台灣電子組裝代工業競爭力分析─以鴻海與廣達為例

Abstract

本研究的目的是透過財務報表分析，找出電子製造服務（EMS）業關鍵成功因素。為了找出EMS產業特徵，首先比較EMS廠商（鴻海）和另兩家其他行業的廠商，分別為宏基（品牌廠商）和順發（通路廠商）。比較結果發現，EMS廠商在各項財務指標優於品牌廠商。雖然微笑曲線理論的主張在台灣相當普遍，但這□卻提供了一個微笑曲線的反例。為了確定找出EMS廠的關鍵成功因素，我們繼續比較兩間 EMS廠商，分別為鴻海和廣達。比較結果有兩個重要的發現，首先，電子產品的毛利率不斷下降，是因為成熟的電子製造技術。其次，面對這樣一個毛利降低的年代，如果能建立一個高度集成的供應鏈，提高利潤率，包括最終產品中包含更多的自製組件的，EMS廠將更具競爭力，透過這樣一個全面的供應鏈，報價的價格將會變得更有競爭力，帶來更高的銷售額，使單位成本更低，也提供了擴大最終產品範圍的機會，因此，透過經濟規模建立一個高門檻。

This research aims to identify the key success factors for the electronic manufacturing services (EMS) industry through the analysis of financial statements. To reveal the characteristics of EMS industry, we firstly compare an EMS company (Foxconn) against two companies in other industries—one is Acer (a brand-oriented company) and the other is Sunfar (an ending-channel company). The comparison reveals that the EMS company outperforms the brand-oriented company in terms of many financial measures. This finding provides a counter-example to the Smile-Curve theory, which is popularly advocated in Taiwan. To identify the key success factors of EMS, we secondly compare two EMS companies, one is Faxconn and the other is Quanta. The comparison reveals two important findings. First, the gross margins of electronic products are constantly decreasing due to the mature of electronic manufacturing technology. Secondly, facing such a margin-diminishing era, an EMS company will be more competitive if it could establish a highly-integrated supply chain to increase the margin rate by including more self-made components in its final products. With such a comprehensive supply-chain, the quoting price will become more competitive, lead to higher sales volume, and result in low unit cost. In addition, it provides opportunities to extend the scope of final products. As a result, it will build a high-entry barrier due to economy of scale.