摘要 經濟發展是我國生存重要基石，而撐起這基石的正是我國多年來所發展的電子產業，積體電路設計公司的成立讓我國電子產業由代工模式轉而產品設計與發展模式。基於全球化的商業環境，積體電路設計公司若要永續生存發展，除了從傳統組織內部努力外更需重視產業環境所帶來的影響。而半導體產業從1947年開始到現在近一世紀的歲月歷經三次主要變革，使得矽智財產業興起，而矽智財產業是對於我國的半導體產業而言是一項極為重要的轉機，所以我國成立「矽島計劃」而其中之一的計劃就是成立SIP MALL ，期望藉由SIP MALL 的成立來活絡矽智財交易以促進新的半導體產業商業價值，進而提升我國半導體的競爭力。然而我國積體電路設計產業習慣做”Me Too ”的產品，大部分的業界對於我國是否有矽智財公司的空間都是懷疑。當然SIP MALL 的成功與否和我國的矽智財產業存活並沒有關連。而現階段SIP MALL 之現況除了授權模式外，仍存在著技術整合、模擬驗證、資訊揭露及合約簽定等交易瓶頸待解決，但其存活機率是很大，這和我國兩大晶圓代工的策略有很大關連，而半導體產業演變到現在這態勢，兩大晶圓代工勢必成為IDM 式晶圓代工公司所以各自會去支持集團中的SIP MALL。而本文是探討我國矽智財產業如何經營才能存活，總體環境對我國矽智財技術交易平台產業，矽智財供應商的主要關鍵成功因 素包括「利基市場的選擇」、「技術研發能力」、「軟體系統的支援」以及「系統廠的支援」四項。我國的IDM 、積體電路設計、系統廠、、等應取得目前我國市佔有率高的系統 規格制定主導權， 以下游推動上游的創新設計，將系統廠Concept 透過系統單一晶片規格的方式，跟積體電路供應商合縱連橫發展系統單一晶片。而矽智財交易平台則必須在矽智財的認證、鑑價及智慧財產權的制度下設計良善的運作管理機制，以大陸廣大的內需市場為基礎，培養我國進入高障礙矽智財的領域。同時本文也提出在我國產業環境中以車用微控制器、顯示、省電、記憶體、、等矽智財是可以進入利基市場，並以SWOT 分析其優劣，這是本文對我國矽智財產業小小的貢獻。 關鍵字：SIP MALL (Silicon intellectual property MALL )、IDM (IC Design Manufacture )、矽智財(Silicon intellectual property )、系統單一晶片(System on chip )、 晶圓代工(Foundry )、SWOT(Strength、Weakness、Opportunity、Threat)、 積體電路(Integrated Circuit )、微控制器(Microcontroller ) / Abstract Economic development is very important foundation for our country surviving, and that propped up this foundation is exactly the electronic industry that our country has developed for many years, The establishment of the IC DESIGN HOUSE lets the electronic industry of our country transfer from OEM way to design and developed way. On the basis of the globalized business environment , if the IC DESIGN HOUSE should continue survival and development forever, not only pay attention to the influence brought of industry's environment but also that organize the inside from the tradition hard . the semiconductor industry meets three main evolutions since 1947, rising the SIP (Silicon Intelligently property ) industry, and the SIP is an extremely important favorable turn as to semiconductor industry of our country, So that our government establishs the project which name is “Silicon Island Project”, one of this project’s plan establishs the SIP MALL, expect to activate the trade of the SIP in order to promote new semiconductor industry's commercial value with the establishment of SIP MALL, and then improve the competitiveness of the semiconductor of our country. But IC DESIGN HOUSE of our country is used to doing "Me Too" products, most companies in our country suspect that SIP industry can survives in our country. The succeeding or not succeeding of SIP MALL is not relation with the SIP industry survive in our country, In Current stage, the SIP MALL in our country depends not only on the licensing model but also on technology integration, simulation & verification, the information disclosure, and contract service.SIP MALL it survives probability is very high because the tactics of two major foundries in our country have very great connection, and this