本研究旨在針對Apple該大客戶為例，採用個案研究法，深入探索大客戶對台灣供應鏈廠商之各面向績效之影響。綜觀過去文獻，學者大都採用“事件法”，探討大客戶對供應商股價之影響，較少研究追蹤大客戶對供應鏈廠商之縱斷面會計績效的影響。有鑑於此，本研究深入探討Apple該大客戶對大立光及台郡兩家台灣供應商之營收、ROA與ROE績效之影響，輔以觀察股價之連動變化，據以補充過去研究之不足。值得一提者，本研究在分析部分，特別延伸運用杜邦分析，探討個案公司在淨利率、資產週轉率及權益乘數(即財務槓桿)三個構面之績效變化。
分析結果指出，Apple公司該重大客戶對台廠供應鏈廠商的市場及會計績效有影響，且此一影響會因供應商對大客戶的依賴程度高低而有差異。
對大客戶依賴度越高的供應商，其股價、營收、淨利率及資產週轉率與大客戶績效連動的程度也越高。因此，本研究建議，依賴重大客戶的供應鏈廠商，應事先因應大客戶有可能收斂供應商數量並集中其購買力，以取得更優惠的價格及服務的行為做規劃。
其次，透過杜邦分析，本研究發現，供應商若對大客戶的依存度越高，其淨利率與大客戶之淨利率的連動程度也越高，所以本研究建議供應商對單一客戶依賴度必須降低，或是增加自身研發能力，讓產品具不可取代性，如此才能消彌重大客戶藉由擠壓供應商之利潤，來維持本身獲利性之企圖。再者，對大客戶的依賴度高的供應商，本研究亦建議其可藉由重大客戶光環，增加與自己上游廠商談判的利基點。利用潛在的採購量增加，取得上游廠商端優惠，轉嫁庫存的儲備以及延長付款日，來抵消部分減少的收入。最後，從股價構面來看，重大客戶之預期績效，能即時反應於供應鏈廠商之股價中，顯示市場具有效率性。

The aim of this study is to explore how Apple, serving as a major customer, affects the performance of Taiwanese suppliers. Through previous literature shows that scholars primarily used “events study” to discuss the impact of major customer on the stock prices of suppliers. This study extends the literature by examining in-depth the impact of the major customer Apple on the revenue, ROA, and ROE performance of Taiwanese suppliers Largan Precision and Flexium Interconnect. This study utilizes DuPont analysis to discuss the three components of ROE, namely net profit margin, asset turnover, and equity multiplier (financial leverage) performance changes in each case study.
The results of the study shows that Apple could affect the market and ac-counting performance of Taiwanese suppliers; this impact differs dependent on the degree of suppliers’ reliance on Apple. For those suppliers with a higher degree of reliance on major customer, the stock price, revenue, net profit margin, and asset turnover of are more strongly linked to the performance of Apple. Meanwhile, this study suggests that Taiwanese suppliers should diversify their customer base to prevent major customer’s intention to pressure suppliers to reduce prices.
Next, by applying the DuPont analysis discovers that suppliers with a higher reliance on major customer have their net profit margin closely linked to the net profit margin of Apple; therefore, this study suggests that suppliers should reduce reliance on a single customer or increase research and development capabilities so that products are not easily replaced. This way, suppliers can eliminate the pressure that major customer put on prices. Furthermore, suppliers who heavily rely on major customers should use the bargaining power rendered from the major customer to increase leverage in negotiations with their material venders. Although the major customer may pressure suppliers to reduce prices, by capitaling on the scale, power and reputation derived from the major customer, suppliers can benefit from passing on inventory reserves and extending payment dates to upstream venders. Finally, in terms of stock price, the estimated performance of major customer is reflected in the stock price of suppliers in time, displaying the efficiency of the market.

