| Summary: | 碩士 === 國立中興大學 === 會計學研究所 === 100 === Taiwan’s OEM (Original Equipment Manufacturing) firms were on the top of the world in the past, but the boom of the OEM industry has been gone with time. In recent years, government in Taiwan encourages firms to develop OBM (Own Brand Manufacturing) to create their own value. However, the business strategy of developing OBM or OEM has its pros and cons.
This study uses companies which won the “Top Taiwan 20 Global Brand” prize from 2002 to 2010 as the sample of the OBM firms. Comparison samples are the OEM firms manufacturing the same product like the OBM firms. This study analyses subsequent operating performance of the OBM firms at the first year, the third year, and the fifth year after the year that the firm won the prize, and compares with the operating performance of the matched OEM firms. To control the effect of industrial business cycle on the performance of individual company, this study adopts an industrial performance adjusted method which is more reasonable and accurate to capture that effect. Empirical results find that the OBM firms’ ROA (Return on Assets) are significantly higher than the OEM firms’ ROA at each of the follow-up period. After using the method of Winsorized extreme value, the OBM firms’ ROE (Return on Equity) are also significantly higher than the OEM firms’ ROE at each of the follow-up period. This means that the performance of the OBM firms is better than the performance of the OEM firms in the long-run. Consequently, the long-run performance of the OBM firms are better than the long-run performance of OEM firms in Taiwan. The contribution of this thesis can serve as a reference for corporate decisions and government policies.
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