台灣LED產業經營績效之研究

Performance Analysis of LED Industry in Taiwan

陳煒宗(Wei-Tsung Chen)

指導教授 ： 林亭汝

國立交通大學/管理學院/管理學院碩士在職專班科技管理組/碩士(2009年)

https://doi.org/10.6842/NCTU.2009.00050

摘要

本研究以結構－行為－績效（Structure-Conduct-Performance）架構來分析台灣LED產業結構、廠商行為對經營績效影響為何，找出影響廠商經營績效的關鍵因素，以提供現有廠商於未來經營決策之參考與潛在廠商進入產業的評估。
本研究係以台灣地區上市/上櫃之LED廠商為研究對象，並就所收集到各廠商在結構/行為/績效構面內定義之變數樣本數據，作實證分析。資料收集期間則以2002~2007年間廠商資料為主。為了提高檢定力，本研究採用包含橫斷面與時間序列資料的Panel Data進行分析。選定產業結構構面中之市場佔有率與資本密集度，及廠商行為構面中的研發密集度、推銷密集度、投資密集度、營收成長率、負債比率與策略聯盟為影響廠商經營績效之變數，並以股東權益報酬率(ROE)為績效代理變數，進行Panel data的分析。
目前上、中、下游產業鏈已完整齊備，但廠商多以產業鏈中單一製程為營業項目，故本研究實證分析時將分別對上/中游及下游廠商加以區分群組，再進行分析。
由實證結果得知：(1)台灣LED上/中游產業中，廠商的資本密集度與經營績效呈現顯著負相關；行銷密集度、營收成長率及負債比率均與經營績效呈現顯著正相關；而市場佔有率、研發密集度、投資密集度及策略聯盟均與經營績效均無顯著關係。廠商經營策略可以提高資本使用效率、持續增加市場佔有率，及加強策略聯盟內互信、發揮整合優勢等策略行為。(2)台灣LED下游產業中，廠商的資本密集度及推銷密集度均與經營績效呈現顯著負相關；市場佔有率及負債比率均與經營績效呈現顯著正相關；而研發密集度、投資密集度、營收成長率及策略聯盟均與經營績效均無顯著關係。廠商經營策略可以進行水平整合、提高市場佔有率、及行銷策略聚焦核心能力開發LED新應用等策略行為。

關鍵字

發光二極體 ； 結構－行為－績效 ； 產業生命週期

並列摘要

This study uses Structure-Conduct-Performance model to analyze how the market structure and corporate behavior impact on operating performance of LED vendors in Taiwan. This thesis also tries to find out the key factors which impact LED vendor’s operating performance. The existed LED vendors or new entrants in the future can refer to the suggestion in this study for making strategy.

The objects of this study are the LED vendors who are listed in Taiwan stock market. The period of this study is from 2002 to 2007, and data-calculating period is by year. Panel data is adopted in this study to conduct the regression analysis. There are 2 independent variables of market structure including market share and asset per income; 6 independent variables of corporate behavior including R&D density, sales density, investment, lagged growth, debt ratio, and strategic alliance. The index of operating performance used in this study is ROE (Return-of-Equity). Objects in this study are grouped into up-stream and down-stream, and analyzed respectively.

The empirical result of up-stream group shows that sales density, lagged growth, and investment have significantly positive effect on operating performance. The asset per income has significantly negative effect on operating performance. The result indicates the suggested strategies of vendors are improving asset efficiency to increase market share, and strengthening the relationship between alliance partners to enlarge the integration effect.

The empirical result of down-stream group shows that market share and debt ratio have significantly positive effect on operating performance. The asset-per-income and sales-density have significantly negative effect on operating performance. The suggested strategies for down-stream LED vendors in Taiwan including horizontal integration, enlarging market share, and focusing market strategy and develop new applications.

並列關鍵字

LED ； SCP ； Industry life cycle

參考文獻

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