現今小規模電信業者面臨因應不同的生命週期而出現不同的經營問題，或許併購是可值得思考的一種方式，但並不是絕對解決方式，重點是要找出對企業最有價值的策略。如何進行併購？需思考適合企業本身的方式，才能將併購後之綜效發揮至極大，故完善的評估作業，是小規模電信業者在併購前必作的課題。 本研究試針對小規模新進電信業者，研討可能透過的併購方式，使企業有增加企業價值及成長機會。其可能選擇之併購型態、併購動機(包含營運綜效、市場綜效、財務綜效、稅務綜效)及併購後可能產生之負面影響分別就問卷，訪談及個案分析找出最適合小規模電信業者併購策略方式。 研究發現台灣大哥大及遠傳電信在合併過程中都屬於主併者、同源式併購、併購雙方而言皆為合意併購。於提升品牌競爭力、增加經濟規模及範疇以及有效運用資源上有明顯之效果，但就市場綜效及財務綜效短期內並不明顯。另外根據問卷及訪談也發現大部分受訪者認為小規模業者應考慮作為「被併者」而非「主併者」，合併策略以「水平式」及「合意」方式為佳。合併之營運綜效前三名排名分別為「增加市場佔有率(用戶數)」、「增加生存能力」、「增加經濟規模」，市場綜效前三名為「可提升網路涵蓋率」、「可提高市場談判籌碼，進而降低進貨成本」、「可創造更多新用戶」。財務綜效前三名為「可改善財務結構」、「可提升股價」、「可增加其現金流量與穩定性」。至於稅務綜效則分別來自於利息費用可產生之稅盾以及小規模業者之虧損可作為合併個體所得稅之抵減項目。最後，調查中也發現併購後可能會因企業文化相異，導致企業人才流失，資源重覆投資，或因整合不易，導致營運成本增加。關鍵字：併購、小規模電信業者 / Currently, in Taiwan small telecom operators were facing different life cycles as well as operating issuing. Mergers and acquisitions (M&A) is a possible way which is worth to consider, but should not be the ultimately way, because the main point is to identify the most valuable strategy for the operators. How to make a successful M&A? Small telecom operators (STO) should identify an appropriate way for their own to achieve the maximum benefit for M&A. Therefore, a complete evaluation M&A is a very important topic for STO before merger. This study concentrates on M&A of STO, and tries to analyze the possible ways for STO to increase corporate value and growth opportunities through M&A. The research uses questionnaires, interview and case study approaches to analyze types of M&A, motivations of M&A (including synergy of operating, marketing, financial and tax effectiveness) and possible negative impacts after M&A. The case study finds that both Taiwan Mobile and Far East Tone Telecommunications in the M&A process were "the main acquirers", the type of M&A is "homologous-type merger" and "friendly takeover merger ". The both cases also indicat that the brand competitiveness improvement, increasing economies of scale and scope, and effectiveness of resources using have significant effects, but the effects of market synergy and financial synergy are not so obvious in the short term. In addition, questionnaires and interviews also suggested that most of respondents believe that the small telecom operators should consider to be "acquired firm" instead of "acquiring firm" "horizontal" and "friendly takeover" are the better M&A strategies for STO. The top three operating synergies were "increasing market share (number of subscribers) ", "increasing the survivability", and "increasing the economics of scale". The top three market synergies are "improving network coverage", "enhancing bargaining power and reducing purchasing costs", and "creating more new subscribers". The top three financial synergies are "improving financial structure", "increasing stock price", and "increasing cash flow and its stability". Synergy of tax is coming from the "tax shield", which is result from interest expenses and operating loss for STO, respectively. Finally, the study also finds that the negative post merger effects include corporate culture change which increases employees’ turnover rate, duplicate investment, and increasing operating costs due to difficult integration. Keywords: Mergers and Acquisitions, Small Telecom Operators

As the digital convergence trend comes and the deregulation of telecom industry, it becomes more competitive in telecom market in Taiwan. The telecom industry now is not limited to voice service but mobile internet, broadband internet and even video contents. The business expansion and marketing resource allocation somehow become a conflict under the strong competition. This business plan is to a new bundling Product model in Taiwan telecom market to overcome the conflict. To make it more specific and practical, all assumptions are under the current business condition of Chunghwa telecom.

