我國保險業監管制度之實施，以2003年7月之RBC制度影響最為重大，因此本研究希望檢驗RBC制度對於壽險公司之經營策略，是否有顯著之改變，而保險公司之經營策略中，又以資產配置與產品組成為最重要的議題，兩者將影響資產風險與產品風險。因此本研究將重點聚焦於壽險公司之資產風險與產品風險於RBC制度實施前後之變化，藉以探討是否RBC制度實施後，保險公司對於經營中涉入風險之行為，保有更穩健之思維，而不違反RBC制度實施立意之良好。 本研究整理我國25間壽險公司之財、業務之資料為分析基礎，並以簡單複迴歸之研究方法為實證分析。實證結果中，壽險公司於RBC制度實施後有風險抵換之情形，但無論資產風險及產品風險都與前期資本比例為負向關係。另外，小型公司中資本比例越低者，有增加投資於高風險資產的比例；並且小型公司中，前一期經營結果越差，銷售越高風險產品的比例將會上升。 / One of the most important supervision system in insurance industry is the implementation of Risk-Based Capital system in 2003 in Taiwan. In this study, we examine whether the business strategy of life insurance companies changes significantly because of the implementation of RBC system. In insurance’s business strategy, asset allocation and product composition are the main issues and both will influence asset risk and product risk. Hence, we focus on the changes in asset risk and product risk to find that whether life insurance companies have more stable operating concepts after the implementation of RBC system. We use multiple regression model to analyze the relationship between asset risk, product risk and capital ratio of the life insurance companies. The results suggest that there are a negative relationship between asset risk, product risk and capital ratio after the implementation of RBC. Besides, the small size companies which have low capital ratio will tend to increase the proportion of risky assets in their investment. And small size companies which have worse operating outcomes in the previous year will increase the proportion of high-risk products they sell in current year.

本研究回顧過去「資訊通路」相關研究發現，主要集中在幾個議題，例如：經營或競爭策略、通路管理、產品訂價模式、顧客忠誠度、通路服務品質、供應商關係管理、或個案公司之研究；而回顧關於「技術採用生命週期」與「跨越鴻溝」相關研究較少且多集中於高科技技術，如LED、IC設計、網站平台..或個案產品之研究，如iPod、筆記型電腦、電子書、網路電視..等。且大部研究的探討範圍較缺乏以產業角度研究數位產品之相關通路服務需求；且並未發現根據Geoffrey A . Moore(1991)跨越鴻溝一書所論述「高科技行銷通路」理論之提出有效履行「完整產品」之實務架構並進行可行性研究。 　　就實務面觀察，多數創新數位產品在通路推展成功機率很低且擴散速度緩慢，因此本研究針對影響數位產品成敗因素分為企業內部因素、外在環境因素與通路因素三部分，並針對品牌原廠非完全可控制之通路因素進行深入分析研究。關研究方法方面，本研究以通路服務業觀點先探討數位產品的演進趨勢對消費者與品牌原廠通路服務需求的影響，接著探討消費者與品牌原廠對現有主要數位產品通路型態之滿意度分析，找出「市場需求缺口」是否存在與各項服務需求與滿意度(放心度)之差異程度；再進一步驗證本研究提出創新服務模式-「官網下單&透過區域專業經銷商交貨」之適用性與滿意度改善之比較。本研究進一步分析可能影響各項通路服務需求與滿意度的因素，包括消費者類型與品牌原廠類型。 　　經過資料分析，本研究的主要研究結果有五點，包括：消費者與品牌原廠之通路服務需求的確存在且被數位產品的演進所影響、不同類型消費者會影響對通路服務需求與通路型態的放心程度、不同類型品牌原廠影響對通路服務需求的程度不大；但會影響推展新產品初期通路選擇之策略、創新通路服務模式(官網下單&透過區域專業經銷商交貨) 符合消費者與品牌原廠需求並提升滿意度、數位產品之採用生命週期曲線之「鴻溝現象」仍然存在，且與Geoffrey A . Moore(1991)之技術採用生命週期曲線之結構有所不同。 根據上述的研究結果，本研究提出下列建議給予實務界參考： 一、對數位產品通路服務公司：跳脫「競爭」與「去服務化」思維，以實際市場需求出發以建構企業價值鏈與提升附加價值、 有效整合數量龐大區域加值經銷商的在地力量建構「售後服務」機制、優先建構「導入時效」通路價值鏈。二、對創新數位產品之品牌原廠：運用創新通路服務模式彌補目前面臨通路服務滿意度之落差、以官網發展虛實整合的創新通路服務模式較可滿足消費者需求。 / In this study, we have reviewed the existing thesis and research about keyword of IT channel and found that focused on several issues , such as: business or competitive strategy, channel management, product pricing model, customer loyalty, channel service quality, supplier relationship management, or the case company the study; About the number of existing thesis and research of "technology adoption life cycle" and "Crossing the Chasm" is rare and found that more concentrated in high technology product, such as LED, IC design, web platform .. or some case studies, such as iPod, notebook, e-books, network TV .. and so on. And lack of research to explore the