一、中文文獻
1. Strauss, A., and Cobin, J. 著，徐宗國譯 (1997)，質性研究概論（Basics of Qualitative Research: Grounded Theory Procedures and Techniques）。巨流出版社。
2. 李浩旭，iPad 對台灣電子產業供應鏈之衝擊─以事件研究法分析，碩士論文，國立交通大學財務金融研究所，民國100年。
3. 李秋錦，半導體通路商供應鏈關鍵成功因素之研究-以某上櫃公司為例，碩士論文，國立臺北大學企業管理學學系，民國101年。
4. 陳萬淇 (1995)，個案研究法。華泰出版社。
5. 陳宗鉉，中小企業主轉投資行為之研究，碩士論文，國立交通大學財務金融研究所，民國100年。
6. 陳佳勝，代工廠商關鍵顧客管理之探討─以辦公室設備T公司為例，碩士論文，國立政治大學國際經營與貿易學系，民國101年。
7. 葉重新 (2001)，教育研究法。心理出版社。
8. 潘淑滿（2003），質性研究理論與應用。台北：心理出版社。
9. 齊力、林本炫（2005），質性研究方法與資料分析。復文圖書出版社。
10. 蘇義雄編著 (2012)，供應鏈管理原理、程序、實務。智勝出版社。

二、英文文獻
1. Ak， B. K.， and P. Patatoukas. 2016. Customer-base concentration and inventory efficiencies: Evidence from the manufacturing sector. Production and Operations Management 25 (2)， 258–272.
2. Albuquerque， A.， G. Papadakis， and P. Wysocki. 2014. The impact of risk on CEO equity incentives: evidence from customer concentration. Available at:
http://ssrn.com/abstract=1944015.
3. Andrews，K.R. (1951). Executive raining by the Case Method，Harvard Business Review，3，pp. 58-70.
4. Anderson， S.， and H. Dekker. 2009b. Strategic cost management in supply chains， part 2: Executional cost management. Accounting Horizons 23 (3)， 289–305.
5. Anderson， S.， and H. Dekker. 2013. The role of management controls in transforming firm boundaries and sustaining
6. Balakrishnan， R.， T. Linsmeier， and M. Venkatachalatn. 1996. Financial benefits from JIT adoption: Effects of customer concetitration and cost structure. The Accounting Review 71 (April): 183-205.
7. Bianco， A. and W. Zellner. 2003. Is Wal-Mart too powerful? Business Week (October 6): 100.
8. Campello， M.， and J. Gao. 2016. Customer concentration and loan contract terms. Journal of Financial Economics， forthcoming
9. Chang， H.， C. Hall， and M. Paz. 2015. Customer concentration and cost structure. Working paper， Drexel University.
Available at http://ssrn.com/abstract=2482777.
10. Chipty， T. 1995. Horizontal integration for bargaining power: Evidence frotn the cable tele-vision industry. Journal of Economics & Management Strategy 4 (Summer): 375-397.
11. Cool， K.， and J. Henderson. 1998. Power and firm profitability in supply chains: French manufacturing industry in 1993. Strategic Management Journal 19 (10): 909-926
12. Cooper， R.， and R. Slagmulder. 2004. Interorganizational cost management and relational context. Accounting， Organizations and Society 29 (1): 1–26.
13. Cowley， P. 1986. Business margins and buyer/seller power. The Review of Economics and Statistics 68 (May): 333-337.
14. Cowley， P. R. 1988. Market structure and business performance: An evaluation of buyer/seller power in the PIMS database. Strategic Management Journal 9 (3): 271–278.
15. Dhaliwal， D.， J. Judd， M. Serfling， and S. Shaikh. 2016. Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics 61 (1): 23–48.
16. Etgar， M. 1976. Channel domination and countervailing power in distributive channels. JMR， Joumal of Marketing Research 13 (3): 254-262.
17. Financial Accounting Standards Board (FASB). 1997. Disclosures about Segments of an En-terprise and Related Information. Statement of Financial Accounting Standards No. 131. Norwalk， CT: FASB.