數位內容產業為這幾年政府大力推廣的產業之一，為扶植數位內容產業能順利領導華文市場以落實知識經濟發展政府已於2002年3月將數位內容產業列為「新世紀兩兆雙星產業發展計畫」之一，而數位內容這種將傳統形式的內容透過數位科技的轉換，使無形資產可以創造出有形利潤的概念，正好是「知識經濟」的精神，因此台灣廠商若要走出有別以往製造業微利的競爭，就不能夠在全球數位內容產業中缺席。 而在數位內容產業中，行動內容是很重要的一個環節，由於電信網路為一封閉的系統，因此在收費機制具有高度的可靠性及安全性，而在終端設備方面，國內的手機市場也已將當成熟，根據數據顯示，台灣手機普及率已超過 100 %，而目前全球對於行動內容的發展又以亞洲市場之起步最快，且根據我國經濟部的資料，台灣3 G行動網路商機在二○○五年可達新台幣一百卅八億元，二○一○年更將突破三千二百廿二億元，商機潛力雄厚，而台灣行動內容整個產業可以說是處於一個剛起步發展的階段，需要相關文獻針對行動內容的價值鏈作深入的分析探討，特別是針對行動內容產業價值鏈中內容提供者、內容整合商與電信業者間的互動關係之討論，而本論文認為，內容業者進入行動內容產業具有一定門檻，而目前存在之內容整合商提供的功能尚未成熟，因此本研究認為行動內容加值平台在產業價值鏈有其生存的空間，未來更有甚著可能在產業價值鏈中扮演極關鍵的角色。 因此本論文將以探索性研究的方式，提出一套「行動內容加值服務平台」之創新事業模式，並利用交易成本的觀點，進ㄧ步探討行動內容加值平台在產業中發展之空間及可能性，及研究眾多內容提供者與電信業者間之交易行為，使數位內容之價值能充分發揮。 本論文的結論主要可分為兩個部份，第一個部份就是前提假設驗證的結果，也就是平台存在的必要因素，而第二部份則是對於平台發展之建議，也就是平台存在的充要因素，分別論述如下： 一、 平台存在之必要因素： (1) 本平台存在能有效降低交易雙方之交易成本： 透過專業分工，能夠替內容提供者省去許多技術密集的工作項目，使其能夠專注於內容的開發；另一方面也替電信業者省去了搜尋內容的成本，透過與本平台的一次交易，接觸到更多的內容提供者，有效的降低交易成本。 (2) 本平台的經營具有經濟效益： 也就是說本平台的經營是能夠帶來利潤的，只要本平台所連結的內容提供者越多，對於降低雙方交易成本就會有越明顯的效果，相對的本平台的經營成本就能更有效的壓縮，所帶來的利潤也越大，本平台也越有獨立存在的空間。 二、 平台存在之充分因素： (1) 平台經營的重點及方向 交易前本平台應多瞭解市場對於行動內容的需求，主動針對電信業者可能的需求提供服務；交易中的營運重點應該放在系統界接與手機格式問題的解決；交易後：本平台需能主動提供給電信業者消費者使用資訊。 (2) 在降低交易成本的作法 像是「後台」概念的建立：建構一套系統架構，統一處理在行動內容交易的過程中產生之重複且繁瑣的動作，不但可節省分開處理之成本，而且方便管理。 (3) 在技術背景選擇的方面 目前發展 JAVA 技術的行動內容是需要花費較多成本，而且由於市場規模不夠大，因此並不能符合經濟效應。所以在本平台的經營上，必須密切注意行動內容相關技術的特性，並配合市場研究，選擇最適合之技術發展平台。 (4) 在平台的切入點方面 本平台要盡量避免電信業者經營的行動應用有所衝突，未來的應用將會越來越多樣化，技術層次也將越來越高，因此本平台更必須密切觀察新技術的發展，以利發展市場新應用，作為切入行動內容產業的最佳時間點。 / Digital content has been one of industries that government highly promotes since 2002. Transferring content of traditional forms through digital technology, digital content is able to make tangible profits out of invisible assets, which is the spirits of “Economics of Knowledge”. Therefore, we cannot be absent from the competition of digital content industry that is different from low-profit traditional manufacturing industry. Mobile content is an essential link in the digital content industry. For telecommunication network, charging system has had high security and reliability. For terminal equipment, cell phone market in Taiwan has been mature enough. According to Ministry of Economics, mobile content is an industry with high potentiality of making profit out of. However, in Taiwan, mobile content is at its infant stage and the functions of content integrators, which the researcher of this study regarded as a necessity of existence and a key role in the value chain in the industry, still have room for development. Therefore, there is a need to analyze closely the value chain of mobile content industry, especially aiming at the interaction among content provider, content integrator, and telecommunication industry. Using explorative way of research, we addressed an innovative business model , “Added-value platform of mobile content”. Besides, its development in the industry and transactions between various content providers and operators were discussed to make the value of digital content revealed. The conclusion of the study are two-fold. The first one is the results of hypothesis-verifying process, the essential factors of platform’s existence. The other is the suggestion of future development of such platform, the adequate factors of platform’s existence. The results are as follows. 