issue of digital products industry ‘s real demand for channel services; and we have not found according to the theory of "high-tech marketing channel" discussed by the book of Geoffrey A. Moore’s "Crossing the Chasm" to proposed the effective implementation architecture of "whole product" and do some research. Through the observations of the practical , most innovative digital products is very low probability of success in channel marketing and spread slowly, so the study of divided the success or failure factors of digital products into three parts,including business internal factors, external environmental factors and channel factors, and in this study focus and analysis depthly to the channel factor that the brand company ‘s non-completely control . About research methods, this research study first the impact of channel service demand of the consumers and brand company by evolution of digital products through channel service’s viewpoint. Then we analysis the the satisfaction of consumer and brand company to existing major channels of digital products to identify "market demand gap" and the difference degree between the service needs and satisfaction (comfort level); further validate the applicability and satisfaction improvement degree of the innovative service model - "place orders on the official website and delivery goods through the regional dealer in relatived field" . This study further analyzed the various factors that may affect the service needs and satisfaction, including types of consumers and the types of brand company. After data analysis, the main findings of this study have five points, including: The demand of consumer and the brand company for channel services are affected by the evolution of digital products; The demand for channel services and comfort level will be affected by the different types of consumers;The demand for channel services won’t be affected by the different types of brand company, but the choice of the initial channel strategy will be affected by the different types of brand company;The innovative service model - "place orders on the official website and delivery goods through the regional dealer in relatived field" can meet the demend and improve satisfaction of the customer and brand company;The " Chasm phenomenon" of " the digital product adoption life cycle curve " still exists, and different with the structure of Geoffrey A. Moore (1991) of the technology life-cycle curve . Based on the above findings, this study proposes to practitioners the following recommendations: First, for channel services company of digital products: Give up "competition" and "off service" thinking t o construct the enterprise value chain and value- up by actual market demand；To integrate the huge forces of local value-added- reseller to construct the "after-sale- service" mechanism;Give the high priority to construct the value chain of "Time to market". Second, for the brand company of digital product : Take advantage with the innovative service model - "place orders on the official website and delivery goods through the regional dealer in relatived field" to make up for the satisfaction of the channel service；To create the innovation virtual-physical- channel service model by the official website to meet consumer demand.