situation till now that the semiconductor industry develops, two major foundries certainly will become IDM Foundry and will support one's own SIP MALL each. And this page discussion how SIP industry of probing into our country manage could survive , the overall environment, to SIP technological trade platform industry of our country, the choice including “niche market selection”,”core technology research and development ability” , “software company supporting” and four items of “the support of the system company”.The business value chains in our country such as IDM, IC DESIGN HOUSE and the system factory should take the lead in the specification of system standards in where R.O.C.’s industry has high market share, thus the SIP ＭALL may serve the purposes ofleveraging the system know how and successfully delivering the SOC products. To improve the SIP MALL operation, we also need to build up SIP identification, valuation and IPR management systems. In the meantime, it is also crucial to take advantage of emerging markets in China, as well as to create the territories of Star IP with killer applications. And this pager also indicate the car’s microcontroller, the showing device, saving the electricities , Menory device are niche market selection in our country’s SIP industry, and its is good and bad with SWOT analysis, It is this pager which is a little contribution to SIP’s industry of our country. Key Words：SIP MALL (Silicon intellectual property MALL )、SOC (System on chip )、 SIP (Silicon intellectual property )、IDM (IC Design Manufacture )、Foundry 、 SWOT(Strength、Weakness、Opportunity、Threat) 、IC (Integrated Circuit ) 、Microcontroller

採購是供應鏈的核心環節，供應鏈的問題有80%以上都是在採購。在銷貨成本高的產業中，採購對於供應鏈的重要性也相形提升，也因此，良好的採購管理在銷貨成本高的產業中，是非常重要的。過去以製造為重心的筆記型電腦代工產業，現在也逐漸將焦點放在採購上面，然而台灣筆記型電腦代工產業的銷貨成本超過90%，採購的難處在於需要同時兼顧成本以及速度。電子尋購可以降低採購價格、節省時間以及讓全世界的供應商可以從各地來競爭，更可有效為企業節省不必要的採購花費從5%-40%，降低10%-50%的採購成本，減短採購週期50%。電子尋購可同時降低採購成本且減短採購週期，提升採購效率，似乎可有效改善台灣筆記型電腦代工產業的採購管理。因此本研究主要在探討台灣筆記型電腦代工產業是否可以使用電子尋購，增加在採購上的效率且有效降低採購成本。本研究從情境契合觀點來研究電子尋購的採用問題，從情境分析的角度來探討情境─科技契合的的問題，分別自商業情境、採購情境以及供應商情境三個構面，討論台灣筆記型電腦代工產業之情境，是否與合適採用電子尋購之情境相契合，進而影響電子尋購於該產業之適用性。本研究透過個案研究的方式，來了解電子尋購在台灣筆記型電腦代工產業中相關的議題。

本研究之個案公司在台灣不織布產業深耕近40年，一直專注於經營消費性衛生產品自有品牌業務、精進不織布研發技術與能力，並提昇製造水準。隨著品質與技術能力的提升，近年受國際品牌大廠信賴，代工業務大量到來，成為另一個擴大代工事業版圖的機會，並透過雙主軸策略的執行與落實，兼顧品牌業務與代工業務的發展。由於企業資源有限，因此將有限資源做最有效率的利用，以追求企業價值最大化，是企業經營者追求的目標，因此在制定公司決策進行資源分配時，若能清楚掌握代工業務所帶來的利益與風險與對公司價值之影響，便能評估可能風險下之最適經營策略。 本研究運用最近五年度已公開之財務報表，針對個案公司自有品牌與代工業務做模擬假設分析，試著分析兩業務銷售組合變化對企業價值之影響。得到以下之研究結論： 1.評價分析發現關鍵成功因子：本業維持高再投資率、轉投資策略成功、資金成本低、現金週轉天數降低，營運活動現金大於稅後淨利。 2.在價值拆解中發現，對股價影響程度最重大之價值關鍵因子為邊際利潤率，其次為銷售成長率。因個案公司具備產品研發能力，亦有自行生產主要原料之能力，若能藉此優勢降低成本增加利潤，則較以增加銷售成長率維持企業價值收事半功倍之效果。 3.各價值因子對股價影響程度之重大性分別為：代工業務之邊際利潤率＞自有品牌之邊際利潤率。這表示個案公司增加代工業務確實能有效且迅速的增加企業價值，持續經營代工業務之策略是有利且正確的選擇。 評價個案公司之研究限制為： 1.公開市場上無國內同業可比較，使得在評估企業績效時無法判斷績效係來自產業獨特性或來自公司本身。 2.本研究自台灣經濟新報取得歷史財務報表及β值，其資料正確與否會影響到本研究結果。 3.影響企業價值之因子除了可量化的有形資產外，尚其他無法量化的無形資產，如品牌價值、生產良率、關鍵技術之掌握、專利、通路、上下游整合能力、人力資源等，如何量化其價值，非本論文能力所及，因此並未以加以評估 4.此企業評價模型具有動態性，本研究評價結果僅適用於研究論文出版當時，隨著市場環境改變評價模型中的未來預估數據也需立即調整，評價結果也會隨之改變。

