本文藉由複迴歸分析,探討液晶顯示器(TFT-LCD)面板產業的營運績效的影響因素,營運績效以利潤率來衡量,分別針對營業利潤率(稅前淨利率)與權益利潤率(股東權益報酬率)來做研究。研究資料以個公司的財務報告資料為主,另外亦蒐集相關產業研究機構證券單位的研究報告,研究的期間為西元2000年至西元2005年,研究的對象為液晶顯示器面板(TFT-LCD)主要的七家生產廠商。 本文先蒐集液晶顯示器相關資料,以整理出液晶顯示器產業的產業結構、產業特色與廠商主要的策略行為。在產業特性方面,液晶顯示器的產業結構屬於寡占市場,市場集中度有逐年提高的趨勢,同時液晶顯示器面板產業有明顯的液晶循環現象;在廠商的策略行為上,液晶顯示器的廠商常見的策略行為包括有水平合併、垂直整合、價格策略、多角化與投資研發活動。 實證結果發現,廠商的利潤率在產業特質方面主要受到短缺率、短缺率的平方項與銷售額增長量所影響,市場集中度對於廠商的利潤率亦有顯著的影響;在廠商策略行為方面,主要受到廠商的市場佔有率與相對平均銷售單價所影響。當市場集中度愈高、短缺率愈高、市場銷售額增長量愈大、廠商市佔率愈高、廠商平均銷售單價愈高時,對於廠商的利潤率有明顯的幫助。另外,對於股東權益報酬率的實證分析結果發現,合併虛擬變數對於股東權益報酬率具有顯著的影響,合併對於廠商的股東權益報酬率有正面影響。
This study uses multiple regression analysis to explore the determinants of TFT-LCD panel companies’performance. The research focuses on profit rate:PBT(profit before tax) and ROE(Return on equity). The data used for analysis are mainly from financial reports of each company,and the materials from research institute or securities companies are used as supplementary. The study covers major large TFT-LCD panel companies in 2000~2005,which are AUO(AU Optronics Corp.)、CMO(Chi Mei Optoelectronics)、CPT(Chunghwa Picture Tube)、HSD(HannStar Display)、QDI(Quanta Display Inc.)、SEC(Samsung Electronics Corp.) and LPL(LG Philips) . Structure and features of TFT-LCD panel industry are surveyed, and strategic behaviors of TFT-LCD panel companies are involved in the thesis as well to explore the full view of the factors affecting the performance of TFT-LCD panel makers. Regarding the market characteristics, the market moves from loose oligopoly to tight oligopoly and hence the four-firm concentration ratio raised upward gradually. Regarding the strategic behaviors of TFT-LCD companies, integration horizontally or vertically、pricing strategy、Diversify Strategy and R&D investment are common competitive behaviors among TFT-LCD panel makers. The empirical results demonstrate that shortage rate 、square of shortage rate and market growth rate are major causes to affect the performance of TFT-LCD panel companies among all the market variables,and the market share value or the relative ASP(Average Sale Price) are major causes as regarding the company variables. Besides, we discover that horizontal integration will affect the outcome of ROE while the outcome of PBT is not clear.