汽車類消費爭議一直在整體消費糾紛中佔有一定比例，而汽車商品亦已不同於從前時代，是遙不可及之奢侈品，擁有一台車已非不可能之夢想。車輛消費糾紛亦隨著國人購買汽車之比率與數量逐年增加，而在消費爭議中，消費者因其專業知識及資訊來源之不足，常處於消費地位弱勢之ㄧ方。 本文討論之重點在於透過實務面之角度及案例切入觀察，第一章為緒論，第二章討論汽車買賣定型化契約約款之相關問題，第三章就汽車瑕疵之類型、鑑定、召回、民事責任等問題進行分析及討論，第四章結論中，透過實際案例分析與相關之汽車消費議題，進行解析並提出相關觀察及建議。 本文藉由汽車買賣契約約款之分析，提出建言及可能解決之方式；亦期待隨著汽車消費議題及消費爭議受到重視，消費環境及法制逐漸改善，對消費者而言，未來能面對一更友善且爭議更少之汽車消費環境。

本研究目的為探討突破性創新之影響因素，採用兩階段法進行實證分析，第一階段探討產業特性、廠商特性與產品創新之關係；第二階段則探討廠商進行突破性創新之影響因素，包括產業特性、廠商特性與廠商創新策略，希望透過兩階段的比較，釐清外在環境與內在條件如何分別影響廠商進行產品創新與突破性創新之決策。本研究利用國科會企劃處2007年「台灣地區第二次產業創新活動調查研究」資料庫，選擇台灣地區製造業廠商為研究對象，第一階段採用Logit迴歸模型進行實證分析，第二階段則以Logit模型以及Heckman模型進行實證，希望透過Heckman二階段模型修正「樣本自我選擇偏誤」(self-selection bias)發生之可能性，實證結果發現： 一、產品加值鏈區段、廠商規模、市場廣度對廠商進行產品創新有正向影響，B2C型態廠商對廠商進行產品創新有負向影響。廠齡與高科技產業廠商對於廠商進行產品創新則無顯著影響。 二、產品加值鏈區段、廠商規模對廠商進行突破性創新有正向影響 三、具有以下創新策略的廠商較可能進行突破性創新：1.自有品牌廠商 2.有新產品的行銷活動 3.追求拓展產品線 4.與供應商協同創新 5.追求先行者優勢 四、與顧客協同創新、追求既有市場佔有率的廠商對於突破性創新有負向影響 / The main purpose of this research is to explore the factors or determinants of product innovation and disruptive innovation for the manufacturer firms in Taiwan. In this empirical studies, we use Logit model and Heckman selection model to demonstrate the factors affect a firm adopting product innovation and disruptive innovation separately. By analyzing the data from 2007 Taiwan Technological Innovation Survey, it shows： 1.The position of value added chain, firm size, market scope have positive correlation with product innovation. B2C firms has negative correlation with product innovation. Firm age and Hi-tech industry firms don’t have significant correlation with product innovation. 2. The position of value added chain, firm size have positive correlation with disruptive innovation. 3.Firms have innovation strategy as followed tend to adopt disruptive innovation：(i)Brand manufacturer (ii)Engage in marketing activity of the innovative product (iii)Pursue the extension of product line (iv)Collaborative innovation with suppliers (v)Pursue first mover advantage 4. Firms have innovation strategy as followed tend not to adopt disruptive innovation：(i)Collaborative with customers (ii)Pursue the market share of existing product

University of Macau / Faculty of Social Sciences and Humanities / Department of Government and Public Administration

本論文採用實地實證研究，以一家專業晶圓代工廠商為研究對象，詳細分析在晶圓代工的製造環境下，產品多樣性及製造彈性對生產品質、生產週期時間、設備生產力與生產成本之影響。不同於過去研究，以外部彈性(例如：產品組合彈性、新產品彈性等)為研究重心，本論文以內部彈性為研究範疇，涵蓋機器彈性與路徑彈性兩種彈性型態，據以彌補現存製造彈性文獻的缺口。 關於產品多樣性與製造彈性對生產績效與生產成本之直接影響，本論文首先以等候理論與整數規劃模型為基礎，加入實地環境特性的考量，推導研究假說與實證模型；繼而，蒐集來自個案公司6個月的詳細生產資料，包括兩類資料型態：機台水準(machine-level)與生產批量水準(lot-level)進行實證分析。綜合理論模型與實證分析結果，本論文發現：在晶圓代工的製造環境中，由於製程高度自動化之故，產品多樣性對生產績效的直接影響並不顯著，但因研發與工程實驗所產生的環境變異性則對生產績效具有顯著的負面影響；在製造彈性方面，吾人則發現路徑彈性不僅有助於生產週期時間的縮短，也對品質與成本績效具有顯著的正向影響，而機器彈性雖有助於設備生產力的提昇與生產成本的降低，但對生產品質則有顯著的負面影響，此外，本研究也發現：製造彈性與設備生產力、生產週期時間及生產成本之間存在非線性關係，並呈現報酬遞減的趨勢，隱含：極大化製造彈性並非最佳，有限的彈性水準即可達到最大的彈性利益。 考慮製造彈性的價值高低與環境不確定性密切相關，本研究進一步採用路徑分析檢視產品多樣性、製造彈性、環境不確定性與生產績效之間的關聯性，基於本研究以內部彈性為研究範疇，並以製造環境為研究客體，依據生產管理文獻，由製程時間變異性、到達時間變異性及產品需求變異性三項指標定義製造環境的不確定性。實證結果顯示：產品多樣性主要係透過環境不確定性間接影響生產績效，而機器彈性與路徑彈性則有助於調和內部不確定性對生產績效的負面影響，進而達成生產績效的提昇。