兩岸面板業競合之研究 - 以群創光電與京東方科技為例

Abstract

中文摘要 過去台灣的面板產業在政府「兩兆雙星產業發展計畫」的政策推動及民間企業的努力之下，不僅達成了兆元的產值目標，在國際的競爭上也佔得一席之地。但近幾年來，台灣面對兩股力量的夾擊使得無論在市佔率或產值都呈現出衰退的狀況，這兩股力量分別是南韓的加速成長與中國大陸的異軍突起。所以本研究希望透過分析台灣面板龍頭「群創光電」與中國大陸面板龍頭「京東方」的經營環境、經營績效與財務比率來尋找兩家公司合作的可能性。 研究後發現，群創擁有京東方所需要的面板量產技術與經驗；京東方擁有群創所需要的產能及資金。這樣的互補缺口，使得兩家公司擁有合作的可能性，而「宸鴻」與「歐菲光」的合作策略則為本研究提供了一個可參考的案例。本研究建議群創與京東方可採的合作策略如下1.相互參股投資以鞏固合作關係 2.合資設立公司並建廠於中國大陸以享受優惠補助及關稅保護 3.互不安排董監席次，以維持獨立經營。 關鍵字：群創光電、京東方、面板產業、競合策略、財務報表分析、鑽石體系理論

ABSTRACT Taiwan TFT-LCD industry achieve numbers of trillion value of output, and also take our own place in the world due to “Two Trillion and Twin Star Development Program” and private enterprises’ efforts in the past years. However, Taiwan market shares and value of production declined in recent years because of the two main factors, one is South Korea growth fastly; the other one is Mainland China rise abruptly. Hence, The main purpose of this study is try to find if there is some kind of cooperation opportunity between the two TFT-LCD leading companies “Innolux Display Corp.“ and “BOE Technology Group Co., Ltd.," through analyzing the business environment, business performance, and financial Ratios. The research findings show Innolux owns the mass production technology and experience of TFT-LCD what BOE needs; BOE owns the capacity and founding what Innolux needs. The complementary relationship evaluates the two company’s cooperation opportunity. Meanwhile, the cooperation strategy of “TPK Touch Solutions Inc.” and “O-Film Tech Co., Ltd.“ provide a reference case for this study. The study suggest the cooperation strategies of “Innolux” and “BOE” as below: 1. Strength cooperation relationship through investment equity participation. 2. Establish a subsidiary through Joint venture; build a plant in China for subsidiary and tariff protection. 3. Do not arrange board of directors in each other companies to manage independently. Keyword: Innolux, BOE, TFT-LCD industry, Co-opetition Strategy, Financial report analysis, Diamond Model