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For a company to strengthen competitive advantage, they had to put in whatever method they can from time to time, for example, from product innovation, strategic innovation to seek for differentiation. There is also no exceptional for Taiwanese manufacturer. Due to the fact that most Taiwanese manufacturers are small and medium scales company, in addition they are OEM supplier, therefore at initial stage, it is very difficult to pursue differentiation from marketing and product research and development innovation. Under limited resources situation, how to aims at their own strength to select the strategy for differentiation is an issue for Taiwanese manufacturer to consider very thoroughly. This article took small electrical appliances industry as an example and from the business model application standpoint, we discovered that most Taiwanese manufacturers has taken Tapered vertical integration as the main business model to sustain its competitive advantage. Especially when they started on mainland investment, due to the land obtains easily and the cheaper labor force...etc, this vertical integration model application can further be implemented. Taking Value Chain theory and the Smile Curve as a basis for this study, and obtains the most effective vertical integration model is focus on "The Production Vertical Integration". This business model has led a few manufacturers obtain cost advantage in different level. As a case study we take Tsann Kuen Enterprise Co., Ltd as an example, to learn how this company has taken this vertical integration as an approach and developed to become the first Taiwanese manufacturer listed in China stock market. In addition, to learn how it became the top three of the largest small electrical appliances supplier. Finally, from the case study, we will propose a future development approach and suggestion for the Taiwanese small electrical appliances industry. Key Word: Vertical Integration, Smile Curve, Value Chain

本研究動機，乃分析部份傳統產業，透過兩岸分工，是否真的能為企業延續生命並帶來獲利的增加，及經營績效的提昇。茲以嬰童產業為例，從以下三個面向進行實質的探討：一、探討臺灣生育率驟降，中國大陸市場所提供的機會與發展。二、採行兩岸分工後對於企業營運績效的影響。三、從嬰童服飾產業價值鏈，探討台商營運模式與轉型契機。 本論文分六個章節，第一章為緒論，第二章為分工理論相關文獻，第三章為台灣與中國大陸童裝服飾產業概況，第四章為麗嬰房公司深度訪談，包括麗嬰房公司SWOT分析、五力分析、營運策略分析、兩岸營運分析，第五章童裝分工模式，分析產業特性與價值鏈，國際童裝與兩岸麗嬰房分工模式分析，第六為結論與建議。本研究以麗嬰房個案研究的方式來進行，研究工具包含收集資料以及深入訪談。 針對嬰童產業，本研究之結論與建議有四： 一.以大陸廉價的勞工設立工廠，從微笑曲線來看卻是附加價值最低的投資。二.「自有品牌 + 自有通路 + 國際嬰童品牌合作」麗嬰房核心競爭策略，台商經營嬰童服飾，擺脫代工廠的角色，此一商業模式可為經營參考。三.針對兩岸不同的市場需求，採取水平分工，但在朝向國際化或區域性發展，母公司負責產品設計研發整合，繼而兩岸的生產功能整合，藉合併生產擴大規模經濟。四、國際童裝紛紛將生產基地設在中國大陸，避免斷絕與世界名牌童裝接軌的機會，政府應加速開放中國製童裝紡品輸入，加速台灣嬰童服飾產業與世界領導品牌合作。 / The cause of this study is to analyze whether it is possible for some traditional industries to extend company lives, increase profits and promote operational performance through division of labor across the straits. I will present the case of childrenwear and baby garment industry for substantial examinations in three dimensions: 1. To examine the opportunity and development of China market due to the drop of birth rates in Taiwan. 2. To discuss how business operational performances are influenced by division of labor across the straits. 3. To explore the business models and the critical moment of transformation for Taiwan business through the value chain of children industry. The research consists of six chapters. Chapter one is a general introduction. Chapter two is the documentation of vertical and horizontal division of labor theory. Chapter three outline of childrenwear and baby garment industry in Taiwan and China. Chapter four presents the in-depth interview with Les Enphants, topics include SWOT Analysis, the Five Forces Model, Operational Strategy Analysis, Analysis of Business Operation across the Strait, global division of labor for Nike childrenwear vs. division of labor across the Strait for Les Enphants. Chapter five on the division of labor of childrenwear, analysis of industry characteristics and value chain, and analysis on division of labor of international chidrenwear companies and les enphants. Chapter six draws up conclusion and suggestions. Les Enphants is the major company of case study, the research methods include data collection and in-depth interviews. The conclusion and suggestions to childrenwear and baby garment industry are: 1.The cheap and affluent labors in China is the least value-added investment in terms of Smile Curve theory. 2.“Own-brand + own channel + international children brand cooperation” adopted by Les Enphants is a feasible business model for Taiwan’s childrenwear and baby garment industry. 3.Horizontal division of labor is necessary for different markets across the Straits, but early integration of product design is the key for production combination in larger scale. 4.More and more international childrenwear companies set up production base in Mainland China, in order not to cut ourselves from international re-known childrenwear brands, the government should lift the bar on the import of childrenwear and textile products made in China, to speed up the cooperation of Taiwan childrenwear industry and international leading brands.

Chen, Chang, Wen and Lin (2013)提出馬可夫調控跳躍過程模型(MMJDM)描述股價指數報酬率，布朗運動項、跳躍項之頻率與市場狀態有關。然而，利率並非常數，本論文以狀態轉換模型配適零息債劵之動態過程，提出狀態轉換下的利率與具跳躍風險的股票報酬之二維模型(MMJDMSI)，並以1999年至2013年的道瓊工業指數與S&P 500指數和同期間之一年期美國國庫劵價格為實證資料，採用EM演算法取得參數估計值。經由概似比檢定結果顯示無論道瓊工業指數還是S&P 500指數，狀態轉換下利率與跳躍風險之股票報酬二維模型更適合描述報酬率。接著，利用Esscher轉換法推導出各模型下的股價指數之歐式買權定價公式，再對MMJDMSI模型進行敏感度分析以評估模型參數發生變動時對於定價公式的影響。最後，以實證資料對各模型進行模型校準及計算隱含波動度，結果顯示MMJDMSI在價內及價外時定價誤差為最小或次小，且此模型亦能呈現出波動度微笑曲線之現象。 / To model asset return, Chen, Chang, Wen and Lin (2013) proposed Markov-Modulated Jump Diffusion Model (MMJDM) assuming that the Brownian motion term and jump frequency are all related to market states. In fact, the interest rate is not constant, Regime-Switching Model is taken to fit the process of the zero-coupon bond price, and a bivariate model for interest rate and stock index return with regime-switching and dependent jump risks (MMJDMSI) is proposed. The empirical data are Dow Jones Industrial Average and S&P 500 Index from 1999 to 2013, together with US 1-Year Treasury Bond over the same period. Model parameters are estimated by the Expectation-Maximization (EM) algorithm. The likelihood ratio test (LRT) is performed to compare nested models, and MMJDMSI is better than the others. Then, European call option pricing formula under each model is derived via Esscher transformation, and sensitivity analysis is conducted to evaluate changes resulted from different parameter values under the MMJDMSI pricing formula. Finally, model calibrations are performed and implied volatilities are computed under each model empirically. In cases of in-the-money and out-the-money, MMJDMSI has either the smallest or the second smallest pricing error. Also, the implied volatilities from MMJDMSI display a volatility smile curve.