本研究之目的在於探討國內承銷產業於民國77、78年之競爭狀況。主要分為兩部分：第一部分探討承銷商的競爭方式，以及因競爭能力強弱所形成的策略群組。第二部分針對承銷商與客戶間的權力情境、影響行為，以及績效之闢係，驗證下列兩假設：一、在不同權力情境下，廠商會採取不同的影響行為。二、在不同權力情境下，廠商的績效會有所不同。 研究結果發現，承銷產業之廠商可區分為兩個策略群組：傳統關係群及新進專業群。對於承銷商與客戶「權力情境、影響行為、績效」關係之假說驗證，假說一僅部分成立，即不同的權力情境會導致廠商部分影響行為的不同；至於假設二則不成立。

The aim of this study is to explore the competition situtation in Taiwan's underwriting industry from 1988 to 1989. The paper is divided into two major parts: one is to identify the factors of the firms' competitive edge, and the strategic groups formed. The other part is to test two hypotheses about the relationship between underwriter and issuing company, which includes (l)Hl: Different power contingencies resulted in underwriters' different influence behaviors. (2) H2: Different power contingencies resulted in underwriters' different performance. We found there were two strategic groups in underwriting industry, namely 'Tradition/Relation Group" and "Entry/Expertise Group". Different power contingencies resulted in partial differences of underwriters' influence behaviors. However, different power contingencies would not result in any differences of underwriters' performance.