台灣TFT-LCD產業價值鏈利潤池分析研究

Abstract

「兩兆雙星產業發展計畫」為我國擬定新興產業的發展方向，而TFT-LCD產業更成為台灣經濟發展的核心目標。論就一個組織能否取得領先地位，關鍵因素在於其獲利能力，也就是「利潤」，能夠掌握利潤來源的組織才是市場上真正的贏家。

本研究採用實證研究法，從產業價值鏈出發，透過績效風險矩陣分析以及利潤池分析，探討TFT-LCD產業價值鏈各環節以及組成廠商的獲利情形，並進行假說檢定，分析個別環節、個別廠商之間的利潤是否呈現不對稱分佈。最後導入垂直整合策略，輔以專家訪談的結果，研究台灣TFT-LCD產業能否經由垂直整合，以提高利潤並分散產業風險。本研究之研究對象為TFT-LCD產業上游的材料供應商以及中游的面板製造商共19家廠商，樣本研究期間為2000~2003年。

實證研究結果如下：

(一)就整體產業價值鏈而言，根據假說檢定結果發現各環節之間的利潤呈現不對稱分佈。以報酬風險狀態而言，所有環節中以偏光板、背光模組兩個價值鏈環節的表現最佳。

(二)就各個價值鏈環節中的組成廠商來說，獲利情況簡述如下：

1.彩色濾光片—根據假說檢定結果，發現此環節中個別廠商之間的利潤呈現不對稱分佈。其中，以和鑫光電的風險控管能力、獲利表現較佳。

2.背光模組—根據假說檢定結果，發現此環節中個別廠商之間的利潤呈現不對稱分佈。所有代表廠商中以瑞儀光電之綜合表現最佳。

3.驅動IC—根據假說檢定結果，發現此環節中個別廠商之間的利潤呈現不對稱分佈。在代表廠商中以聯詠科技、奇景光電、凌陽科技三家公司的績效風險表現較突出，掌控了整個驅動IC產業的主要利潤所在。

4.TFT-LCD面板—根據假說檢定結果，發現此環節中個別廠商之間的利潤沒有顯著差異。表現最佳者為台灣面板雙雄之友達光電、奇美電子。

(三)導入垂直整合策略後，發現TFT-LCD面板廠商可以利用轉投資或入股的方式切入偏光板及背光模組領域以極大化利潤及分散產業風險。

The "two trillion and twin star" program leads Taiwan to emergent industries’ development, and developing TFT-LCD industry is one of core activities. The ultimate factor for an organization becoming the industrial leader is profitability. Whichever can hold the most profit is the true winner in the market.

This thesis adopts an empirical approach via studying industry value chain. Through performance-risk matrix and profit pool analyses, this research first explores whether profits among each segment are asymmetrically distributed. Besides, this study also tries to examine if TFT-LCD panel makers can increase overall profits and reduce risks by using a vertical integration strategy. The research consists of nineteen upstream and midstream listed Taiwan TFT-LCD related companies.

The conclusions are summarized as follows:

(一)Overall industry value chain—The profit among each segment is asymmetrically distributed. Among all segments, Polarizer and Backlight Module are profitable.

(二)Companies within each value chain segment—

1.Color Filter-The profits of individual company are asymmetrically distributed. Sintek Photronic Corp. earns the most profit out of all companies.

2.Backlight Module-The profits of individual company are asymmetrically distributed. Radiant Opto-Electronics Corp. holds the most profit out of all companies.

3.Driver IC-The profits of individual company are asymmetrically distributed. Novatek Microelectronics Corp., Himax Technologies Inc. and Sunplus Technology Co., Ltd hold the most profit out of all companies.

4.TFT-LCD Panel-The profits of individual company are not asymmetrically distributed while Au Optronics Corp.and Chi Mei Optoelectronics are relatively profitable.

(三)Using a vertical integration strategy, TFT-LCD panel makers may acquire more profit through investing in Polarizer and Backlight Module companies.