台灣有線電視併購與經營績效提昇關連性之研究

Abstract

本研究統整了台灣有線電視公司發展中，對不同組織型態(SO/MSO)及不同集團背景(國內獨立系統業者、國內財團或外資私募基金)之企業整合活動進行既有資料整理分析，探討有線電視媒體產業之整合模式及方法，並分析不同併購活動所帶來實質綜效之異同，再進一步專注於2008~2011年新北市(板橋區)、新竹市及新竹縣有線電視系統廠商包含大豐有線電視、台灣數位寬頻、新竹振道有線電視與北視有線電視四家公司，以五力分析架構探討進行併購整合活動後，其償債能力、安定力、獲利力、活動力、現金流與投資人角度之改變，藉以審視綜效帶來之益處與壞處，就未來四家公司之發展與整體有線電視產業之走向提出建議與展望。

This research summarizes the chronicle of Taiwan cable television industry development, including vertical/horizontal merger activities not only in terms of different organizational types (SO/MSO) but with regard to distinct capital sources (local system operator, local foundation and foreign private equity group). The means of integration and the synergy they brought have been examined in the paper. After that we focus specifically on 4 operators in New Taipei city/ Hsinchu county area, namely, Dafeng TV Ltd, DigiTai TV Ltd, CTO and TBC Beishi, analyzing the operating performance from debt-paying ability, liquidity, profitability, operational ability, cash flow and shareholders’ perspectives during 2008 to 2011. According to the analysis, in conclusion we suggest some practical strategies respectively and the outlook of cable TV industry in a foreseeable future.