我國在半導體產業上的競爭力與成績有目共睹，其形成競爭優勢的原因為何? 如果以廠商為罩住與外國企業比較，無法顯示我國半導體產業的優勢，必須以產業問整體合作網路才能真正看出我國半導體的競爭優勢所在。然而，這些半導體廠商之間是如何配合的，其管理作法為何? 這也正是本研究想要探討的主題。因此，發展出一個系統化的合作網路管理架構，便成為木研究之目的所在。 為達到上述研究目的，本研究以IC製造業為核心，探討IC製造廠與IC製造設備、晶圓材料、IC設計、IC封裝及IC測試等廠商之問的合作關係。是緊密的合作關係呢?還是純粹市場交易關係? 同時，了解並分析各廠商的合作網路管理作法為何? 首先，藉由深入訪談所得的初級資料及公開的次級資料，對半導體產業合作網路管理有所了解; 按著，再根據這些資料進行分析、推論，發展出一些對合作網路管理有所助益的結論與建議。結論與建議如以下所述。 以下四點結論說明了，組織內各職級人員，在不同的合作網路發展過程，面對不同的網路需求，應以何種方式、管道，來管理合作網路問的互動內容。 1.人脈網路與法律制度在不同的合作網路發展階段扮演的重要程度不同。 2.社會記憶力、社會制裁壓力與法律懲罰力量存在替代關係。 3.各職級人員在不同的合作網路發展階段扮演角色的重要程度不同。 4.合作網路的緊密程度對互動內容有很大的影響。 最後，依這次的研究經驗，提出下列三點合作網路管理建議 1.融合運用人脈網路與法律制度。 2.知識與個人人脈網路組織化。 3.上、下游廠商間人員流動有助於業務擴展。

節能與環保是當今世界各國共同要面對的課題，而解決此人類共同難題所孕育而生的太陽能綠色產業是未來世界的潮流與希望，世界各先進國無不大力推展。而台灣向來致力於高科技產業發展，對於這未來的科技趨勢與產業大餅，從半導體代工、液晶面板及系統模組製造的科技大廠紛紛積極相繼投入。而本研究以半導體通路商T公司為例，以一個營業額百億規模的中型企業，由半導體矽晶圓銷售，切入太陽能矽原料買賣市場，進而建立自有太陽能模組品牌，並在歐洲市場有成功的市場實績，探討個案企業如何成功轉型，並在太陽能產業的新市場中取得競爭優勢。茲提出以下討論問題：1. 半導體通路商跨足太陽能產業的多角化動機與策略思考為何？2. 半導體產業轉型(多角化)跨足至太陽能產業的動態能耐發展及成功因素為何？希望藉此了解企業的多角化策略思考以及如何運用或產生新的能力順利跨足新事業領域。 本研究經由相關文獻探討後，以動態能耐架構，「組織與管理程序」、「定位」、「發展路徑」三構面來分析研究個案企業多角化發展歷程，資源與能力的改變與新生。採用個案研究法深入訪談個案公司相關高階主管，以了解其多角化跨足太陽能產業的實務作為。由個案分析與研究發現得出研究結論如下： 結論一：企業轉型動機為提昇企業價值，實踐永續經營。為延續以往成功經驗，多角化轉型常選擇相關多角化經營策略。 結論二：在組織與管理程序方面，企業多角化歷程中，新事業多會延續原企業的制度與流程。在組織學習與人才培育上，新事業則會偏重外部資源。 結論三：在組織定位方面，相關多角化的發展初期，新事業運用現有資產，能夠快速獲得成功。但是公司的資產定位與優勢，會隨著產業狀況變化而改變。 結論四：在企業發展路徑方面，企業過去發展歷程中的經營策略調整的經驗對多角化經營的發展，有正面助益。 結論五：策略選擇會對企業本身動態能耐造成影響，當企業的經營形態改變，會使公司專屬資產地位的優/劣勢產生變化。 / Nowadays, shortage of crude oil and global warming are major issues that every country in the world must to confront. To solve these problems, all advanced industrial countries are making a lot of efforts in researching and developing alternative energies, including solar energy, which is taken as one of the most effective and mature solutions at the moment. High-tech industries have been well developed and prosperous in Taiwan during past decades. To take the trend of solar energy, many leading companies in semiconductor, LCD panel and computer system manufacturing industries are actively participating in solar industry. This research is to take T-company, one of the major material distributors in semiconductor industry, as example to study how it succeeds in diversification and gets advantages in the new market of solar industry. The major two subjects in this research are as below: 1. What are the motives and strategies for a semiconductor distributor to diversification in order to enter solar industry? 2. What are the success factors and dynamic capabilities needed when a company transforms or diversifies itself from semiconductor industry to solar industry? Case-study method is applied in this research to analyze the actions taken by T-company. To track the diversification and the changes of resources/ capabilities in T-company, the analysis of dynamic capabilities are divided into three dimensions: “organization and managerial processes”, “positioning” and “path of growth”. As a result, the conclusions of this research are as below: 1. The motives of business transformation/ diversification are to ensure the growth and sustainability of corporation. To continue the successful experience, transformation or diversification to related industry is often chosen. 