This research aims at the related cultural heritage of the domestic and international Financial Holding Company to carry on the collection and analysises, and make use of the individual cases in the research analysis method to carry on the research, then the way of the interview through expert, induce to tidy up¡¨ financial merchandise diversification¡¨,¡¨ the control of the marketing thoroughfare and base¡¨ and¡¨ the government-businessman relation ¡§ ,these finally three the items succeeds at the present time for the most main Key Success Factors of the Taiwan Financial Holding Company. This research also develops¡¨ Competitive Advantage¡¨ and¡¨ Competition Scope¡¨ two greatest strategies factor of the Taiwan Financial Holding Company according to the industry competition mode analysis that M. E. Porter put forward, controlling two kinds of Competitive Advantage to be classified into ¡§the government-businessman relation¡¨ and ¡§the profession conducts¡¨, then add to calculate the Financial Holding Company to compete an ¡§Competitive Scope Index¡¨ totally by the amount of the multi-field degree in Financial Holding Company and marketing thoroughfare and base in¡¨ Competition Field¡¨. Because this research problem still belongs to the exploratory research stage, past adoption¡¨ time class data method¡¨ assists to carry on the research with¡¨ expert interview method¡¨. This research assists to regard the concept of the strategic group as the core to carry on the research, the research result knows the Taiwan Financial Holding Company, really can operate according to the strategy different from resource of be classified into four different strategic groups, become the competition strategy matrix compartment of the formation to¡¨ professional niche¡¨,¡¨ the government-businessman relation is concentrated¡¨,¡¨ customer direction¡¨,¡¨ the government-businessman relation is diverse¡¨ four greatest strategic groups, this research and inquire into one by one at the different strategic groups in the Key Success Factors, and each competition set the difference that the Financial Holding Company operation caused , further categorize by a set of as a result the relation of study strategic groups and its results. The research result finds the Taiwan Financial Holding Company controlling the industry development, walking obviously of is a diversification route. The Financial Holding Company of Taiwan is in the operation in the market also be much more than only in order to acquire the economic resource and customers, also must fight for the political power and benefit in the industry, because the latter usually is just the important item of the existence. Therefore, along with for resource, include the marketing of the market and control the increment of the ability with marketing thoroughfare etc., a Financial Holding Company relies on the original government- businessman relation advantage and then be good enough to continue to survive, it is the most important decision factor that profession turn. Large Financial Holding Company due to it oneself have the better finance strength and operation efficiencies, plus the advantage of the scale, a Financial Holding Company of ¡§professional niche¡¨ , although walk the difference turns the management route, the current under the yoke of property scale shortage and product lineses are scattered, can't highlight the main business core competencies, competing down in these three years, perhaps the existence space will be gradually squeezed and smaller and smaller.

The grocery retailing industry is a key sector of the UK economy, accounting for 16% of consumer expenditure. As such developments in this sector will have an important effect on UK economic and social welfare. Arguably, competition in the sector has intensified in the last two decades. Yet significant consolidation in the sector has put it under the spotlight of the UK competition authorities. Previous research analysing factors affecting the performance and positioning of UK grocery retailers has tended to be restricted to a limited time period and a small sample size. This study extends this research by investigating industry evolution and factors affecting performance and industry structure with longitudinal panel data, covering a two-decade time period. The sample used covers a wide variety of grocery retailers with a range of different attributes over a significant period in the development of the industry, running from 1985 through to 2003. Strategic group theory is employed to study industry evolution and examine the effects of strategic positioning on performance. Specifically, fixed-effect panel econometric models are estimated at different levels of aggregation to analyse firm, industry and strategic group effects on the performance of retailers. Also, stochastic frontier models, in the form of Cobb-Douglas and Transcendental Logarithmic functions, are estimated at different levels of aggregation to analyse the efficiency of retailers in the sector. The results from cluster analysis on strategic groups suggest that industry structure is likely to become more concentrated, and the size of retailers will be a significant mobility barrier in the industry. The profitability analysis finds industry level factors and strategic group composition to be crucial in explaining performance differences. The efficiency analysis finds large retailers exhibiting economies of scale through operating large store formats to be significantly better positioned from smaller-format retailers with fewer outlets. Consistent and significant time dummies demonstrate the favourable macro environment enjoyed by the retailers for much of the 1990s. The analysis reveals potentially useful insights for retail managers, especially concerning the importance of positioning in the industry and the choice of strategic orientation. More generally, the study opens up further possibilities for future studies of performance and efficiency measurement over an even longer time as the sector continues to develop and shape the way consumers shop in the UK.

