近年來，零售通路商為了鞏固通路勢力以及提升整體業績，正不遺餘力地發展多樣的自有品牌商品。本研究以國內第一大便利商店-7-ELEVEN所推出的自有品牌7-select為研究主體，有別於以往研究多探討自有品牌與全國性品牌商品之特色差異，本研究從7-ELEVEN挑選找尋代工廠夥伴的考量因素角度出發，進而歸納出商品特色，並欲了解在許多全國性品牌替7-select系列商品從事代工下，目標客群對於7-ELEVEN與其代工廠夥伴所共同推出的7-select自有品牌商品之感受。 透過文獻回顧，本研究將代工夥伴選擇之考量因素轉化為商品特色，以「定價特色」、「商品品質」列為衡量項目，並加入零售商之經營優勢「陳列促銷」，以此三者作為自變數；並將「對代工廠形象之重視程度」列為調節變項；而以「品牌權益」與「購買意願」當作依變數，同時能衡量目標客群之感受及列為零售商績效衡量指標；最後，於探索性調查中，欲了解「代工廠品牌的揭露程度」及「揭露不同代工廠品牌」對於受測者選擇自有品牌商品是否有影響。 研究發現：(一)零售商自有品牌商品之商品品質與品牌權益之間有顯著正向關係；(二) 零售商自有品牌商品之商品品質與購買意願之間有顯著正向關係。(三)零售商自有品牌商品之定價特色與品牌權益之間有顯著正向關係；(四) 零售商自有品牌商品之定價特色與購買意願之間有顯著正向關係。(五)零售商自有品牌商品之陳列促銷與品牌權益之間有顯著正向關係；(六) 零售商自有品牌商品之陳列促銷與購買意願之間有顯著正向關係。(七)對代工廠形象之重視程度並非零售商自有品牌經營構面與品牌權益及購買意願關係之調節變項。(八)從探索性調查得知，代工廠品牌之揭露程度及揭露不同代工廠品牌會使受測者對自有品牌商品的選擇有顯著改變。

由於網際網路的盛行，許多產品或服務可以開始考慮由網路進行派送。特別是一些可以用0與1位元方式進行編碼的資訊或資料尤為適合。 基於在這樣的大環境之下， 本論文將著重於兩個部份的研究： 第一部份將設計一個新的商業模式，可以當作數位內容的發行商或通路商；第二部份將進一步闡述該商業模式在數位內容產業的應用模式。 本論文研究產生了幾個重要與有趣的研究發現。首先，虛擬通路商將會在未來數位內容的流通與發行上，扮演一個重要的角色。其次，虛擬通路商必須在”四流”(金流、物流、資訊流與商流)上扮演積極的角色，將有更大的機會可以勝出。再者，類似像點對點這樣的資訊科技將會非常適合用來應用在數位流通的議題之上，這些資訊科技也有助於提供虛擬通路商和其他競爭者間的差異化。最後，版權管理機制、智慧財產權管理、代收代付服務、會員募集與清算中心等服務，都是一個虛擬通路商可能應該關注的課題與建構成為核心能力的主要服務。 / Due to the high penetration rate of Internet, a lot of products and services could try to deliver on net; especially for those data or information could be transferred into the bits 0 and 1. Under this kind of circumstance, this research will focus on two parts: the first part is proposing a new business model of digital content distributor based on Gary Hamel’s theory; the second part is further elaborating the application of the business model in digital content industry based on the field studies. The research results in several important implications and discoveries on this topic. First of all, the virtual distributors will play an important role in the publishing of digital content; Secondly, the virtual distributors have to take care of “Four Key Flows”, including money flow、information flow、goods flow and Internet traffic, to enhance her services. Thirdly, some new IT technologies, like P2P technology, is very appropriate to apply into the business model of virtual distributors and it will be helpful to differentiate her services to those potential competitors. Finally, DRM service、Intellectual property management、Payment service、Member collection and Clearing house service are the major tasks that a virtual distributor should focus, but member collection and clearing service for consumers and digital content developers will be the first priority.

