本研究以2009年至2015年台灣上市上櫃電子業為研究對象，根據公司的重要客戶資訊，探討創新能力與被投資國家競爭力是否是公司擁有重要客戶的主要原因，進而間接影響公司營運績效。本研究運用結構方程模式(Structural Equation Modeling)之特性，以補足過去文獻及研究方法探討不足之處，實證結果發現：(1) 公司創新能力與被投資國家競爭力對於營運績效的直接效果皆產生正向影響。(2) 公司的創新能力較高時會提高重要客戶銷售比率；而被投資國家競爭力對於重要客戶銷售比率有負向影響。(3) 大公司的重要客戶銷售比率越高時，對於營運績效會產生正向影響，然而，小公司的重要客戶銷售比率越高，對於營運績效會產生負向影響。(4) 大公司的創新能力越高時，能擁有較多重要客戶，進而對公司營運績效有正向影響，然而，雖然小公司的創新能力越高能擁有更多重要客戶，但對公司營運績效有負向影響。(5) 無論公司規模大小，被投資國家競爭力越高時，則重要客戶的比重越低，但大公司的營運績效會越低，而小公司的營運績效則會越高。 Using the data of Taiwan’s publicly listed electronics companies from 2009 to 2015, this paper examines how innovation capability and national competitiveness of investee countries influence the number of important customers and further influence operating performance indirectly. This paper applies Structural Equation Modeling (SEM) to remedy the inadequacies of the literature and research methods. The main findings are as follows: (1) Companies with higher innovation capability and competitiveness of the investee country have higher operating performance. (2) Companies with higher innovation capability have higher important customer sales ratio, while the companies with higher competitiveness of the investee country have lower important customer sales ratio. (3) Big companies with higher important customer sales ratio have higher operating performance. However, small companies with higher important customer sales ratio have lower operating performance. (4) When the innovation abilities of big companies are higher, companies have more important customers and thus have a positive impact on firms’ operating performance. However, although small companies with higher innovation abilities have more important customers, it has a negative impact on company's operating performance. (5) Regardless of the size of the company, the higher the competitiveness of the investee country, the lower the proportion of important customers, which will lead to lower operating performance for big companies, and higher operational performance for small companies.