台灣外銷產業在世界上佔著舉足輕重的角色，自六零年代開始至今囊括過無數個世界第一；從早期產品，如：鞋子、雨傘、成衣、腳踏車，到近期蓬勃發展的電子產業相關零組件及成品，如：晶圓代工、顯示器、個人電腦、手提電腦等等，台灣均曾經或是現在仍為全球最大供應國。 長久以來台灣一直以代工為強項，隨著時代進步，台灣的生產成本節節高昇，再加上中國大陸的崛起，使得台灣的競爭優勢不再是勞力密集的製造業，也因此產業升級的呼聲及討論非常熱烈。代工業者要捨棄眼前的代工業務，直接進入純品牌經營的策略仍是一個相當高風險的做法。而品牌發展與代工之討論研究，宏碁率先投入自有品牌經營之後也一直持續不斷。 很多人可能沒聽過台灣的衛浴五金及水龍頭零配件代工外銷也是世界第一，歐美主要水龍頭品牌都是進口零配件至當地後再進行組裝。而衛浴五金水龍頭零件代工也和其他台灣代工產業一樣，因為競爭日趨激烈，使得產業內的業者必須積極準備因應對策，追求永續經營。 本研究以此產業外銷前五大廠商個案公司為研究對象，以策略群組區分出專注代工及深耕品牌兩大群組，比較群組之間及群組內各公司運用策略的異同;同時也針對產業大環境的變動、供應面及需求面的改變、供應鏈角色的延伸及位移等衝擊所帶來的影響，各群組個案公司所採取的策略作法，做一研究探討，進而研討出一個方向提供給產業業者制定未來經營策略的參考，以期待此產業業者之競爭優勢得以持續。 / Taiwan’s export industry plays a significant role in the world market. Since the 1960’s it has held the number one position in countless manufacturing sectors. From early times in industries such as shoes, umbrellas, clothing, and bicycles to the present booming modern electronic industries like Semiconductor Foundries, monitor, personal computer (PC), and laptop manufacturing etc., Taiwan is now or was once the biggest supplier in the world. Taiwan has been favored by OEM policy. But now it is losing it competition edge due to continuously increasing production costs and the rapid development of China’s manufacturing industries. It’s no longer to Taiwan’s advantage to operate labor intensive manufacturing, therefore there has been a cry for and vigorous discussion regarding a change in Taiwan’s industries’ roles. Discontinuing the current OEM activities and quickly investing in Original Brand Manufacturing (OBM) is a high risk decision. The discussion and research into the OBM and OEM lines of development was sustained after ACER became an OBM operation. Many people probably don’t realize that Taiwan is the world leader in the OEM plumbing hardware and faucet components export industry. The major leading brands of Europe and America import their components and then assemble them locally. The OEM plumbing hardware and faucet component industry faces the same problems as other OEM industries. To withstand the competition, they are compelled to develop innovative strategies for sustainable operation. This study adopts the top 5 export manufacturers of plumbing hardware and faucet components, categorizing them by OEM and OBM strategic groups, and comparing the similarities and differences between and within these two strategic groups. It also focuses directly on the overall changes in the industries environment, the influences on the role of supply chain expansions and changes, as well as changes in supply and demand in the market place; studying the adopted strategies by different players, dissecting these cases and extrapolating a method for the industries to formulate a future operation strategy and to maintain a competitive advantage.

