印刷電路板(PCB)為電子產業之關鍵基礎元件，隨著 AI、5G、車用電子及高階運算等應用需求成長，PCB 廠商除須追求營運獲利外，亦面臨永續治理、資源配置與市場價值轉化等多重挑戰。過去 PCB 相關研究多聚焦於製程技術、品質檢測與工程應用，較少從商管與永續角度探討不同類型 PCB 廠商之效率差異。因此，本研究以臺灣 30 家上市櫃 PCB 廠商為研究對象，依產品應用與技術層級區分為高性能 PCB 廠商與一般性能 PCB 廠商，並以 2021 年至 2024 年為研究期間，採用 Dynamic Three-stage RDM DDF model，建構營運階段、永續階段與市場階段之三階段效率模型，分析企業如何將資源投入轉化為營運成果、ESG 表現與市場績效。
本研究結果顯示，臺灣 PCB 廠商整體平均效率為 0.7501，代表多數企業仍存在約四分之一之效率改善空間，且企業間效率表現具有明顯差異。就階段效率而言，永續階段平均效率最高，顯示多數企業在公司治理、環境與社會投入轉化為 ESG 指標表現方面已具相對成熟之效率；相較之下，營運階段與市場階段效率較低，反映 PCB 廠商在資源投入轉化為營運成果，以及將營運與永續成果進一步轉化為市場價值之過程中，仍面臨較高不確定性。分群結果進一步指出，一般性能 PCB 廠商在營運階段表現相對穩定，顯示其具備成本控管與資源配置上的優勢；高性能 PCB 廠商則在永續階段與市場階段展現較佳效率，反映其在 ESG 制度建構、技術定位與市場價值實現上具備較高潛力。然而，高性能廠商於市場階段亦呈現較大的離散程度，表示其市場評價仍受到產品策略、客戶結構與外部環境等因素影響。
整體而言，本研究發現，不同性能類型 PCB 廠商之效率表現具有階段性與結構性差異，高性能定位並非必然帶來所有階段之效率優勢，而一般性能廠商亦可在特定階段展現競爭力。本研究除補充既有 PCB 產業研究較少探討營運、永續與市場多階段效率之缺口外，亦可提供企業於資源配置、永續治理及市場價值轉化策略上之管理參考。

Printed Circuit Boards (PCBs) are key foundational components of the electronics industry. With the growing demand driven by applications such as AI, 5G, automotive electronics, and high-performance computing, PCB manufacturers are required not only to pursue operational profitability but also to address multiple challenges related to sustainable governance, resource allocation, and the transformation of market value. Previous studies on PCBs have mostly focused on manufacturing technology, quality inspection, and engineering applications, while relatively few have examined efficiency differences among different types of PCB manufacturers from the perspectives of business management and sustainability. Therefore, this study focuses on 30 listed and over-the-counter PCB manufacturers in Taiwan. Based on product applications and technological levels, these firms are classified into high-performance PCB manufacturers and general-performance PCB manufacturers. Using the period from 2021 to 2024 as the research timeframe, this study adopts the Dynamic Three-Stage RDM DDF modle to construct a three-stage efficiency model consisting of the operational stage, sustainability stage, and market stage. The purpose is to analyze how firms transform resource inputs into operational outcomes, ESG performance, and market performance.
The results show that the overall average efficiency of Taiwanese PCB manufacturers is 0.7501, indicating that most firms still have approximately one-fourth of potential room for efficiency improvement. Moreover, there are significant differences in efficiency performance among firms. In terms of stage efficiency, the sustainability stage exhibits the highest average efficiency, suggesting that most firms have achieved relatively mature efficiency in transforming corporate governance, environmental, and social inputs into ESG indicator performance. In contrast, the operational stage and market stage show lower efficiency, reflecting that PCB manufacturers still face greater uncertainty in transforming resource inputs into operational outcomes and further converting operational and sustainability achievements into market value. The group analysis further indicates that general-performance PCB manufacturers demonstrate relatively stable performance in the operational stage, suggesting advantages in cost control and resource allocation. High-performance PCB manufacturers, on the other hand, show better efficiency in the sustainability and market stages, reflecting their greater potential in ESG system development, technological positioning, and market value realization. However, high-performance manufacturers also exhibit greater dispersion in the market stage, indicating that their market valuation remains affected by factors such as product strategy, customer structure, and the external environment.
Overall, this study finds that PCB manufacturers with different performance types exhibit stage-specific and structural differences in efficiency performance. A high-performance positioning does not necessarily lead to efficiency advantages across all stages, while general-performance manufacturers may also demonstrate competitiveness in specific stages. This study not only fills the gap in existing PCB industry research, which has rarely examined multi-stage efficiency in terms of operations, sustainability, and market performance, but also provides managerial implications for firms in resource allocation, sustainable governance, and market value transformation strategies.

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