| Summary: | 碩士 === 國立交通大學 === 管理學院碩士在職專班經營管理組 === 97 === ABSTRACT
Having a strong and complete supply chain in semiconductor industry, Taiwan has been glinting in the world due to the strong back support of its domestic IT industry. In which the technology R&D, capacity scale, industry cluster effect have enabled many unique competitive advantages and business values to Taiwan IT industries.
Many other intangible business values did not directly reveal on the subject of financial statement other than business reputation, intangible asset and other minor subjects. However, these competitive advantages that implicitly contained behind the financial statement represent the core competitiveness of electronics industry in Taiwan, which is also the essence of this research – discovering the sustainable competitive advantages of domestic IT industries through interpretation of financial statement.
This thesis introduces TSEC Taiwan Technology Index Composition that is jointly issued by TSEC and world-known FTSE as samples, and uses Du Pont Equation for financial performance evaluation, with factor analysis introduced as research methodology to expect to oversee the competitive advantages of IT companies in Taiwan.
According to related literatures, this research follows return on invested capital and 9 major financial indices; including account receivable turnover ratio, inventory turnover ratio, R&D/sales ratio, expense rate, fixed assets turnover rate, depreciation, tax rate and other explicit indices to proceed factor analysis to extract customer relations, supplier relations, knowledge and internal management, performance of asset utilization 4 major factors, and based on what has summarized from above factors to help observe the business operation performance, to evaluate its competitive advantages and non-competitive advantages. According to the research, competitive advantages will bring continuous and better business performance, the competitive advantage of one business entity is all about creating values, to establish unique core values of enterprise itself, and to enable an entry barrier that keeps competitors away from imitating.
Keyword: Competitive Advantage, Financial Performance, Financial Ratio, TWSE Taiwan Technology Index, Semiconductor Industry
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