1. The essential factors of platform’s existence (1) The existence of platform could reduce the transaction cost effectively. Professional cooperation lessons the tech-intensive work for content providers and enables them to focus on the development of content. Moreover, cooperation could help save searching cost for operators. (2) Operation of such platform brings profits. The more the content providers cooperate with the platform, the lower the transaction cost is. 2. The adequate factors of platform’s existence (1) Keys to platform operation. Before transaction, we should analyze the market, providing services that operators need. During transaction, we should focus on inter-system integration and cell phone differences. After transaction, we should initiate consumers’ feedback to operators. (2) Ways to lower transaction cost. Construction of “Back-end” idea: building a system that deals with repetitive and trivial action from various transactions can not only reduce cost but easily manage. (3) Aspects of choosing technology. We should avoid immature and high-cost technology at the beginning. Therefore, for platform management, we should notice the mobile-related technology. (4) Cutting points of the platform. We should avoid operation conflicts with operators and keep an eye on the development of new technology for new application of mobile content.

由於行動上網技術不斷地進步，消費者也逐漸養成了行動上網的習慣。Apple公司的iPhone結合了App Store的推出，更帶動了這股風潮。我國電信業者也在這樣的趨勢下，開始自行發展軟體商店(Application Store)以服務用戶。 在過去的行動通訊產業中，電信業者一直擁有主導優勢，各種加值服務都是屬於封閉的型態，所以用戶使用加值服務時，一定得經由電信業者所經營的入口。但是，自從Apple成功發展出軟體商店的模式之後，各種智慧型手機的軟體商店平台也開始蓬勃發展，用戶可繞過電信業者而取得相關的服務。因此，電信業者乃積極發展軟體商店以回應其所面臨的挑戰。 本研究以中華電信、台灣大哥大、遠傳電信等國內三家主要電信業者為個案研究對象，針對個案公司發展軟體商店的創新營運模式進行深入的探討。所得到的初步結論包括： (1)電信業者在經營軟體商店上，會強調多樣化加值服務的策略。(2) 電信業者在經營軟體商店上會根據不同的價值網路進行差異化。(3) 電信業者在經營軟體商店時，在價值創造方面會著重於讓消費者快速地找到正確的、所需要的軟體。(4)電信業者在發展軟體商店時，「在地化」是其經營上的關鍵要素。本文最後並提出實務上的意涵與後續研究的建議。 關鍵字：電信業者、軟體商店、營運模式創新、價值創造 / Nowadays smartphone has an enormous growth over the entire mobilephone market. A lot of people choose to use smartphone such as iPhone or android phone because smartphone brings more fun and convenience into their life. One of the key factors is application store which Apple made it successed in 2008. Application store or so-called app store is an online platform which provides service for customers to download applications and developers to upload. The transaction must be got involved in the whole process. However, the manefactors of mobilephone were active in establishing their own application store but the operators are eager to do so as well. The value-added service used to be controlled fully by the operators. Not only the contents but the portals were hold by operators so end-users had a few choices. Since the application stores become more poplular, operators are encountering a big chanllenge. This thesis studys how operators deal with the problem of decreasing ARPU by running application stores on their own. Based on the case study, the initial findings includes: (1) When operators run an application store, they emphasize variety of value-added services. (2) The methods which operators choose to differentiate their application store are related to the differences in their value network. (3) When operators run an application store, they put emphasis on elimination of information asymmetry. (4) When operators run an application store, localization is the key factor in opration. Key word: oprators, application store, business model innovation, value creation

