本研究在資源基礎理論、資源優勢理論與產業結構學派觀點下，探討鋼鐵企業在不同的策略群組下，其競爭優勢來源是否有差異，投資人如何採取投資決策及管理階層在各自群組中應優先把企業資源用於哪一項財務指標以創造優勢資源。
本研究以台灣40家國內鋼鐵上市櫃(含興櫃)公司2004年∼2008年財務資料為樣本，將樣本分成四種產品、上中下游價值鏈與垂直整合之策略群組，以股東權益報酬率平均值作為競爭優勢之區分指標，運用財務比率分析鋼鐵企業之競爭優勢來源，先以敘述統計分析各群組財務比率，並利用因素分析萃取出共同因素，再從投資人角度以多元迴歸分析法確認各個因素對經營績效的解釋能力與顯著程度，另外從企業經營階層角度區分各個策略群組中具競爭優勢企業的優勢資源，研究結果顯示，各策略群組其競爭優勢來源都有顯著差異。故本研究建議：
一、投資人應優先選擇流動比率、速動比率與利息保障倍數較佳之企業。
二、積極型投資人應優先選擇不鏽鋼產品且從上游往中下游整合之企業。
三、保守型投資者，應優先選擇板鋼產品且從上游往中下游整合之企業。
四、各策略群組之經營階層為創造競爭優勢資源應優先提升財務指標如下：
(1)板鋼與下游企業：單位薪資附加價值、員工分紅占獲利比。
(2)條鋼、不鏽鋼、上游、中游與垂直整合企業：流動比率、速動比率與利息保障倍數。
(3)合金鋼企業：負債占淨值比、借款依存度、存貨及應收帳款占淨值比與淨值占資產比。

From different points of view, including Resource-Based Theory, Resource-Advantage Theory, and Structure Conduct Performance, the research was firstly discussed if the iron and steel enterprises would have different competitive advantages with different strategy segmentations. In addition, how investors make investment decision and how management level distribute resource into which financial indicator in order to strengthen competitive advantage were discussed as well.
The research was collected financial data (from year 2004 to 2008) of 40 domestic iron and steel companies which are listed in public stock market (including OTC) as sample pool. The sample pool was segmented into four groups, such as products, value chain of upstream to downstream, and top-to-down consolidated strategic groups. Competitive advantage was classified by average of equity return ratios of shareholders, and financial ratios were applied to analyze the source of competitive advantage in iron and steel industry. Firstly, started to analyze financial ratios of each group by description statistic method and implemented factor analysis to figure out common factors. Furthermore, from investors point of view, to clarify how those factors to be reflected on operating performance by applying multiple regression analysis. Moreover, from business operating level’s eyes, to distinguish enterprises with competitive advantage from each strategic group. The result was shown that each strategic group has different sources of competitive advantage. Therefore, recommendations of the research are listed:
I. Investors should invest in enterprises with better current ratio, quick ratio, and guarantee of multiplied interest.
II. Aggressive investors should invest in enterprises that have stainless steel products and consolidated business from upstream, mid-stream, to downstream.
III. Conservative investors should invest in enterprises that have plate steel products and consolidated business from upstream, mid-stream, to downstream.
IV. In order to create resources of competitive advantage, management level of each strategic group should increase financial signals as first priority:
1. Plate steel and downstream enterprises: value-added of unit salary and percentage of employee bonus out of profit.
2. Bar iron, stainless enterprises with consolidation of upstream to mid-stream and top-to –down conformity: current ratio, quick ratio and guarantee of multiplied interest.
3. Alloy steel enterprises: ratio of debt out of net assets, percentage of loan, stock and account receivable out of net assets ratio, and net assets out of assets ratio.

目 錄
第壹章 緒論 ....................................................1
第一節 研究背景 ........................................1
第二節 研究目的 ........................................3
第三節 研究流程 ........................................6
第貳章 文獻探討 ................................................8
第一節 財務比率分析構面.................................8
第二節 企業競爭優勢與經營績效..........................10
第三節 產業概況與經營特性..............................19
第參章 研究方法.................................................34
第一節 財務績效分析方法................................34
第二節 研究設計 .......................................40
第三節 研究架構........................................48
第肆章 實證結果及分析 .........................................49
第一節 敘述統計 .......................................49
第二節 因素分析........................................56
第三節 競爭優勢來源....................................61
第四節 策略群組區別分析................................64
第伍章 結論與建議 .............................................71
第一節 研究結論 .......................................71
第二節 研究限制與研究建議..............................72
參考文獻 ......................................................74
附錄一 研究樣本................................................79
附錄二 敘述統計................................................84

表目錄
表 1-1 財務分析構面...........................................9
表 3-1 全球鋼鐵生產量排名....................................28
表 3-2 全球鋼廠生產量排名....................................28
表 3-3 運用財務比率相關文獻探討..............................38
表 3-4 公開資訊觀測站常用之財務比率..........................42
表 3-5 中華民國全國銀行公會常用的財務分析構面................43
表 4-1 全體樣本經營績效Anova檢定值..........................49
表 4-2 策略群組檢定值........................................54
表 4-3 KMO與 Bartlett檢定...................................56
表 4-4 財務因素特徵值與累計解釋變異量分析表..................57
表 4-5 轉軸後成份矩陣與因素命名..............................58
表 4-6 競爭優勢來源與財務績效指標............................59
表 4-7.1 迴歸分析模式........................................61
表 4-7.2 迴歸分析係數與顯著值................................62
表 4-7.3 經營績效區別函數係數................................63
表 4-8.1 產品種類檢定結果....................................64
表 4-8.2 產品種類區別函數係數................................65
表 4-8.3 產品種類分類結果....................................66
表 4-9.1 價值鏈檢定結果......................................67
表 4-9.2 價值鏈區別函數係數..................................67
表 4-9.3 價值鏈分類結果......................................68
表 4-10.1 垂直整合檢定結果...................................69
表 4-10.2 垂直整合區別函數係數 ..............................69
表 4-10.3 垂直整合分類結果...................................70

圖目錄
圖 1-1 研究流程................................................7
圖 2-1 產業策略群組假設圖.....................................12
圖 2-2 鋼鐵業產業關聯圖.......................................23
圖 3-1 研究分析架構...........................................48
圖 5-1 陡坡圖.................................................58

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