在電腦及其週邊產業，台灣是全球專業委託製造的重鎮。乍看之下毫不起眼的經營模式--代工，一直是台灣多數企業賴以為生的方式。從十多年前台灣的電腦工業萌芽以來，成本低、速度快，再加上產業結構完整，一直是委託製造的競爭優勢。以資訊硬體產業而言，近三年來代工所佔之比值為 66%、73 %、73.86%，且逐年增加中。近年來，台灣的 IC 產業亦走向晶圓代工之專業委託製造，所佔的比例亦佔 IC 產值 45% 以上，同時也不斷在提高。回顧整個台灣資訊電子產業之成長史，不難發現與代工息息相關。 為何我們能在成本快速的降低、不斷推出新產品呢？依據知識管理觀點，研究者認為台灣廠商必定在此建構了某種程度之專業與知識，如此才能在眾多的競爭者下脫穎而出。因此，本研究將以資訊電子及 IC 代工產業為主體，以知識管理觀點回答以下問題：代工類型分為那幾類？不同類型下之知識流通方式為何？累積之何種知識？以及對創新能力之影響？並希望能由台灣代工模式之發展歷程，提出其演化模式。 研究發現包括以下數點：1）代工模式除了以　OEM 及 ODM 劃分，可以由知識管理角度劃分為 「準整合型」、「合作型」、「寄生型」攻 「準買賣型」四種類型；2）代工買主之知識專精度及代工買主評估權重組合會影響代工之合作模式；3）代工合作是知識引入之重要來源之一；4）不同代工模式下，其知識流通介面及關係維持機制不同；5）不同代工模式下，因為知識流通方式不同，其蓄積知識類型不同；6）不同代工模式下，其蓄積知識類型不同；7)代工模式具有動態演化之現象。

面對經營疆界( Business Boundary)越趨模糊的新世代，高科技電子消費性終端產業不斷展現誘人商機；隨著傳統映像管電視機式微，取而代之的薄型電視機進入市場，關鍵組件及軟體等科技研發競賽不斷推陳出新，刺激需求；原家電品牌(製造服務)業者主宰整個電視機產業，如今卻面臨強烈挑戰；覬覦液晶電視機(LCD TV)快速引爆市場需求，成長力道強勁並快速整合產業加值鏈，各業者競爭激烈，積極進場，甚至Electronic Manufacturing Service(EMS)大廠、資通訊業者等皆企圖搶奪液晶電視機市場。 液晶電視機產業能夠快速席捲市場，主要歸功於相關產業，積極投入研發與佈局，特別在投資新代線LCD面板廠、視訊晶片(IC)及設計代工的快速帶動下，讓產業加值鏈呈現蓬勃發展；而台商在此加值鏈佔有最重要的產業群聚。 從2009年德國柏林IFA、2010年美國CES Show、Computex等展覽中觀察到世界大廠不斷在技術研發向前推進；科技浪頭的百家爭鳴，似乎引領電視機產業來到一個不連續又不斷變動的競爭氛圍。在面臨產品生命週期短促、面板價格波動劇烈、多重廣播標準與門檻及終端市場需求變化巨大的經營挑戰下，產業加值鏈持續透過整合或外包策略因應；本研究個案廠商，考量資源分享極大化以提高競爭力，大多在此階段同時選擇代工(OEM/ODM)與自有品牌經營(OBM)。 本研究藉由文獻蒐集與個案深度訪談，得到來自不同資源基礎的四類個案廠商中，無論是選擇代工或自有品牌為主的商業模式，皆在任一模式佔總營收比重超過80%時，雖然產生部份限制，但從企業追求競爭力的角度來探討「驅動力」，其在降低成本、提高營業利益、養成關鍵技術Know-How、經營顧客服務等將展現最佳營運能量與效率；進一步就商業利益的角度檢視「平衡點」，其對於提高市場佔有率、構築自有品牌、經營顧客關係等亦將呈現效益最佳化。 至於，選擇代工與品牌並重之個案公司，則陷入較為不利之經營局面；然而，若能調整以自有品牌經營為主，與代工做切割，在創新能力、整體(含音質與畫質)設計能力等做到最具精緻特色，此亦極有機會先穩固區域品牌經營，再伺機擴張。最後對個案廠商未來發展做出策略建議，以及後續研究之方向，期為業界在強化競爭力與提高營業利益等經營議題，提供參考。 / The rapid penetration of Slim-Type TV with the price decline which is raised by the great progress of LCD related technology and increasing huge investment on new generation Fab. Taiwanese firms play significant roles in this worldwide prosperity and firmly integration at all-stream for a strong supply chain. As supply chain players keep implementing integration strategy to catch up with the cross-boundary opportunities, various business models have emerged. To address this phenomenon, a novel two-phase analytic framework was conducted to study the driving force and balance condition of Taiwan LCD TV vendors’ contract manufacturing (OEM)/OBM Model Choice. Through case-study and secondary data collection, we found that while facing tough business environment, Most of Taiwan LCD TV firms with different resource-bases , have choose both OEM/ODM and OBM to achieve economic scale for revenue increasing. Also, it’s a way to do cost reduction by sharing the resources. However, this