本研究旨在探討固網及行動電話業的雙網整合(Fixed-Mobile Convergence，簡稱FMC)，造就此一趨勢的市場背景及促成技術，影響此趨勢未來發展走向的因素，電信業界的實施方式，與手機製造業的機會。 為何要討論固網及行動電話的整合? 因為它是近兩、三年來全世界電信業界最重要的發展趨勢，是電信業與網際網路的碰撞及交融，電信業界的典範轉移，也是固網業與行動電話業的大競合。它會影響電信業版圖勢力的重整，電訊網路的變革，手機功能的調整，服務提供的方式，是整個「未來世代網路」(NGN: Next Generation Network)的核心議題。 什麼是固網及行動電話的整合? 簡單說來，是指在同一支手機或PDA上，既可接打一般行動電話，又可打網路電話(Mobile Voice over IP)。換言之，雙網整合的行動電話同時具備GSM與Wi-Fi兩種網路之接取能力，在Wi-Fi範圍內時打網路電話，不在時就仍用GSM打電話，由於網路電話通常免費或價錢很低，如此既得到良好通話品質，又享受最低通話費用。要做出這種產品與服務，除了需要手機製造端的技術整合外，電信業者也需整合其通訊網路技術，並更新服務模式，牽涉層面十分廣泛。 本研究發現，促成雙網整合的市場因素包括: (1) 有線電話逐漸被行動電話取代，固網業者為奪回市場佔有率，遂以雙網整合模式推出新的服務模式 (2) 行動電話電信業者希望降低客戶轉換率 (3) 電信業者增加收入的壓力 (4) 消費者簡化通訊方式的需求 而雙網整合的促成技術包括: (1) 「網路電話」(VoIP)技術的發展 (2) 無線寬頻技術的發展，固接式寬頻連線的普及 (3) 整合式手持通訊裝置的製造技術日益成熟，市場接受度高 如何實施雙網整合，固網電信業與行動電話電信業各有不同打算。純粹的固網電信業多選擇成為「虛擬行動電話業者」(Mobile Virtual Network Operator)，或與行動電話電信業策略聯盟，以取得後者在行動電話網路的接取能力。同時，它們以具備Wi-Fi接取點功能的「家用閘道」(Residential Gateway)，與Cellular/Wi-Fi雙網手機，提供家庭用戶雙網整合的服務。在未來電信網路設備的選擇上，多傾向採用符合IMS (IP Multimedia Subsystem)標準的產品。 行動電話電信業者則多選擇UMA (Unlicensed Mobile Access)技術，在其基地台建設中，加入UMA網路控制器，並提供UMA雙網整合手機與服務給用戶。目前有多家行動電話電信業者在測試此技術與服務模式。如果採用UMA技術，未來如何與IMS技術接軌，會是行動電話電信業者需要考量的議題。 未來會影響雙網整合發展的因素則為: (1) 標準的採用: 雙網整合相關的標準包括SIP (Session Initiation Protocal)，UMA與IMS等。SIP與UMA目前已有產品問市，IMS則有待未來。 (2) 電信業者的經營模式是否成功，即推出的雙網整合服務的產品與價位，是否足以吸引消費者換機，與學習新的使用模式 (3) Wi-Fi/Cellular雙網手機有耗電量，通話品質，使用方法友善程度等問題，這些是消費者能否接受的關鍵因素 (4) 企業界整合語音通訊與資料通訊的意願及速度，並將辦公室交換機昇級至IP PBX的決心。企業界將會是雙網整合技術最早的採用者，其使用經驗將對一般消費者有很大影響力。 雙網整合的真正主角，是具備雙網整合能力的智慧型手機。手機製造業者在此趨勢中的市場機會包括:UMA雙網手機，SIP Wi-Fi單網手機，SIP Wi-Fi/Cellular雙網手機等。但要製造這些手機，需解決許多技術問題，包括:數位語音壓縮/解壓縮方法，回音消除處理，Wi-Fi耗電問題，Wi-Fi通訊之安全保護機制，使用者介面整合，互通性測試等等。再加上雙網整合的遊戲規則是由電信業者制定，如何使手機與電信業者的服務模式搭配完美，是一大挑戰。 雙網整合目前仍在發展階段，相關的標準、技術、產品、與服務皆未臻成熟，非常值得持續的研究與觀察。 / “Fixed-mobile convergence” (FMC) is the theme of study in this research. This research attempts to find out: 1) the “Pull” forces coming from the market demand for FMC solutions; 2) the “Push” forces of the enabling technologies that make FMC possible; 3) the factors that will impact FMC’s future; 4) how the carriers are deploying FMC; and, 5) FMC-related opportunities for the mobile phone manufacturers. FMC is about the convergence of telecommunication world and the Internet world. It is the former’s endeavor to benefit from Internet’s low cost, and richness in online services. It stems from the business battle for market share between the fixed network operators and the mobile operators, and it will affect the future power span of these operators. FMC trend includes the following aspects: terminal devices, services, business models, and network technologies. It is so crucial in forming the telecommunication industry’s future, which makes it the core subject of Next Generation Network implementation. FMC is the enablement of mobile phones to use fixed network technologies, such as Wi-Fi network, corporate LANs, IP PBXs, and so on. A Wi-Fi/Cellular dual-mode mobile phone has telephony capability on both Wi-Fi network via mobile VoIP (Voice over IP) technology, and on cellular (such as GSM) network. When the end user is within the Wi-Fi hot spot coverage, the voice communication will be on top of IP. When the user is out of Wi-Fi coverage, then the phone calls are running on cellular network. For the consumers, this technology promises “any time, any where” ubiquitous connectivity and mobility, while at the lowest possible price, since VoIP is normally free or has very low cost. To deploy such products & services, the operators have both technical & business issues to deal with. Based on the findings of this research, the market demand which accelerates converging mobile & fixed network include:  Fixed-mobile substitution (FMS), which means people are using mobile phones more often than fixed-line phones. In many Western European countries, about one third of the household do not install fixed phone lines any more. They only use mobile phones as communication vehicle. Under such circumstances, fixed-line operators are forced to fight back for their market share. FMC is one of such strategies for launching new products and services to win back the end customers.  