本論文之分析結果隱含：過去管理會計研究認為產品多樣性對生產績效的影響主要來自於批量作業活動(batch-level activities)與產品支援活動(product-sustaining activities)的增加，而忽略產品多樣性對環境不確定性的影響，可能低估產品多樣性的攸關成本，尤其在一高利用率與高度動態的生產環境中，產品多樣性透過環境不確定性對生產績效的間接影響可能大於產品多樣性對生產績效的直接影響；另一方面，本研究指出：在一動態環境中，廠商可透過製造彈性的提昇，降低環境不確定性對生產績效的負面影響，但最適彈性水準的決定則須取決於製造彈性與其他生產績效衡量之間的函數關係。 / This thesis reports the results of a field empirical study examining the impact of product variety and manufacturing flexibility on production quality, cycle time, equipment productivity, and production cost within the context of semiconductor wafer fabrication facilities. To fill the gap in existing research, I attempt to study internal flexibility, rather than external flexibility (e.g., product flexibility, mix flexibility). Two types of internal flexibility are selected, which are machine flexibility and routing flexibility. Using both machine-level and lot-level production data from one dedicated wafer fabrication plant, this thesis examines the direct impact of product variety and manufacturing flexibility on production performance and production cost. Empirical results suggest that greater product variety does not have a significant impact on equipment productivity but does have a significant adverse impact on production quality. Moreover, I find support for the hypotheses that greater routing flexibility has a significant positive impact on quality, time, and cost performance. As for machine flexibility, it has a significant positive impact on equipment productivity and cost performance, but has a significant negative impact on production quality. Furthermore, I also find a non-linear relation between manufacturing flexibility and equipment productivity, cycle time, and production cost. This implies that maximizing the level of manufacturing flexibility is not necessarily optimal for firms. Limiting the flexibility level may actually have the greatest benefit. To further clarify the mechanisms through which variety and flexibility impacts performance, I move beyond the direct effects and investigate the linkage between product variety, manufacturing flexibility, environmental uncertainty and production performance. Based on the operations research, environmental uncertainty is operationally defined as the process time variation, inter-arrival time variation, and output variation. Results from path analysis indicate that product variety negatively affects production performance through environmental uncertainty. This finding stands in direct contrast to the general belief in management accounting research that greater product variety leads to an increase in the number of batch-level activities and product-sustaining activities, which thus increase the production cost. In other words, the reported cost of product variety may be underestimated, because we do not consider the impact of product variety on environmental uncertainty. The magnitude of the underestimation is especially greater in a highly congested and stochastic environment. Empirical results also show that machine flexibility and routing flexibility mitigate the adverse impact of environmental uncertainty on production performance.

