財務管理理論假設企業的目標是追求股東的財富，亦即極大化企業的.docVIP

探討產業之競爭異質性來源 Identifying the Sources of Competitive Heterogeneity of the Industry 致理技術學院財務金融系 劉芬美　教授 Fen-May Liou Professor, Chihlee Institute of Technology 國立交通大學經營管理研究所 唐瓔璋 教授 台北市忠孝西路一段114號4樓 Ying-Chan Tang Professor, National Chiao Tung Universityostdoctoral, Chihlee Institute of Technology 通信聯繫作者 黃志斌 220 新北市板橋區文化路一段313號 Tel.: 886-21337 Fax: 886-2E-mail: pin1028@.tw (Chih-Pin Huang) 政策與管理意涵 　　杜邦恆等式return on invested capital)解構成九個主要財務比率，依其競爭ROIC所內含的個財務指標，去推論企業之資源 探討產業之競爭異質性來源 摘要 競爭優勢是企業創造價值的能力，亦即企業績效，而各企業創造價值的能力有差異，稱為競爭異質性。同一產業內之企業相同之，但其績效卻仍有差異，主因來自於各企業擁有之資源具有異質性質性資源創造。，財務績效競爭優勢，本研究，。證結果，。 關鍵詞: 競爭異質性、資源基礎觀點、 Identifying the Sources of Competitive Heterogeneity of the Industry Abstract Competitive advantage is defined as the firms’ ability in value creation for its customers. Competitive firms encounter the similar external environment in the industry but their performances vary. The valuable and imitable resource heterogeneity, which diversity in the value chain, creates the value to the firm and lead to the variation of performance among firms. In the viewpoint of Bayesian epistemology, financial performance is most probably indicate the competitive advantage or competitive disadvantage of the firm and further indicates the resources and capability in that firm. This paper first shows that the DuPont identity can be used to measure the lower bound of value creation. We then group the financial variables in four dimensions, which is name resource configuration, to indicate different aspects in the value chain. The empirical study shows that pharmaceutical firms that are capable in inbound logistic management have superior performance than those in customer relationship management. Managerial implications are provided. Keywords: Competitive Heterogeneity, Resource-Based View, Resource Configuration, Value Chain 壹、前言 　　策略管理之領導學派(Porter 1980; 1985; Prahalad Hamel, 1990; Barney, 1991; Grant, 1991; C