華人娛樂產業之水平與垂直整合策略-以電影產業為例

Strategic Implications of Horizontal and Vertical Integration in the Chinese Entertainment Industry-Focusing on the Motion Picture Industry

李恕權(David Shuchuan Lee)

指導教授 ： 巫和懋

國立臺灣大學/管理學院/國際企業學研究所/碩士(2005年)

https://doi.org/10.6342/NTU.2005.00968

摘要

華人娛樂產業之水平與垂直整合策略-以電影產業為例

研究生：李恕權 指導教授：巫和懋 博士

國立台灣大學國際企業管理學研究所

中文摘要

娛樂產業主要不同於其他產業，在於整體產業面臨許多層面大幅牽涉到藝術與創意的工作。 相較之下其他產業一般多以彼此間的產品功能，價位，服務為主要競爭層面，而這些層面相較之下都比較容易以數據做為丈量與競爭之依據。

除了上述產業特色之外，娛樂產業其 ”市場交易” 本身具有高度季節性，文化差異，偶爾還一些所謂 “非營利”，或 “個人理想” 之動機。 導致整體營運其穩定性及風險性更加倍提高。 縱然如此，相對之下若遇到一個成功的案子，其獲利及週邊潛力也相對地以倍數提高。

在這樣的一個產業裡，企業如何透過併購整合的策略追求穩定成長，是本文主要探討的核心，並以產業上下游的垂直整合策略為本研究之重心。

本文透過娛樂產業裡的各種整合策略與案例做深入的統計分析，並將企業於整合前與整合後的績效做深入的調查與分析。 然後，再對華人娛樂相關產業的整合案例做相互應對與比較。

經過統計數據的分析後，本文再將過去華人在其他的成功產業裡，找出它們的主要成功因素，進而做相互比對與分析，

從數據統計與分析之中，針對目前華人的經濟規模與特殊環境下，對娛樂產業的整合策略，提出四個極重要的發現:

1. 選擇 “關係交易” 色彩較低的企業為整合對象。

2. Niche Market裡的 ”市場佔有率” 應是母公司選擇整合對象的第一評估因素。

3. 在選擇整合對象的時；“起伏激烈的假期營運週期性”，“關係交易”母公司與子公司應互具備 ”高互補性”。

4. 華人娛樂產業發展全球化，應以入股西方通路與技術為第一步驟。讓台灣先成為國際電影產業裡的OEM。 資金與全球通路具全後，OEM 會逐漸發展出自己的特色，企業品牌也會在市場上獨具一格綻放光芒，進而成為國際品牌。

關鍵字

娛樂產業 ； 垂直整合 ； 策略

並列摘要

Strategic Implications of Horizontal and Vertical Integration in the Chinese Entertainment Industry
Focusing on the Motion Picture Industry

Graduate student: David Shuchuan Lee　　Advisor: Wu, Ho Mou

Abstract

Unlike most industries, the entertainment industry has many aspects which are heavily involved with art and creativity. Whereas other industries mostly compete in their product’s functionality, pricing or services; which are usually more easily measurable.

In addition to these unique industry characteristics, the entertainment “market” itself is also highly seasonal, culturally oriented and sometimes non-profit-motivated. Thus, the industry often becomes more volatile and risky than others, but, it also offers greater profit potential and returns for successful projects.

The center of this study is how such an industry can best grow and strengthen its corporate stability by means of mergers and acquisitions, with special emphasis on the vertical integration strategy.

The US motion picture industry has been used as the primary case study.

This paper offers in depth statistical analysis of entertainment industry integration strategy, with pre-integration and post-integration performance analysis; as well as cross analyzing and comparing with Chinese entertainment related cases.

From the study result, this paper references the Key Success Factors of other Chinese industries, and concludes by offering four major discoveries in the integrating strategy for the entertainment industry:

1.Choose companies with a lower “relationship transaction” characteristics as a primary integrating candidate.

2.Per “market share” in a niche market should be the first consideration of selecting a target company.

3.When selecting a target company; “heavy seasonal” and “relationship transaction” characteristics of the two companies shall posses highly complementing effects.

4. The most efficient manner in which to globalize the Chinese entertainment industry is to purchase or join ventures with a US company with leading technologies and a global distribution. Then, building Taiwan as an OEM for the movie industry. Once the global distribution and technologies are in place, OEM will grow with its own branding and manifest itself to a global success.

並列關鍵字

Entertainment Industry ； vertical Integration ； strategy

參考文獻

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Chisholm, D., 1997, “Profit-Sharing Versus Fixed-Payment Contracts: Evidence from the Motion Picture Industry,” Journal of Law, Economics and Organization , 13, 169-201

Cones, J., Carbondale, I., 1997, “The Feature Film Distribution Deal”: Southern Illinois University Press

Corts, K., July 2000, “The Strategic Effects of Vertical Market Structure in the US Motion Picture Industry”, Harvard Press