本研究以高通膨、高利率、營運成本上升與消費者購買力下降所形成的類滯脹經營壓力為背景，探討成熟連鎖服務企業如何在需求轉弱與成本攀升同時發生時，調整營運模式並重新建構價值創造邏輯。研究以麥當勞為個案，聚焦其 Accelerating the Arches 策略，核心問題為：麥當勞如何在維持價格可負擔性與顧客流量的同時，兼顧加盟商單店經濟性、總部獲利能力，以及股東對自由現金流與長期成長的期待。

本研究採哈佛式教學個案方法，運用麥當勞公司年報、財務報告、SEC Form 10-K、法說會與公司公告，以及公開市場與產業資料建構決策情境，並輔以台灣速食市場觀察。分析架構結合 PESTEL、商業模式九宮格、價值鏈管理、組織雙元性、資源基礎理論與動態能力理論，從外部環境、商業模式、營運成本、資源能力與利害關係人等面向，檢視平價化、數位化、加盟治理與全球展店四項管理槓桿之間的相互關係。

個案分析顯示，平價策略若只依靠降價，容易壓縮加盟商利潤；唯有透過會員資料、數位點餐、AI、雲端科技、需求預測與供應鏈效率支撐，才可能將可負擔性轉化為顧客流量與營運效率。高度加盟化有助於總部維持資本效率與穩定現金流，卻也使成本與執行風險部分移轉至加盟商；高利率則使資本市場更重視成長品質、自由現金流與資本配置。2026 年提出之 McDonald’s > NEXT 將行動重點擴及菜單品質、顧客共創、餐廳生產力與人員服務；其究屬既有策略之延伸抑或成長邏輯之轉向，本個案不預作判斷，留待課堂依事證討論。據此，本研究提出「顧客價值—加盟商利潤—股東期待」三角平衡架構，主張核心問題不是是否降價或導入科技，而是如何設計一套讓可負擔性仍能創造合理利潤、科技投資能改善價值鏈，且加盟商能共同受益的營運系統。本研究可作為連鎖服務業面對高成本、弱需求與數位轉型時之管理參考；惟受限於單一企業及公開資料，後續可透過利害關係人訪談進一步補強。

This study examines how a mature global service firm can transform operations and reconfigure value creation under inflation, high interest rates, rising costs, and weaker consumer purchasing power. McDonald’s and its Accelerating the Arches strategy provide the focal case. The central question is how the company can preserve affordability and customer traffic while protecting franchisee unit economics, corporate profitability, and shareholders’ expectations for free cash flow and long-term growth. Using a Harvard-style teaching case, the study integrates public financial and strategic information with PESTEL, the business model canvas, value chain analysis, organizational ambidexterity, the resource-based view, and dynamic capabilities. The analysis shows that affordability is sustainable only when supported by digital membership, operational technology, demand forecasting, supply-chain efficiency, and aligned franchisee incentives. A highly franchised model improves corporate capital efficiency but can shift cost and execution risks to franchisees. Higher interest rates also increase the importance of growth quality, free cash flow, and capital allocation. The study proposes a customer value–franchisee profitability–shareholder expectations framework and concludes that McDonald’s key challenge is to design an operating system in which affordability remains profitable and value is shared across its ecosystem.