O objetivo deste trabalho foi obter informações sobre a correlação qualitativa entre o sucesso econômico e a consistência estratégica das panificadoras de pequeno e médio porte de diferentes modelos de loja. O estudo da estratégia nas pequenas empresas é fundamental para o entendimento das ações que levam esse tipo de empresas ao sucesso, devido à suas especificidades em relação às grandes empresas; cuja literatura é ainda relativamente escassa. Por outro lado o setor de panificação é de grande relevância e para a economia nacional e vem apresentando boas taxas de crescimento anual e uma transição para a agregação de maior qualidade nas suas operações. Para a concepção do objetivo desta pesquisa a metodologia adotada foi a realização de um estudo multicascos, de caráter qualitativo, em dez panificadoras da cidade de São José do Rio Preto/SP. Este estudo compreendeu entrevistas com os proprietários das empresas, sendo que desse total três eram de médio porte e sete de pequeno porte. Os resultados obtidos apontaram que quanto mais aderentes forem as ações estratégicas tomadas pelas empresas às dimensões estratégicas de seu grupo estratégico, melhores serão os resultados apresentados. Além disso, o estudo trouxe uma contribuição ao oferecer um conjunto de dimensões estratégicas mais específico para cada um dos grupos estratégicos encontrados no segmento de panificação brasileiro. Espera-se com esse trabalho um maior entendimento sobre a estratégia em pequenas e médias empresas, e de forma mais específica, uma contribuição para o estudo e o ensino de estratégias para este setor. / The aim of this study was to obtain qualitative information about the correlation between economic success and consistency of strategic bakeries small and midsize different store models. The study of strategy in small businesses is crucial to understanding the actions that lead to this kind of business success, due to their specificity toward large companies, whose literature is still relatively scarce. Moreover the bakery sector is of great importance and for the national economy and is showing good growth rates and an annual aggregate transition to higher quality in their operations. For the design of the objective of the research methodology adopted was to conduct a study multihulls, qualitative, in ten bakeries in the city of São José do Rio Preto/SP. This study included interviews with business owners, and of this total three were midsize and seven small. The results showed that the more members are strategic actions taken by companies to strategic dimensions of its strategic group, the better the results. Moreover, the study has brought a contribution by providing a set of more specific strategic dimensions for each strategic groups found in Brazilian segment baking. It is expected that work with a greater understanding of the strategy in small and medium enterprises, and more specifically, a contribution to the study and teaching strategies for this sector.

