以DEA分析台灣主機板兼營筆記型電腦廠商之經營績效

Abstract

本研究以國內四家上市的一線主機板兼營筆記型電腦廠商為研究標的，四家廠商都有二十年以上的歷史，且同時擁有品牌及代工業務，包括華碩、技嘉、微星及精英。以四家廠商都有筆記型電腦出貨的2004至2009 Q3的六年當做研究期間，每廠每年的財務資料當做一個決策單位，利用資料包絡法(DEA)中的CCR及BCC模式先求得各廠商各年度的生產效率與純技術效率，推導出規模效率，再以Doyle & Green (1994)的交叉效率評量求得交叉效率值，並將此交叉效率值予以排序做為本文的研究方法。研究中以固定資產、資產總額及營業費用做為投入變數，營業淨利、每股盈餘、資產報酬率及營業收入為產出變數，為四家主機板廠商的經營效率做同儕評估。研究結果如下： １． 投入及產出量大的廠商，不代表其經營績效比較好。 ２． 主機板兼營筆記型電腦廠商的規模大小不影響經營績效。 ３． 削價競爭無法提高主機板兼營筆記型電腦廠商的經營績效，一個健康、良性競爭的產業環境對日漸傳產化的主機板產業經營極為重要。 ４． 四家廠商依其產品分佈、業務發展及市場經營特性可歸類為三種類型： □a. 華碩及微星屬同一類型廠商：均致力於PC領域的多角化經營，特別著重於消費性商品市場，直接面對最下游的使用者，受景氣影響最大，經營策略要能快速回應市場變化，迅速調整簡化作業流程，節省費用開支，擴充行銷管道，加強銷售實力。 □b. 技嘉：著重於主機板組裝市場的品牌經營，專注於差異化主機板的研發，並將部份產能外包，以將資源集中於利基產品的品牌策略非常成功，應繼續保持。另外，應加強板卡除外之新興事業投資，培養第二、第三事業部為盈收主要來源，為集團做出貢獻。 □c. 精英：Stuck in the middle是最糟狀況，應回歸品牌市場或加速垂直整合，以避免利潤日漸稀薄的代工業務過重而侵蝕獲利。

This paper was based on four Tier one MB vendors: ASUS,Gigabyte,MSI and ECS. They have been involved in MB industry over 20 years, having R&D, manufacture and selling NB since 2004, also operating OBM and OEM biz concurrently. The research timeframe was between 2004 and 2009 Q3. Each company’s yearly financial reports are regarded as a DMU.Use CCR and BCC model of DEA to get PE and PTE, deduce SE,acquire the CEM value through Doyle & Green of CEM and sort the CEM value eventually. Fixed assets, total assets and operation expense would be regarded as inputs variables. Operation net profit, EPS, ROA and Operation income would be regarded as output variables. The research was trying to do the peer appraisal for those four companies.The empirical evidence is as below: 1. The maker having big volume inputs and outputs doesn’t mean having better operation performance. 2. The scales of those makers don’t affect their operating performance. 3. The healthy and constructive competition is very paramount for the MB industry. Any price war would jeopardize all the MB vendors’. 4. Those 4 makers can be classified as 3 types based on their product segments, business developments and market positions: □a. Both Asus and MSI belongs to this category: Selling NB and AIO with the branding names could be an advantage for MB vendors. They may foresee the biz booming when the overall economy is good and take big risks when the economy turns down. Quick action is a must. □b. MBs’market demands remain steadily. Gigabyte is penetrating into this industry and shall explore different markets or build product segments besides MB business. □c. ECS shall make some efforts on branding rebuilt or vertical integration to avoid the OEM biz has diluted its profits.