臺灣博碩士論文加值系統

本研究從交易成本觀的統治結構觀點出發，經先導3個個案的深入研究，擴大為對台灣食品生技整體產業具代表性的16個個案企業進行概化印証。本研究的發現，為資源基礎觀中，組織能耐難以辨識問題提供了一個重要方向。從單一企業的觀察，確實難以了解其競爭優勢的來源與形成，但當放寬視野，拉長時間，從集團整體利益與關係網絡的面向，考量需長時間的建構與佈局，便可觀察到集團資源如何在統治結構內流動與積累，當善用此資源時，集團組織運用其競爭優勢，創造集團目標個體之績效，從而建立市場價值並獲挹注重要資源。另，本研究經過實証分析，証得集團化統治結構策略具有競爭優勢，而展現營運績效。再者，對於一般企業，績效經本益比放大而成就市場價值，但有集團化統治結構加持之企業，即使績效尚未展現，市場會給予比較性較高的市場價值。

At beginning, this study conducted three cases study based on transaction cost view. Followed by sixteen represented cases of the food biotechnology industry on Taiwan, we tested the generalization of the result of pilot study. The discovery of this study provided an important observing direction for the problem of resource-based view that organizational capability is difficult to be identified. Observation on a single enterprise, it is difficult to understand the source and formation of its competitive advantage. However, when we wide the field of vision and extend the observing time, from the overall interests of the group and the relationship between the network, at the same time, consider that need for a long time to construct and layout, we can find how resources flow and accumulate within the governance structure. When using this resource of governance structure well, the group organizes its competitive advantage to create the performance of the enterprise group's target individuals, thereby establishing market value and getting important resources feedback. In addition, the empirical analysis of this study shows that the group governance structure strategy has a competitive advantage for operational performance. Furthermore, for a general business, the performance of enterprise meet the market value by normal P/E ratio, but enterprises with governance structure of groups, even if the performance has not yet shown, the market still give a relatively high market value.

第壹章 緒論………………………………………………………1
第一節 研究背景與動機…………………………………1
第二節 研究目的、研究取向與研究問題………………3
第三節 關鍵名詞解釋與定義………………………………5
第貳章 文獻探討…………………………………………………6
第一節 產業現況…………………………………………6
第二節 交易成本觀………………………………………10
第三節 資源基礎觀………………………………………14
第四節 競爭優勢…………………………………………18
第五節 研究架構…………………………………………21
第參章 研究方法…………………………………………………22
第一節 研究樣本…………………………………………22
第二節 研究方法…………………………………………23
第三節 研究程序…………………………………………24
第肆章 資料分析與結果……………………………………25
第一節 先導研究…………………………………………25
第二節 擴大研究…………………………………………43
第伍章 結論與建議………………………………………………117
第一節 研究結論…………………………………………117
第二節 後續研究建議……………………………………126

