臺灣有線電視產業成本之分析：新進及跨區經營之競爭

本研究主要研究2007年至2017年臺灣有線電視產業的現況及成本變化，並以實證研究系統業者的邊際成本、平均每戶每月營業成本，另透過系統業者營業利潤率及每股盈餘（EPS）變化的表現，來分析新進及跨區業者之競爭，對既有業者的效果影響。　　實證結果：有關邊際成本，整體產業平均為312元，凱擘、中嘉、台灣寬頻、台固及台灣數位光訊等5個MSO集團平均分別為400元、365元、314元、396元及364元，至於獨立系統業者則平均為311元。有關平均每戶每月營業成本，整體產業平均為468元，凱擘、中嘉、台灣寬頻、台固及台灣數位光訊等5個MSO集團平均分別為453元、427元、373元、457元及488元，至於獨立系統業者則平均為521元。造成此等差異之原因，可能是不同集團間或是同集團個別業者間的經營績效不同所造成。　　臺灣有線電視產業於開放新進及跨區經營前，系統業者係以核定價格上限收費，每月基本頻道收視價格介於480元至600元間，價格訂得高於邊際成本，甚至高於平均每戶每月營業成本，導致有線電視系統業者長期擁有超額利潤。　　開放新進及跨區經營後，2015年5月起陸續有新進及跨區業者參進市場營運開播，新進及跨區業者初期以提供優惠價格來爭取訂戶數；而既有系統業者為避免訂戶數流失太多，於2016年至2017年間亦多以提供更優惠的價格從事低價競爭，導致營業利潤率下降，甚至降為負的，例如金頻道由35%降至5%、新頻道由13%降至-14%及永佳樂由9%降至-2%等。　　政府開放新進及跨區經營之政策，使得市場競爭趨於活絡，提高市場競爭程度，發揮鯰魚效應，造成既有系統業者的利潤減少，避免業者有過多的超額利潤，而消費者亦可以較優惠的價格取得較佳的服務品質進而提昇消費者福利。

關鍵字

有線電視；工具變數迴歸；邊際成本；經營績效；低價競爭

並列摘要

This study mainly researches the current status and cost changes of the Taiwan cable TV industry from 2007 to 2017, and empirically researches the marginal cost of the system operator, the average monthly operating cost per household, and the operating profit margin and earnings per share (EPS) of the system operator to analyze the effect of new and expanded competition on the effectiveness of incumbents. 　　Empirical results: The marginal cost is between NT＄311 to NT$400, and the average monthly operating cost per household is between NT$373 to NT$521. The reasons for these differences may be caused by different operating performances between different groups or between individual operators in the same group. Before the Taiwanese cable TV industry opened up new and expanded operations, system operators had been charging fees at approved price caps, leading to long-term excess profits for cable TV system operators. 　　After opening up new and expanded operations, new entrants have offered preferential prices; while incumbents also engaged in low-price competition between 2016 and 2017, leading to a decline in operating profit margins, even to negative ones, such as the Gold channel from 35% to 5%, and the New channel from 13 % To -14%, and Yongjiale to 9% to -2%. 　　The government's policy of opening up new and expanded operations has made the market competition more active, increased the degree of market competition, and brought the catfish effect into play, resulting in a decrease in the profits and the avoidance of excessive excess profits by the operators. Consumers can also get better service quality at a better price to improve consumer welfare.