記憶體產業之投資策略研究

Abstract

名列全球第三大記憶體製造公司日商爾必達（Elpida）聲請破產保護，並由美光科技買下，對全球記憶體產業有著劇烈的影響。2016台塑集團將旗下的華亞科技嫁入美光科技，象徵記憶體產業邁入寡佔市場，大者恆大，台灣DRAM產業將何去何從，從投資策略的角度來看，是有必要深入研究及探討，作為未來投資決策者的最有效參考。 動態隨機存取記憶體(Dynamic Random Access Memory，DRAM)，是PC產業中相當重要的元件之一。DRAM產業為我國重點扶持的產業之一，無論政府與民間均投入大量的資金，十幾年來南亞科等五家DRAM廠，合計投資超過一兆台幣。然而其發展卻不順遂，隨著虧損金額的擴大，相繼退出記憶體產業。整體來看就算長期看來，2001至2016年以來雖然創造出近二兆元以上的營收，但是利潤卻是產不忍賭，盈虧合計仍然是大虧二千多億元之譜，整體來看是沒有效率的投資，甚至可以說是最失敗的投資。 本研究會針對過去的歷史經驗，從經濟學的角度，公司治理，行銷策略與管理，財務策略與管理，做深入的分析與研究。

Elpida, the world's third-largest memory maker, filed for bankruptcy protection and was bought by Micron Technology, which had a dramatic impact on the global memory industry. 2016 Formosa Plastics Group will be China's technology into the Micron Technology, a symbol of the memory industry into the oligopoly market, the big Hengda, Taiwan DRAM industry will go from the investment strategy point of view, it is necessary to in-depth study and To explore, as the future investment decision-makers of the most effective reference. Dynamic Random Access Memory (DRAM) is one of the most important components in the PC industry. DRAM industry is one of the key support industries in China, regardless of the government and the people are investing a lot of money, more than ten years the South Asia Branch and other five DRAM factory, a total investment of more than a trillion dollars. However, its development is not smooth, with the loss of the amount of expansion, have withdrawn from the memory industry. Overall, even if the long term, since 2001 to 2016, although the creation of nearly two trillion yuan of revenue, but the profit is the production can not bear gambling, profit and loss is still the loss of more than 200 billion yuan of the spectrum, the overall view Is not efficient investment, and even can be said to be the most failed investment. This study will be based on the historical experience of the past, from the perspective of economics, corporate governance, marketing strategies and management, financial strategy and management, to do in-depth analysis and research.