中文部分
台灣連鎖暨加盟協會。速食四雄展店喊增雙位數，聚焦商圈精準度、顧客便利性。（2026年3月26日）。https://www.tcfa.org.tw/announce_detail.asp?id=9212957
台灣麥當勞。從麥當勞到和德昌：文化深耕再進化。台灣麥當勞季報。（2022年6月）。https://news.mcdonalds.com.tw/golden_arches/20220604/index.html
台灣麥當勞。常見問題 / Q&A。（2023年10月26日）。https://campaign.mcdonalds.com.tw/FAQ/
台灣麥當勞歡樂送。台灣麥當勞歡樂送。（2025a）。https://www.mcdelivery.com.tw/tw/
台灣麥當勞歡樂送。麥當勞歡樂送要搬家了。（2025b）。https://www.mcdelivery.com.tw/tw/home.html
台灣麥當勞歡樂送。麥當勞24小時歡樂送：網路訂餐外送服務。（2026）。https://www.mcdelivery.com.tw/m/tw/mobile/browsemenu.html
經濟日報。餐飲榮景2／食材成本波動大，業者頭痛。（2025年12月21日）。https://money.udn.com/money/story/8888/9216238
經濟部統計處。批發、零售及餐飲業經營實況調查報告（114年6月）。中華民國經濟部。（2025a）。https://www.moea.gov.tw/Mns/populace/news/wHandNews_File.ashx?file_id=121897
經濟部統計處。餐飲業者加速導入創新科技及數位轉型以提升競爭力。中華民國經濟部。（2025b，9月5日）。https://www.moea.gov.tw/mns/Populace/news/News.aspx?kind=1&menu_id=40&news_id=120377
英文部分
Barnes, L. B., Christensen, C. R., & Hansen, A. J. Teaching and the case method: Text, cases, and readings (3rd ed.). Harvard Business School Press, Boston, MA. (1994).
Barney, J. B. Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. (1991). https://doi.org/10.1177/014920639101700108
Barney, J. B. Looking inside for competitive advantage. Academy of Management Executive, 9(4), 49-61. (1995). https://doi.org/10.5465/ame.1995.9512032192
Board of Governors of the Federal Reserve System. Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity [DGS10]. Federal Reserve Bank of St. Louis, FRED. (2026). Retrieved June 26, 2026, from https://fred.stlouisfed.org/series/DGS10
Chick-fil-A, Inc. Chick-fil-A’s licensed restaurant update. Chick-fil-A. (2025, December 3). https://www.chick-fil-a.com/press-room/chick-fil-a-licensed-restaurant-update
Chick-fil-A, Inc. Franchise information and opportunities. Chick-fil-A. (n.d.). Retrieved July 5, 2026, from https://www.chick-fil-a.com/franchise
CNBC. McDonald’s franchisee group says $5 value meal can’t last without company investment. (2024, May 21). https://www.cnbc.com/2024/05/21/mcdonalds-franchisee-group-value-meal.html
CNBC. Value is the key to McDonald’s growth plans, but it’s creating tensions with some franchisees. (2026, February 11). https://www.cnbc.com/2026/02/11/mcdonalds-value-franchisees.html
Eisenhardt, K. M. Building theories from case study research. Academy of Management Review, 14(4), 532-550. (1989). https://doi.org/10.2307/258557
Eisenhardt, K. M., & Martin, J. A. Dynamic capabilities: What are they? Strategic Management Journal, 21(10-11), 1105-1121. (2000). https://doi.org/10.1002/1097-0266(200010/11)21:10/11<1105::AID-SMJ133>3.0.CO;2-E
GuruFocus. McDonald’s PE ratio (TTM). GuruFocus. (2026). Retrieved October 2, 2026, from https://www.gurufocus.com/term/pettm/MCD
Investing.com. Earnings call transcript: McDonald’s Q4 2025 sees earnings beat, stock dips. (2026, February 11). https://www.investing.com/news/transcripts/earnings-call-transcript-mcdonalds-q4-2025-sees-earnings-beat-stock-dips-93CH-4501466
Johnson, G., Scholes, K., & Whittington, R. Exploring corporate strategy: Text and cases (8th ed.). Pearson Education, Harlow, England. (2008).