Mobile operators need to lower the subscriber churn rate, for which they are losing customers. In the United States and some areas in Europe, mobile phone coverage in residential area is unsatisfactory, due to the high cost of building up cellular infrastructure to cover vast space. This is the main reason for the subscribers to switch operators, for the mobile operators, FMC seems a logical solution. Since household penetration rate of high-speed broadband access is high in US, Europe, and many Asian countries, with a Wi-Fi access point and Wi-Fi/cellular dual mode phone, even when the cellular signal strength is weak at home, the user is still able to make phone calls using Mobile VoIP technology on Wi-Fi. This is the origin of UMA (Unlicensed Mobile Access) technology and standard, which mobile operators are pursuing.  All network operators are under constant pressure for growing their revenue, since voice service has quickly become a commodity when flat-rate tariff model is getting prevalent. With FMC solution, mobile operators could earn back the users who are attracted away by the low cost of Internet telephony. For fixed-line operators, FMC is a mechanism for providing packaged deal of broadband access and dual-mode mobile phones. More over, they could provide “quadruple play” services to support IP TV, Video on Demand, and other Internet services to increase their revenue.  “Less is more” mentality of the consumers. Most consumers or working people nowadays have at least three telephone numbers: home phone, office phone, and mobile phone. Each one of them has its own phone bill, voice mail box, and phone book. Some people even have e-mail account, instant message account, and Internet telephony account (such as Skype screen name). The mobility or interchange between these mechanisms of communication, and to manage them is becoming complex. The consumers are asking the mobile operators to integrate their services and phone bills, which again, pulls the operator to FMC solutions. The following are the enabling technologies that facilitate the development of FMC. Without these technologies, FMC can not take root in the telecommunication industry, and generate commercial products in the future.  VoIP (Voice over IP). VoIP service, products, and PC-based software clients have flourished in the past several years along with the exponential growth of the Internet. With the success of Vonage (pure-play VoIP service provider) and Skype (peer-to-peer internet telephony network based on PC), internet telephony has entered the main stream. Network operators that seek to lower the operation cost are turning to this technology as well. Mobile VoIP over EVDO, HSDPA, Wi-Fi, & WiMAX are getting a lot of attention recently since it can help to reduce the tariff, thus attract more users. For Mobile VoIP technologies to secure its market foothold, many issues need to be tackled, such as AEC, voice codec (compression & decompression), jitter buffer handling, SIP (Session Initiation Protocol) stack and RTP (Real-time Protocal) stack handling, power consumption, telephony UI integration, and so on.  High density of wireless broadband network such as Wi-Fi and WiMAX, and wide spread availability of wired broadband access such as xDSL and FTTH in school campus, office buildings, hot spots, transportation hubs, and homes, lay the foundation of FMC. Without such infrastructure, FMC can not thrive. With the combination of both wireless and wired broadband accessibility, Wi-Fi/cellular dual mode phone becomes practical and useful to the general public.  