台灣投影機產業之企業評價與經營績效分析-以中強光電公司為例

Abstract

全球投影機市場一直以來都集中在商用以及教育市場為主，由於更小且更經濟的關鍵零組件「微型面板」 (Micro Display)陸續導入，有效地降低投影機廠商的生產成本，使得過去體積龐大且高價的投影機漸漸式微，體積小且價格實惠的投影機陸續問市，低價化潮流席捲了整個投影機產業，也刺激了產業景氣。隨著投影機重量愈來愈輕，亮度愈來愈高，產品走向輕薄短小，攜帶更輕盈方便，投影機的使用從「定置的設備」轉為「可移動的設備」之機會增加，投影機邁入個人電腦週邊的時代確定已經來臨。同時，越來越多的家庭選擇以投影機來當作家庭娛樂的顯示工具，使得全球投影機產品的發展逐漸由商用高階產品轉向強調家用娛樂與家庭電影院（Home Theater）的市場需求，這一連串的改變，可視為整體投影機產業再成長的新興動力。如果在可見的未來，投影機能以一般中產階級可接受之價位走進家庭，其銷售量將呈現爆炸式且遠遠超過現在任何可預測之成長模式而捲起產業的「龍捲風暴」。 台灣投影機產業，就在全球投影機家用市場的快速興起，以及國際投影機品牌廠商代工訂單持續湧入的帶動下，呈現了蓬勃的發展。尤其台灣企業在全球競爭的價值鏈中所具備的大都是在生產製造方面的競爭優勢，因而成為許多世界級大廠的代工合作對象，這使得台灣投影機出貨量佔全球投影機出量貨的比例逐年地往上攀升。對於一向擅長代工業務的台灣廠商而言，這是一次千載難逢之發展投影機產業的絕佳良機。 因此，希望透過本研究達到對投影機產業之發展現況與趨勢更詳細的分析與瞭解，同時探討「經濟附加價值」 (EVA)理論，用來評估台灣從事投影機產業之廠商的企業價值與經營績效。整個研究分析過程以投影機產業之龍頭廠商中強光電為主要個案公司，並輔以明基電通作為標竿比較之企業。最後，將依整個研究結果對個案公司提出建議，期能在激烈競爭環境下，提昇其經營績效與競爭優勢。

The projector industry has grown very quickly in the past few years due to the prosperous progress of the projection technology on different micro-display panels. The projectors with compact size, light weight and high-resolution video output become more popular in the market and the prices are also dropping like a stone thanks to the maturity on the development of projection system and equipment. Owing to the significant weight reduction, the projectors are defined from 「fixed devices」originally to become portable ones and the chance to become an enhanced computer accessory is increasing. Furthermore, a lot of home users gradually select projectors as home theaters for entertainment purpose. If the projector price keeps going to drop to a certain level that can be accepted by almost all of middle bourgeoisie, the projector sales will become a tornado and the explosive growth rate will be far beyond any current prediction. When the emerging era for projector development arrives, it is a golden opportunity for Taiwanese projector firms to extend their business quickly due to receiving the orders from world-class brand companies by basing on the manufacturing excellence that almost all of Taiwanese companies already performed as the competitive advantage on the value chain. Therefore, it is expected to have a thoroughgoing study for the current situation and development trend on projector industry through this thesis. Meanwhile, business valuation and performance review are also undertaken for projector firms in Taiwan by using EVA (Economic Value Added) theory. Coretronic is the main case company in this thesis and BenQ acts as a comparable one for contrast purpose. Some suggestions to the main case company will be presented in the final conclusion for performance improvement and promotion on competitive advantage.