study yielded different results when four-case companies implementing both OEM/ODM and OBM strategy, we found that if no appropriate resource allocation and right people/mechanism, increase another business model to existing model will bring the reverse effect. This paper finally concluded that different resource bases companies should consider various driving force and transform to the most suited business model through continue leveraging their own competences to catch the transient market opportunities.

紡織業是我國製造業中不可或缺的角色，悠久的歷史伴著台灣經濟的成長，而隨著台幣升值、產業外移等環境變遷造成紡織業的衰退，許多體質不良的生產廠商也從此沉沒在一片競爭激烈的紅海中。 我國的紡織業多半是代工製造，面對來自全球的低價競爭，欲殺出重圍，或是僅求生存，即為一難題。但是老牌的忠興織造做到了，而且越做越好，甚至進入精品產業供應鏈，現已為全球最大織帶代工廠。 為了一探究竟，本論文利用鄭榮郎（2001）提出台灣傳統產業之各層次的轉型策略構面，以及採用綜合各家學說的關係管理構面─資源投入強度、公開溝通、功能性連結以及合作傾向，為本論文的研究構面，運用個案的轉型案例，來推論出傳統紡織代工業如何轉型以提高企業價值，甚至利用特有的關係管理創造出全球最大織帶代工廠的榮耀。 本研究獲得以下主要結論： 1. 企業轉型時，即使選擇專注在代工的本業上，也會大幅提高「代工品牌」的附加價值。 2. 企業積極的社會性連結，是我國傳統代工產業成功轉型之關係管理中很重要的部分。 3. 企業徹底了解自身的成長脈絡與競爭優勢，才能發展出合適的轉型策略。 4. 企業成功轉型中，在接單層次的提升上，會先著眼於較穩定發展、風險較低的市場。 5. 企業成功轉型中，藉由網絡中地位的提升，能夠增加議價力，並改變供應鏈的溝通模式。 / Textile industry is definitely one important role of Taiwan’s manufacturing. It accompanies the growth of Taiwan’s economic. However, during the period of NTD appreciation, many textile firms moved their factories to China to respond the lower and lower profit challenge from global competition. But most of them failed and disappeared. “How to survive?” It is the big problem then. Nevertheless, Universal Webbing Company did it. Now Universal Webbing Company is the biggest webbing-OEM -company of the world. To figure out the reasons of Universal Webbing’s success, this thesis use the two aspects to investigate the company. One is “The transformation strategy of traditional industries to value up” by Dr. Jung-Lang Cheng. Another aspect is the sum up of Relationship Management from various scholars. The conclusions in this paper are below, 1. Companies can value up even still choose the OEM for their transformation way. 2. Active and unique Social Bonding between companies (which is one part of Relationship Management) can be very helpful for well-transformations of Taiwan OEM/ODMs. 3. The company should consider both its own histories and advantages before choosing what kind of transformation for its good fit. 4. To start a profitable transformation, the first step should be to search and define the relatively stable market/customers’ industry to lower the failure risk. 5. During the advantageous transformation, companies can improve the bargain power by raising their status in the network. Moreover, it is able to create the new communication mode in the industrial chain.