Converged handheld devices with multiple functionalities like push e-mail, PIM (Personal Information Management), Camera, SMS/MMS, internet browsing, phone book, Calendar, and so on, are getting very popular among business professionals in the last two, three years. With the advent of 3G network, data transmission need for email and SMS, more than voice, has increased peoples’ appetite for more powerful devices. Smartphones or PDA Phones that use open operating system such as Windows Mobile, Linux, or Symbian, have become powerful productivity and connectivity tools that cater to consumers’ needs, and have gained great success. The market demand helped to increase the sales volume, and drive down the unit price, which in turns stimulate more buyers. Bluetooth and Wi-Fi capabilities are newly added functions that further facilitates mobile VoIP in an economical way. Once the phone makers have taken care of issues like AEC (Acoustic Echo Cancellation), voice codec (compression/decompression), power consumption, integrated user interface for telephony, CPU loading, GSM/Wi-Fi handover, and so on, the Wi-Fi/Cellular dual-mode phone are taking the center stage of FMC. The factors that will impact the future direction of FMC:  Uncertainty of the FMC-related standards, especially for UMA (Unlicensed Mobile Access). UMA was adopted as FMC solution mostly by the mobile operators, however, it was considered as an intermediate solution toward IMS (IP Multimedia Subsystem), which so far was mainly adopted by fixed-line operators. UMA-compliant products are yet to be launched and proved by the market in the later half of year 2006, its fate uncertain at this moment. SIP (Session Initiation Protocol) is now de facto standard for VoIP, yet its implementation has many variations depending on the vendor. As for IMS (IP Multimedia Subsystem), its standardization process is still undergoing, VCC (Voice Call Continuity) specification is not final yet, the commercialization of IMS could take another two to four years. With all these standards evolving, both consumers and businesses could hesitate in their purchase decisions, and this may impose negative effect on FMC.  Business model of the operators. How they are going to launch FMC service, at what price, with which handheld device, will affect the end customers’ willingness to purchase. They need to provide good incentives for the end users to switch to the new dual-mode phone, and the UI needs to be intuitive enough to shorten the learning curve, and at attractive price.  As described above, the quality of the handset itself plays a critical role on the future of FMC, and its user friendliness and benefits will define the development of FMC.  How fast the enterprises will upgrade their PBX and networking facilities to integrate outbound data and voice communication. VoIP, IP PBX/Centrex, office software, and phone vendors are working together now to provide the enterprises “premised-based” FMC solutions. These solutions promise the executives more efficient administration of the phone bills, better productivity of the employees, and better customer relationship, and so on. Enterprises are the early adopters and test beds for FMC. If they find it useful, it will be helpful for the sales and distribution to the home and personal market. FMC deployment strategy varies from one operator to the other. Pure-play wired operators tend to become MVNO (Mobile Virtual Network Operator), or at least to have alliance with the mobile operators, so that they could get access to the mobile network infrastructure. Since wireline operators in most cases are also suppliers of broadband service to the