2. In the transformation/ diversification, systems and processes of new business often follow the original ones. As to human resource and professional training, external resources are preferred. 3. Regarding organization positioning, in the initial stage of diversification, the new business has the advantages of using existing resources and reputation to speed up to success. However, the existence of advantages will depend on the industrial situation in the long run. 4. On the paths of enterprise growth, the experiences of strategy adjustment are positively helpful when the corporation goes diversification. 5. The choice of business strategies will influence the dynamic capabilities of a company. When the business model is changing, the advantages/ disadvantages of company exclusive assets will also change.

本研究引用吳思華教授提出的三個策略構面，作為研究分析之基礎，試圖分析個案公司的現況及金融海嘯侵襲下的策略因應。此策略三構面分別是營運範疇、核心資源與事業網路，亦即包括「營運範疇的界定與調整」、「核心資源的創造與累積」、「事業網路的建構與強化」三項主要工作。 2008年金融海嘯重創整個世界經濟，經營環境未曾如此險峻，因此如何掌握策略因應，讓企業渡過難關，變得非常重要，透過此項研究了解半導體產業結構及企業在面對金融海嘯危機等風險時，可利用策略三構面來探討策略因應，也可作為其他產業界参考。 本研究籍由分析個案半導體公司在金融海嘯危機時期，面對激烈的競爭環境，要如何建立其競爭優勢，以及如何調整經營策略，安然渡過危機。 本研究的目的在探討下述問題： 一、金融海嘯重創全球經濟及重創各產業，企業如何採取必要措施，安然渡過危機？ 二、金融海嘯危機下，企業如何制定經營策略及營運模式因應？ 三、金融海嘯浪潮下如何執行組織重整，建立核心資源，才適合時代潮流？ 本研究的結論如下。 一、企業透過購併同業及異業，以迅速增加運營範疇，擴大產品線廣度，拓展產品市場，分散風險，企業以選擇風險最低的作法渡過危機，並創造最佳的績效。 二、金融海嘯重創各產業，人才是企業的最基本的資產，金融海危機下，企業反而利用不景氣的時候逆勢培養人才、加强研發新產品、保住主要客戶、重建與供應商的關係、強化行銷網路，也就是擴展營運範疇、鞏固核心資源、强化事業網路來渡過危機。 三、金融海嘯侵襲下，企業會選擇風險最低的作法渡過危機，並創造最佳的績效，以下是營運模式因應。 (一) 保持健全的財務基本面 (二) 保護公司的現有業務　 (三) 適度在媒體曝光，建立企業聲譽 (四) 降低原料及供應鏈成本 (五) 維持企業的股價 四、金融海嘯浪潮下，組織變革或組織瘦身，雖然是一個理想的方式，但尚有一些創新的方法，可以在企業裡面做長期發展策略，反而利用這個機會，做平常沒有機會去做的事，也就是利用策略三構面，調整營運範疇、創造與累積核心資源以及建構與強化事業網路也可以安然渡過風暴。 / The gist of this study focuses on analyzing the current business strategic of corporation during financial crisis by which combined Dr. S.H. Wu’s “Three aspects of Strategy". There are defination and adjustmentof operation domains, the creation and accumulation of core competence, and the construct and strengthen business network. It is very important that how to manage the strategy to face the serious business environment during 2008 financial crisis. By the understanding of semiconductor industry through the study of structure and corporate financial crisis in the face of risk, the strategy can be used to explore the three dimensions of the strategy employed, but also for other industry references. The Study is analysis of the semiconductor corporation, how to build their competitive advantage, and how to adjust business strategy, to ride out the financial crisis during facing fierce competition. The target of this study is to investigate the following questions: First, how to take the necessary measures to ride out the crisis during the financial crisis hit the global economy and various industries? Second, how corporations develop business strategies and operating models in response during the financial crisis? Third, how to implement organizational restructure and establish core competence to meet the current situation during the challenge of financial crisis. The conclusions of this study are as below. First, by mergers and acquisitions and cross-industry, increase the operational areas