2008年金融海嘯後太陽能電池產業之經營策略與企業價值分析 以中國無錫尚德及台灣茂迪公司為例

The Analysis of Managerial Strategy and Corporate Value of the Solar Power Industries after the Financial Crisis in 2008 – Example of SunTech and MoTech

葉宇欣(Yu-shin Yeh)

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

自從2008年底金融海嘯後，太陽光電產業各主要國家紛紛縮減獎勵或補貼政策，造成下游太陽光電系統實際安裝量銳減，許多中小型太陽能電池廠商紛紛退出市場，而有些歐、美、日傳統太陽能電池廠商營運甚至出現虧損，且太陽能電池及模組平均售價不斷下滑，惟兩岸太陽能電池龍頭廠商－中國無錫尚德及台灣茂迪公司在2010年全球前10大太陽能電池廠商的排名已有明顯的差異。
本論文用個案研究方式，以中國無錫尚德及台灣茂迪公司為例，進行兩家公司商業模式的比較及分析。首先針對太陽光電產業全球現況作五力分析，了解產業內的機會及威脅，再運用Alexander Osterwalder及Yves Pigneur所提出之「商業模式九宮格（The Business Model Canvas）」九大構面作為商業模式的分析模型，探討兩家公司商業模式的異同，並試圖為台灣茂迪公司找出本身的優勢及劣勢，提供策略建議以及進行企業價值評估。
本研究發現，太陽光電產業目前已由原先歐、美、日等技術領先廠商主導的產業型態，轉變成中國廠商以其低成本競爭的模式。中國無錫尚德藉由中國政府支援及赴美掛牌上市以獲取豐厚資金進行產能擴充和上下游垂直整合，以其規模經濟和降低生產成本策略，迅速提升自身在產業內的競爭實力，而台灣茂迪公司則以專業化生產為主要商業模式，提升自身技術能力、製程良率以及產品品質。
最後以SWOT分析為茂迪公司提出未來策略發展建議，並藉由進行茂迪公司的企業價值評價結果可以發現，茂迪公司如能確實實施策略調整，未來在全球太陽能市場中仍有機會取得營收及獲利的成長，其中歸納整理出茂迪公司應提升市佔率以及改善技術、降低矽原料成本和擴充產能，對創造茂迪公司價值的貢獻度較大。

關鍵字

企業評價 ； 茂迪 ； 尚德 ； 太陽能 ； 策略 ； 商業模式

並列摘要

After the financial crisis in the end of the 2008, main countries engaged in solar energy industries adopt policies of shrinking rewards or subsidies, which results in the decrease of the downstream solar power system installment. Many medium and small sized battery companies exit the market one by one and even some traditional solar power battery companies in Europe, US or Japan suffer a loss and the average selling prices of solar batteries and modules continue to drop. However, the ranks of top 10 global leading companies in solar power industries across the straits in 2010– Motech Industries, Inc., and SunTech Power have showed a magnificent difference.
This article adopts a case study method to cite examples of SunTech Power and Motech Industries, Inc. whose business models are compared and analyzed. First, we make an analysis of five forces for the present global solar energy industry and find opportunities and threats in the industry. Then we use nine composition of the Business Model Canvas offered by Alexander Osterwalder and Yves Pigneur as a model in order to discuss similarities and differences of two companies. Moreover, we try to find comparative advantage and disadvantage for MoTech Industries, Inc. and provide strategic recommendation and evaluate the corporate value.
This paper finds the solar energy industry at present has changed from Europe, American and Japanese companies which drive the industry by leading technology to a low cost competitive model of Chinese companies. SunTech Power is sponsored by the Chinese government and IPO in the US to get lots of funds. It expands its production capacity and integrates vertically the upstream and downstream and enhances its strength by the economic scale and low cost strategy. On the other hand, the business model of MoTech Industries Inc. is to engage in specialization, enhance its technology skills, increase yield and improve product quality.
At last, we provide future strategic development recommendation for Motech Industries, Inc. with SWOT analysis and by way of the corporate evaluation we find that if Motech can change its strategy it still has a chance to make progresses in the operating revenue and profit. In summary, we find that the increase of market share, technology improvement, the reduction of material cost, and the expansion of production capability contribute to the corporate value of Motech the most.

並列關鍵字

corporate valuation ； Inc. ； MoTech Industries ； business model ； strategy ； solar power ； SunTech Power Holding

參考文獻

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