本研究旨在探討公司治理與動態資本結構之間的關係，以及產品市場競爭對此關係的影響。 第一篇文章探討公司治理品質如何影響動態資本結構。本篇文章同時考慮負債的「接管防禦」與「懲罰」效果，對最適資本結構調整速度的影響。我們的實證結果發現，雖然低負債(underlevered)和高負債(overlevered)公司，皆呈現公司治理品質愈差，調整速度愈慢的結果，但原因並不相同。以低負債且弱治理的公司來說，因負債所扮演的懲罰角色帶來的成本，高於使用負債作為接管防禦工具所帶來的利益，因此公司傾向減少負債的使用，並以較緩慢的速度朝向目標資本結構調整。但就高負債弱治理的公司而言，因面臨較嚴重的接管威脅，為了驅逐潛在的掠奪者，公司選擇增加負債的使用，而不願調降其負債水準至目標值，因此也降低了資本結構的調整速度。 第二篇文章主要探討產品市場競爭在公司治理品質與動態資本結構關係中所扮演的角色。文獻中已有許多研究探討市場競爭對經理人的怠惰行為的影響。然而，到目前為止，仍然沒有文獻研究產品市場競爭程度的高低如何影響公司治理與資本結構調整速度之間的關係。我們的文章因此補足目前研究文獻不足之處。實證結果顯示，公司在競爭的狀態下，更願意以追求股東財富極大化為其目標，此舉也因此提升公司資本結構朝向最適目標值調整的速度。除此之外，我們的實證結果亦發現在一個高度市場競爭的環境下，弱治理與強治理公司之間調整速度的差距會縮小。 / This study contains two essays on the relationship between corporate governance on capital structure dynamics, and how production market competition affects this relation. Essay 1: Corporate Governance and the Dynamics of Capital Structure: New Evidences The effects of corporate governance on optimal capital structure choices have been well documented, though without offering empirical evidence about the impact of corporate governance quality on the adjustment speed toward an optimal capital structure. This study simultaneously considers two effects of debt originating from agency theory—the takeover defense and the disciplinary effects of debt—on the speed of adjustment to the optimal capital structure. Corporate governance has a distinct effect on the speed of capital structure adjustment: weak governance firms that are underlevered tend to adjust slowly to the optimal capital structure, because the costs of the disciplinary role of debt outweigh the benefits of using debt as a takeover defense tool. Although, overlevered weak governance firms also adjust slowly, they do so because they are reluctant to decrease their leverage toward the target level to deter potential raiders, especially if they face a serious takeover threat. Therefore, this study finds that both overlevered and underlevered firms with weak governance adjust slowly toward their target debt levels, though with different motivations. Essay 2: Corporate Governance, Product Market Competition, and Dynamic Capital Structure The importance of product market competition for analyzing managerial slack or the impact of corporate governance on capital structure decision has been widely discussed. However, prior studies pay little attention to center on the impact of market competition on the relationship between corporate governance quality and capital structure dynamics. This paper thus fills this gap in the literature. Our study finds that competition makes firms with weak governance have stronger incentive to maximize shareholders’ wealth and thus increase their adjustment speed toward their target leverage. Moreover, the difference in the adjustment speeds between weak and strong governance firms become smaller when firms operate in highly competitive industries.