本研究以策略群組為核心，針對台灣地區銀行業進行研究分析，樣本對象為53家本國銀行及39家外國銀行在台分行。藉此了解台灣地區銀行產業內是否有採取相同策略之策略群組存在，各策略群組所採取的策略有何不同及其擁有的優勢為何，最後比較各策略群組在經營績效表現上是否存在差異及差異為何。 　研究結果發現台灣地區銀行業依據公司層級變數、事業層級變數以及功能層級變數可將其分為三個策略群組：「穩健擴張」群、「專注耕耘」群、「創新經營」群。「穩健擴張」群以蠶食方式地擴張其版圖，亦即挾其雄厚資本來占滿通路之方式來經營，而在新產品發展及業務多角化上則最為保守；「創新經營」群在資金來源、新產品發展及業務多角化的值最高，顯示其一方面著重於來自貨幣性存款之資金來源，另一方面極擴展利息外的營業收入而不只是侷限於傳統的利息收入、並且多方面地擴展營業收入；「專注耕耘」群在大部份策略變數上都是居中的。 　策略群組的經營績效則可分財務績效及營運績效來衡量，結果發現在總體經營績效表現上各策略群組有顯著的差異，若就個別經營績效變數來看，「穩健擴張」群在營運績效之營收市場占有率、存款市場占有率是最高的；「創新經營」群在財務績效之資產報酬率、員工平均營業收入、存放比率、營業收入成長率表現最佳；「專注耕耘」群的績效表現則無特別突出之處。財務績效之淨值報酬率、稅前純益率、員工平均盈餘，以及營運績效之獨占力表現則無顯著的差異。

O objetivo deste trabalho foi obter informações sobre a correlação qualitativa entre o sucesso econômico e a consistência estratégica das panificadoras de pequeno e médio porte de diferentes modelos de loja. O estudo da estratégia nas pequenas empresas é fundamental para o entendimento das ações que levam esse tipo de empresas ao sucesso, devido à suas especificidades em relação às grandes empresas; cuja literatura é ainda relativamente escassa. Por outro lado o setor de panificação é de grande relevância e para a economia nacional e vem apresentando boas taxas de crescimento anual e uma transição para a agregação de maior qualidade nas suas operações. Para a concepção do objetivo desta pesquisa a metodologia adotada foi a realização de um estudo multicascos, de caráter qualitativo, em dez panificadoras da cidade de São José do Rio Preto/SP. Este estudo compreendeu entrevistas com os proprietários das empresas, sendo que desse total três eram de médio porte e sete de pequeno porte. Os resultados obtidos apontaram que quanto mais aderentes forem as ações estratégicas tomadas pelas empresas às dimensões estratégicas de seu grupo estratégico, melhores serão os resultados apresentados. Além disso, o estudo trouxe uma contribuição ao oferecer um conjunto de dimensões estratégicas mais específico para cada um dos grupos estratégicos encontrados no segmento de panificação brasileiro. Espera-se com esse trabalho um maior entendimento sobre a estratégia em pequenas e médias empresas, e de forma mais específica, uma contribuição para o estudo e o ensino de estratégias para este setor. / The aim of this study was to obtain qualitative information about the correlation between economic success and consistency of strategic bakeries small and midsize different store models. The study of strategy in small businesses is crucial to understanding the actions that lead to this kind of business success, due to their specificity toward large companies, whose literature is still relatively scarce. Moreover the bakery sector is of great importance and for the national economy and is showing good growth rates and an annual aggregate transition to higher quality in their operations. For the design of the objective of the research methodology adopted was to conduct a study multihulls, qualitative, in ten bakeries in the city of São José do Rio Preto/SP. This study included interviews with business owners, and of this total three were midsize and seven small. The results showed that the more members are strategic actions taken by companies to strategic dimensions of its strategic group, the better the results. Moreover, the study has brought a contribution by providing a set of more specific strategic dimensions for each strategic groups found in Brazilian segment baking. It is expected that work with a greater understanding of the strategy in small and medium enterprises, and more specifically, a contribution to the study and teaching strategies for this sector.

