科技所能提供的性能提升速度往往超過市場的真正需求，性能過度供給雖然給予破壞性技術侵入主流市場的機會，未能夠掌握需求的變遷亦是另一個原因。 過去台灣在電腦產業上的優勢，乃是不斷地透過規模經濟與學習曲線的效果來降低成本並擴大獲利的空間。在創新技術上的突破卻多侷限在更新製程與改善產品品質的延續性質的創新上。這一波在全球經濟不景氣與傳統筆記型電腦銷售疲軟下，低價電腦帶來的創新啟示是能夠將不同的價值前提帶入市場中，與主流市場既有產品相輔相成，並善用市場邊緣客戶重視的特色，隨著時間所演變的，不只是產品性能的提升，更將是扭轉小眾市場逐漸成為大眾市場的優良管理策略。 本研究之重點，在以克雷頓．克里斯汀生（Clayton M. Christensen）於其著作「創新的兩難」提出之破壞性創新（Disruptive Innovation）概念所進行的探討和剖析，輔以其他學者對理論的見解，並以低價電腦為例，試圖探索電腦產業利用其作為破壞性創新的成因與構成因素。

2007年11月全球網路書局巨擘Amazon正式宣布進軍電子書事業，發表一款名為「Kindle」的電子書以及相關營運服務，旋即造成搶購風潮。 此電子書使用E-ink公司研發的電子墨顯示技術，讓使用者的使用彷彿覺得是閱讀印刷物，而電子墨技術已存在四十餘年，最早發明於Xerox Palo Alto Research Center，此技術以使用黑白的電子墨形成可反射環境光顯示方式，有別於主流使用於筆記型電腦或桌上監視器的彩色顯示器，電子書以採反射式，能在有環境照明時清晰可視，不須要一般顯示器的背光源，所以有較低的耗電，同時也可以有較輕與薄的設計。 此差異化的顯示技術與產品定位讓E-ink創新技術花費將近十年均只有極小衆的需求，直到2008年才見有起飛的成長。 本論文透過分析E-ink個案之創新技術擴散歷程，並佐證先前相關創新技術擴散理論之文獻，闡述擴散模式、影響因素、與創新採用過程來明瞭E-ink創新擴散的驅動力。 E-ink創新技術之應用與其他創新技術的最大差異，它不僅是個破壞式創新技術，它的應用是需要改變採用者使用方式。 此類的創新技術不像其他大多數的創新技術是新增使用方式或察覺不出使用方式須改變。 所以研究其技術擴散歷程可幫助我們明瞭此類較不易擴散的創新技術如何能加速其市場擴散。此研究同時比較應用E-ink電子墨顯示技術的電子書與其他新技術與產品市場擴散之差異，包括應用高密度積體電路記憶體設計與製造技術的數位音訊播放器(MP3 player)、應用薄膜電晶體液晶顯示器技術的大尺寸液晶平面電視與應用投射式電容觸控技術的平板電腦。 本研究我們發現，E-ink創新技術的應用驅動採用者改變其以往的使用方式，而此驅動力的來源就是使用創新技術的新產品價值主張。 在此個案中更進一步發現擴散模式的兩股驅動力可改變產品擴散市場的強度，首先是技術發展達到產品可滿足客戶最低的價值主張期望，第二是此價值主張讓使用者選擇此新技術帶來創新產品的需求滿足。 延伸觀察使用方式改變的擴散主要為兩個因素的函數，一為內部推動力- 包括新技術的技術發展力、供應力。另一為外部拉引力- 包括市場對產品價值主張的吸引力、其他創新技術使用的協同效果、銷售模式與經營模式對產品的推廣能力。 創新技術是一個高科技公司維持營運與成長的重要資產，但如何能將創新技術應用於產品成功的擴散市場，若能掌握重要的驅動因子，方可將此資產較快速地轉變為倍數的財源。 本研究分析改變使用方式的破壞性創新E-ink電子墨顯示技術的擴散模式，發現初期的擴散以內部技術力與供應能力驅動為主，建議企業在此時期應思考如何應用創新技術定位產品，同時定位於最核心的價值位置建立商業模式。 在此能力逐漸增強之後，其擴散則以外部市場吸引力驅動為主，必須在市場推出所謂「殺手級應用」產品，即應用此破壞性創新技術突顯差異的產品價值主張，而能跨越採用者鴻溝。 同時建議企業在此時應著力於產品開發策略，市場推出的產品必須滿足多層次採用者不同的需求，適當的規劃產品直到技術漸趨成熟而衰退。 / It has became one of the most popular consumer electronics since Amazon, the world leading bookstore, announced to enter eBook business and launched a reading device, called “Kindle” in November 2007. This eBook device applies a simple electronic ink display technology from E-ink and let readers to view the display just like to view a printed book. This electronic ink display have been developed more than 40 years and invented in Xerox Palo Alto Research Center. This technology applies dark and white electronic ink which could reflect ambient light to display black and white image on the screen. The display don't need a backlight as conventional LCD screens, and can also be viewed under sunlight as printed paper. In the same time, it has a less power consumption and could have a slim and light design for easy carry. But, it has spent more than 10 years to only gain a small population of customers to use this differentiating display and product which apply this E-ink innovative technology. After Amazon launched “Kindle” in late 2007, we observed this technology fast diffuse to the mass market. This thesis is to study a diffusion model of E-ink disruptive technology. Review prior articles of technology diffusion theory, model of innovation diffusion, factors of innovation diffusion and adoption