如製造業欲實行製造業服務化概念，第一步總是最難決定。因此，這項研究的目的是提供台灣扣件產業對於製造業服務化概念，一個實際採行內容分析。本研究採用動態能耐和作業性能耐為主要兩大構面的一個研究框架，這是由Gebauer等人在2012）所發展的分析框架。本研究探討企業如何在開始抓住機遇，感測機遇和重新配置企業資源。這項研究希望能發現有關企業如何運營再結構化組織企業能耐以支撐企業戰略。對作業面能耐，重點在於企業文化，績效評估系統，人力資源，創新過程和組織結構。 動態能耐和作業性能耐作為本研究中的框架。動態能力可以分為三個部分，感知和形狀的機會和威脅，抓住機遇，通過加強和重新配置企業的無形資產和有形資產，以保持競爭力。在這項研究中，發現是該產品為導向的製造商只有在創建關鍵資源的價值和再分配融入企業文化。此外，產品為導向的生產廠家應建立在製造業和非製造業部門的評估程序。在另一方面，以結果為導向的製造商重新分配所有資源的組織中為他們的客戶提供卓越的使用體驗，還建立了一套服務面和非服務面衡量績效指標系統。此外，結果為導向的製造業會執行的品牌建立和通路經營的，支持企業戰略。此外，台灣扣件產業能夠了解自身擁有的能耐之餘，並知悉如何踏實地實行製造業服務化。 有兩個理由說明這項研究的標的，選擇台灣扣件產業。首先，扣件產業在台灣擁有完整從上下游完整供應鏈。其次，其中在台灣一些扣件製造廠商已經成功執行製造業服務化，以加強於非價格競爭的競爭力。研究結果可分為，從能耐的角度具體探討執行內容，產品導向的服務以及結果為導向的服務之間的實際經驗。此外，這項研究指出兩種類型的產品服務化系統之間的相似與相異的能耐。 然而，這項研究的限制是，它僅選擇扣件產業。未來的研究方向可能會選擇其他行業的情況下，試圖找出這些行業中，對於製造業服務化，所需要能耐的相似性及長期觀察下，能耐擁有是否改變。 / As manufacturer adopts servitization to add value by adding services on their current value chain, the first step is always the hardest one. Thus this research aims to offer Taiwanese fastener industry insights to develop servitization. Moreover, it studies and recognizes what the key capabilities are that companies should have. This research uses the dynamic capability and operational capability, which were developed by Gebauer et al (2012) as the analytic framework. This research explores how enterprises initiate in seizing opportunities, sensing opportunities and reconfiguring corporate resources from dynamic capability perspective. Within the interview, this research hopes to discover findings on how business operations support corporate strategy. The research interview focuses on corporate culture, performance measurement systems, human resources, innovation process and organizational structures of operational capability perspective. There are two reasons why this research is focused on Taiwan’s fastener industry. Firstly, the fastener industry in Taiwan has a complete supply chain from upstream to downstream with an industry cluster. Secondly, some traditional industries such as fastener industry have adopted servitization to enhance the competitiveness for non-price competition. The results of the interviews include the capabilities that servitized companies have with the capability framework. Furthermore, the findings include practical experiences between product-oriented service and result-oriented service from capability perspective. This research also identifies the differences and similarities capabilities between two types of product-service system. Dynamic capability and operational capability are used as a framework within this research. Dynamic capability can be divided into three parts, to sense and shape opportunities and threats, to seize opportunities, and to maintain competitiveness through enhancing and reconfiguring the business enterprise’s intangible and tangible assets. During this research, the findings were that that product-oriented manufacturers only integrate corporate culture in value creation and reallocation of the key resources. In addition, product-oriented manufacturers should establish procedures for evaluation on manufacturing and non-manufacturing departments. On the other hand, the result-oriented manufacturers re-allocate all resources among the organization for a superb usage experience for their customers and also establish a set of service and non-service performance indicators for measurement systems. Additionally, the result-oriented company executes brand building and operates channels to support corporate strategy. Also, the Taiwanese fastener industry can ensure their own company's capabilities and understand how to perform servitization practically. However, this research focuses on the contents of capabilities that the companies initiate for servitization. The restriction of this research is that it only chooses the fastener industry. Future research directions may choose other industries as cases and try to find out similarities of capabilities for servitization among those industries.

