馬達業廠商垂直整合佈局之研究 ─ 以進入中國減速機市場為例

減速機是變速器的一種，其原理是把電動機、內燃機、馬達或其它高速運轉的動力，透過減速機的齒輪機構，以達到減速的目的。它的應用範圍非常廣泛，幾乎在各式機械的傳動系統中都可以見到，從交通工具的船舶、汽車、機車，建築用的重型機具，機械工業所用的加工機具及自動化生產設備，到日常生活中常見的家電，鐘錶等等。隨著中國龐大的建設的需求，減速機市場預期將有爆炸性的成長，以及持續增長的潛力，而且已有眾多的國際與中國廠商積極佈局進入此一市場。由於馬達是減速機設備中的關鍵零組件，本研究旨在探討馬達業者如何因應此市場的成長機會，並透過垂直整合的模式進入，以擴大其在減速機市場的成長空間。為有系統地研究此一問題，本研究首先檢視企業成長的模式、垂直整合理論等文獻的內涵，其次，針對中國現階段的減速機市場進行產業結構與需求趨勢的分析，接著針對所選取的個案公司進行檢視，以推論個案公司是否應該進入減速機市場，以及若要進入時該採取的策略。根據以上的分析，本研究為個案公司提出策略包括：初期以策略聯盟為主，後期則採取併購的做法，成功關鍵因素在於品牌、品質、售價、售後服務與選擇哪個區域的市場進入。

關鍵字

減速機；馬達；垂直整合；策略聯盟

並列摘要

Reducer is a kind of power transmission, which utilizes gear mechanism to slow the high-speed motion generated by electrical motors, internal combustion engines, or other devices. With a broad range of applications, reducers exist in almost every kind of mechanical transmission systems, such as vessels, automobiles, motorcycles, construction machines, tool machines, home appliances, watches and so on. With the surge of the construction demands in China, it is expected that local reducer market will also grow exponentially and have great business potentials. In the light of this trend, many international and local companies have already actively entered into this market. Since motors are the key components in speed reducers, this thesis aims to investigate whether and how a motor company should do to address the market demands and to capture this great opportunity through vertical integration strategies. In order to achieve the research goal, we first explore related literature regarding corporate growth model and theories of vertical integration, and analyzes China’s current reducer market and its trend. And then, we conduct a case-based study to explore the case company’s entry decision and entry mode choice, with a particular emphasis on vertical integration. Based on the analysis above, this research provides strategic suggestions to the case company, which includes starting from forming strategic alliance, and then conducting M&A (merger and acquisition) in the later stage if possible. We also pinpoint that the key success factors for the case study company to compete in the reducer market include brand, quality, price, after-market service, and the proper geographical area selection of market entry.