液晶顯示器產業籌資策略與資金成本之分析

Abstract

一個企業對籌資策略與資金成本的分析，是企業在走向集團化與全球化時所必需考量的一項重要議題。企業在決定其資金結構時，除考量適當運用財務槓桿、或考量避免資本快速膨脹導致企業獲利能力遭到稀釋甚至影響企業經營權之掌控外，由於LCD產業的所需資金非常龐大，受景氣及外在環境影響甚巨，企業如何在最適資金成本與營運風險間取得平衡及也要需要考量的重要因素之一。 本研究希望能在考量LCD產業所面對的外在環境及產業特性的前題下，也能藉由分析台灣LCD面板產業主要公司的財務資料，探討其對資金的運用及對公司經營績效的影響，俾做為未來決定資本結構與籌資時機的參考。 本論文從LCD產業相關公司相關資料分析中，得到下述重要結論：1) 在短期方面，應建立快速籌資的能力及2) 在長期方面，追求低水準的加權平均資金成本，仍是企業決定資金結構的重點。如此在短期企業能建立因應外在競爭環境變化的能力，在長期又能兼顧股東權益與經營風險。

Financing Policy and cost of capital analysis is a major issue for companies as they globalize and form into corporate groups. When determining its capital structure, a company must consider appropriate use of financial leverage while avoiding fast expansion of capital that can dilute company profitability or even affect company ownership. Due to the sizeable amounts of capital required needed and the strong influence of economic cycles and external environment on the LCD industry, another major consideration is finding the optimal balance between capital cost and operating risk. Given the external environment and industry characteristics of the LCD industry, this thesis attempts to discuss capital utilization and its effect on company business performance by analyzing financial information from major LCD companies in Taiwan. Using these empirical findings, we discuss the process of determining capital structure and timing for capital-raising activities for LCD industry.. Following our analysis of relevant LCD industry data, this thesis reached the following conclusions on how a company should determine its capital structure:1) establish fast capital-raising capabilities in the short term 2) seek out lower weighted average cost of capital in the long term. Achieving these goals gives a company the ability to respond to short-term changes in the external competitive environment while taking in consideration long-term shareholder rights and operation risks.