由於電子產業競爭激烈，使電子零組件通路商在產業中所扮演的角色越趨重要，為對該產業的前景及存在價值有更清楚的了解，本研究以電子零組件通路商的未來發展策略為題，設定個案研究為研究範圍，對其作深入的探討。 本研究先從整個大環境再到電子零組件通路存在價值和產業現況及所帶來的機會與威脅等外在分析為起始，再以個案公司內在分析為續。個案公司雖已是台灣第二大電子零組件通路商，其客戶基礎、專業技術、整體經營以及人脈建立上，已有相當好的成績，但若欲更進一步突破營運規模，擠進於亞太區數一數二電子零組件通路商，則仍有其競爭劣勢問題必須克服。而為解決個案公司當前問題及提供建議，本研究先從確定個案公司使命與目標為始，由經營現況及現在策略的分析，找出策略困擾因素並認定問題及做要因分析，再依公司目標提出根本策略、成長策略和競爭策略選擇的建議，並對營運策略包括資訊策略、行銷策略、製造策略、財務策略、人力資源策略、組織與控制策略做分析與建議。最後，具體列出個案公司為達成公司目標針對問題所應採行之改善方案的建議與結論。 近來雖因原物料大漲，再加上中國宏觀調控及美元貶值，國際上普遍不看好2005年整體及電子產業前景，使台灣電子產業的未來蒙上陰影。但長期而言，本研究認為電子產業的未來仍舊看好。所以，本研究最後亦對其他電子零組件通路商同業提出建議，使其在面臨類似營運成長問題時，能有較為明確的參考方向。

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.

台灣的電子產業蓬勃發展，而以製造為競爭優勢的OEM及ODM更是主要的業務重心；然而，多數核心零組件仍須仰賴國外供應，因此造就專業的電子零組件通路商，在整個供應鏈的產銷系統中扮演重要之角色。電子零組件通路商扮演上、下游之間調節功能，緩衝市場需求與供給量之差距。面對供應鏈的不確定性，如何達到訂單履行，成為電子零組件通路商重要的議題。要提升訂單履行的成功率，取決於電子零組件通路商的訂單管理能力，其中接單決策更為關鍵。在探討台灣某電子零組件通路商時，發現該通路商的接單決策，主要都是依靠員工自身的經驗；如何將員工的接單經驗轉化為知識，仰賴於知識管理。因此，本研究為通路商建立標準化接單決策，並以「緊急訂單」及「重排訂單」情境，探討接單決策是否需要改變。研究問題有三個： 1.電子零組件通路商的訂單處理流程為何？ 2.電子零組件通路商判斷是否接單之關鍵考量因素為何？ 3.電子零組件通路商面對客戶「緊急訂單」及「重排訂單」時，對接單決策的影響為何？研究結果發現，訂單處理流程中，「訂單屬性」為判斷是否接單的關鍵；標準化接單決策中，以「現有庫存數量」、「在途庫存數量」及「原廠前置時間」為判斷是否接單的大原則；面對緊急訂單，「預防性備貨決策」比「處理緊急訂單」更重要；面對重排訂單，以查看「訂單屬性」及「客戶大小及關係」為原則。本研究學術上貢獻，是整理電子零組件通路商標準化接單決策之關鍵考量因素，以及緊急訂單與重排訂單情境下之接單決策流程，提供後續研究者之研究方向參考；實務上貢獻，是讓電子零組件通路商員工，面對客戶訂單需求，能依照標準化接單決策判斷是否接單，以及在面對「緊急訂單」及「重排訂單」時，了解相對應的接單決策，並將員工內隱知識外顯化，實踐知識管理，提升在產業中的競爭力。