本研究以我國上市上櫃資訊電子業為研究對象，探討策略群組與財務績效之關聯性，主要的研究問題為探討資訊電子業中是否存在策略群組的現象，若存在策略群組，則其策略行為的特性為何，不同的策略群組其財務績效是否有差異，何種策略行為將導致較高的績效。 　　本研究透過專家學者及國內外實證研究，找出25個策略變數，利用因素分析法萃取出主要的因素構面，以集群分析對樣本廠商進行分群，再使用變異數分析檢定各群組在主要因素構面上是否有顯著差異，並對各群組加以命名，同樣使用變異數分析檢定各群組在財務績效上是否有所差異。 　　本研究之實證結果主要結論如下: 　　一、根據因素分析所萃取出九策略構面，可將我國資訊電子業區分為三個策略群組:「集中差異化策略群」、「成本控制群」、「無特殊策略取向策略群」。 　　二、各策略群組在因素構面上有顯著差異，而且在其中七個構面上有顯著差異，包括:產品-員工因素，整合-地理因素，規模因素，外銷-聲譽因素，研發因素，製程因素，市場區隔因素等。 　　三、不同的策略群組間其財務績效有差異，但從不同的單一財務績效指標來看，策略群組間只有在資產報酬率上有所差異。 　　最後，本研究根據以上的結論，提出對業者及政府主管機關之建議，期望此研究結果能對相關人士有所貢獻。 第壹章 緒論 1 第一節 研究動機 1 第二節 研究目的 4 第三節 研究範圍 5 第四節 研究限制 7 第五節 研究架構 8 第貳章 文獻探討 11 第一節 策略理論部份 11 第二節 策略群組理論之探討 20 第三節 策略群組與績效國外實證研究 29 第四節 國內策略群組與績效之實證研究 41 第五節 企業財務績效的評估方法 48 第參章 研究設計 52 第一節 實證研究架構 53 第二節 研究假說 56 第三節 研究變數及衡量方式 58 第四節 資料蒐集與問卷設計 63 第五節 問卷資料統計分析設計 68 第肆章 實證結果分析 70 第一節 資料說明 70 第二節 策略群組的形成 83 第三節 策略群組的策略行為特性 88 第四節 策略群組間績效差異之分析 98 第伍章 結論與建議 101 第一節 研究結論 101 第二節 建議 104

[pt] A inovação no setor de saúde é fundamental para o avanço da qualidade e eficiência dos serviços, sendo de particular interesse na Colômbia onde o setor busca melhorias contínuas. Este trabalho propõe investigar a existência de grupos distintos de pequenas e médias empresas (PMEs) no setor de saúde colombiano baseando-se em suas estratégias de inovação e analisa o desempenho de inovação entre estes grupos. Utilizando uma metodologia quantitativa, o estudo analisou microdados da Pesquisa de Desenvolvimento e Inovação Tecnológica de Empresas Colombianas de 2016-2017, aplicando testes estatísticos como análise de cluster, MANOVA e ANOVA, entre outros. Os objetivos secundários incluíram a revisão da literatura para identificar variáveis chave, explorar a presença de categorias distintas de estratégias de inovação e examinar as discrepâncias no desempenho de inovação. Contrariamente às expectativas, os resultados não indicaram diferenças estatisticamente notáveis no desempenho de inovação entre os grupos. Este achado sugere a necessidade de uma investigação mais aprofundada sobre como as estratégias de inovação são implementadas e percebidas no setor. Este trabalho contribui para a compreensão das dinâmicas de inovação no setor de saúde colombiano, destacando a importância de abordagens estratégicas diversificadas e a integração de inovações internas e externas. As conclusões apontam para futuras pesquisas que podem explorar as relações entre inovação e desempenho, bem como estratégias adaptáveis para superar limitações de recursos, visando ao desenvolvimento sustentável do setor. / [en] Innovation in the healthcare sector is essential for advancing the quality and efficiency of services, with particular interest in Colombia where the sector seeks continuous improvements. This work aims to investigate the existence of distinct groups of small and medium-sized enterprises (SMEs) in the Colombian healthcare sector based on their innovation strategies and analyzes innovation performance among these groups. Using a quantitative methodology, the study examined microdata from the 2016-2017 Colombian Business Technological Development and Innovation Survey, applying statistical tests such as analysis cluster, MANOVA, and ANOVA, among others. Secondary objectives included a literature review to identify key variables, explore the presence of distinct categories of innovation strategies, and examine discrepancies in innovation performance. Contrary to expectations, the results did not indicate statistically significant differences in innovation performance among the groups. This finding suggests the need for a more in-depth investigation into how innovation strategies are implemented and perceived in the sector. This work contributes to the understanding of innovation dynamics in the Colombian healthcare sector, highlighting the importance of diversified strategic approaches and the integration of internal and external innovations. The conclusions point to future research that can explore the relationships between innovation and performance, as well as adaptable strategies to overcome resource limitations, aiming at the sustainable development of the sector.