of innovation to understand driving forces of E-ink technology diffusion. The major difference of E-ink technology from others is to require changing the user usage method when it appy to an electroic paper. It is not only a disruptive change, but requires changing user usage experience. Most of other new technologies are to add new or be easy usage, won’t feel a change of usage method and experience. Research the diffusion model of this disruptive technology help us to understand how we could expedite this type of new technology to the market. In this study, we also compare other similar applications of new technologies, such as MP3 player which apply high density of integrated circuit memory design and manufacturing; Large sized TFT LCD TV which using TFT LCD technology; and Tablet computer which adopt capacitive touch technology. To compare those technologies market diffusion with E-ink display technology. We have found the driving force to adopt E-ink technology and make change of user usage is the value proposition of products which adapt this innovative technology. Furthermore, we conclude two driving forces to enhance diffuse into mass market. First one is to meet the minimum expectations of the value proposition from this new technology. Second is to meet the needs of users who select this new technology. In addition to, it observed two important factors to change usage adoption, one is internal push force, and the other is external pull force. Internal push forces include technology development; and capability of supply chain. External pull forces include market attraction of product value propositions; synergy for using other technologies in the products; sales and business models to promote products. Innovative technology is an important asset to sustain company growth in a high- tech company. But how it could successfully apply the innovative technology to a product and diffuse into the market? It is important to know key driving forces, so this asset is able to turn into cash for continuous funding new innovation. This study analyzes the diffusion model of a disruptive E-ink display technology. We have found early diffusion forces are depended on technology and supply chain capability. It suggests company to focus how to initiate the product position with technology capability for meeting expectation of value proposition. In the mean time, it needs to build the supply chain infrastructure to position core value of new technology. Once company has built the technology capability, diffusion forces move to market pull. It starts to launch a “killer application” product to apply this technology and underline differentiating product value proposition, so it is able to cross the “chasm”. It also suggests company to adjust strategy on product development and requires having a broader product portfolio to meet a variety of customer needs. Finally, plan product development for mainstream applications utill technology is gradually slowdown.