隨著智慧型手機普及，大量行動應用程式(Apps)近年如雨後春筍般的出現，然而在大量且功能間相似的App中，如何脫穎而出實為值得探討之議題。 本研究依據先進者優勢作為理論基礎，並延伸探討產品特性及行銷策略對先進者優勢維持之影響，透過檔案分析法針對目前市面上數個成功的App進行個案研究，並同時對功能相仿的App進行交叉個案分析，期望歸納出能領導各種類App成功的方法。 本研究蒐集自期刊論文、相關書籍、報章雜誌及網路文獻之資料，經個案分析之研究結果如下： 1. 市場的先佔及高轉換成本為App先進者主要優勢來源；而較低的成本、市場不穩定性及先進者可能失誤，則為App後進者主要優勢。 2. 較佳的產品功能與產品創新能力，或較能提供更多附加價值之App，對App先進者優勢的維持有正向之影響。 3. 不同種類的App在先進者優勢之維持上略有差異，簡要歸納如下 (1) 遊戲類：受先進者優勢、產品優勢及行銷策略影響甚鉅，快速先占市場，並擁有良好產品功能及完整行銷策略較易帶來成功。 (2) 工具類：透過較佳的產品功能、產品品質與產品創新來維持先進者優勢，才能保持長期競爭力。 (3) 娛樂類：先進者優勢與產品優勢同等重要，快速先占市場將有助於發展與競爭力維持。 (4) 社交類：深受網路外部性之影響，故快速先佔市場並持續滿足使用者需求，才能避免被後進者淘汰。 / As more people use smart phones, the number of mobile applications (Apps) is increasing rapidly. However, with so many similar Apps, how Apps can stand out from competing products is an important issue. This study adopts theories related to First-Mover Advantages, Product Advantages and Marketing strategies to develop a general framework for analyzing factors that affect the success of first movers. We chose several well-known apps and used document analysis to analyze the secondary data collected from the Internet, newspapers, magazines, books, etc. Our major findings are as following: 1. Market preemption and high user switching costs are the main source of advantages for first-movers. Lower development costs, risks and the chance to avoid failure are the main source of advantages for the follower to succeed. 2. Better product functions and innovative features have positive effects on keeping First-Mover Advantages. Meeting customer needs and providing more added values also help maintain the advantage. 3. Different factors exist for different types of apps. Product advantages and marketing strategies are keys for Games Apps; app functionality, product quality and innovative features are important for productivity tools; first-mover and product advantages are important for entertainment apps; while network externality is the most critical one for social networking apps.

在環境變遷劇烈的時代，改善流程、發展新商品、研發新技術已經無法讓企業在穩操勝算。近年來，企業開始關注商業模式之價值。但是，過往的商業模式創新多為組合式，但是對於複合商業模式卻所知有限。本論文分析出版業商業模式的複合創新過程，了解傳統產業如何藉由商業模式而轉型。本文以全球最大的出版公司培生為研究對象，分析培生是如何策劃其複合商業模式，於2000年到2013年間啟動四種商業模式之創新。本文發現，商業模式必須透過資源不斷的流動，引導其實驗性交換方能產生複合的效應。觀念上，本論文提出如何以資源流的方式來分析商業模式的複合效應。實務上，本研究指出複合商業模式的形成原來不是以混合或組合不同的商業模式進行；而是必須創造資源的綜效，才能有效的讓新與舊的商業模式產生「複合」的效果，提供創新的解決方案，完成企業轉型的任務。 / In this rapid changing environment, improving work processes, developing new products, innovate new technologies may not secure firms’ success. In recent years, firms begin to pay attention to the value of business model. However, our understanding of business model innovation is limited to the combinational form and the hybrid form of business model is less known. This thesis examines the innovation process of hybrid business model within publishing industry, and understands how a traditional industry could undertake transformation via business model renewal. This study examines Pearson Publishing, which is the world’s largest publisher at the time, and analyzes how Pearson strategized its hybrid business model while launching four types of business model innovation during 2000-2013. The findings indicate that business model must initiate constant flow of resources, guiding its experimental exchange so as to create hybrid effects. Conceptually, this thesis suggests how to examine business models’ hybrid effects through patterns of resource flow. Practically, this research warns that the shaping of hybrid business model may not simply blend or combine two different business models. It requires us to create some sort of synergy among resources so as to generate some kind of ‘hybrid’ effect between the old business model and the new business model, resulting in innovative solutions and achieving the mission of corporate transformation.