自二十世紀的第三次工業革命(原子能、計算機、與空間技術)以來，由科技帶動全世界半個世紀的進步。在1950至1980年代，企業利用經濟規模提昇產業效率蔚為顯學。90年代以後，人類各項生活基本需求早已被滿足無虞。此時，創新且差異化的營運模式（Business Model）成了企業存在的必要條件。理論上，消費者的需求無所不在，各產業的產品與服務亦無奇不有，而且每個企業更有其賴以生存的特點與優勢，因而適合個別企業發展的營運模式理應也有不少的選項。若果真如此，何以許多企業在一次又一次的競爭中被殘酷地淘汰？而存活的企業中，亦仍有不少在生存與競爭的大海裡掙扎，試圖脫困。 本研究擬由＂策略＂、＂創新＂與＂營運模式＂等三個主題出發，探討國內外學者所提出的觀念與方法，嘗試從中找出其關聯性與一套整合的建構模型，並藉由個人電腦產業中的主要企業的成長歷史來驗證此建構模型。希望能幫助產業找出一個系統性的方法來思考、建構並檢驗其策略與創新營運模式。 本研究將針對個案公司進行次級資料的整理及訪談部份個案公司的中高階經理人。在整理三個國際知名的個人電腦廠商一共四個個案的次級資料的過程以及從個案經理人的訪談中發現，套用本研究的＂策略與創新營運模式＂建構模型，可以用清晰簡單的方式描繪看似複雜的策略及其營運模式，此方法有利於理解企業的策略與執行脈絡。因此，我們也期待企業可以運用這一套完整的建構模型方法來引導、推演、架構、驗證、檢討並修正其未來的策略方向與營運模式。如此，企業將更有機會找到好的營運模式。當時空改變時，也較有機會掌握先機，擬定下一個因應步驟。

本研究從風險分散的角度，探討近年來廣為討論的準被動式指數策略(Quasi-passive index strategy)，其中挑選三大投資組合策略--等權重(Equal Weighted Portfolio, EW)、風險平價(Naïve Risk Parity Portfolio, RP)、相關性極小化(Minimum Correlation Portfolio, MCP)，實證應用於元大台灣卓越50ETF，回測基準時間從2004年1月5日起至2016年12月30日止，共計13年。在實證分析中，除了探討一般的投資組合績效結果外，文中也進一步比較文獻回顧中各式風險分散測度指標，其中包含(1)風險分散比率(Diversification Ratio, DR)、(2)集中度比率(Concentration Ratio, CR)、(3)波動性加權平均相關性(Volatility-weighted Average Correlation)、(4)赫芬戴爾指數(Herfindahl Index, Index)等對各種策略的控制成效。 本研究的實證結果如下: 相關性極小化投資組合策略(MCP)在元大台灣卓越50ETF的實證應用下，雖然成分股集中配置於某特定產業類股(即集中度比率、赫芬戴爾比率相對較高)，但本策略透過「波動性加權平均相關性」顯著且有效的控制，使得成對資產的相關性極小化，最終達成風險分散的投資目標。 / This article discusses the recently most popular “Quasi-passive index strategy”, especially from risk diversification aspect. We select three major portfolio strategies, including Equal Weighted Portfolio (EW), Naïve Risk Parity Portfolio (RP), and Minimum Correlation Portfolio (MCP), and apply all of three to the Yuanta/ P-shares Taiwan Top 50 ETF in Taiwan. The back-test period of the strategy is from January 5th, 2004, to December 30th, 2016 (around 13 years). In the empirical analysis, we not only compare the performance and risk of different strategies, but also focus on a variety of the measurement of diversification, such as Diversification Ratio (DR), Concentration Ratio (CR), Volatility-weighted Average Correlation (ρ), and Herfindahl Index (HI), all of which can quantify the degree of diversification control. In the empirical result, we find that Minimum Correlation Portfolio (MCP), applied in the Yuanta/ P-shares Taiwan Top 50 ETF, will allocate highly concentrated on some specific industry (equivalently high CR and high HI). However, this strategy significantly and efficiently controls the factor of “Volatility-weighted Average Correlation (ρ)”. Therefore, MCP can minimize the coefficient correlation between each pair asset and achieve the goal of risk diversification.