面對全球化競爭與產業環境的變化，如何在動態的競爭環境下永續經營，是企業目前面臨的考驗。台灣企業積極的想從低利的代工產業轉型成品牌公司，試圖調整經營策略，並建構新的核心能力，以提昇競爭力。 成為品牌公司，除了本身的企業文化與競爭能力外，必須要投入相當多的能力與資源，尤其要有長期抗戰的準備；品牌的投資，不是一時的資本投入，而是需要整個企業的核心價值與組織架構的推動，若要深耕其品牌，企業的行銷策略與通路管理能力則是品牌經營的基礎架構。 本研究以品牌商的角度，透過其在地主國執行的行銷策略，分析其行銷策略與通路管理的重要性，以及在執行時，面對地主國各中間商(包括代理商與通路商) 不同的能力與資源所遇到的問題，因而檢視其母公司所規劃的經營策略與行銷組合，是否符合全球化的經營意圖。 經過資料整理與訪談後，發現該品牌商有其完善的行銷策略以推廣品牌，並提升該品牌的權益，但因其全球化的策略，其大部分的區域都交由代理商經營，並由代理商負責執行該區域的行銷策略，此代理商與通路商的能力與資源會影響其行銷策略的規劃與執行，因而產生客制化的行銷方案，並與品牌商所規劃的行銷策略(即通用的行銷策略)，在內容與成效上存在差異。 因此，品牌商在擬定全球化的經營策略時，必須先考量到本身的能力與資源，並在規劃行銷策略時，事先做好STP分析，選擇適合的目標市場，再行擬訂通路策略，才有辦法利用通路管理將品牌的行銷組合落實到目標族群身上，以達到企業追求長期發展的願景和目標。 / Facing global competition and high volatility in the market, a major challenge of all firms is to seek long-term survival. Aiming to the future, some Taiwanese companies have changed their business models from suppliers to foreign branding companies to owners of their own brands through revising their strategies and building up new core competencies. Transforming into branding companies, in addition to changing corporate culture and enhancing competitiveness, these firms need to invest a lot of resources to prepare for the long run. Building a brand is a long-term commitment and a firm needs to have a comparable core value, a functional organizational structure, a well-thought marketing strategy and abilities to manage channels. This study, based a branding company's point of view, analyzes how it utilizes channels to implement its marketing strategy in a host country (i.e., Taiwan). The capabilities and resources of its channel members (including dealers and distributors) for successfully implementing its marketing strategy are assessed and how the resources constraints of these channels affect the firm’s global marketing strategy is also examined. After analyzing the data, gathering through personal interviews and other secondary sources, we found that the international brand did have well formulated marketing strategy to promote its brand and increase its brand equity for the long term. The implementation of its global marketing strategy relies on agents as well as channels in different countries to carry out. Therefore, whether a marketing strategy is effective really is in the hands of partners abroad. The international branding company’s experience in Taiwan illustrates this point well. We examined several types of channels and found that some executed its marketing strategy well and some did not. The differentiation factor is the resources and capabilities of a channel: the more it has, the better for it to implement the marketing strategy of the branding company. We also found that local adaptation is needed when a channel member had limited resources or capabilities. To conclude, when a branding company formulates global strategy, it has to assess its own capabilities and resources first and then engages in STP analysis and develops marketing strategy. After selecting a host country and target segments, it needs to select agents or/and channels to implement its marketing strategy. Because channels in foreign countries are the keys to create brand-awareness, a branding company has to spend resources to select and manage channels.

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.

電子零件通路商在電子零件產業中扮演協調的角色，需要調解上游供應商與下游顧客，減少市場供給與需求間的差距。ABC公司，為亞洲市場數一數二的電子零件通路商，負責企業間的配銷工作，在整體供應鏈中具有緩衝的作用。 ABC公司有兩個主要的銷售模式：非直販與直販模式。兩者差異在於負責訂單管理流程中的角色不同。非直販模式有兩個主要角色：銷售員Sales與產品經理PM (Product Managers)。Sales需負責將產品售出，而PM則負責訂單的達交、履行。而直販模式則只需PM來處理所有訂單或銷售相關的業務。在非直販模式下，Sales的訂單需要經由PM審核通過才算成立。而在訂單要求被拒絕的同時可能造成兩者間的衝突產生。Sales傾向盡可能的銷售較多的產品來達到預期的目標，而PM則需顧慮相應訂單產生的剩餘產品所造成的庫存水準提升的風險。這種情況在訂單履行的問題中非常常見。一般來說，公司會考量訂單達交的預算，包含為了完成此筆訂單的其他成本，如額外的附加運送成本，而Sales通常會被鼓勵採用“Sell what you have”的銷售策略來販售產品以避免額外的庫存產生。 為此，本研究想得知電子零件通路商如何在非直販模式下作訂單決策，釐清它的訂單流程並進一步瞭解影響訂單決策的重要因素。本研究採用訪談作為主要研究方法，透過與與個案公司的Sales與PM的訪談，整理了在非直販模式下的訂單流程與不同的訂單履行策略。本研究成果可幫助企業瞭解非直販模式的接單流程，以及決策所需考量的變數與其影響，有助於提升企業的知識管理功能。

