電子硬體製造廠商策略性佈局與績效之個案研究

A Case Study on Strategic Investments for Business Configuration and their Performance Impacts in Electronics Hardware Manufacturing Companies

楊裕民(I-Ming Yang)

指導教授 ： 李吉仁

國立臺灣大學/管理學院/高階公共管理組/碩士(2008年)

https://doi.org/10.6342/NTU.2008.10680

摘要

電子製造廠商在過去幾年面臨到微利化的衝擊，使得廠商除了要增加訂單之外，也紛紛尋求更好的投資標的，進行轉投資的布局，一來分散投資風險，二來追求集團成長；另外，在日益縮小的利潤使得廠商走向垂直投資控制、甚至高度整合，向上、下垂直整合供應鏈，將零組件的利潤內部化，也為了提高與國際客戶談判的籌碼，必須具備規模經濟與一次購足的能力，因此，垂直整合是追求成長與確保利潤重要的一步，也是產業成熟後得以存活的關鍵。本研究以鴻海、仁寶、華碩三家個案公司，探討其垂直整合和水平整合的程度，及其展現出不同經營績效，希冀獲得若干發現，提供電子硬體製造廠商在轉投資決策及未來事業佈局之依據參考。
本研究歸納出以下三點結論：
1、電子硬體製造廠商在垂直整合下，泛集團化結構形成，變成集團內的外包，除了有原本外包的優勢在，也提高公司的附加價值，將利潤內化，對代工廠來說，在毛利上便有更大的空間。
2、三家電子硬體製造廠商以鴻海的垂直與水平投資金額最大，其能夠提供客戶多樣的產品，串起完整供應鏈的活動，提供代工客戶一次購足的服務，以最優化的供貨速度、品質及最低的成本優勢，作為電子製造廠商中成本領導的廠商。
3、這三家電子硬體製造廠商的大陸投資佈局中，鴻海的大陸投資金額以及投資的水平深度與廣度也最深入，同時在大陸投資與經營的時間也最早，並且對模具、機構件與電子類的投資比重極高；反觀，仁寶及華碩在模具、機構件的投資上的佈局很少，大都為電子類的投資，但面臨到電子零組件微利化的影響，使得整體利潤率下滑。

關鍵字

經濟附加價值 ； 垂直與水平整合 ； 策略性佈局 ； 核心能力

並列摘要

Responding to the increasing price erosion, the electronics hardware manufactures intend to increase the degree of vertical integration in the world of vertical specialization so that their competitiveness can be enhanced. Vertical integration may help the focal firm retain profit through internal transactions and increase the bargain power with the brand-name international customers based on their upgrading capability of scale economies and one-stop shopping advantages. Vertical integration seems to a critical measure for pursuing revenue growth and maintaining net profit for electronics hardware manufactures.
In this thesis research, I choose 3 typical companies: Hon Hai, Compal and AsusTek as targets for case exploration. I analyze their degree of individual vertical and horizontal integration and their associated performance. With these analyses, I hope to evaluate how strategic investments for business configuration would affect these companies’ performance.
There are three major findings in this research:
1、Three companies invested heavily in vertical and horizontal integration with different degree and directions. The internal transactions between invested firms and the parent company maintain the existing outsourcing advantages while increase the added value of parent company. It keeps the profit of component inside of the parent company and creates the bargain power with regard to their international buyers.
2、Among them, Hon Hai has made the highest commitment through its strategic investments to configure its vertical and horizontal boundaries. With such, Hon Hai could provide cost competitive offers and one-stop shopping services.
3、Hon Hai also made a large portion of its strategic investment in China. Especially, Hon Hai had invested extensively in mold and die, mechanics and plastics parts and electronic components and assembled for its vertical and horizontal products. In contrast, the size of China investments of Compal and AsusTek is much smaller in the above mentioned areas. Both companies focused on the fields of electronics components and assemblies. It may decrease the profit margin due to the shrinking profit of electronics parts.

並列關鍵字

Economic Value Added ； Vertical and Horizontal Integration ； Strategic Configuration ； Core Competence

參考文獻

朱博湧、鄧美貞、黃基鴻，2005年6月，垂直整合與虛擬整合商業模式之績效比較：台灣積體電路產業實證，交大管理學報，25卷1期，頁1-27。

陳章真，1989，企業垂直整合的疑慮，經濟前瞻，14期，頁124-124。

Collis, D.J., Montgomery, C.A., 1995, “Competing on Resources: Strategy in the 1990s” Harvard Business Review, July-August, pp.118-128.

Conner, K. R. and Prahalad, C.K., 1996, “A Resource-Based Theory of the Firm: Knowledge versus Opportunism, ” Organization Science, 7（5）, pp.477-501.

Crabtree, B.F., Miller, W.L., 1992, Doing Qualitative Research, Newbury Park, CA: Sage.