微笑曲線理論與經營效率：
台灣筆記型電腦產業之實證研究
張力
世新大學企業管理學系
侯啟娉
中國科技大學會計系
馮軒綾*
慈濟技術學院會計資訊系
燕叔真
世新大學企業管理學系
摘要
施振榮先生於1992 年提出「微笑曲線」理論，強調台灣未來競爭力不在自製率高
低，而是看附加價值率。「微笑曲線理論」說明產業價值鏈選擇的重要，而企業經營效
率則是攸關組織使用資源創造價值的關鍵因素，本文旨在檢視筆記型電腦產業價值鏈中
之品牌企業與代工企業的經營效率。
本文利用資料包絡分析模式（Data Envelopment Analysis，DEA），建構以多種投入
與產出（multi-inputs and multi-outputs）的產業決策單位（decision making unit，DMU）
進行效率分析，以探討2002 年至2007 年我國筆記型電腦產業7 家代表廠商其經營績效
之變化，並進一步檢驗其效率差異是否符合微笑曲線理論。研究結果顯示，在樣本期間
內7 家筆電廠商之效率變化而言，以宏硈怢蒡率，而英業達最不具效率；其次，以「自
有品牌」為主要業務的代表廠商（宏硐P華碩），其經營效率高於以「代工」為主要業
務的代表廠商（廣達、仁寶等）。因此，品牌附加價值可創造較佳的經營績效。本文研
究結果亦支持「微笑曲線理論」所提倡的論點。
關鍵字：筆記型電腦產業、經營效率、微笑曲線理論、資料包絡分析
Business Performance Measurement of The Notebook
Industry in Taiwan
Chang, Li
Department of Business Administration, Shih Hsin University
Hou, Chi-ping
Department of Accounting, China University of Technology
Feng, Hsuan-ling*
Department of Accounting Information, Tzu Chi College of Technology
Yen, Shu-chen
Department of Business Administration, Shih Hsin University
Abstract
On the Smiling Curve Theory introduced by Mr. Stan Shih, he stressed that the
competitiveness of Taiwan in the future should be from the ratio of added value instead of the
ratio of self-production.
This study is to evaluate the business performance from 2002 to 2007 including Quanta,
Compal, Wistron, Asustek, Acer, Inventa and ECS based on single variety statistic method of
DEA (Data Envelopment Analysis).
Furthermore, we will categorize these seven companies into branded marketing oriented
group (Acer and Asustek) and OEM manufacturing oriented group (Quanta, Compal, Wistron,
ECS and Inventa). We will also conduct an evaluation with single variety analysis and T
analysis between the two groups to identify the business performance difference mentioned at
Smiling Curve Theory.
Based on the study mentioned above, we found that branded marketing oriented
companies possess higher added value. Their profitability and business performance is
variable better. Whereas, those OEM manufacturing oriented companies are showing less
profitability and worse business performance. It is proven that the branded marketing oriented
companies are showing better business performance than those OEM manufacturing oriented
companies in general.
Keywords：Notebook Industry, Smiling Curve Theory, Performance Measurement, Data
Envelopment Analysis