參考文獻 …………………………………………………………127



表目錄

表4﹣1：研究樣本，12家獲利群組 …………………………………25
表4﹣2：研究樣本，7家虧損群組 ……………………………………27
表4﹣3：個案3205BY，2013～2015年營運績效………………………29
表 4﹣4：個案1707PTW，2013～2015營運績效…………………………30
表4﹣5：個案8436DG，2013～2015營運績效 ………………………31
表4﹣6：先導個案基本資訊分析 …………………………………31
表4﹣7：先導個案之組織內之統治結構 ……………………………33
表4﹣8：先導個案之研發投入比較 ………………………………34
表4﹣9：先導個案之毛利率比較 …………………………………34
表4﹣10：先導個案之推銷費用率比較 ……………………………35
表4﹣11：先導個案營收市場區域分佈分析 …………………………36
表4﹣12：先導3個案，組織內與組織間之統治結構 ………………39
表4﹣13：本研究19樣本統治結構分析（含先導研究3個案） ………43
表4﹣A1：個案8279SG，2013～2015營運績效 ……………………45
表4﹣A2：個案4187DJ，2013～2015營運績效 ……………………46
表4﹣A3：個案6566CY，2014～2015營運績效 ……………………47
表4﹣A4：型A之3個案基本資訊分析 ……………………………48
表4﹣A5：型A之3個案近三年經營績效(營收與每股收益)比較 ………48
表4﹣A6：型A之3個案近三年營收、毛利率與營業費用率比較 ………49
表4﹣A7：型A之3個案2015年營收市場分佈 …………………………49
表4﹣A8：型A之3個案2015年營收產品結構 …………………………51
表4﹣A9：型A之3個案近三年推銷費用比較 …………………………53
表4﹣A10：型A之3個案近三年管理費用比較…………………………53
表4﹣A11：型A之3個案近三年研發費用比較…………………………54
表4﹣A12：型A之3個案之統治結構…………………………………55
表4﹣A13：型A之3個案集團母公司持股比例、關係人交易……………55
表4﹣B1：研究樣本中，統治結構為集團化母公司類型之樣本…………60
表4﹣B2：個案4120YH，2013～2015營運績效 ………………………61
表4﹣B3：個案1720SD，2013～2015營運績效 ………………………62
表4﹣B4：個案4127TL，2013～2015營運績效…………………………63
表4﹣B5：個案4109MLD，2013～2015營運績效 ………………………64
表4﹣B6：個案1734SH，2013～2015營運績效 …………………………65
表4﹣B7：個案4128JT，2013～2015營運績效…………………………65
表4﹣B8：個案3164GY，2013～2015營運績效 ………………………66
表4﹣B9：型B之7個案基本資訊分析………………………………67
表4﹣B10：型B之7個案近三年經營績效(營收與每股收益)比較 ………67
表4﹣B11：型B之7個案2015年營收市場分佈…………………………69
表4﹣B12：型B之7個案2015年營收產品結構…………………………69
表4﹣B13：型B之7個案近三年營收、毛利率與營業費用率比較………75
表4﹣B14：型B之7個案近三年（2013～2015）推銷費用分析…………76
表4﹣B15：型B之7個案近三年管理費用比較…………………………77
表4﹣B16：型B之7個案近三年研發費用分析…………………………78
表4﹣B17：型B之7個案之統治結構 …………………………………79
表4﹣B18：個案個體關係人交易 …………………………………85
表4﹣B19：個體營收子公司貢獻比例與銷貨中關係人交易比例………85
表4﹣B20：個體營收銷貨中關係人交易比例…………………………86
表4﹣B21：集團化母公司類型7個案之統治效率 ……………………87
表4﹣C1：型C之6個案組織內與組織間之統治結構……………………88
表4﹣C2：個案6242LK，2013～2015營運績效…………………………89
表4﹣C3：個案1780LH，2013～2015營運績效…………………………90
表4﹣C4：個案4135TSL，2013～2015營運績效 ………………………90
表4﹣C5：個案4911DI，2013～2015營運績效…………………………91
表4﹣C6：個案4732YC，2013～2015營運績效…………………………92
表4﹣C7：個案4154KL，2013～2015營運績效…………………………93
表4﹣C8：型C之6個案基本資訊分析………………………………94
表4﹣C9：型C之6個案近三年經營績效(營收與每股收益)比較…………94
表4﹣C10：型C之6個案2015年營收市場分佈 …………………………96
表4﹣C11：型C之6個案2015年營收產品結構 …………………………101
表4﹣C12：型C之6個案近三年營收、毛利率與營業費用率比較………103
表4﹣C13：型C之6個案近三年推銷費用比較…………………………104
表4﹣C14：型C之6個案近三年管理費用比較…………………………105
表4﹣C15：型C之6個案近三年研發費用比較…………………………106
表4﹣C16：型C之6個案之統治結構 …………………………………107
表4﹣C17：型C之6個案關係人交易 …………………………………107
表4﹣C18：型C之6個案之統治效率 …………………………………116
圖目錄
圖2﹣1：近十年（2007～2016）NBI…………………………………8
圖2﹣2：近十年（2006～2015）台灣生技產業產業經濟………………9
圖2﹣3：初始研究架構模型…………………………………………21
圖3﹣1：研究流程圖…………………………………………………24
圖4﹣1：個案3205BY 營收產品分析佐証………………………………32
圖4﹣2：個案1707PTW 營收產品分析佐証……………………………33
圖4﹣3：個案8436DG 營收產品說明佐証……………………………33
圖4﹣4：3205BY 營業內容佐証………………………………………34
圖4﹣5：個案3205BY 銷貨關係人交易金額 …………………………35
圖4﹣6：個案3205BY 營收市場分佈…………………………………36
圖4﹣7：個案1707PTW營收市場分佈………………………………37
圖4﹣8：個案8436DG 營收市場分佈…………………………………37
圖4﹣9：個案3205BY 轉投資大陸相關公司……………………………37
圖4﹣10：個案1707PTW 轉投資大陸相關公司………………………38
圖4﹣11：個案8436DG 轉投資大陸子公司……………………………38
圖4﹣12：個案3205BY 2013～2015年股價變化………………………40
圖4﹣13：組織壯大的理想模型………………………………………40
圖4﹣A1：個案8279SG 2015年營收市場分佈…………………………50
圖4﹣A2：個案4187DJ 2015年營收市場分佈……………………………50
圖4﹣A3：個案6566CY 2015年營收市場分佈……………………………51
圖4﹣A4：個案8279SG 2015年營收之產品結構…………………………52
圖4﹣A5：個案4187DJ 2015年營收之產品結構…………………………52
圖4﹣A6：個案6566CY 之主業描述……………………………………52
圖4﹣A7：個案8279SG公司沿革 ……………………………………55
圖4﹣A8 ：個案4187DJ母公司持股……………………………………56
圖4﹣A9：個案6566CY母公司持股……………………………………56
圖4﹣A10：個案8279SG關係人交易揭露事項…………………………57
圖4﹣A11：個案4187DJ關係人交易揭露事項…………………………57
圖4﹣A12：個案6566CY關係人交易揭露事項…………………………57
圖4﹣A13： 個案 8279SG，自登錄興櫃（2014／11／14）
～2017年3月股價變化…………………………………58