March, J. G. Exploration and exploitation in organizational learning. Organization Science, 2(1), 71-87. (1991). https://doi.org/10.1287/orsc.2.1.71
McDonald’s Corporation. How we operate internationally. McDonald’s Corporation. (n.d.-a). https://corporate.mcdonalds.com/corpmcd/our-company/how-we-operate-internationally.html
McDonald’s Corporation. Our mission and values. McDonald’s Corporation. (n.d.-b). Retrieved July 5, 2026, from https://corporate.mcdonalds.com/corpmcd/our-company/who-we-are/our-values.html
McDonald’s Corporation. McDonald’s announces new growth strategy. McDonald’s Corporation. (2020, November 9). https://corporate.mcdonalds.com/corpmcd/our-stories/article/new-growth-strategy.html
McDonald’s Corporation. Joint statement from McDonald’s and IBM. McDonald’s Corporation. (2021, October 27). https://corporate.mcdonalds.com/corpmcd/our-stories/article/IBM-McD-Tech-Labs.html
McDonald’s Corporation. McDonald’s announces new targets for development, loyalty membership, and cloud technology. McDonald’s Corporation. (2023, December 6). https://mcdonalds.mediaroom.com/2023-12-06-McDONALDS-ANNOUNCES-NEW-TARGETS-FOR-DEVELOPMENT%2C-LOYALTY-MEMBERSHIP%2C-AND-CLOUD-TECHNOLOGY
McDonald’s Corporation. Accelerating the Arches: McDonald’s growth strategy. McDonald’s Corporation. (2024). Retrieved July 5, 2026, from https://corporate.mcdonalds.com/corpmcd/our-company/who-we-are/accelerating-the-arches.html
McDonald’s Corporation. Form 10-K for the fiscal year ended December 31, 2024. U.S. Securities and Exchange Commission. (2025a). https://www.sec.gov/Archives/edgar/data/63908/000006390825000012/mcd-20241231.htm
McDonald’s Corporation. McDonald’s reports fourth quarter and full year 2024 results. McDonald’s Corporation. (2025b, February 10). https://mcdonalds.mediaroom.com/2025-02-10-McDONALDS-REPORTS-FOURTH-QUARTER-AND-FULL-YEAR-2024-RESULTS
McDonald’s Corporation. Speedee Labs: Where McDonald’s innovation comes to life. McDonald’s Corporation. (2025c, November 20). https://corporate.mcdonalds.com/content/mcdonalds/corpmcd/our-stories/article/speedee-labs-where-mcdonalds-innovation-comes-to-life.html
McDonald’s Corporation. Where innovation meets scale: An update on McDonald’s digital transformation. McDonald’s Corporation. (2025d, August 14). https://corporate.mcdonalds.com/corpmcd/our-stories/article/digitizing-the-arches.html
McDonald’s Corporation. Form 10-K for the fiscal year ended December 31, 2025. U.S. Securities and Exchange Commission. (2026a). https://www.sec.gov/Archives/edgar/data/0000063908/000006390826000035/mcd-20251231.htm
McDonald’s Corporation. McDonald’s reports fourth quarter and full year 2025 results. McDonald’s Corporation. (2026b, February 11). https://corporate.mcdonalds.com/corpmcd/our-stories/article/Q4-full-year-2025-results.html
McDonald’s Corporation. Our next era of growth & productivity: Introducing McDonald’s > NEXT. McDonald’s Corporation. (2026c, June 1). https://corporate.mcdonalds.com/corpmcd/our-stories/article/NEXT-announcement.html
McDonald’s Corporation. Our next era of growth & productivity: McDonald’s > NEXT. McDonald’s Corporation. (2026d). https://corporate.mcdonalds.com/corpmcd/our-company/who-we-are/NEXT.html
McDonald’s Corporation. McDonald’s reports second quarter 2026 results [Exhibit 99.1 to Form 8-K]. U.S. Securities and Exchange Commission. (2026e). https://www.sec.gov/Archives/edgar/data/0000063908/000006390826000067/exhibit991-6302026.htm
Morris, C. Only 40% of customers think McDonald’s is a good value — now the chain is planning a major overhaul, including improving the taste of its food. Moneywise. (2026, June 4). https://moneywise.com/news/top-stories/mcdonalds-next
NBC Chicago. Fast-food franchise owners and squeezed customers test the limits of the value meal economy. (2024, June 3). https://www.nbcchicago.com/news/business/money-report/fast-food-franchise-owners-and-squeezed-customers-test-the-limits-of-the-value-meal-economy/3452802/
O’Reilly, C. A., III, & Tushman, M. L. Organizational ambidexterity: Past, present, and future. Academy of Management Perspectives, 27(4), 324-338. (2013). https://doi.org/10.5465/amp.2013.0025
Osterwalder, A., & Pigneur, Y. Business model generation: A handbook for visionaries, game changers, and challengers. John Wiley & Sons, Hoboken, NJ. (2010).