本研究以個案分析方式，以IC設計公司義隆電子為例將其15年來企業成長所採用的策略作為作一回顧及分析。藉由長期的觀察能夠了解到企業由初創、成長、一直到遭遇瓶頸後的突破，在這些不斷的循環過程中所依賴的核心能力是如何循序漸進地培養獲得的。在本研究中佐以實證資料有一深入討論。 此外企業所處的是一動態的競爭環境，任何一個突破競爭的「漸進式創新」極易被競爭者複製，將再度削弱了業者的利潤空間。企業領導人倘若只著重於不斷地應付這樣的循環模式的話，將是非常危險的經營方式。個案研究中發現義隆電子採取破壞性創新的思維，跳脫出IC設計公司僅推出IC產品的習慣性作法，而直接訴求及扮演模組或是完整解決方案提供者的角色。 本研究主要發現之一，企業新創及成長期階段中，企業成長與核心能耐的培養有其關聯性，可藉由以下五種企業活動不斷累積。分別為研發活動、選擇利基市場涉入、蒐集市場資訊及應用創意、再來就是核心能力的延伸拓展跨入不同應用領域，最後是經營網絡組織以擴充產品線廣度及支援客戶的深度。 本研究主要發現之二，當企業成長出現瓶頸摸索轉型路徑作為時，則與核心能耐的延伸有關且具有以下三種關連性特徵。分別為由產業價值鏈結構觀點，提高競爭對手的進入障礙；向下游整合提高產業獨佔力量；重新定義公司新的競爭方式。 本研究所選擇的個案研究係以電子產業的觀點加以分析，雖然對於管理上的建議及採證上的限制而有所侷限，但是其現象觀察及結論推展也同樣適合應用於其他產業上。至於個案公司策略的落實及未來經營的績效，期盼未來有興趣研究者持續追蹤。

企業最重要的目地就是追求成長及獲利，而成長是很重要的，因為只有成長，企業才能創造股東價值。不幸的是，企業的核心事業一旦進入成熟階段後，在追求新的成長舞台時，必須承擔令人卻步的風險。成長的關鍵，在於成為破壞者，而不是被破壞者，新進者對在位者的最佳攻擊方法，就是破壞他們。所謂破壞性創新，指的並不是生產更好的產品，提供給既有市場的顧客，而是做出更簡單、更便利、更便宜的產品，提供給新的顧客層，或是要求不那麼高的顧客群。 在台灣有一家以工業電腦為起家的企業研華公司。根據VDC (Venture Development Corporation)於2001 年4月所作之工業電腦全球市場報告列出全球前五大之工業電腦廠商，包括Radisys、SBS、NI、MERCURY及Kontron在全球工業電腦業界有著相當重要的地位，而研華則是台灣唯一進入全球前五大排行榜。期望透過個案的深入探討和驗証，發掘其成功關連的機制和因素，尤其是在創新部份，如何應用研發中心的機制來完成破壞性創新的目的，不斷地成長。並配合學術上有關「破壞性創新」理論研究，演化出台灣企業應如何進行破壞性創新，才能避開可能的風險，達到成長的目地。 本研究重點試圖從:一、市場機會點，二、競爭對手評估，三、策略考量與執行，四、研發中心的運作等四個構面，探討其間相互影響，並透過研發中心運作機制，來達成破壞性創新成長目的。主要的項目如下: 1. 企業在進行破壞性創新時應如何尋找市場可能機會點? 2. 企業在進行破壞性創新應如何進行競爭對手評估? 2.1 如何找出並定位出不對稱動機? 2.2.如何在大環境中建立不對稱的能力？ 3. 企業該用何種策略來進行破壞性創新？ 4. 企業如何應用研發中心來進行破壞性創新？ 研究以研華的研發中心為例子，來探討破壞性創新與研發中心運作，藉由個案的深入了解與探討，得到以下結論 一、 在破壞性創新中的市場主要客戶是尚未消費者，尚未消費者存在著較大的市場機會點。 二、 破壞性創新專案，必須要由研發中心專職的單位，有紀律的執行力，且必須提早建立商品化及銷售規劃，否則不易成功。 三、 研發中心在執行破壞性創新時，要採用應變型組織研發策略，並慎選計劃主持人，妥善應用政府資源，並和先期投入研發的研宄單位合作。 四、 競爭對手評估中，如何找到其價值主張是最重要的，因價值主張不同而產生不對稱動機及不對稱能力，具有不對稱動機，及不對稱的能力時，則很容易成功。否則寧可選擇利基市場，避開正面競爭，先取得小勝，再累積成大勝 五、 如果公司規模成長到某一種程度，而必須藉助破壞性創新成長時，最好先成立研發中心或是獨立子公司來運作，而研發中心的風險又低於獨立子公司，但需將研發中心從組織獨立出來，並由CEO親自領軍，否則不易成功。 關鍵字: ◆ 破壞性創新 ◆ 研發中心 ◆ Win CE核心平台 ◆ SOC (System On Chip) ◆ 不對稱動機 ◆ 不對稱能力 ◆ 價值網路 / For any enterprise, the most important goal is to pursue growth and profits. Growth is especially significant as it creates more value for shareholders. However, once the core business steps into maturity stage, the enterprise usually has to take stunning risk in creating new growth. The key point to grow is to be a destructor rather than a loser whereas the best way for a newcomer to defeat the current opponents is to destroy them. The destructive innovation I refer to is not better products for present customers but simper, faster, and cheaper products for new or less-demanding customers. This thesis examines the key factor and mechanism to success of an industrial computer company in Taiwan, Advantech Technology. According to a computer market report by Venture Development Corporation in April 2001, the top five industrial computer companies worldwide are Radisys, SBS, NI, MERCURY and Kontron. Among them, Advantech Technology is the only company from Taiwan listed in the top five. Through studying this case carefully, I wish to uncover the main factor to success, particularly in the innovation part, how they use the R&D center to achieve the destructive innovation and constantly make more profits every year. This study analyses the influence from four aspects: 1. market opportunity points, 2. the evaluation of competitors, 3. strategic thinking and execution, 4. the operation of R&D center. Furthermore, it investigates how the R&D center operates with a view to achieving the goal of destructive innovation and growth. The four aspects are further explained as the following: 1. How to seek the market opportunity while developing the destructive innovation ideas? 