home, they will take advantage of this infrastructure, and provide residential gateway (e.g. Wi-Fi access point) and Cellular/Wi-Fi dual-mode mobile phone as the FMC solution for the home market. In preparing for future, they tend to select IMS-compliant network equipments. Mobile Operators prefer UMA technology as FMC solution. It is comparatively simple in deployment in the network. Quite a few mobile operators are now in trial run of UMA. In the future, how to migrate UMA to IMS will be a challenge for those who adopt the former. For the mobile phone makers, FMC trend indicates the market opportunity of: UMA dual-mode phone, SIP Wi-Fi single-mode phone, and SIP Wi-Fi/Cellular dual-mode phone. Yet, unlike general purpose consumer market, these FMC phones need to be tied hand-in-hand with the operators for better integration of services and tariff plans. If these solutions are targeted at the enterprises, the phone makers need to work with IP PBX vendors as well. How to work with these parties, and come out good, integrated phones, is a great challenge. Fixed-mobile convergence is still evolving in the telecommunication world, with many vendors and parties involved, and each has its unique way of FMC implementation and business model. How it will turn out takes continuous research and observation. Due to its scale and influence for the future, the effort will definitely be worthwhile.

台灣行動通信市場自從1997年開放自由競爭以來，市場發展迅速，到2003年用戶數到達最高峰，共2,509萬戶，普及率達111%，但2004年以來用戶數即出現下降趨勢，市場呈現飽和現象。在這樣競爭的環境下，各電信業者勢必要想辦法保有自己公司的忠誠顧客，並努力促成其他業者的顧客轉換過來，藉此來提高或維持自己的市場佔有率與獲利。 因此本研究由顧客滿意度和顧客忠誠度出發，研究滿意度對忠誠度的關係，並導入轉換成本之概念，研究轉換成本對忠誠度之影響，並探討轉換成本對於滿意度與忠誠度之間關係的干擾效果。 本研究以電信業為例，針對台北市使用2G、3G行動通訊服務之消費者進行研究，以便利抽樣之方式，在三大商圈共發放300份問卷，並回收有效問卷159份，經統計資料分析，本研究發現： (1) 顧客滿意度對顧客忠誠度具有正向關係。 (2) 轉換成本對顧客忠誠度具有正向關係。 (3) 顧客滿意度與忠誠度間之關係，會受到轉換成本之影響。 根據上述之結論，本研究建議電信業者可藉由提升特定項目之滿意度，來創造顧客忠誠，並靈活運用轉換成本之概念，藉由提高財務轉換成本，以降低舊客戶轉換到其他業者的意願；另一方面則創造比同業更低的程序轉換成本和不確定性成本，讓其他業者之用戶在考慮轉換過來時，不會面臨到很大的轉換成本。

無 / Purpose – The fast growth and global success of China’s ICT industry suggests the presence of national competitive advantages. The purpose of this study is to examine these competitive advantages and draw conclusions about their influence on company performance using the case of Huawei. Design/methodology/approach – Using the Porter Diamond Theory of National Advantage the study analyses the development of China’s telecommunication equipment industry and existing competitive advantages. Using the case of Huawei, the author explores the impact of Porter’s determinants on the company’s growth and global success. Findings – The study finds that China’s telecom equipment industry leveraged basic factors such as a large pool of low-cost labor while gradually developing more sustainable advantages. The Chinese government played a major role in driving initial demand for telecom equipment and facilitating the development of China’s ICT sector by opening its market to foreign investment and promoting innovation. Although the national competitive advantages elaborated in this study certainly helped the industry to excel, Huawei’s global success is also tied to its early decision to focus on R&D instead of relying on foreign technology. The additional support Huawei received from Beijing, particularly after being selected as a national champion, helped it in numerous ways but might hinder Huawei’s growth due to an increased negative image, particularly in the United States. Research implications – This research adds to the body of literature on the creation of national competitive advantages and their influence on the development and success of domestic industries.