第4C_車用電子之產業營運策略族群分析

Abstract

全球資通訊產業歷經高度發展後，產品進入微利時代，再受到美國蘋果公司所帶來商業模式上的破壞式創新，迫使原本的IT產業架構崩落，產品間的界線變得模糊，使得產業內廠商積極尋求發展新的產品領域與策略，而汽車電子(Automotive electronics)應用的崛起，似乎為整體資訊業者帶來曙光。相對於資通訊產業開放性的蓬勃發展，牽繫著人生安全的車用電子產業則顯得較為保守與封閉，本研究藉由分析及歸納以杜邦恆等式解構而來的十項財務指標，進而探索車用電子廠商的營運策略族群。 本研究藉由Standard & Poor Compustat中Global與North American兩資料庫所取得相關廠商在2007年至2011年間之財務資料，經過因素分析後，從十項財務指標萃取出研發管理能力、資產管理能力、現金周轉管理能力與通路管理能力等四構面。再以四構面為變數，將七十九家車用電子廠商分成四個族群，分別為產品市場流通優勢型、重資產負擔型、知識暨財務領導優勢型與產業跟隨者。以ROIC (資產報酬率)檢驗四個族群的績效表現，在歷經2008年與2009年全球金融風暴，發現產業跟隨者與產品市場流通優勢型兩族群之ROIC優於重資產負擔型與知識暨財務領導優勢型兩族群，意味著該產業內投入較多研發資源與生產設備的廠商，在資產報酬率上的表現，並沒有具有相對優勢，反而可能趨於劣勢，相對的產業跟隨者與產品市場流通優勢型兩族群，或許採取技術合作或產品通路上優勢，在資產報酬率上的表現，反而較具優勢。

After highly developed, the IT industry has entered an era of meager profit. Then by the impact from Apple’s destructive business model, the original IT industry structure has been destroyed. By the changing, companies inside the industry would like to find out the other product plan and strategies. With more and more automotive electronics applications been designed in, it provides a hope to the whole IT industry. This study analyzed the automotive electronic providers’ operating strategy groups by using 10 financial indicators deconstructing from the Du Pont Formula. In this study, all of the financial data comes from the Standard & Poor Compustat’s Global and North American database. After the process of factor analysis, 4 factors, R&D management capabilities, asset management capabilities, Cash turnover management capabilities and channel management capabilities, were extracted from these 10 financial indicators. Base on the 4 factors, the 79 automotive electronics companies were separated to 4 clusters, the type of product liquidity in the market, the type of heavy asset-burden, the type of R&D and finance management and the type of industry followers. And the performance refers to the ROIC rating, the groups of industry followers and product liquidity in the market is better than the groups of heacy asset-burden and R&D and finance management. Means that companies invested more on R&D and equipment may not have a comparative advantage on the rate of return on assets. The group of no special advantages and product liquidity in the market which may take advantage of the technical cooperation or path is more in a comparative advantage on the rate of return on assets.