臺灣電子零組件產業涵蓋印刷電路板（PCB）、連接器、被動元件及電源模組等多個次產業，2024年電子零組件暨顯示器產業產值達新臺幣2兆1,370億元，較2023年成長10.3%。該產業屬資本密集型製造業，廠房設備投資規模龐大，固定資產積累對生產效率具有跨期遞延效應，即當期資本投入之效益需歷經數個會計期間方能於營運績效中逐步顯現。
本研究以2021年至2024年32家臺灣上市電子零組件公司為研究對象，採用以Chambers、Chung與Färe（1996,1998）方向性距離函數（Directional Distance Function, DDF）為架構、以Portela、Thanassoulis與Simpson（2004）範圍方向性衡量模型（Range Directional Measure,RDM）設定方向向量，並結合Tone與Tsutsui（2010）跨期連結機制所建構之單階段動態RDM DDF模型，以營業成本與員工人數為投入項，以淨營業收入、每股盈餘（EPS）、資產報酬率（ROA）及股東權益報酬率（ROE）為產出項，並以不動產、廠房及設備（PP&E）作為跨期連結變數（carry-over），建構單階段動態效率評估架構。
實證結果顯示，32家DMU於研究期間之整體總效率平均值介於0.8773至0.9115之間。2022年平均效率下滑至0.8773，為研究期間最低；2023年回升至0.9115，2024年維持於0.9048，顯示產業整體效率呈現先降後升再趨穩之軌跡，與全球需求波動週期高度吻合。群光（CHICONY）、華通（COMPEQ）、台達電（DELTA）、台光電（EMC）、聯茂（ITEQ）、嘉澤（LOTES）、健鼎（Tripod）、欣興（UNIMICRON）…等15家企業四年總效率值均達1.000，長期維持效率表現較佳，且涵蓋PCB/基板、連接器、電源元件及其他等多個次產業，說明效率領先並非特定次產業之特殊現象，而是個別企業管理能力與資源配置策略的體現。效率最低的企業為燿華（UNITECH），四年平均總效率為0.4131，單年效率由2021年之0.2277持續改善至2024年之0.7784，呈現明顯的結構性調整軌跡。
在各變數效率分析方面，營業成本效率（各年平均約0.989）與員工人數效率（各年平均約0.960）的離散程度相對較低；EPS效率（各年平均約0.801，標準差介於0.274至0.334）的離散程度最高，ROA效率（約0.863）與ROE效率（約0.863）次之，反映各企業在獲利品質轉化上存在顯著差異。PP&E跨期連結效率均值由2021年的0.8862逐年下滑至2023年的0.8304，標準差同步擴大，顯示資本積累的邊際利用效率出現普遍性降低；宏致（ACES）三年平均PP&E效率僅0.4887，燿華（UNITECH）三年平均PP&E效率則為0.6338，反映固定資產閒置率偏高，擴產時機與規模之審慎評估對資本密集型廠商尤為重要。
四象限分析進一步揭示效率結構特徵：以EPS效率值×營業收入淨額效率值及ROA效率值×ROE效率值兩組維度分析顯示，兩圖均落於第一象限的企業共18家，橫跨PCB/基板、連接器、電源元件及其他四個次產業，顯示效率領先為管理能力與技術定位之綜合體現；兩圖均落於偏低效率象限的企業共6家，主要集中於深耕一般規格PCB、傳統連接器或被動元件等技術附加價值相對有限之廠商。電源元件類整體效率表現最均衡，PCB/基板類內部技術層級分化最為顯著，次產業技術層級是效率分化的核心驅動因素。本研究建議效率偏低企業優先強化EPS轉化能力與PP&E利用效率，政府可建立差異化產業輔導政策與效率標竿學習機制，以提升整體產業競爭力。

Taiwan’s electronic components industry, which spans printed circuit boards (PCBs), connectors, passive components, and power modules, is a capital-intensive sector whose fixed-asset investments generate benefits that materialize over several accounting periods rather than within a single year. Static, single-period efficiency models therefore risk overlooking this intertemporal accumulation effect. This study evaluates 32 Taiwan Stock Exchange-listed electronic components companies over 2021–2024 using a single-stage Dynamic Range Directional Measure Data Envelopment Analysis (Dynamic RDM DDF) model that integrates the Directional Distance Function (DDF) of Chambers, Chung, and Färe (1996, 1998), the Range Directional Measure (RDM) of Portela, Thanassoulis, and Simpson (2004), and the dynamic carry-over mechanism of Tone and Tsutsui (2010). Operating cost and the number of employees serve as inputs; net operating revenue, earnings per share (EPS), return on assets (ROA), and return on equity (ROE) serve as outputs; and property, plant, and equipment (PP&E) links consecutive periods as a carry-over variable. The RDM direction vectors accommodate negative EPS, ROA, and ROE values in loss years without subjective data transformation. Results show overall efficiency averaging between 0.8773 and 0.9115 across the four years, with fifteen firms remaining on the efficiency frontier throughout the period. EPS efficiency exhibits the widest dispersion among the six evaluated variables, while operating-cost efficiency is the most stable. PP&E carry-over efficiency declines from 2021 to 2023, indicating a broad-based dilution of fixed-asset utilization amid continued capacity expansion. Quadrant analysis further shows that efficiency leadership reflects firm-level managerial capability and technological positioning rather than sub-industry affiliation.

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