隨著競爭的激烈，現今半導體晶圓代工產業面臨研發支出不斷增加以及晶圓製造廠的投資門檻越發提高之環境。然而在這晶圓代工競賽中，金融市場投資者也開始關注到金額龐大的資本資出是否能為公司創造更多的價值，以及其投資決策與融資決策對晶圓代工公司營運績效影響為何。 本研究以經濟附加價值(Economic Value Added; EVA)作為衡量半導體晶圓代工產業的公司價值指標，利用縱橫資料模型(panel data)驗證晶圓代工公司的EVA與市場價值之關連性，並探討影響半導體晶圓代工公司的價值創造的因子。此外，本研究亦針對半導體景氣循環指標及晶圓代工公司價值創造的關係進行研究。最後本研究以個案方式分析半導體晶圓代工公司價值創造之原因。 實證結果發現晶圓代工公司的EVA與市場價值具有高度的關連性與解釋能力，代表EVA確實能反映企業的真實價值。本文亦發現公司投入愈多的資本支出、追求高的營業利潤率、降低資金成本都會為半導體晶圓代工公司創造更多的價值。然而營收增加、營運資金投入的多寡及半導體景氣循環指標等因素對晶圓代工公司價值創造並無明顯之影響。此外，本文個案研究歸納出晶圓代工公司創造公司價值之因素共有下四點：一、擴大對現有的投入資本的報酬率。二、利用低利率環境和低β值，以降低資金成本。三、維持技術領先的競爭優勢，使公司擁有一段較長的時間能產生高於正常報酬率。四、加大資本資出進行新的投資，以賺取超額報酬。 / Advanced semiconductor manufacturing is at an inflection point with escalating R&D intensity and capital expenditure requirements for new fabrication plants of leading process. However, investors are concerned whether tremendous capital expenditure could generate return and create value to the company in this competition. Therefore, the objective of this study is to examine the foundry firms’ value by adopting the concept of Economic Value Added (EVA), measuring the excessive return that a company can generate over the cost of capital. At first, this study tests the power of EVA to capture the relationship between a company’s market value and EVA of foundries. As EVA may be affected by numerous financial value drivers, this research examines and ascertains which factors are relevant. Furthermore, this study also monitors the EVA of these firms to determine their relationship with the semiconductor cyclical index. The primary findings of this study are illustrated as below. EVA is systematically linked to market value in foundry industry. In addition, foundries with higher operating profit margin and higher capital expenditure could create more firms’ value while foundries with higher cost of capital and financial flexibility would destroy its value. Moreover, foundries’ EVAs are not been significantly affected by growth of sales, investments in working capital, and semiconductor cycle index. Furthermore, this paper also conducts a case study to analyze why TSMC creates EVA continuously: (1)TSMC increases returns on existing capital while holding WACC and invested capital constant. (2)TSMC reduces the cost of capital by leveraging low interest rate and low beta. (3)TSMC makes new investments that earn returns greater than the WACC. (4)TSMC sustains the competitive advantage of technological leadership which enables the company to generate above-normal returns for a longer period.