自八O年代以後，台灣半導體通路產業即邁入了激烈的競爭時代。眾多高同質性的業者，相互競奪上游產品線的代理權，以及下游買者市場的交易權；業者的生存契機，主要來自於提供上、下游業者間進行商業交換的平台。因此，此一平台所能提昇的交換效率，及其處理跨組織間交換成本的能力，乃成為不容忽視的課題。半導體通路業為台灣資訊工業中，歷史悠久且具重要地位的產業；研究瞭解半導體通路產業之價值鏈活動，將有助於台灣半導體通路產業之促進升級。 半導體通路商所從事之價值鏈活動功能，予以分類概有商流、物流、金流、資訊流及技術流等五大項；其中，諸多研究證實——技術支援能力，乃屬半導體通路商之核心競爭力之一。過去有關半導體通路商的研究，大多是由競爭策略、企業資源規劃及整體通路之價值鏈活動等觀點著手，但專注於技術流部分，予以進行4C交換成本態勢分析之探討者，則尚未得見；因此，本研究乃有其創始性。 本研究以台灣地區的半導體通路商為研究對象，期望所做研究結果可供台灣半導體通路業者，做為規劃技術行銷策略之實務參考。本研究屬於質性之探索性研究，經由個案訪談及問卷之初級資料與次級資料的蒐集彙整，並以4C交換成本理論的四個主要變數：外顯單位效益成本、資訊搜尋成本、道德危機成本、專屬陷入成本，進行個案企業之比較分析，並歸納出下列之研究發現與結論： 1. 上游供應商與通路商之技術合作，其對通路商處理交換成本能力的需求排序為：道德危機成本、資訊搜尋成本、專屬陷入成本、外顯單位效益成本。 2. 技術性協力廠商與通路商之技術合作，其對通路商處理交換成本能力的需求排序：道德危機成本、外顯單位效益成本、資訊搜尋成本、專屬陷入成本。 3. 下游系統製造廠商與通路商之技術合作，其對通路商處理交換成本能力的需求為：外顯單位效益成本之功效，高於內隱交換成本之效能。 4. 規模經濟型之半導體通路商，其對下游系統製造商所提供之技術支援服務功能，外顯單位效益成本的優勢，高於內隱交換成本。 5. 利基型之半導體通路商，其對下游系統製造商所提供之技術支援服務功能，內隱交換成本優勢，高於外顯單位效益成本。 6. 經營低技術層次產品之半導體通路商，其對下游系統製造商所提供之技術支援服務功能，外顯單位效益成本的優勢，高於內隱交換成本。 / After the eighth decade, the channel industry of Taiwan semiconductor moved toward serious competition. Many of high similarity company compete with each other in the agency of product line source and the buyer market of OEM customer; the survival opportunity of company is to provide the platform for the exchange between the supplier and customer. Hence, the most critical point is to increase the efficiency and to reduce the exchange cost between the cross-organization in the platform. Semiconductor channel industry is long historical with important position in Taiwan information industry; to investigate and study the semiconductor channel industry will contribute to the research for the upgrade of semiconductor channel industry in Taiwan. The value chain activity of semiconductor channel can be break through into business flow, logistics, financial flow, information flow and technology flow; Among them, technical support ability has been approved to be one of the key competitiveness of the semiconductor channel by many researches. Most of the past researches stood on the views, such as competitive strategy, Enterprise Resource Planning and whole value chain activity, etc., but the point on the 4C exchanges cost co-opetition analysis in the technology flow has not been seen yet. Hence, it’s important for this research. This research is expected to provide the result for the practice reference of the technical marketing strategy to the Taiwan semiconductor channel by focusing on them. This research is belong to the qualitative exploratory research from the data collection of the primary and the secondary information in the interview cases and questionnaires, then to analyze the cases comparatively by the four primary parameters of the 4C exchange cost the cost: the external cost on utility, information searches, morals hazard and hold up asset specificity. Finally, the following important results have been pointed out: 1. The sort of the technical cooperation between the channel and the supplier to the requirement for the channel ability in dealing with exchange cost is: morals hazard, information searches, asset specificity and the external cost on utility. 2. The sort of the technical cooperation between the channel and the independent design house (IDH) to the requirement for the channel ability in dealing with exchange cost is: moral hazard, the external cost on utility, information searches and asset specificity. 3. The technical cooperation between the channel and the system manufacture customer to the requirement for the channel ability in dealing with exchange cost is: the effectiveness of the external cost on utility is higher than that of the inner exchange cost. 4. The technology support service function to the system manufacture customer from the semiconductor channel of the scale economic type is: the advantage of the external cost on utility is higher than that of the inner exchange cost. 5. The technology support service function to the system manufacture customer from the niche type semiconductor channel is: the advantage of the inner exchange cost is higher than that of the external cost on utility. 6. The technology support service function to the system manufacture customer from the semiconductor channel with operating in the low technical level product is: the advantage of the external cost on utility is higher than that of the inner exchange cost.

