企業實力矩陣研究-以台灣無線網路設備製造業為例

Abstract

台灣電子科技產業在過去憑藉快速的產品開發，工程設計與成本的控制能力，發展出一套有效的OEM/ODM生產製造流程，造就台灣成為全球電子資訊科技產品的生產重鎮。縱觀過去十幾年來的資訊產業，網路通訊產業如此，對於近年來快速成長的無線區域通訊產業也是循此模式興起。

本論文對於台灣無線網路設備製造業為研究的範圍，利用Michael Porter在其所著述之「競爭策略」(1980)及「競爭優勢」(1985)所提出之論述為基礎架構；及施振榮先生在其「再造宏□」(2004)書中提出的「微笑曲線」理論，施先生建議台灣的電子產業應該往企業價值鏈的兩端發展，即是基礎科學、材料方面的研究開發及品牌、行銷通路方面投資。本研究挑選近幾年來，在全世界無線網路供應鏈佔非常重要位置且具代表性的上市、櫃企業為對象，以價值鏈資源基礎，探討企業的經營策略及其資源分配；經由分析其公開的年度財報資料，探討企業的經營策略對其經營績效及競爭力的影響，此研究結果將能驗證施先生所提倡的「微笑曲線」理論，不僅能夠應用於過去的電子及資訊產業，亦能應用於無線網路設備製造產業。

本研究設定七家於民國91年以前已上市、櫃的無線網路企業為分析標的，以七家企業公開財務報表為資料來源，加上個人於業界十年來的經驗及對企業高階管理階層的認識，將個案企業歸類為研發導向、生產導向及行銷導向不同策略營運模式，進行比較分析不同經營模式企業的獲利力、營收成長率、毛利率、資產報酬率、股東權益報酬率及EBIT/營收比率等，形成以朱博湧「雄霸亞洲」(2005)的企業實力矩陣的企業吸引力軸，同時分析同一族群企業的研發費用佔營收比、固定資產佔總資產比、推銷費用佔營收比及財務管理能力，形成企業相對競爭力軸，比對其企業獲利力及相對競爭力的企業實力矩陣。從本研究無線網路設備製造業實力矩陣矩陣分析中發現，不同的公司策略及資源投入，依其公司經營者、組織架構、核心能力及技術的差異，造成企業的獲利率有不同的結果。

經由本研究的分析及歸納，其結果如下: 1. 施先生的微笑曲線理論，對台灣無線網路設備製造產業同樣適用，企業核心技術如果位於微笑曲線的兩端，即以研發導向及行銷導向的公司，其企業獲利力較高，企業價值也較高，此企業在產業中的企業吸引力較強；而落於微笑曲線的中間企業，其價值則相對於低於兩端的企業。

2. 同樣位於相同族群的研發導向、生產導向、行銷導向企業， 如其策略資源的投入較其他公司為高，則其公司可以維持較高的 獲利力，企業在產業中的企業吸引力也較強。

3. 企業資源的投入必須衡量自身於產業價值鏈的定位及核心能力，資源能力無法兼顧整合發展時必須有所取捨，如Michael Porter於策略的選擇，企業的發展與領導階層、企業文化、核心價值與核心能力有密不可分的關係；經營者應專注其核心能力及其相關的活動，在企業成長過程中，不斷累積經驗及能力，然後以組織再造的方式，調整體質；不應貿然改變資源投入比例及經營模式。

Taiwanese electronics industries had demonstrated excellent capacity in product development, industrial design and effective cost control capability. In the OEM/ODM business, these capabilities had played a very important role on global value chain in high technical products. By overviewing the history of information and networking industries in the past ten to twenty years in Taiwan,it can be observed that Wireless LAN industry had grew following the model.

To analyze Taiwanese wireless LAN products manufacturer’s value chain strategy and competitive analysis, I apply Porter’s Competitive Strategy (1980), Competitive Advantage(1985) & Stan Shih’s Smile Curve Theory on Me-Too Is Not My Style (2004) as the frameworks of this study. Stan Shih suggested Taiwan high tech. industries have to develop higher value core competence, such as research & develop on fundamental technology, branding and sales distribution capabilities. In this study, I selected seven WLAN manufacturers who had IPO (before 2002) in Taiwan stock exchange market, a very important index on global supplier chain of WLAN industry. Based on Stan Shih & Porter’s Value Chain Strategy to study their resources allocation & review their yearly financial performance, I found Stan Shih’s Smile Curve Theory also can be applied to the Taiwanese WALN manufacturing industry.

I had collected the seven companies’ financial report which had IPO before 2002 in Taiwan Stock Exchange Market; based on my experience on wireless LAN industry and knowledge about top management in different organizations, I separated these seven companies into three groups which are R&D oriented, Manufacture oriented and Sales/Marketing oriented. And then compare their yearly growth rate , gross margin, ROA, ROE & EBIT/Rev. ratio etc. to build the axis of industrial attractiveness of BSM by Po-Young Chu’s “Business Growth Strategies for Asia Pacific” (2005), on the other hand, to collect R&D expense rate, fix assest expense rate, sales/marketing expense rate & F.W.C./EBITA rate to form the relative competitiveness axis on BSM. From my investigation on company core competence & strategy resources allocation, I found different companies have their own culture & strategy due to they had different CEO, organization, core value & technology,

Conclusions of the analysis are as follows: 1. Stan Shih’s Smile Curve theory also can be applies on Taiwanese wireless LAN manufacture industry; the company are more likely have better financial performance when the company has core competence on R&D focus & Sales/Marketing focus. 2. On the same group of R&D oriented, manufacture oriented or sales/marketing oriented, when the company can form right strategy & allocate more resources on the direction of core competence, their financial result also be better. 3. It is very important that company should develope their own core value & core technology, based on company Vision, Mission, culture & strategy to allocation resources, on Michael Porter’s Competitive Advantage to set right strategy & focus major activities. CEO & high level executives are a critical success factor to managing their strategy resources, it can’t be too diversified when the company is still in the early stage of their business lifecycle, it need time to build core competence & growing by re-engineering if they try to change or enhance their core competence.