在全球航運業面臨結構性衝擊與高度不確定性的背景下，本研究旨在探討內部關鍵資源對台灣上市櫃航商長期財務績效的影響。本研究以資源基礎理論為框架，採用 2008 至 2024 年台灣 10 家航運公司之追蹤資料，透過固定效果模型，檢驗關鍵資源對會計基礎（ROE）與市場基礎（Tobin^
rime s\ Q）兩種績效指標的影響。研究發現，「董監事持股比例」與「管理效率」顯著正向影響公司績效；「技術與創新投資」對當期獲利與市場價值皆未產生統計上的顯著影響；而出乎預期的是，「用人費用率」對績效呈現顯著負向關係，反映了人力資本衡量在成本敏感產業中的複雜性。情境效果分析顯示，「管理效率」的價值在貨櫃航商中更高。所有發現皆通過一系列嚴謹的穩健性測試。本研究結論不僅深化了資源基礎理論在資本密集產業的應用，並為我國航運業者在動盪環境下如何配置內部資源以建立競爭優勢，提供了具體的管理意涵。

In an era of structural shocks and high uncertainty for the global shipping industry, this study investigates the impact of internal key resources on the long-term financial performance of Taiwan-listed shipping companies. Based on the Resource-Based View (RBV), this study uses a panel dataset of 10 Taiwanese shipping firms from 2008-2024, employing a fixed-effects model to examine the impact of key resources on both accounting-based (ROE) and market-based (Tobin's Q) performance. Findings indicate that "board ownership" and "management efficiency" significantly and positively affect corporate performance. "Technology and innovation investment" shows no statistically significant impact on either current profits or market value. Contrary to expectations, the "employee expense ratio" shows a significant negative relationship with performance, reflecting the complexities of measuring human capital in a cost-sensitive industry. Moderation analysis reveals that the value of "management efficiency" is greater for container lines. All findings passed a series of robustness tests. This research deepens the application of RBV in a capital-intensive industry and offers managerial implications for how shipping firms can configure internal resources to build competitive advantage in a turbulent environment.

中文部分
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英文部分
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