- 學位論文
少量多樣及多量少樣策略定位的公司財務績效的探討-以台灣中小型半導體公司為例
Effect of Strategic Positioning, LVHM vs. HVLM, on Corporate Financial Performance - Exemplified by Small-to-Medium Sized Semiconductor Companies in Taiwan
摘要
在技術密集、資本密集、產業結構大幅變動及市場變化快速的半導體產業，中小型公司如何經營市場? 是要追求經濟規模，尋求高成長動能的市場經營，或是定位在利基型的市場追求穩健的經營，完全取決於經營者的策略定位及公司發展企圖心。採用“多量少樣”及“少量多樣”這兩種不同的策略定位，對於市場景氣變化的波動、產業結構的轉變及競爭環境的改變，所要採取的應變速度及資源調整都有所不同，經營投注的重點也有不同。 本研究收集實收資本額30億以下的中小型台灣半導體公司，再區分為“多量少樣”或是“少量多樣”公司群組，進行2001-2010年財務績效分析以了解“多量少樣”及“少量多樣”策略的選擇是否影響財務經營績效。 資料分析實證結果發現： 一、在2001-2010年期間，整體十年平均而言，對資產報酬率(ROA)和股東權益報酬率(ROE)的影響，“多量少樣”公司較“少量多樣”公司表現較好，而且“多量少樣”公司的資產報酬率(ROA)和股東權益報酬率(ROE)變異(標準差)較小。 二、若以每年期間來看，對資產報酬率(ROA)和股東權益報酬率(ROE)影響而言，“多量少樣”公司較“少量多樣”公司並不是每年都有顯著影響。另外，在研究期間的2002-2004年，整體半導體景氣成長率較高，“多量少樣”公司比“少量多樣”公司在此期間表現也較十年平均的表現好，顯示影響的程度和整體半導體的景氣程度有關。
並列摘要
In the semiconductor industry, which is technology-driven, capital–intensive and has nature of rapid changes in its industry structure as well as market, how can a small-to-medium sized company operate and sustain? Should it pursue economic scale that stresses on high growth dynamics or position itself in niche market that focuses on stable growth? The answer depends on the corporate positioning and business ambition adopted by the company’s top executives. The differences of Low-Volume-High-Mix (LVHM) and High-Volume-Low-Mix (HVLM) models are analyzed in this investigation. It is found that the reaction speed and resources allocation that a company adopted to cope with market fluctuation, industry structure change and competition were quite different. The foci of management were also different. This investigation collected information of small-to-medium sized Taiwanese semiconductor companies with capital under NT$ 3 billion and categorized them into 2 groups, i.e. the HVLM type and the LVLM type. Their financial performance from 2001 to 2010 was subsequently analyzed to reveal whether the performance was influenced by the adoption of HVLM or LVLM strategic positioning. Major Finding of the Investigation: 1.In the 10-year span from 2001 to 2010, the average values of ROA (Return on Asset) and ROE (Return on Equity) of the HVLM model were better than those of the LVHM model. And, the cross-company variations, as measured by standard deviation, of the ROE and ROA numbers were lower in the HVLM model. 2.On the annual basis, the beneficial effect of HVLM model vs. LVHM model on ROA and ROE is significant only on some years, not every year from 2001 to 2010. In addition, in the period from 2002 to 2004, where the semiconductor industry underwent higher-than-average annual growth rates, the beneficial effect of HVLM model was more substantial than the one-decade average, indicating that the effect of HVLM model is linked with the economic prosperity of the overall semiconductor industry.
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