面板業重組方法之個案研究─以奇美電子為例

Abstract

過去針對面板產業之研究其時間點大多都在2008年金融海嘯之前，在此之後我國面板產業面臨了許多挑戰，金融海嘯後終端消費者市場之需求快速下降，各家面板廠商為了解決庫存問題，開始削價競爭，近幾年之虧損亦讓個案公司奇美電子發生現金流量不足之問題。另外，智慧型手持裝置之出現讓過去面板產業不斷追求大尺寸之現象也有了轉變，韓國三星電子的AMOLED面板正是在此時期發光發熱，由於新技術的出現以及財務上之問題對面板業之影響過去未有研究深入探討，且個案公司奇美電子正面臨企業重組之考驗，故研究者將針對此議題做深入探討。 本研究以個案的形式深入探討面板產業中的產業鏈以及分析在成本結構中佔有重要比重之關鍵零組件的發展，並透過事件研究法檢視個案公司奇美電子在高階經理人發生異動之時，以及債務問題浮上檯面之時，股價是否有異常報酬之發生？並將奇美電子企業重組的可能方向做整理與推演，後以五力分析檢視在未來的時間點，奇美電子採用哪種重組方法可獲得比較大的競爭力？根據實證結果發現，隨著智慧型手持裝置之出現，面板產業已不像過去可靠追求產量為主的策略就能獲致成功，未來的面板產業將更著重在規格不同與技術差異上做競爭，因此奇美電子與日本夏普之合作是最好的重組方法。

Studies for the panel industry in the past, mostly before the financial tsunami. After 2008 panel industry faces many challenges like rapid decline in demand for the panel end-consumer market. So lots of panel manufacturers in order to solve the inventory problem, starting price competition. Of losses in recent years, CMO company have cash flow deficiencies problem. Smart handheld devices appear, let the past panel industry is continuing to pursue the large size of the phenomenon have changed. It was in this period, South Korea's Samsung Electronics' AMOLED panel is hot. Past study didn't consider the impact of new technologies and financial issues on panel industry. For now CMO is facing a test of the corporate restructuring, so the researcher do in-depth study try to address this issue. Researcher use case study to depth view the industry chain of panel industry, and use the event study methodology to examine the High-level managers, as well as debt problems. Whether a stock is the occurrence of abnormal returns? Sort out the possible direction of the CMO corporate restructuring, then using five forces analysis to check. According to the empirical results that CMO cooperation with Japan's Sharp is the best way to corporate restructuring.