2. How to evaluate competitors while developing the destructive innovation? 2.1 How to find out and position the asymmetric motivation? 2.2 How to formulate the asymmetric ability in the overall environments? 3. What strategy should take in order to carry out the destructive innovation? 4. How to accomplish the destructive innovation with the aid of R&D Center? I take the R&D Center of Advantech as an example to probe into the destructive innovation and the operation of R&D center. From this case study, I conclude the following points: 1. In the market of destructive innovation, the major customer is those who have not purchased yet. They have larger market opportunity point. 2. The project for destructive innovation must be executed efficiently by a special task force formed within R&D center, and plan its commercialization and marketing strategy earlier; otherwise, it is not easy to succeed. 3. While executing the destructive innovation, the R&D center should adopt a flexible organizational research strategy, choose project manager carefully, take good use of government resources and cooperate with the previous research sectors. 4. While evaluating the competitors, it’s very important to find out their core value because it influences the asymmetric motivation and capability, with which an enterprise is likely to succeed. Otherwise, it is better to choose the niche market, avoid frontal competition, and win little at first and then gradually to a big deal. 5. If an enterprise keep growing to a certain degree and it needs a destructive innovation growth, it is better to have a R&D center or independent subsidiary company to run the project. R&D center has less risk than a subsidiary company, but R&D needs to be independent of the enterprise and overseen by the CEO to ensure its success.

歷史上出現許多既有領導企業被新興企業取代的例子，其背後的原因一直引起高度興趣。Christensen (1997)提出的破壞性科技 (disruptive technology)觀念為此現象提供一個解釋的方向。自破壞性創新的提出以來，已有眾多學者投入相關研究探討，但至今尚無一個廣泛被學界所接受且可適用於不同產業的模型，因此仍迫切需要更多的研究投入和實務驗證。評估破壞性創新的困難，就如預測未來般充滿著不確定性。對既有企業而言，藉由評估破壞性創新，可以對即將面對的衝擊早一步採取因應措施，使競爭優勢得以維持；對新興企業而言，評估破壞性創新即是找出成長的利基，並可依此進入主流市場甚至擊倒既有領導企業。 有鑑於評估破壞性創新的重要性和困難度，本研究提出評估成功的破壞性創新時應考量的關鍵構面，包含創新提供的性能對應於主流市場的需求、低價格或創造新的價值、市場擴散速度、以及社會環境。本研究以VoIP產業為破壞性創新個案來驗證各項構面。研究結果顯示PSTN的通話品質和功能已超過既有需求，讓VoIP有進入低階市場的機會。同時現階段VoIP的通話品質已可滿足大眾主流市場的需求，並提供較便宜的解決方案。尤其對既有網路人口而言，VoIP不僅是便宜且簡易的解決方案，更提供了多項應用服務的整合。VoIP破壞性創新正在市場上快速擴散，尤其在美國與歐洲等地區。透過評估構面的提出，使評估成功的破壞性創新能以更系統化的方式進行。評估構面的提出可為未來完整模型的建立提供一個發展方向，同時提供一個分析創新潛力的方法，產業界可以依據分析後的結果擬定相關策略。

Christensen提出「破壞性創新」，解釋為什麼許多過去成功的企業，在遭遇到新市場或新科技的衝擊時，常常失去他們在業界的領導地位。然而，相當可惜的是，Christensen只提出的「破壞性創新」的概念，卻沒有清楚地定義什麼才算是「破壞性創新」。 本研究將建立一個具有「價值創新程度」、「市場創新程度」、「市場成長速度」，三個構面的模型，用來決定是否為「破壞性創新」的要件。在每個構面下，分別發展出更細微的判斷指標，使模型更趨於完善。本研究更深入訪談三間具創新能力、其產品在市面上都有一定知名度的公司創辦、負責人，就本研究的三個構面，分別以其公司的創新產品做出對應的回應。最後統整出這些創新產品在這些構面的相似性。 / Christensen proposed the concept of "disruptive innovation" to explain why the established firm always failed when facing new market of new technology. However, Christensen just proposed the idea of "disruptive innovation", but he didn't clearly define what "disruptive innovation" is. This research established a model including three dimensions: value innovative ability, market acceptability, and market innovative ability, to determine if it is disruptive innovation. There are some criteria under the three dimensions. This research also interviewed the persons in charge innovative products, which is very popular in the market, in three innovative companies. They reposed according to the three dimensions. Some similarities of the three innovative products are concluded.

