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1、word2009年健康與管理學術研討會民國九十八年十一月電信產業之輕資產營運與競爭優勢Asset-Light Operations and petitive Advantage in the Telemunications Industry劉芬美1Fen-May Liou唐瓔璋2 Ying-Chang Tang元培科技大學企業管理系國立交通大學經營管理研究所劉子華1* 通訊作者(Corresponding author)。Tzu-Hua Liu元培科技大學企業管理系1 Department of Business Administration, Yuan Pei University,Hsin
2、 Chu 30015, Taiwan, R.O.C.and 2 Institute of Business and Management, National Chiao Tung University,Taipei 10012, Taiwan摘要：本研究分析無線電信与整合型電信企業之輕資產營運與競爭優勢之關係。本研究將競爭優勢定義為企業獲取高於虛設正常(影子)報酬率之超額報酬率的能力，首先推導企業之輕資產價值與企業績效之兩種關係為：(1)資產較輕之企業擁有較優績效；(2)擁有較多輕資產之企業達到較優績效，繼而進行實證分析。結果顯示，(1)對研究中的兩個產業而言，輕資產價值愈高之企業，其營業利益
3、愈高；(2)資產愈輕的企業，愈具競爭優勢，且輕資產程度對無線電信產業競爭優勢之影響，大於整合型電信服務產業。關鍵字：競爭優勢、輕資產評價、電信產業。Abstract：Defining the petitive advantage as the ability of a firm to generate returns above its synthetic normal (shadow) returns, the present study investigates the asset-light operations and performance in the telemunication
4、s industry. Twotypes of relationsbetween the asset-light operations and petitive advantage were examined: (1) firms operating “lighter generate superior performance; and (2) firms possessing more “light assets have superior performance. In addition, the asset-light operations are more important for
5、the radiotelephone munications sub-industry than the telephone munications sub-industry.Keywords: petitive advantage, asset-light valuation, telemunications industry.1. IntroductionThe RBV framework has proven itself to be of great value to the strategic management field and marketing researchers in
6、vestigating the sources of sustainable petitive advantage and organizational survival (Adner & Zemsky, 2006; Kraatz & Zajac, 2001, Srivastava, Fahey, & Christensen, 2001). Despite its rapid diffusion throughout the strategy and marketing literature, however, the RBV has been challenged as a tautolog
7、ical theory generally unclear on how its central claim “sustainable advantage generates superior performance can be objectively tested (Priem & Butler, 2001). To reconcile the tautological fallacy of the RBV, Powell (2001; 2002; 2003) suggested the application of a Bayesian epistemological approach.
8、 His strategy was to redefine the deterministic, unidirectional proposition as a probabilistic inference: “sustainable petitive advantage is more probable in firms that have already achieved sustained superior performance. That is, the plausibility of a firms petitive advantage is conditional upon e
9、vidence of its superior performance. Tang & Liou (2009) generalized Powells probabilistic inference as an antecedent of the resource bundle configuration and dynamic learning capability. They postulated that while the configuration and capability generally cannot be prehended by outsiders, the super
10、ior performance a firm generates can be captured by financial indicators such as operating revenue, market share, and stock prices. According to this inductive inference, the presence or absence of petitive advantage entails causation among resource configuration, dynamic learning capability, and su
11、perior financial performance. Applying this causal inference to the relationships among corporate strategy, petitive advantage, and the firm value, we can make the assumption that the firm value consists of the oute revealing the possible petitive advantage brought about by the corporate strategy of
12、 the firm.2. Asset-Light Valuation, petitive Advantage and Firm Performance2.1Defining petitive Advantage as Gaining Abnormal ReturnsNeoclassical economic theory holds that no firm can earn abnormal profits (i.e., the economic rent) in a perfect market in the long run. The argument grounds on the as
13、sumption that both product and factor markets are perfect. The structure-conduct-performance (SCP) theory, represented by Porter (1985), follows the neoclassical assumptions about a firms homogeneity on managing capability but attributes the variationsof firm performance to the differences across in
14、dustrial structures and strategic groups. The SCP asserts that firms are able to earn economic rents because industry heterogeneity emerges as a result of collusive behavior (strategic group) or entry barriers (Porter, 1985). Different from the assertion of neoclassical economics and SCP theory, the
15、 RBV defines petitive advantage as having “abnormal profits (Peteraf, 1993) or “above-average returns (Schoemaker 1990), sourced from within-firm features (Silverman, 2002). Conceiving of the firm as a bundle of resources and capabilities (Silverman, 2002), the RBV asserts that firms are heterogeneo
16、us due to the market imperfection for their strategic factors (Penrose, 1959). The imperfection, or scarcities, of strategic resources attributes the fact that some firms outperform others and enjoy abnormal returns (Peteraf, 1993). Abnormal returns may result from heterogeneity in superior productive factors or capabilities (Ricardian rents),or in market power as a result of spatial petition or product