promptly, expand the product lines markets, diversify risk, select the lowest risk business practices to ride out the crisis, and create the best performance. Second, the financial crisis hit the all industries, human power is the most basic assets of corporation during the financial crisis. The corporation used the downturn enterprises contrarian personnel training, enhance the development of new products, to keep key customers, rebuilding relationships with suppliers, strengthen the marketing network, that is, expansion of the operational areas, strengthening the core resources, and business networks to survive during crisis. Third, the corporation will choose the lowest risk to ride out and create the best performance during the financial crisis. The following is the mode of operation in response. (A) maintain the financial fundamentals (B) to protect the company's existing business (C) Show up in the media to establish the corporate reputation (D) reduce the cost of raw materials and supply chain (E) to maintain the share price Fourth, although the organizational change to reduce the pressure is the ideal for corporation, but there are some innovative actions to do long term development strategies. To process which do not have the opportunity to do the usual things, it means using “Three Aspects of Strategy” to adjust the operating domains, to create and accumulate the core competence, and build and strengthen the business network to ride out the financial crisis.

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.

企業價值評估是企業管理和企業投資的熱門問題，半導體產業又是高科技發展的關鍵。所以本文就台灣半導體產業的兩個晶圓代工企業之價值評估問題進行對比討論，分別用實質選擇權與自由現金流折現模型來對台積電和聯電進行價值評估。分析中發現實質選擇權方法在評價中比較能充分考量到企業投資決策的彈性，卻對於企業在行業中的領先地位比較難把握；而自由現金流折現模型對於財務報表的數據十分敏感，關於增長率的估計比較難把握，從而使企業價值評估的波動性較大，所以可以綜合兩個方法來進行評價，則可以減少估計誤差。本文的後半部分主要是基於半導體的產業狀況，對台積電與聯電兩家晶圓代工企業的經營策略進行分析，得出科技企業的經營收益與對技術研發的投入呈正相關，也與管理層的理念與穩定性以及上下游產業鏈穩定性密切相關。 / Business Valuation is an important issue for business management or business investment. The semiconductor industry is also an important part for high-tech development. Therefore, this paper focuses on the valuation of two foundry companies in semiconductor industry in Taiwan. Respectively, this paper uses the real option and the discounted cash flow models to assess the values of TSMC and UMC. The analyses find that the real option approach can consider the flexibility of enterprise investment strategy better than the discounted cash flow approach, while it is difficult to grasp the leadership of the company in the industry. The data from the financial statements is too sensitive for the discounted cash flow approach, and the uncertainty about the growth of a company contributes the volatility of the business valuation; therefore, by considering both approaches can reduce the valuation errors. The other part of this paper is based on the semiconductor industry analysis. With the comparison of the corporate business strategies of TSMC and UMC, we find that the operating income of scientific and technological enterprises is positively correlated with business investment in R&D, meanwhile it is closely related to the concept and stability of the manager, as well as the stability of the upstream and downstream supply chain.

