經營策略與績效的關聯及其啟示─台灣LED產業鏈實証

A study of the relationship between structure, conduct and performance of the Taiwanese LED industry

林信宏(Hsin-Hung, Lin)

指導教授 ： 周雍強

國立臺灣大學/工學院/工業工程學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.00159

摘要

中文摘要
在本文係以S-C-P模型為基礎，挑選最具代表性之 LED 產業上、中、下游之代表廠商各三家，選其過去最近五年樣本區間，自台灣證券交易所股市觀測站中，選取財務報表中適當項目資料，經歸納整理後獲致本文實證研究所需的參數組合；進行廠商競爭行為和市場結構因子對經營績效之實證分析研究。
本文的研究結論與建議為：(一).若台灣當局無法比照陸韓的產業補助政策，則應強力介入台廠LED上游的強迫整合與退場機制；概台廠於此區塊產業鏈本質競爭力已落後國際一線廠數十年外，又面臨陸韓的不公平競爭，廠商的自生競爭行為已無法扭轉產業負面的既定結構形成因子，否則終將面臨淘汰。(二).台廠上中下游產業鏈中，中游的磊晶製程僅龍頭廠商的晶電有足夠的競爭力，概因該廠商成立二十年過程，已自行展開許多策略聯盟與整併行為，形成泛晶電集團發展；且數年來與國際一線大廠間的專利交叉授權聯盟穩定，是為台灣LED產業鏈競爭力最強的公司，但其他廠商的發展卻呈現倒閉(奇力光電、晶發等)、及極端差異的經營結果，故政府加速介入整合仍是當務之急。另外，連同龍頭晶電本身在內，仍頂多處幫國際一線大廠像飛利浦、歐司朗的高階代工技術角色扮演，故利潤率長期未能有明顯提升外，也常深為景氣循環與季節性調整影響公司的獲利波動。基於台灣LED長治久安與永續經營角度，政府主管當局應協助台灣LED中游產業，往下進行模組與通路佈建的策略行為、和自有品牌的附加價值創造方為上策。(三).目前LED終端市場出海口除在歐美外，大陸儼然已成第二大需求來源，台灣當局除應效仿國際推動LED汰換的補助政策、增加內部自生需求能量外，更應效仿對岸的政府的標案採購在地化政策；且加強與大陸當局的溝通合作，強化二岸LED產業的技術合作與減低貿易障礙，方有可能透過市場整合達到LED產業優質廠商的保護生存目的。

關鍵字

LED ； 上中下游 ； 節能 ； 藍寶石 ； 磊晶

並列摘要

Abstract
The purpose of the present study is to explore the current development of LED (Light-Emitting-Diode) manufacturers by utilizing the S-C-P theory (Structure-Conduct-Performance) to analyze the manufacturers’ behavior, market structure and operation performance. The study selected three of the leading manufacturers in each of LED upstream、midstream and downstream and chose the adequate financial data from their financial reports posted on the Market Observation Post System of Taiwan Stock Exchange in past five years to collate key parameters.
The results and suggestions of the study were that (1) If the authorities concerned of Taiwan couldn’t offer the same subsidies as of China to LED upstream , they should enforce the LED manufacturers in Taiwan to consolidate. The LED manufacturers in Taiwan are far behind the international leading manufacturers and face the unfair competition from China and Korea. The LED manufacturers in Taiwan are powerless to reverse the market structure and will be out of the market in the end. (2) In the supply chain of Taiwan LED midstream and downstream, only the company “EPISTAR” is capable to compete in the cutting-edge production market and could be viewed as the most competitive company in Taiwan LED industry. The reasons of its success are as follows. “EPISTAR has established in 1996 and accumulated expertise and expansive capacity. “EPISTAR” has formed strategy alliances with some of the most well-known brands around the world and has built stable patent cross-licensing with some of international leading manufacturers. Moreover, “EPISTAR” has completed many M&A deals with the related firms and become the EPISTAR Group. However, the manufacturers such as Chi Mei Lighting Technology Corp. (CMLT) and Ubilux Technology Inc. went bankrupt. The extremely different operation results of LED manufacturers in Taiwan show that the authorities concerned of Taiwan should immediately take action pushing the consolidation.(3) Currently, China is surging as the second LED demand market. In order to help good LED manufacturers in Taiwan survive, the authorities concerned of Taiwan should follow their steps to offer subsidies promoting LED replacement in domestic market and to limit the bids of Government projects only for domestic manufacturers. Moreover, the authorities concerned of Taiwan should enhance the cooperation with China Government to strengthen the technical exchanges and lower trade barriers.
Key words：LED、upstream/mid stream/downstream、Sapphire、LED Epi

並列關鍵字

LED ； upstream/mid stream/downstream ； Sapphire ； LED Epi

參考文獻

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