根據Christensen(2004)的定義，無線通訊技術WLAN及行動寬頻對有線通訊的業者而言為一種新市場的破壞性創新，因其可提供有線通訊無法提供的屬性-可攜帶性(portability)。 本論文是以IC設計產業的角度來了解有線通訊IC設計的在位者其是如何因應破壞性創新的無線通訊技術。而若在有線通訊IC設計的在位者採取行動之後，對於原來的採取破壞性創新的無線通訊IC設計的創新者造成什麼樣的影響，其又是如何回應有線市場在位者的行動。 本研究採取個案研究法並以Christensen(2004)所提出的「預測產業變化三步驟」以及陳明哲(1996)所提出的「動態競爭」理論為研究架構，經由實證分析得到以下發現: 1. 由於WLAN與有線區域網路在價值網絡上產生了重疊，使得有線通訊IC設計的在位者將之吸納收編，用它來互補於有線區域網路的技術上，使其服務可以更彈性、通訊範圍可涵蓋得更全面。而在有線區域網路的市場在位者吸納收編WLAN之後，原來採取破壞性創新WLAN的IC設計業者也會在市場共同性的因素下，反吸納收編有線區域網路IC設計在位者的技術。 2. 無線寬頻(行動寬頻)通訊一開始並無與有線寬頻網路在價值網絡上產生了重疊，然其光是行動語音通訊的龐大市場就吸引了有線寬頻網路的IC設計業者投入該領域將之吸納收編。但是並非每一個有線寬頻網路的IC設計業者對有能力將行動寬頻的技術給吸納收編，主要為行動寬頻的技術、資金門檻極高。另外，在FMC的發展下，有線與無線的市場共同性愈來愈高，在有線寬頻網路不斷地吸納收編行動寬頻的技術之後，這也使得原來採取破壞性創新的行動通訊IC設計業者也得反吸納收編有線寬頻網路在位者的技術，發展並取得與在位者相似的資源，使其在漸漸提高的市場共同性下，提供具有競爭力且功能相似的產品解決方案。

台灣消費性電子產業和以往在資通訊電子產業的經驗，有極大的不同。以往廠商只要在Wintel架構下，依循主流設計發展產品，做個快速的跟隨者，只要掌握製造優勢的條件，往往就能創造硬體產品的興盛。然而，對於沒有共同平台、沒有主流設計的消費性電子產業，這些都不足為憑，只有不斷推出令人驚艷的創新產品，才是價值創造的最大根源。因此，消費性電子產品的創新，不僅來自於豐富的專業的創意，更需要仰賴極致的技術和管理開發的效率。 本研究的目的，旨在探討台灣的企業邁向消費性電子產業的產品創新模式，這種模式必須整合不同的技術、發揮想像力、提高產品開發管理能力及運用企業內外資源等要素。其中，尤以培養創新的組織文化，是企業突破窠臼的重要因素。 本研究，透過單一公司的深入分析，將其創新能力的育成，分為內部管理機制及外部技術資源的運用兩個構面，並以國際大廠做為互補性資產，將破壞性創新產品巧妙的與市場連結，而推展到消費者手上的成功經驗。在研究中，內部管理機制方面，分別探討企業內部的創新平台與組織文化；在運用外部技術資源方面，則討論技術吸收的模式與策略夥伴的幫助。最後，對創新成果做進一步的檢驗，並對此一創新模型的複製與應用提出建議，以提供業界進行消費性電子產品創新管理與發展之參考。 / There are enormous different experiences between consumer electronic industry and IT Industry in Taiwan. In the past, as long as a maker keep himself as a rapid follower under Wintel design concept and grasping the manufacturing advantages, the make normally can easily create a booming market of hardware products. However, that is not enough for the consumer electronic product as there is no standard platform or main stream to follow, thus the true value can only created by the continuous new shinning products innovation and development. Thus the innovation of consumer product is not only from the creativity, it also relies on the ultimate technology and high efficiency of product development. The purpose of this research is to investigate the innovation model of Taiwanese enterprises in consumer electronic industry. This model has to integrate the various technologies, to extend the imagination, to manage the ability for product development and to utilize the internal and external resources; especially to cultivate the creative culture is the key factor for a company. This research adapts the detailed analysis of single company, whose incubates its ability by internal management mechanism and utilization of the external technical resources. To leverage the global firm’s market power as complementary assets, promotes the disruptive innovation product to consumers. In terms of internal management mechanism, discusses the internal innovation platform and organization culture. The other hand of utilizing the external resources, discusses the ways of technical knowledge learning and the support from the strategic partners. In the end, do the further exam on the innovation results, and offer the opinion on the duplication and application for the model. This could be a reference for product innovation and management of consumer electronic industry.