自從1972年Hunt首次提出「策略群組」(Strategic Group)一詞以來，此一觀念即被廣泛地應用於分析產業結構以及廠商競爭策略與績效之關係。策略群組的基本論點在於產業中之廠商並非同質性個體，根據策略行為的差異，通常可將廠商區分為數個策略群組，廠商的績效水準以及策略行為對績效之影響，亦隨不同策略群組而有所差異。然而以往相關文獻大都偏重對釀酒業、製藥業、家電業等製造業進行研究，相形之下對服務業方面的探討就僅佔少數，至於以出口貿易商為探討對象的研究則是付之闕如。 　　我國為一缺乏天然資源的海島型國家，故對貿易的依存度（進出口總額佔國民生產毛額的比值）均偏高。根據GATT在1993年所發佈的世界貿易統計顯示，目前我國為全球第十二大出口國及第十四大進口國，可見國際貿易對我國經濟發展的重要性。在我國數目龐大的中、小企業體系下，進出口業務的達成有賴貿易商提供的各項專業服務，因此，貿易商在國內的經濟體系中扮演了重要的角色。 　　本研究以出口貿易商為對象，根據中華徵信所出版之1994年TOP 500大企業名錄中，合乎標準的288家貿易商為樣本架構，採取普查的方式。研究目的為：一、瞭解出口貿易商的經營策略重點，及策略對經營績效的影響；二、依照策略作為的相似性將出口貿易商分群，並描繪其個別群組的特性；三、瞭解各策略群組在策略形態及經營績效間的關係；四、對各策略群組間移動障礙的瞭解。研究方法：運用因素分析法(factor analysis)、集群分析法(cluster analysis)、多變量分析(MANOVA)以及迴歸分析(regression analysis)等方法，希望藉此了解不同策略群組內廠商的競爭行為和廠商策略興績效之關係。 　　本研究之主要結論有： 　　一、出口貿易商在營運時最重視的策略作為有：「根據國外買主詢價後向其提出報價」、「安排貨務運輸及擔負交貨的責任」、以及「提供裝船前的暫墊款融資服務」等三項。相對而言較忽略的是「持有配額」、「作為廠商的融資保證人或提供重開票融資服務」、「在國外設立維修服務中心以服務當地顧客」等三項。 　　二、在出口貿易產業，發現有效樣本公司可區分為七個群組，分別為：群組一：穩健經營型；群組二：積極創新型；群組三：有待努力型；群組四：傳統保守型；群組五：短小精悍型；群組六：淬勵奮發型；群組七：銷售導向型。 　　三、經過複迴歸分析結果，得知影響員工生產力的關鍵變數有：技術性的出口服務、市場接觸的服務、提供營運空間的服務、產品促銷的服務、垂直整合、水平整合、目標市場、經營規模、專業人力資源規模．研發與創新的能力．建立及維繫網路關係的能力、與從事三角貿易的能力等十二項，而影響資本效率的策略變數為：合併的服務、改進貿易流程的服務、提供營運空間的服務、產品促銷的服務．出口服務對象、出口產品的銷售地區、水平整合、經營規模、專業人力資源規模、建立與維繫網路關係的能力、以及從事三角貿易的能力等十一項。所以證明經營策略對經營績效有顯著影響。 　　四、研究結果發現群組一在出口服務項目、出口服務對象、水平整合、專業人力資源規模方面形成的隔絕機能甚強；群組二在出口服務項目、出口服務對象、與從事三角貿易的能力方面所形成的移動障礙程度較高；群組六在出口產品的銷售地區、新產品的研發與創新能力上形成較高的隔絕機能。

