台灣TFT-LCD產業的垂直整合策略分析—自利潤池的角度切入

Abstract

本篇論文以台灣TFT-LCD產業為實證研究對象，運用統計分析的方式，輔以競爭策略、垂直整合、利潤池理論等文獻，從產業的發展概況分析，探討TFT-LCD面板製造的垂直整合策略的利弊得失。

研究選擇TFT-LCD產業中不同環節（彩色濾光片、偏光板、背光模組、驅動IC及面板製造）為研究對象，主要以2000年~2003年為研究期間，採用股東權益報酬率(Return on Equity；ROE)、總資產報酬率(Return on Asset；ROA)、營業淨利率(Return on Sales；ROS)－一般學者最常使用的財務指標，來作為衡量指標，觀察其平均值及標準差，代表其報酬與風險狀況，佐以統計檢定，以探討整合程度不同是否對其ROE表現出現顯著差異。最後並進一步探討是否可藉由整個產業環節中投資比重最大的面板製造業來整合產業中的其他環節來提高營業利潤率及降低其波動的風險。

實證研究結果如下：垂直整合整合程度不同確實會對其營業利潤率的表現有不同的影響，表現在ROE上也會出現顯著的差異。或許可提供面板製造業一個思考的方向，藉由轉投資或是入股等方式，切入偏光板、背光模組或是驅動IC等不同的環節來降低本身過大的營運風險。

This thesis presented an empirical study exploring the performance of TFT-LCD industry through vertical integration. Statistical analysis methods were adopted to examine the performance of TFT-LCD industry. Following the theories of competitive advantages, vertical integration, and profit pool, the study conducted analyses of the strength and weakness of vertical integration strategies. The result of this study provided valuable insight of the vertical integration strategy for TFT-LCD panel makers.

In this research, we focused on the different segment of the TFT-LCD value chain. We used three financial performance indices of these companies between 2000 and 2003, namely the return on equity, the return on asset and the return on sales. The means and standard deviations of these indices were used as proxies for the returns and risks. Additionally, statistical testing was used to validate and contrast the performance of the TFT-LCD panel manufacturers’ ROE. Finally from the perspective of profit pool and vertical integration strategies to examine whether TFT-LCD panel manufacturers could use an integration strategy as a way to improve their performance on operating profit margin and lower the risk.