近年來，由於金融海嘯導致全球景氣不佳，企業經營更顯困難。在不景氣中，企業更應該回歸至基本面，確立企業本身的定位與價值，思考如何提升企業的營運績效，也就是如何提升並創造價值，藉由策略發展與強化核心競爭力，化危機為轉機。因此，本研究以兩種不同的角度去剖析企業該如何創造價值以贏得長期性的競爭優勢，並且創造超額利潤。其一是透過價值創造的定義，為企業找出如何創造價值的方法與策略；其二是從企業內部的核心價值、創新、營運模式等既有資料，找出驅動價值的因素，從中整理與歸納出一套價值創造的模式與架構，並且分析企業成長與獲利的主因，讓企業能夠了解企業本身的優勢與價值，持續創造高獲利。
本研究所採取的研究方法是依據Yin（1994）所提出的個案研究法，透過次級資料之蒐集與分析，整理歸納出價值創造的重要影響因子。而本研究選擇營運效能與顧客服務導向的代表性半導體公司─台積電(TSMC)，以進行觀察研究與分析。由於半導體產業成長有逐漸趨緩的情況，本研究透過剖析價值創造的因素，給予台積電建議，該如何透過策略與方法創造價值，邁向永續經營的道路，成為世界級偉大的公司。
本研究範疇包括：
1. 何謂價值與價值創造?
2. 創造價值的步驟與策略。
3. 探討影響企業價值創造的價值因子。
4. 台積電該如何邁向世界級公司。

Recently, the financial crisis has led a poor global economy, and is making business is even more difficult to operate. In the downturn, companies should return into the fundamentals, establish the positioning of the enterprise itself and value, and consider how to enhance the operating performance of enterprises. It is also how to enhance and create value through strategy development and strengthen the core competitiveness, making crisis into a turning point. Therefore, this study uses two different perspectives on how to analyze the business value to win the long-term competitive advantage with excess profits. The first is to find out how to create value with methods and strategies through the definition of value creation for enterprises. Secondly, businesses should identify the factors that propel value from the enterprise’s core values, innovation, and business model, collating and summarizing a set of value creation model and structure. They should analyze the major causes of business growth and profitability to help enterprises understanding their own strengths and values that continue to create high profit.
This study is based on the research methods of Yin (1994) case studies, through the secondary data collections and analysis, summing up with important impacts on value creation factor. The study chose an operating performance and customer service oriented company ─ Taiwan Semiconductor Manufacturing Company, to carry out research and analysis. As a result of a growth situation slowing down in the semiconductor industry, this study analyzes the value creating factors and gives TSMC recommendations on how to create value, the path towards sustainable development and becoming a great world-class company.

The scope of this study includes:
1. What is value and value creation?
2. The steps to create value and strategy.
3. Discussing the value creation factors that affect enterprise value.
4. TSMC how to move towards a world-class company.

Chapter 1 Introduction 8
1.1 Research Background and Motivation 8
1.2 Research Objective and Questions 13
1.3 Research Procedure 14
Chapter 2 Literature Review 15
2.1 The Definition of Value 16
2.2 Value Creation 21
Chapter3 Research Method 32
3.1 Research Architecture 32
3.2 Research Method 33
3.3 Case Selection 36
3.4 Introduction of TSMC 37
Chapter4 Case Analysis and Discussion 41
4.1 Definition analysis of TSMC value creation 41
4.2 Value Driver analysis of TSMC value creation 48
Chapter5 Research Conclusion and Suggestion 69
5.1 Conclusion 69
5.2 Suggestion 70
5.3 Limitations 76
Reference 77

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