18. Gabel. H. 1983. The role of buyer power in oligopoly models: An empirical study. Joumal of Economics and Business 35: 95-108.
19. Galbraith， C， and C. Stiles. 1983. Firm profitability and relative firm power. Strategic Management Journal 4 (Jul): 237-249.
20. Galbraith， J. K. 1952. American Capitalism: The Concept of Countervailing Power. Boston， MA: Houghton Mifflin.
21. Gaski. J. 1984. The theory of power and conflict in channels of distribution. Joumal of Mar-keting 60 (4): 9-29.
22. Gosman， M.， and M. Kohlbeck. 2009. Effects of the existence and identity of major cus-tomers on supplier profitability: is Wal-Mart different? Journal of Management Accounting Re-search 21: 179–201.
23. Gosman， M.， T. Kelly. 2000. Growth in major customers: Implications for lenders. Com-mercial Lending Review (Winter): 51-60.
24. Gosman， M.， T. Kelly， P. Olsson， and T. Warfield. 2004. The profitability and pricing of major customers. Review of Accounting Studies 9 (1): 117–139.
25. Hertzel， M. G.， Z. Li， M. Officer， and K. Rodgers. 2008. Inter-firm linkages and the wealth effects of financial distress along the supply chain. Journal of Financial Economics 87， 374–387.
26. Irvine， P.， S. Park， and C. Yildizhan. 2016. Customer-base concentration， profitability and the relationship life cycle. The Accounting Review 91 (3): 883–906.
27. Jackson， B. 1985. Winning and Keeping Industrial Customers: The Dynamics of Customer Relationships. Lexington， MA: Lexington Books.
28. Jorion， P.， and G. Zhang. 2009. Credit contagion from counterparty risk. Journal of Finance 64， 2053–2087.
29. Kalwani， M. U.， and N. Narayandas. 1995. Long-term manufacturer-supplier relationships: Do they pay off for supplier firms? Journal of Marketing 59 (1): 1–16.
30. Kelly， T.， and M. Gosman. 2000. Increased buyer concentration and its effects on profit-ability in the manufacturing sector. Review of Industrial Organization (August): 41-59.
31. LaFrance， V. 1979. The impact of huyer concentration—an extension. The Review of Eco-nomics and Stati.stics 61 (August): 475-476
32. Lustgarten， S. 1975. The impact of huyer concentration in manufacturing industries. The Review of Economics and Statistics 57 (May): 125-132.
33. Olsen， C.， and J. R. Dietrich. 1985. Vertical information transfers: The association between retailers’ sales announcements and suppliers’ security returns. Journal of Accounting Research 23 (Supplement): 144–166.
34. Pandit， S.， C. E. Wasley， and T. Zach. 2011. Information Externalities in Capital Markets: The Economic Determinants of Suppliers’ Stock Price Reaction to Their Major Customers’ Infor-mation Events. Contemporary Accounting Research 28 (4): 1304–1343.
35. Patatoukas， P. 2012. Customer-base concentration: Implications for firm performance and capital markets. The Accounting Review 87 (2): 363–392.
36. Patton，M.Q. (1990). Qualitative Evaluation and Research Methods. California: Sage.
37. Ravenscraft， D. 1983. Structure-profit relationships at the line of business and industry level. The Review of Economics and Statistics 65 (February): 22-31.
38. Porter， M. E. 1974. Consumer behavior， retailer power and market performance in consumer goods industries. Review of Economics and Statistics 56 (4): 419–436.
39. Porter， M. 1980. Competitive Strategy. New York， NY: Free Press.
40. Scherer， F. M. 1970. Industrial Market Structure and Economic Performance. Chicago， IL: Rand McNally.
41. Schmalensee， R. 1985. Do markets differ tnuch? The American Economic Review 75 (3): 341-351.
42. Shank， J. 1989. Strategic cost management: New wine， or just new bottles? Journal of Management Accounting Research 1: 47–65.