Porter, M. E. Competitive strategy: Techniques for analyzing industries and competitors. Free Press, New York, NY. (1980).
Porter, M. E. Competitive advantage: Creating and sustaining superior performance. Free Press, New York, NY. (1985).
QSR Magazine. Chick-fil-A’s sales surpassed $22 billion in 2024. QSR Magazine. (2025, April 2). https://www.qsrmagazine.com/story/chick-fil-as-sales-surpassed-22-billion-in-2024/
Restaurant Brands International Inc. Restaurant Brands International Inc. reports fourth quarter and full year 2025 results. Restaurant Brands International Inc. (2026a, February 12). https://www.rbi.com/English/news/news-details/2026/Restaurant-Brands-International-Inc--Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx
Restaurant Brands International Inc. Fourth quarter and full year 2025 results [Exhibit 99.1 to Form 8-K]. U.S. Securities and Exchange Commission. (2026b). https://www.sec.gov/Archives/edgar/data/1618756/000161875626000006/qsr_20251231xpressrelease.htm
Restaurant Business Online. McDonald’s franchisees send a message with a ‘bill of rights’. (2026, March 6). https://www.restaurantbusinessonline.com/financing/mcdonalds-franchisees-send-message-bill-rights
Starbucks Corporation. Form 10-K for the fiscal year ended September 28, 2025. U.S. Securities and Exchange Commission. (2025a). https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm
Starbucks Corporation. Starbucks reports Q4 and full fiscal year 2025 results. Starbucks Corporation. (2025b, October 29). https://investor.starbucks.com/news/financial-releases/news-details/2025/Starbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results/default.aspx
Stock Analysis. McDonald’s Corporation (MCD) stock price history. Stock Analysis. (2026). Retrieved September 17, 2026, from https://stockanalysis.com/stocks/mcd/history/
Teece, D. J. Explicating dynamic capabilities: The nature and microfoundations of sustainable enterprise performance. Strategic Management Journal, 28(13), 1319-1350. (2007). https://doi.org/10.1002/smj.640
Teece, D. J., Pisano, G., & Shuen, A. Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509-533. (1997). https://doi.org/10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
The Motley Fool. McDonald’s (MCD) Q1 2026 earnings call transcript. (2026, May 7). https://www.fool.com/earnings/call-transcripts/2026/05/07/mcdonalds-mcd-q1-2026-earnings-transcript/
The Wendy’s Company. Form 10-K for the fiscal year ended December 29, 2024. U.S. Securities and Exchange Commission. (2025). https://www.sec.gov/Archives/edgar/data/30697/000003069725000003/wen-20241229.htm
The Wendy’s Company. The Wendy’s Company reports fourth quarter and full year 2025 results and provides 2026 outlook. The Wendy’s Company. (2026, February 13). https://www.irwendys.com/news/news-details/2026/THE-WENDYS-COMPANY-REPORTS-FOURTH-QUARTER-AND-FULL-YEAR-2025-RESULTS-AND-PROVIDES-2026-OUTLOOK/default.aspx
Yin, R. K. Case study research and applications: Design and methods (6th ed.). SAGE Publications, Thousand Oaks, CA. (2018).