有關既有廠商面對技術改變時為何會失去領導地位，現有文獻多以技術和廠商能耐互動的供給面切入討論，其原因可能是領導廠商無法及時轉換技術、調整能耐或組織惰性等因素；對於少數新興國家的後進廠商成功挑戰既有領導廠商，成為全球領導廠商的研究，也大多依循這種供給面觀點，認為建立並不斷提升技術能耐是成功的關鍵。 深入檢視既有廠商面對技術改變失去領導地位的原因，不完全是來自供給面的問題，市場需求面也是重要的影響因素。在討論市場需求面的相關理論中，斷裂性創新架構是最典型的觀點，該觀點認為新興廠商推動斷裂性創新會持續破壞現有市場遊戲規則，造成競爭基礎的改變與產業結構的變化，此觀點主要在說明市場顧客需求的變化對新舊廠商競爭的影響，並據以補充說明技術供給面的不足。 至今斷裂性創新研究並未發展出一個有系統的架構來檢測某種創新情境是否為斷裂性創新？因而，本研究根據斷裂性創新架構觀點及個案研究法中描述性理論架構的要求，發展出斷裂性創新描述架構的相關特性要件，並用此架構來檢測台灣積體電路公司及其所促進高度發展的全球晶圓代工產業，檢測結果發現過程符合斷裂性創新的特性。後續研究將可由斷裂性創新的觀點切入，重新詮釋台積電成功成為全球領導廠商的原因。 本研究發展出來的描述架構是一個檢測斷裂性創新的良好基礎，可以作為測試其他產業是否存在斷裂性創新的參考。 / Why established incumbents loosed their leading positions facing the disruptive technology, explanation of current literatures tended to focus on the supply-side interaction of technologies and firms’ capabilities. The research on latecomer firms catching up technological gap in newly development countries also focused on the supply-side perspective and argued that consecutive advancing technological capabilities was the key to success. Closer examination of technology competition, however, reveals that technology or market transitions are not necessarily due to the supply-side difficulties, like incumbent technology’s inherent limit, incumbents’ inability to master new skill, or organizational inertness. The market demand-side is also an important factor offering a complementary set of explanations that highlight the influence of consumers’ need on technology trajectory. The most influential expression of a demand side role in technology competition is the disruptive innovation that will break the market rule, shift the bases of competition and change the industry structure. Current researches, however, did not develop systematically analytical tool or framework to identify disruptive innovation. This study followed the major perspectives of disruptive innovation and the rules of case study to develop the descriptive framework for testifying the phenomenon of disruptive innovation. The semiconductor industry development in Taiwan was identified and described under the conditions of this framework. This descriptive framework is a systematic tool for testing disruptive innovation in any industry.

海外經營方式會影響廠商能否成功達成其對外投資目的，本研究主要目的在探討廠商海外事業經營方式之影響因素，借由經濟部2007年製造業對外投資實況調查，透過廠商特性、投資動機、地主國特性及營運特性四大面向進行討論，運用兩階段Multinomial Logit Model進行實證分析。經第一階段實證研究發現，擴張型市場動機、經濟動機、策略動機及原料來源是廠商選擇海外事業經營製造業、銷售服務業或同時經營製造及銷售服務業的影響因素；第二階段實證則發現經濟動機及母子公司分工關係是影響製造業廠商海外經營代工、自有產品或同時經營代工與自有產品製造的影響因素。 實證說明多項變數使臺灣海外投資廠商傾向同時經營製造及銷售服務業，亦會讓海外經營製造業之廠商同時經營代工及自有產品製造，實證結果可提供臺灣廠商海外事業經營之參考。