本研究運用商業週期理論（Business Cycle theory），亦稱為商業生命週期（Business Life Cycle），以分析台灣積體電路製造公司（TSMC）自1995年至2023年的策略性擴張。該理論透過四項關鍵財務指標進行評估，包括：淨營收、毛利、市值與研發（R&D）支出。本研究採用邏輯S曲線模型作為方法工具，視覺化TSMC在商業週期各階段的發展進程。
研究指出TSMC持續成長的關鍵驅動因素，定義為這些指標在商業週期各階段中持續且長期的改善。研究亦探討持續的技術投資與研發支出如何促進TSMC的財務韌性與策略適應能力。結果顯示，TSMC以創新為導向的策略符合商業週期理論與S曲線模型的預期，有效支撐其從成長階段邁向成熟階段的穩定發展（Nieto et al., 1998；Foster, 1986；Christensen, 1997；Porter, 1980）。
本研究有助於深入理解技術創新、財務表現與企業演化在半導體產業中的交互關係。研究強調，創新持續性、策略前瞻性與嚴謹的財務管理是實現可持續競爭優勢的關鍵因素；本研究將其定義為企業在商業週期各階段中財務指標的穩定改善。

This research applies the Business Cycle theory, also referred to as the Business Life Cycle, to analyze Taiwan Semiconductor Manufacturing Company's (TSMC) strategic expansion from 1995 to 2023. This theory is assessed through financial performance using four key indicators: Net Revenue, Gross Profit, Market Capitalization, and Research and Development (R&D) Expenditures. The Logistic S-Curve model is used as a methodological tool to visualize TSMC's progression through different stages of the Business Cycle.
The study identifies the key drivers behind TSMC's sustained growth, defined as consistent long-term improvement in these indicators throughout the Business Cycle. It also examines how ongoing technological investment and R&D spending have contributed to financial resilience and strategic adaptability. The results demonstrate that TSMC's innovation-led strategies align with the Business Cycle framework and the S-Curve's theoretical expectations, supporting steady advancement from growth to maturity stages (Nieto et al., 1998; Foster, 1986; Christensen, 1997; Porter, 1980).
This research contributes to understanding how technological innovation, financial performance, and business evolution intersect in the semiconductor industry. It emphasizes innovation continuity, strategic foresight, and disciplined financial management as essential factors in achieving sustainable competitive advantage, defined in this study as consistent improvement in financial indicators across Business Cycle stages.