本研究係進行台灣地區加油站市場產業經營環境分析並進行加油站經營狀況市場調查，市場調查之內容包括：加油站經理經營滿意度、加油站經營策略型態、加油站服務構面、中油公司提供民營加油站服務滿意度、加盟站服務需求及民營加油站未來經營動向。最後綜合上述資訊就研究問題探討對中油公司之經營涵義。 本研究報告包括以下之內容與發現： 1. 對加油站市場產業之總體環境、市場供需、競爭環境、消費者行為與主要發展趨勢進行分析。 2. 將台灣地區1,909座加油站以汽油、柴油與總銷量做為集群分析之變數，發現可分為汽油專賣導向型、集團自用型、大型汽油導向型、柴油導向型、中型汽油導向型、小型汽油導向型及小本經營型等七類加油站類型。 3. 將台灣地區23個縣市以汽油與總銷量做為集群分析之變數，結果發現各縣市依油量消費特性可分類為商工縣市型、商農縣型、大都會型、大都會周邊型、偏遠型及港埠型等六個油品消費類型縣市。 4. 以上不同銷量類型加油站、油品消費類型縣市與公民營企業特質均會影響加油站之經營方式，而其中以公民營企業特質之影響較為強烈。 5. 本研究在加油站經營中所採用28個服務項目以因素分析法可歸類歸屬於加油功能、附加服務、品牌聲譽及促銷四個主要服務構面。 6. 利用因素分析所獲得之加油功能、擴充功能、品牌聲譽及促銷四個因素做為變數以集群分析可將台灣1,909座加油站分為促銷導向型、全方位經營型與專業加油型三類策略群組。 7. 分析中油公司提供民營加油站服務滿意度、加盟站服務需求及民營加油站未來經營動向調查結果。 8. 就各項研究問題探討對中油公司經營策略涵義。

台灣地區綜合證券商策略群組與經營績效關係之研究 研究生：陳正玲 指導教授：陳隆麒博士 郭敏華博士 論文摘要 本研究旨在探討我國證券產業內，各綜合證券商是否存在採取不同策略的策略群組，並進一步探討策略群組對綜合證券商之財務經營績效是否產生差異。因此本論文研究之目的有四項： 1. 瞭解我國綜合證券商之產業概況。 2. 根據相關文獻及綜合證券商特性，找出適當策略變數，並依各公司在策略變數上的差異，分析國內綜合證券商是否存在策略群組？ 3. 探討國內綜合證券商不同策略群組的策略行為特性為何？ 4. 探討國內綜合證券商不同策略群組間的營運績效是否有所差異?何種策略行為具有較佳之經營績效？ 本研究是以司徒達賢(民84)所提的六個構面，並參考其他文獻及考慮產業特性成立八個構面，據此發展出55個策略變數，經簡化後得到十個策略因素，依回收問卷且有效的32家樣本證券商的資料，經由實證分析結果，得到三個群組分別命名為：全面策略領導群、專業規模取向群、經紀業務集中策略群。在財務經營績效方面，各群組在整體經營績效上有顯著差異，但在營收成長率、資產報酬率上無顯著差異，惟在股東權益報酬率上有顯著差異，而純益率方面則接近顯著差異。本研究採用的統計方法包括：因素分析、集群分析、變異數分析、卡方檢定等。所得的研究結論如下： 一、 台灣地區的綜合證券商中，可依業者所採行不同的策略型態，存在三個策略群組。 二、不同的策略群組間因策略型態之不同，致其財務經營績效具差異性。 目 錄 第壹章 緒論 1 第一節 研究動機與目的 1 第二節 研究範圍 3 第三節 研究限制 5 第四節 研究程序 6 第五節 論文結構 8 第貳章 理論與文獻探討 9 第一節 策略與策略構面 9 第二節 策略群組理論之探討 18 第三節 國內外策略群組與績效之實證研究 28 第四節 國內外證券相關文獻探討 40 第參章 研究設計 46 第一節 研究架構 47 第二節 研究假說 50 第三節 研究變數之選取 52 第四節 資料蒐集與問卷設計 58 第五節 問卷資料統計分析設計 63 第肆章 實證分析與結果 66 第一節 資料敘述統計 66 第二節 第略群組的形成 95 第三節 策略群組之競爭策略行為特性 105 第四節 策略群組間績效差異之分析 113 第五節 證券商基本背景與群組形成之相關性 116 第伍章 結論與建議 125 第一節 研究結論 125 第二節 建議 129 參考文獻 133 附錄 141 附錄一 本研究之問卷 141 附錄二 轉軸後之因素結構矩陣 145 表 目 錄 表2-1 策略的定義 9 表2-2 