銅銻硒礦是具有 0.3 eV狹窄能帶間隙的P型半導體，且已被發現是在中溫區下極具潛力的熱電材料。銅銻硒礦的晶體結構具有三維銅硒子框架可提供導電的電洞，而有較高的功率因子900 μW/mK2。銻硒四面體結構可藉由其他元素取代銻的位置，扭曲其鑽石結構以達到提高功率因子以及降低熱傳導的目的。理論預測可藉由 IV 族元素鍺、錫、鉛和過渡金屬鈦等元素取代銻來提供電洞載子。本研究藉由燒結與電漿放電製備樣品，探討鈦、錫、鉛、鍺取代銻的熱電效應。 在上述之元素取代效應後，鈦與鉛並沒有帶來顯卓的熱電效應提升，反之錫與鍺能有效地提升電洞載子濃度，然而與摻錫的研究相似的結果已被其他團隊發表，惟鍺的取代效應則尚未被做完整的探討。2 % 鍺的取代有1200μW/mK2的功率因子，相較於母材(900μW/mK2)有 30 % 的提升，因此我們會對鍺的取代效應做完整一系列的研究。摻雜比例從 1~8 % 的結果裡，發現晶格熱傳導係數隨摻雜比例提升減少的合金效應，然而高於 6 % 的取代造成電導大幅提升，使得熱傳導的載子貢獻高於 50% 並嚴重降低載子移動率，致使功率因子大幅衰減與優質係數降低。 4% 的鍺摻雜在提高功率因子與降低熱傳導係數上皆有顯卓的表現，使得優質係數在溫度650 K達到 0.7 相對於母材 (0.54) 有30 ％的提升。 / Cu3SbSe4 is a p-type semiconductor with a narrow band gap near 0.3 eV, and has been found to be a promising thermoelectric material at medium temperatures. The crystal structure of Cu3SbSe4 consists a three-dimensional [Cu3Se4] framework acting as electron hole conduction pathway which cause high power factor near 900 μW/mK2. The inserting guest atom to the Sb site of tetrahedral [SbSe4] framework cause a more distorted diamond-like structure, thus providing a relatively lower lattice thermal conductivity in relatively large electric conductivity. According to theoretical predication which are based on the defect formation energy and band structure calculations, p-type doping can be achieved by substituting Sb with group IV elements, as Ge, Sn, and Pb, and transition metals as Ti. This study is investigation of the doping effect in Cu3SbSe4 semiconductor which are prepared by melting and spark plasma sintering. Herein, we take a close look at the thermoelectric properties of Cu3SbSe4 which are mentioned in previous paragraph. No significant change in results of Ti and Pb. Carrier concentrations are dramatic increasing in results of Sn and Ge, but the results of Sn substitution were already reported by another group. Power factor of Ge substitution is 1,200μW/mK2 which is 30 % more than raw material. We did more study in germanium doping series because it have high power factor which did not be investigated in Cu3SbSe4. Alloy effects, as description of lattice thermal conductivity reducing with doping fraction increasing, are explored in Ge doping fraction from 1 % to 8 %. Although electric conductivity were largely enhanced, figure of merit were reducing by electric contribution of thermal conductivity were higher than 50 % and carrier mobility were significantly reducing when the doping fraction were higher than 4 %. Doping fraction in 4 % have relatively high power factor and relatively low thermal conductivity. Figure of merit in 4 % doping fraction is 0.7, as 30% more than 0.5 of raw material.

