公司經營策略調整對企業價值影響之研究─以明基電通為例

Abstract

經濟附加價值在近年來廣受世界各國大型企業的重視，不少人士將其視為傳統會計盈餘以外重要的績效指標，在公司內部評估績效或從事其他管理會計決策乃至於投資大眾制定投資決策的重要指標，Stern 甚至建議以經濟附加價值取代會計盈餘。

經過本研究對於明基電通1998年至2003年之歷史資料蒐集以及預估其2004年至2017年之企業價值與EVA分析結果，可以看出企業以代工為主之經營策略，初期或許可收穩定收益，但代工企業因為處在價值鏈中的最末端，隨著IT行業的整體不景氣，整條價值鏈利潤空間逐漸變小，價值鏈上各商家必然要為爭取更多的自身利潤而蠶食價值鏈上其他環節的利潤，於是代工業的利潤被進一步壓縮。

而產品的創新、研發與自有品牌所能得到的利潤遠大於製造與加工，甚至可超過十倍以上，唯有研發與品牌佔據著上游最重要的位置，單純的製造業只能受制於它們。一向以OEM、ODM代工為主的台灣廠商或許可以將經營代工業務的經驗累積，趁著大陸市場蓬勃發展之時，將台灣自有品牌的經營藉此推向世界舞台，因台灣廠商相對於其他國家競爭者，對中國大陸的經營有著製造、技術與市場親和的優勢，較過去的環境更有機會發展自有品牌。

但品牌之路是一條艱辛且充滿挑戰的崎嶇道路，品牌行銷不是喊口號而已，初期必須投入相當程度的心力，各項研發與投資計畫更須嚴密的控管，尤其營業資金的掌握更是不容出錯。基於此項理由，本研究提供一個分析架構予有心經營自有品牌的企業，文中所提及的財務報表分析比較、經營策略制定與預估模型、參數以及預估來源，可供企業計算公司之價值時參考，亦可提供分析師作為評量公司價值的參考基準。

Economic Added Valuation (EVA) has recently sparked great interest among large-scale enterprises around the world. In addition to its use for traditional accounting, it is also being treated as an internal performance measure and for strategic planning. It is being widely used to make investment decisions, and Stern even suggested using EVA to take the place of revenue accounting. This thesis examines financial information from BenQ Corporation from 1998 to 2003, and estimates its future business valuation for 2004 and 2017. Based on this research, we conclude that ODMs (Original Design Manufacturers) and OEMs (Original Equipment Manufacturers) may be able to earn stable profits in the early phases of their venture but that due to their position in the value chain, the profit space will become limited, resulting in the depression of the IT industry.

On the other hand, the profits of innovative companies that conduct R&D or own an important brand name, can be up to ten times more profitable than those that only manufactures or process. Thus, it is R&D and branding that insure an important position in the value chain. Therefore, Taiwanese companies owning factories and conducting OEM or ODM businesses would do well to expand their markets and to push Taiwanese brands onto the world stage. The combination of dominance in manufacturing combined with familiarity with markets in China can provide Taiwan with an opportunity to dominate competition from other countries.

Establishing a brand is a challenging goal, and cannot be accomplished by mere slogan. Significant effort and vigilance will be required. This research provides an analytic structure that can be of use to companies intent on establishing a brand. The models estimated here, including both parameters and sources could be used as a reference for companies wishing to calculate their own valuation. Further, these models can be used by analysts interested is conducting a business valuation.