鹿港為台灣水龍頭製造最重要的工業基地，本文旨在檢驗水五金產業如何在鹿港形塑，並且在該地區發展、轉化與保持其生產的區位優勢。然而，在全球自由貿易經濟加速發展，尤其是隨著中國大陸的生產市場開放，鹿港的水五金產業廠商面臨著傳統、勞力密集且低附加價值的發展危機，而選擇關廠或西進中國設廠，但是今日鹿港水五金產業仍然活絡並保有生產優勢。
本文透過區域經濟分析及結合全球價值鏈治理型態，發展出一組技術（彈性化及多樣化技術）、組織（製造分工的完整供應鏈及模組型治理網絡）與領地（生產、學習、創造技術的空間）三者共同交織的區域產業發展路徑。調查結果指出，鹿港的區位優勢不只牽涉產業技術面的升級與創新而已，而是廠商在地理上貿易及非貿易的連結。水五金廠商透過長期合作、面對面互動及綿密的人際關係，而建立起信任、常規、及社會資本（廠商間非貿易上的依賴），形成區域內重要的關係性資產。
最後，近年來政府機構、水五金協會和水五金專業聯盟等組織團體的建立，也增強了廠商間信任、合作、規範的關係性資產。因此，區域內關係性資產的地理令台灣水五金廠商形成更綿密的知識網絡與生產分工，增加產品的附加價值，保有其水五金生產空間的區位優勢。

Lugang is the most important industrial district for faucet manufacture in Taiwan. This study points out how the faucet industry arises in Lugang and how the faucet industry develops, transforms and retains its locational advantages. However, under the rapid development of global economy, and especially with the opening of production market in China, facing the development crisis of being traditional, labor-intensive and the low-value added, faucet manufacturers choose to shut down the factories or build a plant in China. But how is Lugang faucet industry still going on well and how does it retain its production advantages?
This study through analysis of regional economies and Global Value Chain, develops a track of regional development including technology (flexibility/variety technology)-organization (complete supply chains of labor division and modular value chains)-territory (the space for production, learning and creation technology). The result shows the location advantages in Lugang involves not only the facet of industry technology promotion and the innovation, but also geographical of traded and untraded linkages among manufacturers. Through long-term cooperation, face-to-face interaction and the interpersonal relationship, the faucet manufacturers establish trust, convention and social capital, untraded interdependencies among the manufacturers, forming most important relational assets in the region.
Finally, in recent years the growth coalition of the government, faucet association and Taiwan Aqua Professionals also enhances relational assets of trust, cooperation, and standards among manufacturers. Therefore, geography of relational assets in Lugang make faucet manufacturers form more thorough knowledge network and lobar division, increase the added value of products, and retain the locational advantage for production.

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