電子業在近20年來在台灣蓬勃發展，不論是上游的晶圓廠，IC設計，中游的半導體製造業，乃至於下游的電子產品製造業，在全球市場裡皆佔有一席之地。在整個產業鏈之中，半導體製造業在2008年的銷售額達到255 Billions,其中半導體通路商就佔全部銷售額的30%以上，半導體通路商在產業鏈中的地位是相當的重要。 半導體零組件通路商在整個產業鏈扮演著何種角色呢？半導體零組件通路商必然能對上游供應商與下游的電子製造業提供價值，並且具有其競爭優勢，以存活在這競爭的產業，因此本研究採用個案分析方式針對亞洲最大的半導體通路商與日系半導體通路商進行研究探討，主要的研究發現有： 1. 以實際量化的方式半導體電子零件通路商對供應商與客戶的價值。 2. 從半導體產品價值鏈依不同類型供應商/通路商/客戶歸納通路商的策略類型為規模經濟型、技術本位型以及特殊關係型。 3. 規模經濟型、技術本位型以及特殊關係型三種不同類型的通路商所具備的競爭優勢。 4. 在動態的環境下，不同類型的代理商如何跨足其他類型的通路商，並且從成功案例之中了解其策略為何。 / In the past 20 years, Electronics industry flourishing in Taiwan, from the upstream wafer manufactory, IC design, to the middle reaches of the semiconductor manufacturing, as well as in the downstream electronic products manufacturing, both in the global market place. In the whole semiconductor supply/demand chain, the semiconductor manufacturing industry in 2008 achieved sales of 255 Billions, in which the semiconductor distributors accounted for more than 30% of total sales. This shows the important of semiconductor distributors in the semiconductor industry. What is role of distributors in the industry? Distributors must be able to provide value to upstream suppliers and downstream customer – the electronic manufacturing industry, and has its competitive edge to survive in this competitive industry. So this study used case study approach targeting the largest semiconductor distributors in Asia and the Japanese semiconductor distributor to conduct research into, the main findings are: 1. Practical way to quantify the value of semiconductor distributor to the supplier and customer. 2. Base on different types of suppliers / distributors / customers to induction distributors strategy type of the semiconductor value chain. As “Economies of scale”, “Technology-based model”, and “Special relationship”. 3. The competitive advantage of “Economies of scale”, “Technology-based model”, and “Special relationship”. 4. In a dynamic environment, how the different types of agents to branched out into other types of distributors? And identify the strategy from the success stories.

興櫃股票是指已經申報上市（櫃）之公開發行公司的普通股股票，一般而言興櫃股票的流動性小、股本小，因此短線投資人多以即將掛牌上櫃的公司為主，至於中長線的投資人則以長期價值的觀點來投資，投入資金後必須等待一段時間，待上市（櫃）後，才能獲取較好的投資報酬率。長期投資須以自有資金投入，進一步瞭解該公司產業狀況及基本面表現後，應用適合未上市公司的評價模式，來做為投資的依據是很重要的。 本研究以興櫃市場中的半導體產業中的廣穎電通股份有限公司作為研究對象，以自由現金流量法為評價模型，並針對未上市公司在參數估計困難的部分作調整，使評價未上市公司時有一套可依循的流程，並加入考量未上市公司股票因流動性不足，所造成之流動性折價，以提升在評價上的合理性及正確性。 實證結果顯示，以2011 年年報來估計相關參數，運用現金流量折現法的每股理論價值為39.24 元。若考量流動性折價，以上市股票市場資料推估所得之流動性折價，廣穎電通之每股理論價值將為39.05 元；以興櫃股票市場資料推估所得之流動性折價，廣穎電通之每股理論價值將為37.93 元。

法人說明會是公司傳遞內部訊息給外部使用者方法之一，透過法人說明會宣佈財務及非財務資訊，藉以消弭因資訊不對稱所產生之代理問題，亦為分析師作出盈餘預測參考依據之一。在半導體供應鏈中，其上、下游產業間關聯緊密，資訊具有垂直移轉效果，因此，本研究欲探討半導體供應鏈中，下游公司分析師參考上游關聯公司法人說明會資訊並作出盈餘預測調整之程度。 本研究針對國內2005年至2011年半導體上市、櫃公司，進行法人說明會資訊與分析師盈餘預測修正之關聯性。實證結果發現，下游公司財務分析師會參考上游關聯公司召開法人說明會所宣佈之預測財務及非財務資料，並修正對公司之盈餘預測；且供應鏈中，上、下游關係越遠及國籍為外國之分析師，對上游關聯公司法人說明會資訊依賴程度越高，作出的盈餘預測調整幅度越大。