多媒體產業的商業模式創新與企業價值分析-以A公司為例

The Analysis of Inventing Business Model and Corporate Value of the Multimedia Industry - Example of A Company

林芳如(Fang-Ju Lin)

指導教授 ： 鄭漢鐔

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2011年)

摘要

由於1970年代後期全球資訊產品市場的快速成長，台灣由早期的代工累積大量的技術與能力，以優越的商品化與量能展現於國際舞台，近年來因受到新興市場如中國大陸與印度以低價人力成本的磁吸效應影響，加上蘋果公司的電腦相關產品重創個人電腦市場，讓台灣電子業面臨前所未有的威脅。蘋果未來可能掌控平板電腦產業，就像它過去稱霸MP3市場一般。如何以創新的商業模式面對全球電子產業的板塊移動，將是未來台灣電子產業的重要課題。
個案公司擁有高知名度的品牌，其產品線完整，有優秀的研發團隊，其關鍵技術達國際水準，並持續發展新產品。然而，由於科技的進步，替代品的威脅逐漸擴大、以及新進廠商以低價商品搶奪市場的競爭日益增加。個案公司正進入轉型的階段，除了深耕既有的市場，並預備擴展新的領域。本研究的主要目的有三：(一) 探討個案公司如何重新設計新商業模式以因應外部環境的變化。(二) 探討在新的商業模式之下個案公司未來的資金需求。(三)探討個案公司商業模式創新的價值貢獻。
本研究主要以個案研究的方式探討多媒體電腦產業的經營策略及其價值創造。首先，本研究應用波特的五力分析探討整個產業的獲利機會與威脅。其次，採用商業模式的分析架構，探討個案公司的競爭優、劣勢。最後應用SWOT分析導經營策略，並運用財務分析、現金流量分析探討在新的商業模式之下個案公司未來的資金需求，並應用自由現金流量折現模式評估個案公司在策略假設基礎的預期價值。研究結論如下，個案公司必須先打破過去的經營模式，進行產業升級，未來應朝向研發、品牌、服務、智財等高附加價值領域發展，而不是只扮演代工廠的角色，並擴大新興市場的行銷，與蘋果公司的產品做結合與運用，創造更大的商機。
關鍵字：商業模式、多媒體產業、企業價值

關鍵字

多媒體產業 ； 企業價值 ； 商業模式

並列摘要

Owing to the rapid growth of global computer product market in the latter half of 1970, Taiwan accumulated lots of technology and skills from earlier OEM contract manufacturing and presented excellent commercialization ability on the international stage. Recently Taiwan has faced unprecedented threat from emerging countries like China and India, which have manufactured products with reduced labor cost. In addition, the introduction of iPads of Apple Corporation has tremendous impact on the PC market. Apple might dominate the tablet PC industry in the near future as it did in the MP3 market before. How will Taiwan electronic industry develop in the future? These threats create an urgent challenge to the PC related firms in Taiwan. How to create new business models to respond to the dramatic changes of the global electronic market would be an important strategic issue for the Taiwanese electronic firms.

The case firm owns key techniques which attain the international standard and enjoys a well-known brand name. Besides, it has complete product lines and an excellent R&D team which has been able to develop new products. However, due to the high technological progress, the threat of substitutes gradually increases and the new entrants have entered the market with low price products. The case firm now is going into a transtition stage. In addition to cultivation in the existing market, the firm is preparing itself to enter new markets. The purpose of this study is three-fold. First, it tries to investigate how to redesign a new business model to respond to the environmental changes. Second, it examines the demand of funds for the case firm during the transition stage. Third, it explores the potential value contribution of the new business model.

This study uses a case study approach to finding the research questions. First, it applies the five forces analytical framework off Porter to identify opportunities and threats of the industry. Secondly,it conducts financial forecast and DCF model to evaluate the firm‘s future cash flows and the predicted value on the basis of strategic assumptions. The main findings of this study are as follows. The case firm should reinvent the old business model by reorienting the R&D direction, strenghthening brand building, emphasizing customer service, and redeploying the intllectual property rights. Besides, it should penetrate the emerging markets and align its business with the products of Apple Corporation.

Key word:business model, multimedia, corporate value

並列關鍵字

Corporate Value ； Multimedia ； Business Model

參考文獻

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