網路風暴下美國電子商務經營策略與評價分析

An Analysis of Competitive Strategy and Market Valuation in the U.S. E-Commerce Industry

吳青松(Ching-Sung Wu)

網際網路 ； 評價理論 ； 經營策略 ； 競爭優勢 ； 電子商務 ； Internet ； Valuation ； Strategy ； Competitive Advantage ； E-Commerce

企業管理學報

59期（2003 / 12 / 01）

123 - 145

繁體中文

企業價值係透過競爭策略要素與管理決策要素所形成，企業的競爭策略與經營績效更是影響網路公司價值的重要因素。以競爭策略而言，包括進入策略、行銷策略、研發策略…等層面，經營績效則包含了經營模式、管理能力、財務能力…等，因此，深入分析個別競爭策略及經營績效變數與企業價值指標之關係，是本研究的一個重點探討課題。本研究假設策略、管理、評價三構面彼此間應有高度的相關性。 網路產業有許多不同型態的公司，若以相同的指標來看網路公司的價值，可能會有所偏誤，因此必須將產業內的廠商做個分類，再探討不同分類廠商的價值決定因素。 本研究發現，網路產業評價指標中的股價營收比（P/S）是比較好的指標，因為其可以反映企業在競爭策略與經營績效上的表現，其與經營模式因素與支出比重因素都有高度的相關性。另一方面，決定網路公司平均市值的因素是規模與先佔因素和市場結構因素，這表示在市場中佔據較有利的位置，在規模、進入時機以及市場佔有率取得領先，其平均市值會較高。 本研究另從策略因素、管理因素、評價指標等方面證明了企業對個人電子商務（B2C）與企業對企業電子商務（B2B）二者之間確實皆存在顯著的差異。策略因素部分，B2C在規模與先佔因素以及支出成長因素所得之分數都較高，表示除了在本身規模較大外，為了因應較多的競爭者需要付出更多的行銷與研發支出。管理因素方面，由於競爭壓力的關係，B2C的員工在生產力與獲利能力上表現較佳。B2B在多項市場評價指標上都顯著比B2C高，表示市場樂觀其預期未來的發展。

Enterprise’s value is created through the interaction of competitive advantage and managerial decision elements. Competitive strategy and operational effectiveness are the dominant factors underlying companies’ values. The components of competitive strategy include: entry strategy, marketing strategy, and R&D strategy, etc., while the operational effectiveness include: business models, managerial capabilities, and financial strengths. The current study explores in depth the relationships among competitive strategy, managerial performance, and market valuation of the e-commerce firms. In addition, there are different types of companies in the e-commerce related industry. Using the same set of indicators to examine the valuation of these companies may cause strong biases. Therefore, it’s necessary to classify the e-commerce companies into various categories, and examine their value determinants differently. The study found that Price-Sales ratio is the suitable indicator in valuing the e-commerce industry, because it better reflects the firm’s competitive strategy and market performance. It is also highly correlated with factors in business models and capital expenditures. Furthermore, the relative important determinants of e-commerce firm’s average market values are scale, preemptive status, and market structure. The study also demonstrates that significant differences existed between Business-to-Business (B2B) and Business-to-consumer (B2C) companies in strategic, managerial, and valuation indicators. In strategic factors, B2B firms are bigger in size, accompanied with pre-emptive entry status, and higher capital expenditure growth. Besides the bigger size of these firms, these are the corporate responses towards more intense competition through higher marketing and R&D intensity. B2C firms, on the other hand, perform better on employee productivity and profitability. B2B firms scored higher on market valuation indicators than B2C firms. It reflects that facts that capital market hold promising expectation towards these sectors of e-commerce industry.

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