CADENCE DESIGN SYSTEMS INC CITRIX SYSTEMS INC
COMPUTER PROGRAMS & SYSTEMS COREL CORP
DATAWATCH CORP EMULEX CORP
EPICOR SOFTWARE CORP EVOLVING SYSTEMS INC F5 NETWORKS INC GLOBAL SOURCES LTD IMMERSION CORP
INTERNAP NETWORK SVCS CORP INTERPHASE CORP
KNOT INC MAKEMUSIC INC
MAXIM INTEGRATED PRODUCTS MCAFEE INC
MEDIWARE INFORMATION SYSTEMS MENTOR GRAPHICS CORP
MICROSOFT CORP MIND CTI LTD
NATIONAL INSTRUMENTS CORP NETSCOUT SYSTEMS INC
NINETOWNS INTERNET TECH –ADR NUANCE COMMUNICATIONS INC OMTOOL LTD
PCTEL INC
R F INDUSTRIES LTD
RENAISSANCE LEARNING INC RETALIX LTD
SCO GROUP INC SIBONEY CORP
SIMULATIONS PLUS INC SPSS INC
STRATASYS INC SYMANTEC CORP VALUECLICK INC
VERSUS TECHNOLOGY INC