台灣高科技產業成長模式與融資決策之研究－以TFT LCD產業為例

A Study between Taiwan's High Technology Industry Growth model and the Financing Decision －An Empirical Study of TFT LCD Industry

張壬昕(Jen-Hsin Chang)

指導教授 ： 丘駿飛

元智大學/管理學院/管理研究所/碩士(2006年)

摘要

台灣的半導體產業發展已歷時三十多年，TFT-LCD產業卻只花了短短七年就達到相近的規模，其成長模式令人充滿好奇。為了持續成長必須不斷的籌資與擴廠，唯有充裕的資金才能進行大規模投資，其融資決策顯得更加重要。
本研究主要探索台灣TFT-LCD產業的成長模式與融資決策間存在之關係究竟為何？從本研究中可以得出以下結論：
﹙1﹚高科技企業成長的初期階段：依靠日商的技術移轉，完成產業的初期形成和擴張，與傳統產業沒有任何區別，皆是按照規模經濟的成長模式來完成；在融資決策中主要依靠自有資金或以股份的形式進行籌資。
﹙2﹚高科技企業成長的成熟階段：成長模式都存在規模擴張以及規模效益的特徵，投入更多經費於專利的研發；在融資決策中主要是依賴長期借款、銀行聯貸、海外公司債、海外存託憑證以及上市籌資等多種方式募集資金。
﹙3﹚高科技產業成長的擴張階段：企業在成長穩定之後，會選擇直接合作甚至是購併的策略完成上下游垂直整合；在不同或同一階段選擇不同的融資方式，也使得企業的成長模式不再具備明顯的差異，只是選擇融資決策的具體標的和時間不同而已。

關鍵字

薄膜電晶體液晶顯示器；高科技產業；成長模式；融資決策

並列摘要

The TFT-LCD industry spent merely seven years to develop to a scale that Taiwan’s IC industry took more than three decades to achieve. With such a splendid achievement, we cannot help but being amazed at its growth potential. It is very important that the TFT-LCD industry keeps raising capital and expanding scale in order to promote further growth. Only with abundant capital can it proceed with large scale investments in order to garner the economic effect. Under such circumstances, it’s financing decision show much significance.

With the objectives, the correlation between the growth model and financing decision of Taiwan’s TFT-LCD industry will be proactively explored. The following are the conclusions derived from this study:

（1） The initial stage: In this period, the technology was transferred from Japanese firms to shape and expand the industry. Like the traditional industry, it was accomplished according to the growth mode of economies of scale. Following the finance decision in this period, the capital was mainly raised with self-reserves or by shares.
（2） The mature stage: At this stage, the concentration is the scale expansion and scale efficiency. More funds were placed at patent R&D and the industry no longer had to rely on foreign firms for the technology. For the financing decision in this stage, the capital was mainly raised by long-term loans, bank’s loans, Euro-convertible bands, global depositary receipt and going public, etc.
（3） The expansion stage: When the enterprises have become stable in their growth, they are more likely to use their strategy of direct cooperation or acquisition to have an up and downstream vertical integration. Enterprises often apply different financing methods, therefore the business growth model no longer varied as much. It is only a matter of substantive object and time for enterprises to choose their financing decision.

並列關鍵字

TFT、LCD；High-tech industry； Growth model； financing decision.

參考文獻

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