台灣空調壓縮機之產業分析—以瑞智精密為例

Analysis of Air Conditioner Compressor Industry in Taiwan－Case Study of Rechi Precision Corp.

陳立錦(Lee-Chin Chen)

指導教授 ： 楊朝成

國立臺灣大學/管理學院/財務金融學研究所/碩士(2004年)

https://doi.org/10.6342/NTU.2004.00604

摘要

論文摘要

論文名稱：台灣空調壓縮機之產業分析—以瑞智精密為例
校所組別：國立台灣大學財務金融學研究所
畢業時間：九十二年度第二學期碩士學位論文提要
研 究 生：陳立錦
指導教授：楊朝成博士
論文提要內容：
企業該如何在競爭激烈、變化快速的環境中尋求生存與持續成長，一直是學術界與實務界十分重視的議題；而對於台灣這樣一個國內家電市場規模相對較小的國家而言，擴大經濟規模與供應鏈整合，提昇成本效益更是必然的趨勢。此形式對於日本家電業而言，其可以藉由雄厚的資本優勢與國際化的過程來彌補本身產業微利的劣勢，並藉此創造本身的競爭優勢。但對於以中小企業為主的台灣家電產業，除了發展使公司得以持續成長的核心競爭力外，要挑戰世界一級的日本家電業者，除應在短期間內發揮既有之成本競爭優勢，擴大市場佔有率外，就長期而言，並應較競爭者以更低的成本及更快的速度，不斷開發出競爭者意想不到的產品。
本研究主要探討空調壓縮機產業現今狀況及面臨之問題、空調壓縮機產業未來之發展方向及空調壓縮機產業國際性競爭之因應策略。由於空調壓縮機產業大多仍掌控在日系大廠，在台灣該產業之相關研究報告相當缺乏，故以個案研究的方式，挑選國內最大、世界排名第四之空調壓縮機製造商瑞智精密進行研究。經過全面且深入的個案分析，本研究試圖探討(1)如何以擴大供應鏈整合之角度，解析瑞智精密的成長歷程(2)在瑞智精密的成長歷程中，為求供應鏈擴大及其國際化的成長所需要之財務決策。以期能迅速掌握供應鏈優勢、提升營收及進行成本控制績效的競爭利器。
本研究以瑞智精密為例探討台灣空調壓縮機產業之分析，並提出以下結論與建議：
1. 結論：產業景氣主要與氣候因素有關，銷貨季節集中，淡旺季明顯，下游家電空調每年均調降價格，同業又大幅擴充產能，導致壓縮機產業經常發生價格戰。
2. 建議：在短期目標上，應著重「低成本策略」，維持低價但不殺價之擴增市場佔有率策略；其次應簡瘜Q動的傳統代工模式，轉而跨足主動性高的微笑曲線中利潤較高的品牌區塊；審慎因應韓國空調壓縮機業者的競爭，私下與其建立默契或結盟，不輕易進行殺價競爭。在中長期目標上更應積極展開水平整合，提供「一次購足」服務；與優良客戶訂定供貨及訂價契約以降低擴廠風險。

關鍵字

一次購足 ； 供應鏈整合 ； 空調壓縮機 ； 瑞智精密

並列摘要

Summary of Thesis

Topic of Thesis：Analysis of Air Conditioner Compressor Industry in Taiwan－Case Study of Rechi Precision Corp.
Name of Institute：Graduate Institute of Finance, National Taiwan University
Graduate Date：July 2004
Name of Student：Chen Lee-Chin
Advisor：Dr. Yang Chau-Chen
Abstract：
How to survive and sustain growth momentum in the highly competitive and fast change environment has always been a critical issue for academia and business. To expand economic scale and to integrate supply chain shall be essential and inevitable for HA firms in a relative small domestic market, such as Taiwan. Japanese HA firms may overcome the industry drawback of slim margin with their advantage of huge capital and high globalization. For most of Taiwanese HA SMEs, confronting with challenge from Japanese HA firms, the key to win the battle in the short run is to exert their existing advantage of cost efficiency and to expand the market share in addition to develop their core competence that supports the firm to grow. In the long run, they have to keep up faster rollout of new products with lower cost.
Main topics of this research with respect to the industry of compressor for air conditioner (“the Industry”) are:
1. To discuss the current status and the problems being confronted with the Industry.
2. Trend of the compressor industry in the future.
3. Strategies for global competition
Rechi Precision Corp. (“Rechi”), the largest compressor manufacturer in Taiwan and top-four player in the world, was chosen for the Case Study of this research. After the overall and in depth research, this research is trying to:
(1) Analyze the growth path of Rechi from the perspective of integration of supply chain;
(2) Discuss the financial strategies required for expansion of vertical integration and growth thru internationalization in an attempt to boost up revenue and to accomplish the competitive advantages, including control over supply chain and cost efficiency.

Based on the case study of Rechi, this research made the following conclusion and recommendation for the Industry:
1. Conclusion: The Industry is highly cyclical and climate related. Price war frequently happened due to the cut in price of air conditioner every year and the massive expansion of capacity.
2. Recommendation: The short-term goal should first focus on “cost efficiency” while expanding the capacity; maintain competitive pricing but not get stuck in price war while trying to increase the market share. Secondly, move to proactive “Brand Name” model from passive OEM model so as to improve profit margin. Thirdly, closely monitor the rivalry from competitors in South Korea. Try to reach mutual understanding or make alliance with them to avoid direct pricing competition. As to the long-term goal, to achieve horizontal integration, one stop shopping service. To engage sales and pricing agreement with good customers to reduce expansion risk.

並列關鍵字

Air Conditioner Compressor ； Rechi Precision Corp.

參考文獻

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