宏碁在 2005 到2010 創造了爆發性營業額成長，這個高度成長已超過一般公司的表現；也引起 Dell 和 HP 研究 Acer 的威脅分析。每個公司都有它們的核心競爭能耐，去贏得在PC業界傑出表現的方程式。此論文動機是去發覺出真正Acer內部贏的方程式，看看這個公司在過去五年來；如何得到手提電腦中最高成長的市佔率。 有三個研究目的，此論文將研究: (1) 是什麼全球策略帶領新產品開發能力與技術創新? (2) 有什麼主要的新產品開發流程與系統，導致最低開發成本及最快的開發時程? (3) 客戶的評論與回饋如何影響產品計畫與管理方式。總之，本研究將找出Acer核心競爭力，在2005 到2010快速成長的五年。 此研究架構包含三的項目: (1) 全球策略: 全球，事業，和產品層次。(2) NPD 新產品開發流程的組織、流程、與系統。(3) 技術創新和其管理能力。我們用Acer這個擁有16%全球PC市佔公司來探究與其質量研究 。首要資料得到、收集、消化 ，都是從各個相關部門來增加資料正確性；如業務、行銷、產品管理、研發、與品質服務。但有些資料及表格式內容則由許多資深內部同仁的問卷調查和他們各別的想法。同時，研討最高階管理者，為何深刻影響全球資源整頓與分配? 看到內部NPD組織與不斷研發改善流程結合?最後，也看出什麼專案應包含那種NPD 系統的優化? 這本論文共發現了十個研究發現如下: （１）Acer的全球事業開發策略目標已經清楚定義事業團隊與NPD 新產品研發團隊相關工作職責（２）Acer 的全球外包策略也幫助公司的營運效率，也加強產品設計品質；藉由結合外部優勢資源與其管理能力。(3) Acer 管理層不斷推動的成本領導策略，來保持全球產品競爭力。(4) 四次在 2006-2009 M&A 事件，產生快速市佔提昇，但也付出相當整合資源投入。(5) 專案矩陣組織是最通用的，也讓最高管理者，快速安排適當開發資源，來控制時間、成本、和規格。(6) 在NPD開發中，簡化系統模組共同設計，來節省開發成本，也能創造市場中更有彈性產品。(7) 一個簡化的公司，藉由不斷流程精化與專案效能管理來達到最佳NPD境地。(8) 在不同的管理和功能團隊，都有導入NPD跨平台快速新技術能力。(9) 整合全球法務系統與資源，加強法務專利管理能力，並高度結合研發團隊與NPD 設計工程。(10) 聽取客戶端價值聲音，以改善產品規劃和品質，提昇其競爭力。 最後，有些實際有效建議，將會給在PC產業界事業和產品管理團隊思考策略管理計劃；並如果最佳化內部NPD系統去調整其各個不同層級研發流程、專案與組織的管理能耐和技術創新。這些建議將促使公司具有高度國際PC競爭力。 關鍵字: 宏碁 戴爾 惠普 新產品開發 核心競爭力 全球策略 技術創新 成本領導 研發 企業倂購 專案矩陣組織 出貨單元 / Acer has made rampaging business growth during 2005 – 2010. The outstanding and surpassing performance was an unusual case that induced Dell and HP to conduct Acer analysis projects how to react to the Acer’s threatens. Each company would have its core competence or competitive capability to make it a winning formula to attain breakthroughs in the PC industry. The motivation of this study is to figure out what real winning formula inside to keep Acer obtaining the highest market share and growth in laptop sales for the continuous five years till 2010 Q3. Three objectives will be studied in this thesis: (1) what are the global strategies that lead to new product development capability and technology innovation? (2) What are the key process and systems of new product development (NPD) that result in the lowest development cost and fastest development lead time? (3) How do customers’ comments and feedbacks impact product planning and management? In summary, this study is to explore Acer’s core competence that results in business rampaging growth during the years 2005 to 2010. Research framework of this study consists of three constructs: (1) Global strategies: global, business and product level, (2) NPD organizations, processes and systems, (3) Technology innovation and management capabilities. As an exploratory study, qualitative research is adopted to conduct case study on the firm – Acer, which has attained 16% global PC market share in 2010. For data collection and digestion, primary data were obtained through multiple sources of evidence and findings in order to increase its validity. Some data came from internal business and product development documents especially on sales, marketing, product management, R&D and quality service. There are other data sources such as articles’ tabular content, case study database, and senior colleagues’ notes and opinions to the above-mentioned questions. Why do top-management strategies of a corporate deeply influence allocation and integration of global resources? What does internal NPD organizational adaption should be engaged with continuous improving design process? Which projects could attain optimization of the NPD systems will be analyzed as well. Findings of this study are as below: 1. Acer business goal develops varies of global strategies that clearly define task ownerships between business teams and NPD teams. 2. Acer’s global outsourcing strategy may assist with company’s operational efficiency and enhance product design quality by leveraging talented resources with their capable management skill. 3. Acer cost leadership strategy driven by top management stays the sustainability of global competitiveness. 4. The four times M&A events increased market share significantly but took heavy resources to the companies being acquired during the years of 2006-2009. 5. Project matrix organization is most common one that allows top management to allocate capable development resources to control projects in schedule, cost, and specification. 6. Simplification with modularity of system design during NPD is to save development cost and create flexibility of product SKU to the market. 7. A learning company like Acer may improve internal NPD design defects by continuously taking process refinement and project management to achieve the best NPD practice. 8. A fast adaptability of new technology design in platform during NPD for different managerial and function teams to perform technology innovation. 9. To leverage global legal experienced resource and system to enhance legal management capability to closely engaged with R&D during NPD design works. 10. Listen to the value voices of customers for product planning and quality improvement may play a key refinement process to sustain product in competitiveness. At the end, practical suggestions will be given for companies in PC industry on business and product strategies management plan and how to optimize internal NPD system to refine process, project and organization by different level of management capabilities and technology innovation. That could render a company highly competitive in a global PC market place. Keywords: Acer, Dell, HP, NPD, core competence, global strategies, technology innovation, cost leadership, R&D, M&A, project matrix organization, SKU