由於科技快速發展，使現今市場變化迅速，而公司在面臨更劇烈的挑戰下往往積極發展續競爭優勢以立足於市場；而本論文亦將永續競爭優勢的概念運用於選股策略中，並稱之為永續競爭選股策略，利用SCP 模型、五力分析模型、RBV、公司治理指標、財務指標及CSR指標來篩選出台灣製造業中兼具外部及內部永續競爭優勢之公司，並探討此投資策略是否能顯著提高投資人之報酬績效。實證結果顯示，此永續競爭選股策略在研究期間皆打敗大盤，且其每年投資報酬率至少提高 5 %，六年平均報酬則提高15.48%。另外，夏普值也隨著篩選過程正向增長，表示永續競爭選股策略亦可為投資人提高其超額報酬。然而此論文存在些許限制，例如僅限於製造業、並未長期持有及評分時並未考慮更細分的產業特性等。

Due to developments in technology, the market environment has become more volatile. A major challenge for companies nowadays seems likely to be an ever more urgent search for sustainable competitive advantage in order to survive in the dynamic market. In this thesis, we apply the concept of sustainable competitive advantage to stock selection strategy, which we named the “Sustainable Competitive Strategy”. The proposed investment strategy combines Structure-Conduct-Performance, the five-force framework, resource-based view, corporate governance, financial indices and CSR rating to select Taiwan manufacturing firms with both internal and external sustainable competitive advantages, and investigate whether this investment strategy can significantly enhance the investment return performance. The empirical results indicate that the Sustainable Competitive Strategy outperformed the market every year during the six-year research period. Compared to the market return, this strategy successfully enhanced the mean return by more than 5%, and improved the geometric mean return over the six-year period by 15.48%. Moreover, it also generated a higher Sharpe ratio, which indicates that the Sustainable Competitive Strategy can also improve the abnormal return for investors. However, this research contains some limitations, for instance, it was restricted to the manufacturing industry, held stocks for just one year and ignored the characteristics of different industry sectors when scoring the firms.

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