通路商在「供應鏈」的角色，除了必須發揮原廠與客戶端中間橋樑之基本功能以外，尚須面對外部競爭及內部營運績效提昇之考驗。在面臨內外在環境的衝擊及市場的激烈競爭，通路商如何發展其競爭策略來厚植其競爭力，謀求生存利基，是一值得探討的問題。 本研究主要目的是在探討台灣半導體通路商之發展策略，透過對於國內有效問卷之180家通路商作分析，經有系統的收集與整理資料後，利用隨機效果的橫斷時間序列資料迴歸模式分析，結果顯示： 一、組織績效正差會增加通路商對於新產品與新客戶開發的發展策略。 二、組織績效負差會增加通路商對於新產品開發的發展策略，但減少新客戶開發。。 三、領導者的認知度需求度對於新產品與新客戶開發的發展策略有負向影響。 四、領導者的冒險傾向對於新產品與新客戶開發的發展策略有正向影響。 五、領導者的認知需求度對於績效差與新產品開發有調節效果。 六、領導者的冒險傾向對於績效差與新產品開發有調節效果。 / The role of distributor, basically, not only supply chain management but also “bridge” between suppliers and customers, Meanwhile, they encounter external competition as well as challenge of internal performance improvement. Beset by difficulties both at home and abroad as well as fierce competition, distributors need to modify their competition strategies in order to enhance their competitiveness and chip in the niche category they can rely on. It is worthwhile to understand how the semiconductor distributors in Taiwan keep their competitive capability under the challengeable situations. The aim of this study is to investigate the development strategy of Taiwanese small and medium distributors who exclusively manage semiconductor products. After the collection of 180 leader-company dyadic data, this study utilized the random-effects panel regression models to examine the hypotheses. The results showed： 1. The positive difference between organizational performance and past performance increased distributors’ development strategies of new product and new customer exploration. 2. The negative difference between organizational performance and past performance increased distributors’ development strategies of new product exploration but decrease new customer exploration. 3. Top leaders’ need for cognition had negative effect on both of new product and new customer exploration of development strategy. 4. Top leaders’ risk-taking propensity had positive effect on both of new product and new customer exploration of development strategy. 5. The need for cognition of a top leader had moderating effects on the relationships between performance differences and new product development. 6. The risk-taking propensity of a top leader had moderating effects on the relationships between performance differences and new product development.