聯發科經營現況與未來發展策略個案研究

Abstract

台灣半導體產業特有的垂直整合分工與群聚效應，使IC設計業在全球排名第二，僅次於美國，聯發科去年營業創新高達2,131億台幣，2014年股價最高站上526元，但2015年最低卻跌破250元，至今仍在200元上下，市值減少了 3,000 億元。 經分析，主要的衰退因素為：高度依賴手機通訊晶片及中國市場、產品步入成熟期、大陸手機品牌廠扶植自身IC晶片廠以及大陸推動IC在地化的政策干預。 本研究指出聯發科過去的競爭優勢在於敏銳的市場預測，透過併購培養實力，提供客戶完整的解決方案，產品往往在適當時機切入，成功擺脫營運困境，再創下一波的成長。 2015年聯發科先後宣佈了併購曜鵬、常憶、奕力與立錡為進可攻、退可守的佈局，一來守住毛利與技術優勢與大陸IC設計商對抗，二來再進攻逐漸成型的物聯網市場，加上聯發科的創新能力以及在新市場的開拓，聯發科未來發展依然可以期待。

Taiwan’s integrated circuit (IC) design industry ranked second in the world after the United States in 2014. In this year, MediaTek delivered a record sales revenue of NTD $213 billion. As a result, the stock price peaked at NTD $526. One year later however, the stock price had fallen to NTD $250, reducing the market capitalization by over NTD $300 billion. My analysis has found the main factors for the decline to have been high dependence on the slowing market for mobile communication chips, in particular Chinese demand. In addition, Chinese mobile phone companies are developing their own IC design houses as the Chinese government expedites its semiconductor localization policy. In the past, MediaTek specialized in market forecasting, strengthening their technology through mergers and acquisitions (M&A), providing customers with turnkey solutions. In 2015, MediaTek has announced 4 more M&A plans to keep their technology leadership and prepare for the internet of things (IOT) market. MediaTek have also put lots of effort into the new markets such as Europe and India. I believe MediaTek will overcome the current difficulties and continue to grow in the future.