宏達國際電子商業模式轉型對企業價值之影響

Abstract

宏達國際電子近年來由智慧型手機之設計代工轉型為自有品牌經營以積極提昇企業的獲利能力與經營績效。而其企業策略對企業提升公司價值與競爭力具有跨時代的重要意義，對智慧型手機產業也具有重大的參考指標意涵。 本論文以Ｏhlson (1995) 企業價值評價模型，研究宏達國際電子商業模式轉型對企業價值之影響。並探討在商業模式轉型後，其提升公司企業價值主要之驅動因素。 研究將公司之企業價值驅動因素分為五大構面，分別為獲利能力構面、經營能力構面、研發創新構面、顧客市場構面、與品質管理構面。研究資料為宏達國際電子公司自1999年至2008年之公開財務資訊，主要來源為台灣經濟新報 (TEJ) 之資料庫。 本研究之結論為: 一.宏達電商業模式轉型對企業的獲利能力具有正面的提昇作用。 二.因應自有品牌的經營，宏達電對於應收帳款與存貨的管理能力有顯著的提昇。 三.研發創新與品質管理能力為宏達電轉型為品牌經營後，所積極投入以強化企業競爭優勢的重心。 四.宏達電自我品牌之智慧型手機於商業轉型後，成功切入市場，並對企業之品牌價值有提昇之作用。 五.宏達電商業模式轉型對企業價值有實質上正面的影響。

HTC attempted to improve business profitability and management achievements by changing business model and decided to adapt own brand name to market. Its enterprise strategy is not only contemporary significant to raise enterprise value and competition but also a crucial reference index for smartphone device industry. Based on Ohlson (1995) enterprise value appraisal model, this research aims to analyze how changing business model impacts on enterprise value, while HTC changed from an ODM (Original Design Manufacturer) to an entity that carries its own brand name. The research, moreover, discusses the critical driving factors in enterprise value enhancement after business model change. Critical driving factors in this research were divided into five categories: profitability, business management, R&D innovation, customer market, and quality management. Research data was based on HTC published finance reports, and mainly adopted from database of TEJ, 1999-2008 quarterly finance information. The conclusions of this research are elaborated in the following: 1. The business model change of HTC has the positive influence on enterprise's profit ability. 2. In accordance to the own brand name business, HTC has remarkable promotion on account receivable and inventory management. 3. HTC highly devotes itself on R&D innovation and quality control to strengthen enterprise competitive advantages after its business model change. 4. After changing the smart-phone business model, HTC successfully cuts into the market and empowers its own enterprise value. 5. The change of HTC business model practically has great positive influence on enterprise value.