圖4﹣A14： 個案 4187DJ，自登錄興櫃（2012／12／18）
～2017年3月股價變化…………………………………59
圖4﹣A15： 個案 6566CY，自登錄興櫃（2016／1／20）
～2017年3月股價變化…………………………………59
圖4﹣B1：個案3164GY 營收之市場結構………………………………70
圖4﹣B2：個案4128JT 營收之市場結構………………………………70
圖4﹣B3：個案4109MLD 營收之市場結構……………………………70
圖4﹣B4：個案1720SD 營收之產品與市場結構………………………71
圖4﹣B5：個案4127TL 營收之產品與市場結構………………………71
圖4﹣B6：個案4109MLD 營收之產品與市場結構……………………72
圖4﹣B7：個案3164GY 營收之產品與市場結構………………………72
圖4﹣B8：個案4128JT營收之產品與市場結構…………………………72
圖4﹣B9：個案1734SH 營收之產品與市場結構………………………73
圖4﹣B10：個案4120YH關係人交易資訊………………………………79
圖4﹣B11：4120YH關係人交易資訊…………………………………80
圖4﹣B12：個案4120YH個體營收資訊…………………………………80
圖4﹣B13：個案1720SD關係人交易資訊………………………………80
圖4﹣B14：1720SD關係人交易資訊…………………………………81
圖4﹣B15：個案1720SD 個體營收資訊…………………………………81
圖4﹣B16：個案4127TL個體營收資訊…………………………………81
圖4﹣B17：個案4127TL關係人交易資訊………………………………82
圖4﹣B18：個案4127TL關係人交易資訊………………………………82
圖4﹣B19：個案4109MLD 個體營收資訊………………………………82
圖4﹣B20：個案4109MLD關係人交易資訊……………………………83
圖4﹣B21：個案1734SH個體營收資訊…………………………………83
圖4﹣B22：個案1734SH關係人交易資訊………………………………83
圖4﹣B23：個案4128JT 個體營收資訊…………………………………84
圖4﹣B24：個案4128JT關係人交易資訊………………………………84
圖4﹣B25：個案3164GY個體營收資訊…………………………………84
圖4﹣B26：個案3164GY關係人交易資訊………………………………84
圖4﹣C1：個案4154KL 營收之市場結構………………………………96
圖4﹣C2：個案4732YC營收之市場結構………………………………97
圖4﹣C3：個案4911DI營收之市場結構………………………………97
圖4﹣C4：個案4135TSL營收之市場結構……………………………97
圖4﹣C5：個案1780LH營收之市場結構………………………………98
圖4﹣C6：個案1780LH之產品結構…………………………………98
圖4﹣C7：個案1780LH 營收之來源分析……………………………98
圖4﹣C8：個案6242LK營收之來源分析………………………………99
圖4﹣C9：個案6242LK之轉型資訊…………………………………100
圖4﹣C10：個案4154KL產品結構……………………………………101
圖4﹣C11：4732YC產品結構………………………………………102
圖4﹣C12：個案4911DI產品結構……………………………………102
圖4﹣C13：個案4135TSL產品結構……………………………………102
圖4﹣C14：個案4154KL 2015年合併營收佐証…………………………108
圖4﹣C15：個案4154KL 關係人交易…………………………………108
圖4﹣C16：個案4732YC 2015年個體營收佐証…………………………109
圖4﹣C17：個案4732YC 2015年關係人交易……………………………109
圖4﹣C18：個案4732YC 2015年合併營收佐証…………………………109
圖4﹣C19：個案4911DI 2015年個體營收佐証…………………………109
圖4﹣C20：個案4911DI 2015年個關係人交易佐証……………………110
圖4﹣C21：個案4135TSL 2015年個體營收佐証………………………110
圖4﹣C22：個案4135TSL 2015年關係人交易銷貨部份佐証……………110
圖4﹣C23：個案4135TSL 2015年關係人交易進貨部份佐証……………111
圖4﹣C24：個案4135TSL 2015年合併營收佐証………………………111
圖4﹣C25：個案1780LH 個體營收佐証………………………………111
圖4﹣C26：個案1780LH 關係人交易…………………………………111
圖4﹣C27：個案1780LH 2015年合併營收佐証…………………………112
圖4﹣C28：個案6242LK關係人交易…………………………………112
圖4﹣C29：個案6242LK 關係人交易…………………………………112
圖4﹣C30：個案6242LK個體營收……………………………………113
圖4﹣C31：個案6242LK合併營收……………………………………113
圖4﹣C32：個案6242LK市場價值變化…………………………………114
圖4﹣C33：個案4154KL市場價值變化………………………………115
圖5﹣1：個案1707PTW之個體2015年年度營收………………119
圖5﹣2：個案1707PTW之關係人交易…………………………119
圖5﹣3：個案1707PTW 2015年合併營收………………………119
圖5﹣4：個案3205BY 股價變化………………………………120
圖5﹣5：個案1707PTW 股價變化……………………………121
圖5﹣6：個案8436DG 股價變化………………………………121
圖5﹣7：個案8279SG 股價變化………………………………123
圖5﹣8：個案4187DJ 股價變化………………………………123
圖5﹣9：個案6566CY 股價變化………………………………124

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