本研究企圖從Rogers創新傳佈的觀點探討科技特質因子如何影響雜誌業採用新型態便利商店繳款單付費方式。研究採問卷調查法，有效問卷68份。統計分析結果發現：一、創新傳佈理論五項科技特質中相對利益、相容性、可觀察性因子與採用採用新型態便利商店繳款單付費方式之決策有關。二、決策階段之科技導入評估因子：選用程度、作業程度、補償程度與採用決策有關。三、科技特質因子與科技導入評估因子之間交互相關。四、不同雜誌組織對於便利商店付費方式有顯著不同差異。發行規模較小的公司(發行量低於一萬份或雜誌代理商)，反而願意投入掌握新市場。本研究建議未來可延伸以破壞性創新理論，繼續探討創新付費模式是否能使新進市場的媒介組織擁有優勢，對於未來數位內容、網路分類廣告等是否採用創新付費機制，都將具有啟發作用。 / The research uses Roger’s diffusion of innovation theory to explore how magazines adopt an alternative new payment method to sale magazines－using 7-11 chain stores barcode method. A total of 68 valid questionnaires were collected. The results support our hypotheses that the relationships exist between technology characteristics of the new payment method and the adoption; second, the organizational size and types of the magazine affect the adoption. The research suggests that future research consider using Christensen’s desruptive innovation theory to examine innovative payment models, especially in the area of digital contents and e- classified.

企業的持續成長是每一家企業所追求的目標之一，也是衡量企業營運績效之重要指標，當一個企業成長趨緩或開始衰退時，往往是企業遭遇困難的警訊。而企業能持續成長端賴競爭力之保有及持續提升，這在企業就必須具有企業競爭優勢策略，因而企業競爭優勢策略是提升企業經營績效的重要課題。 營運成長模式一般可分為內部成長與外部成長。內部成長是指經由公司內部新事業、新產品或新訂單與新客戶的增加使營業額成長；外部成長則是藉由外部策略聯盟、轉投資、購併等手段使公司能取得有利競爭優勢與地位或擴大營業規模。又因為藉由轉投資與購併經常能使企業之規模與競爭力獲得跳躍式成長，如美國通用電氣(General Electric)與思科(Cisco corp.)均為明顯而成功的案例，故在大部分企業經營時，其成為很多企業成長策略的主要選項。 然而，企業在選擇轉投資、策略聯盟或購併行為時，其策略與目標的訂定、購併與被購併企業之定位、整合；購併或轉投資的標的選擇與評估、計畫的規劃與執行等等，均影響外部成長之成敗，導致企業競爭力是否持續增進。 本研究針對垂直市場的產業內聯盟與轉投資為限制範圍，以聚焦於”垂直市場”產業內之轉投資有別於跨產業之投資行為，以”優勢競爭替代”之觀點來探討企業策略定位，以”組織變革”觀點來觀察購併與被購併或投資者與被投資者之定位策略與執行策略，以”累積長期競爭優勢”為標準來衡量與檢驗聯盟或轉投資之效益。 本研究針對研華股份有限公司轉投資艾訊股份有限公司之策略聯盟個案，以探索性研究方法依理論比較實務，研究其在策略聯盟之過程，探討此個案之策略與執行過程，期望能對研華與艾訊公司之策略作一研究與檢討並提出後續改進之建議。 本研究之歸納發現為： 一、 垂直市場競爭者之水平式策略聯盟或購併，如僅由發揮最大生產效率之綜效來考量，不易累積長久之競爭優勢。 二、 在垂直市場產業中，卓越的聯盟或購併之策略運用，在清楚的分析所處市場特性與公司定位以持續維持競爭優勢是策略思考的核心。 三、 破壞性創新思維運用在市場競爭策略上，市場在位者可提升維持性創新競爭力並同時可建立低階策略聯盟以形成阻止其他低階攻擊者障礙，足以保護現有市場在位領先者免於被競爭者侵蝕競爭力。形成結構上的長期競爭優勢。 四、 購併策略之執行，是否應將被併購企業併入，端賴兩方公司之策略定位。依據定位來檢視雙方之資源、流程與價值三個構面，當此三構面在雙方整合對整體策略有助益，則雙方應合併，反之則應維持獨立運作。 五、 雖然處於相同產業，但競爭之主要成功因素將因企業為維持性創新之市場在位者，或是防止低階、低價進攻者之阻攻者角色而有所改變；相對應的組織變革就應提出以確保策略之成功執行。 / The continuous revenue growth is one of the utmost goals that every enterprise seeks. It is also one of the key factors to measure the operation efficiency of an enterprise. It is an alarming signal that the enterprise is encountering serious challenges whenever the sales growth stays slow or encounters a recession. In order to keep the revenue grow consistently, an enterprise needs to sustain its competitiveness and keep its ascendancy as its cutting edge strategy. We can classify the growth engines into two categories: