本研究以VRIO架構為基礎，針對台積電、Intel及三星電子這三間公司，分析其在晶圓代工產業中是否具備持續性競爭優勢。本研究分別針對技術面、生產製造面、客戶關係面及其他資源，共選取11項產業特性作為晶圓代工產業的有價值資源，接著對資源的稀有性、模仿性及組織的問題分別對三間公司進行評價，最後做綜合論述，並提出對政府、公司管理者及投資者的建議。研究結果發現台積電在生產製造面及客戶關係面擁有持續性競爭優勢，但在人力資源及機台設備方面仍需加強。Intel在人力資源及機台設備方面擁有持續性競爭優勢，先進製程技術目前仍保持領先，其在生產製造面及客戶關係面則有隱憂。三星電子在人力資源方面亦擁有持續性競爭優勢，機台設備、先進製程技術及充沛的財務資源可對台積電造成威脅，生產製造及客戶關係方面仍是其與台積電最大的差異。

Based on VRIO framework, we analyze sustainable competitive advantage of Foundry industry. The study focuses on three companies including TSMC, Intel, and Samsung Electronics. We asked these companies three questions about rarity, imitability and organization and then evaluated the answers. In the end, we compared answers about these companies and come up with relative competitive advantage, and problems these companies will be confronted with. The study shows that TSMC has sustainable competitive advantage on the aspects of manufacture and customer relationship, but they need to reinforce the factors of human resources and machine researches. Intel has sustainable competitive advantage on the factors of human resources and machines researches, and is still leading on the field of advanced process technology, but they may confront some problems on the aspects of manufacture and customer relationship. Samsung Electronics has sustainable competitive advantage on the factor of human resources. On the field of machine researches, with advanced process technology and plentiful financial resources, they will be a threat to TSMC. And there still are great differences between Samsung Electronics and TSMC about manufacture and customer relationship.

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