各家學者所提出之策略構面 12 表2-3 相關學者對策略型態看法之彙總 15 表2-4 各學者對策略群組定義彙總 25 表2-5 策略群組形成的原因 26 表2-6 國外策略群組與績效之實證研究彙總 28 表2-7 國內策略群組與績效之實證研究彙總 35 表2-8 國內證券相關文獻彙整 40 表2-9 國外證券相關文獻彙整 45 表4-1 問卷證券公司一覽表 66 表4-2 衡量策略變數之Cronbanch α值 68 表4-3 各策略變數效度值表 70 表4-4 各策略變數名稱簡化對照表 71 表4-5 樣本證券商對各競爭策略變數的執行與重視程度 73 表4-6 樣本證券商執行與重視程度最高的十個策略變數 75 表4-7 樣本證券商執行與重視程度最不高的五個策略變數 76 表4-8 高營收成長率證券商對競爭策略變數的執行與重視程度 78 表4-9 高營收成長率券商執行與重視程度最高的十個策略變數 79 表4-10 高資產報酬率證券商對競爭策略變數的執行與重視程度 80 表4-11 高資產報酬率券商執行與重視程度最高的十個策略變數 81 表4-12 高股東權益報酬率券商對競爭策略變數的執行與重視程度 82 表4-13 高股東權益報酬率券商執行與重視程度最高的十個策略變數 83 表4-14 高純益率證券商對競爭策略變數的執行與重視程度 84 表4-15 高純益率券商執行與重視程度最高的十個策略變數 85 表4-16 低營收成長率證券商對競爭策略變數的執行與重視程度 87 表4-17 低營收成長率券商執行與重視程度最高的十個策略變數 88 表4-18 低資產報酬率證券商對各競爭策略變數執行與重視程度 89 表4-19 低資產報酬率券商執行與重視程度最高的十個策略變數 90 表4-20 低股東權益報酬率證券商對競爭策略變數的執行與重視程度 91 表4-21 低股東權益報酬率券商執行與重視程度最高的十個策略變數 92 表4-22 低純益率證券商對競爭策略變數的執行與重視程度 93 表4-23 低純益率券商執行與重視程度最高的十個策略變數 94 表4-24 因素特徵值及累積解釋變異量 96 表4-25 各因素所包含之策略變數及因素命名 99 表4-26 不同集群數目下所求得的Cubic Cluster Criterion數值 104 表4-27 本研究樣本證券商策略群組之分配情形 104 表4-28 策略群組對策略因素構面之MANOVA檢定 105 表4-29 策略群組對策略因素構面之ANOVA檢定 106 表4-30 策略群組與策略因素之集群均值矩陣 109 表4-31 集群分析摘要 111 表4-32 群落離散度摘要 111 表4-33 策略群組對財務經營績效構面之MANOVA檢定 113 表4-34 策略群組對財務經營績效構面之ANOVA檢定 114 表4-35 證券商基本背景與策略群組之卡方檢定 116 表4-36 策略群組與資本額之交叉分析表 117 表4-37 策略群組與員工人數之交叉分析表 118 表4-38 策略群組與經紀據點之交叉分析表 119 表4-39 策略群組與承銷據點之交叉分析表 120 表4-40 策略群組與海外據點之交叉分析表 121 表4-41 群組一，全面策略領導群的基本背景 122 表4-42 群組二，專業規模取向群的基本背景 123 表4-43 群組三，經紀業務集中策略群的基本背景 124 表5-1 本研究之假說內容及檢定結果 128 圖 目 錄 圖1-1 本論文之研究程序 7 圖2-1 S-C-P模型 21 圖3-1 本論文實證研究架構 49 圖3-2 問卷調查設計流程 60 圖3-3 問卷內容設計流程 62 圖3-4 本研究統計分析架構 65 圖4-1 各群組之成偶檢定 108