近年來我國電子資訊廠商在全球競爭結構中，展現了高度的成長；而刻畫此一成 長軌跡的營運邏輯中，當屬運用以 ODM 業務為軸心的發展模式，最值得吾人深入探討。 本 文試圖從交易成本理論、與廠商資源能力觀點， 討論產業價值鏈的垂直分工關係， 以建構 ODM 業務運作之思考架構，並探討 ODM 動態運作策略的內涵。 本文認為，ODM 業務類型係 廠商間『產品能力』與『行銷能力』的互補連結，為水平式產業結構下的垂直分工策略聯盟 型態; ODM 業務穩定發展的基礎，取決於產品市場特性之『產品能力不可分割性』與『行銷 能力不可分割性』程度，而 ODM 廠商的持續成長與發展， 有賴於透由多重業務結構，創造 營運綜效，從而形成廠商的產業影響力。

　　　　　The broadly defined information industries have shown a high-growth performance during recent couple years. Among others, the ODM business pattern plays a key role in supporting the growth of the industries, which deserves more research attention. Based on the transaction costs theory and the resourcebased angle, this paper attempts to systematically explore the structural factors contributing to the existence and stability of an ODM operation. We postulate that an ODM operation is constructed based on two sets of complementary capabilities pertaining to both sides of the transaction, and represents an emerging pattern of strategic alliance under the horizontally configured industries. Since an ODM supplier could exert potential threat to the buyer, the stability of an ODM transaction relies upon the degree of inseparability of product capability and that of marketing capability. Based on the framework of an ODM operation, we further elaborate the dynamic aspect of an ODM operation. We argue that to sustain growth an ODM supplier should fully explore potential synergy between OEM/ODM and ownbrand businesses. Discussion concerning how an ODM supplier can create certain degree of industry influence is also provided.