first, the internal growth engine which is contributed by new business, new products, and new orders; second, the external growth engine which is contributed by strategic alliances, M&A, and other investment opportunities. The enterprise usually gets a quantum jump on its business scale when a successful Merger & Acquisition is executed. The General Electric Co. and Cisco Co. cases are good examples of M&A. This probably explains why many companies place M&A and investment opportunity on high priority when setting growth strategies. However, when an enterprise adopts strategic alliance, M&A or diversified investment, its success depends heavily on its abilities of goal setting, positioning, targeting of Alliance Company, doing due-diligence, and solving culture conflict. This thesis investigates the strategic alliances and diversification investment between vertical market players, to focus on monistic industrial investment instead of cross industrial investment; reviews the company positioning strategy from the point of ascendancy competitiveness strategy; studies the execution of organization change between merger and merged companies and verifies the effectiveness of strategic alliances from the viewpoint of accumulated long term competitiveness advantages. The thesis studies from theoretical research to the case study of Advantech Co. which applies the exploratory research method. The Advantech Co. conducted an alliance with Axiomtek Co. in 2002 by stock swap between the two companies. Advantech owns 65% of Axiomtek after the alliance. It is my purpose to assay the process of strategic alliance and try to provide some advices to improve the effectiveness of this strategy. Conclusions can be summarized as follows 1. The strategic alliances or diversification investment between vertical market players can contribute less for cumulating the competitiveness if it is targeted to prevail by maximizing the production efficiency synergy. 2. A superior alliance strategy in vertical market is to analyze the market attributes and anchor the company positioning which helps the competitiveness accumulating for a player. 3. By implementing the disruptive innovation theory in market competition strategy, one company can develop alliance with a lower cost, 2nd tier or less functionality product provider to create the barrier for protecting attack from the disruptive competitors. 4. The resources, process and value are three scopes to judge whether two companies need be combined as one company or not. When those three measurements are formulating more advantages after combining based on mergers decision on companies positioning strategy, then, it should be combined as one company, otherwise vice versa. 5. The key success factors will be reformed accordingly if the acquirer re-positioning the company. A correspondent organization change also is recommended to be implemented.