台灣太陽能矽晶電池產業因應美國雙反之策略發展研究

Abstract

本個案研究美國第二次雙反後，對台灣主要太陽能電池廠(cell)、導電漿廠商(paste)及晶片廠商(wafer)之發展影響，而進行短期市場績效與財務績效分析。本文研究結果發現，台灣主要廠商的短期市場績效與財務績效，受美國第二次雙反影響顯著。研究結果顯示在2014年6月3日美國對中國反補貼初判宣布課稅，觀察台灣主要電池廠商與晶片廠，短期市場績效表現皆呈現正的累積異常報酬。導電漿廠商則因主要客戶分布兩岸不同地區，而有顯著差異性。而2014年7月24美國對中國大陸、台灣反傾銷初判課稅，觀察台灣主要電池廠商、晶片廠與導電漿廠商，短期市場績效表現初判前後，皆呈現顯著負的累積異常報酬。以2014年營業收入、毛利率、營業利益率以及負債比率表現等財務指標，觀察台灣電池廠財務績效，結果顯示第二次雙反初判結果，對營運獲利性有顯著之負面影響。最後藉由未來市場發展與策略研究說明，目前台灣太陽能電池產業，面對大陸競爭與國際貿易制裁，未來應如何加強競爭優勢，以及太陽能電池產業因應雙反，如何改變經營方向與發展策略。

This study focus on the research on the second U.S. Solar Anti-Dumping and countervailing investigation effect on the short term market performance and financial performance analysis for Taiwanese cell, paste and wafer companies. The research result showed that the impact was significant. On the preliminary announcement on the Countervailing investigation for China and Taiwan on June 3rd, 2014, the short-term market performance showed a positive effect and there were abnormal returns accumulated. Regarding the paste companies, due to their customer portfolios covered both sides of the strait; it showed significant differences on the different regions. For the preliminary Anti-Dumping determination announcement for China and Taiwan on July 24th, major cell, wafer and paste producers showed significant impact and accumulated losses on the short-term market performance when comparing pre- and post- final determination. For the financial indicators such as Sales Revenue, Gross Margin, Operating Profit Margin, and Debt Ratio for Taiwanese Companies in 2014, the result showed that the second preliminary determination has a significant negative impact on the operating result. From a market strategic point of view for Taiwanese Solar Cell industries, when facing International Trade Sanctions, Taiwanese Solar Cell industries had to adjust its business strategies in order to strengthen competitive advantages for the second U.S. Solar Anti-Dumping and Countervailing investigation.