Taiwan's Yacht Industry: A Tale of Two Entrepreneurial Firms

Abstract

This paper studies the evolution of Taiwan's yacht industry in general, and in particular we focus on two entrepreneurial firms, the Horizon Yacht Company and the Jade Yacht Company. Our purposes are two-fold. First, most research studies on Taiwan's economic success are based on the neoclassical economic model, which uses a proportional input-output production function, and emphasizes aggregate data to explain economic growth. We instead emphasize the role of entrepreneurship, which allows us to investigate closely how each individual firm discovers opportunities, exploits profits, and accumulates its capabilities to create perpetual wealth. Second, Taiwan is a very entrepreneurial society and its entrepreneurial spirit permeates into every corner with successful stories not just confined to some champion industries, such as integrated circuits (ICs), personal computers (PCs), etc. Taiwan's yacht industry, though it sailed through stormy periods in the late 1980s, has learned to grow to be a much more competitive player on the world stage. We show two cases of yacht corporations, Horizon and Jade, to shed light on how the firms use variant strategies to build their continuous competitive advantages, to meet challenges, and to galvanize their capabilities on their pathway to growth.     

Determinants of Efficiency in the Electricity Industry: Bayesian Analysis

Atlantic Economic Journal -     

Cars, Paint, and Chemicals: Industry Linkages and the Capture of Overseas Technology Between the Wars

This paper throws new light on the contentious issue of the car industry's contribution to Australian industrial development between the wars. Against assessments that certain supplier industries were inefficient and technologically stagnant, the paper examines the interactions between the car and paint industries in this period and identifies a stimulus and mechanism for far-reaching technological change.     

银行业市场竞争与效率:台湾案例

最近,中国台湾力霸集团遭遇严重财务危机,即使在台湾当局宣布接管,"行政院长"、"财政部长"、"金管会主委"、"央行总裁"联名作保的情况下,5个工作日内还是挤兑了500亿新台币现金,这是近6年来岛内金融业最严重的挤兑事件.受此波及,岛内股市、汇市遭受重挫.短短一个月之内,台湾当局接连接管了3家商业银行,民众对银行业的状况忧心忡忡.此次事件在台湾掀起了一股"金融风暴",也引起了人们对台湾银行业的关注和思考.     

Efficiency of the Banking Industry Structure in Korea*

This paper analyzes whether the efficiency of the Korean banking industry has improved since the bank restructuring in 1997, and whether a bank with high efficiency has a larger market share. This paper uses an efficient structure hypothesis model to examine the relationship between the banks' efficiencies and their profitability. The data envelopment analysis method is applied to measure the efficiency and profitability of the banking industry in order to minimize possible bias due to the inflow of public funds for the bank consolidation. The two‐step Heckman selection method is used to correct for survivorship bias in the model. The derived result indicates that banks with higher efficiencies tend to record higher profit. Moreover, higher pure technological efficiency and scale efficiency have a positive effect on a bank's market share and concentration.     

Entrepreneurial Planning in a Regulated Environment: the U.S. Federal Maritime Commission and the Maritime Industry

Entrepreneurs exploit market opportunities and innovate to achieve or maintain strategic advantage over their competitors. In the absence of government regulation, entrepreneurs are free to focus on improving satisfaction of customer wants, for example, by enhancing current goods, supplying new goods, or supplying established goods at lower cost. In a regulated market, entrepreneurs focus on satisfying regulatory authorities, for example, to earn rate increases, subsidies, or tax benefits. Economists normally conceptualize regulation as restricting entrepreneurial choice over prices charged, including general prohibitions against price discrimination, or as imposing additional costs on business enterprises through mandating actions entrepreneurial planners would not otherwise have chosen, or prohibiting actions which would have been freely chosen. This paper examines the role of a specific regulatory agency, the Federal Maritime Commission, and its regulatory oversight of the maritime shipping sector. Business strategy and public policy implications will be developed, as well as implications for the growth and development of the shipping industry. The history and nature of government intervention in the maritime sector will be reviewed. The presence of a regulatory authority at least partly substitutes a kind of bureaucratic sovereignty over the consumer sovereignty of an unregulated market. Regulated firms compete for favors from the regulatory authority, and in a regulated environment strategic advantage is directed away from entrepreneurial planners to political entrepreneurs.

生产性服务业与制造业互动效率的区域比较研究--基于行业市场效率异质的视角

文章通过对区域内生产性服务业与制造业互动效率均衡分析,理论上界定与论证了生产要素在生产性服务业与制造业之间流动性配置的纠偏方向与均衡标准;运用中国工业企业数据库的企业层面数据,结合统计年鉴生产性服务业的同期宏观数据,分区域分行业实证研究发现：东西部区域普遍都存在制造业与生产性服务业整体规模不经济现象、互动效率较低、中部整体投资效率较高,存在较好的互动效果;东部机械制造业、轻工业、化工业、材料业四个行业的市场扭曲程都低于中西部区域;中部区域的机械制造业市场扭曲程度高于东部和西部,轻工业、化工业、材料业的市场扭曲程度都是居中;西部区域的轻工业、化工业、材料业三个行业的市场扭曲程度都是最高的,西部区域的机械制造业市场的扭曲程度高于东部但低于中部,最后分区域提出了对策建议。