台灣的製造型企業目前正處於腹背受敵的窘境，先進國家之企業以巨資和科技應用優勢持續地擴大其市場空間，開發中國家之企業也運用其充沛的勞力資源而逐漸地擴充其規模，台灣製造型企業之生存空間因此受到嚴重的壓迫，為低毛利生產陷入了生產效率和成本導向之惡性競爭中。此時，台灣製造型企業所需要的是一套超越競爭的思考模式，而價值創造導向的策略思維正是破局而出的關鍵。它不依循過去的成功經驗，也不受制於競爭者之作為，反而聚焦於本身核心能力的延伸，使競爭與自己無關，並透過與顧客和關係夥伴合作、與自然環境和社會共生的方式，以及價值創造導向的組織轉型，來為企業開創全新的價值網域和生存空間。本論文提出顧客價值、企業價值、環境價值、社會價值等四種價值創造導向，配合變革三部曲的策略性再思考、組織轉型、變革管理等三項進程，來呈現日本製造型企業的價值創造導向之企業轉型內涵。企業可以顧客需求為思考點，提供整合性的解決方案，創造顧客價值；以關係夥伴的利益為考量，整合價值網絡的總體流程，創造無疆界事業，提升企業價值；以自然環境的長期發展為出發，創造環境價值；或以增添社會福祉為目標，創造社會價值。論文中的個案顯示，任何價值創造導向所產生的結果，最終都可以有利於企業本身；其中顧客價值應是價值創造的近程目標，而環境價值與社會價值的創造才是價值創造的長期根本。

我國於1988年修正證券交易法時將公開收購納入規範，係預期資本自由化與經濟國際化之發展，我國企業將來可能亦有實行有價證券公開收購之需要，參酌英、美、日法制所引進之前瞻性法律。隨著近來企業併購以公開收購方式為之有日益增多的趨勢，案例迄今已超過十餘件，公開收購法制追尋著實務的腳步成長。日本於1971年將公開收購納入證交法之規範時，也非因為公開收購之實例造成弊害所以加以規範，僅是參照美國之情況，未雨綢繆先行規範。而日本於早年以公開收購方式達成企業併購之案例也多侷限關係企業之間，直至2003年後才多用於敵意併購，例如2003年Steel Partners對於YUSHIRO化學工業以及SOTOH股份有限公司進行敵意併購、2005年日本放送事件、夢真控股公司對於日本技術開發進行公開收購以及樂天大量收購東京放送等事件。 我國關於公開收購等企業併購之法制，多參考英美法之規範及案例，檢視我國與日本公開收購法制導入之背景與發展之相似度，適逢日本於2005年發生的重大併購案件以及於2006年修正公開收購之規範，希望藉由介紹日本關於公開收購法制之發展，及分析比較日本及我國公開收購規範之具體內容，檢討我國規範之不當之處，以期將來法制之發展。故本文架構上於第二章介紹日本公開收購規範修正之沿革，第三章介紹其規範之具體內容及實務案例，第四章說明及比較檢討我國公開收購規範之內容。 　　觀察日本公開收購規範之發展及內容，本文認為我國證券交易法關於公開收購之規範有大幅調整之必要。首先，應明確化公開收購規範適用之範圍。應對於公開收購人收購後持股比例有所規範，避免於不變動目標公司控制權之收購上浪費規範成本。並應對「公開收購行為」重新定義，免去對「非特定人」定義之爭議。其次，修正強制公開收購規範，使其符合強制公開收購制度原本之立法目的並避免脫法行為之產生，以利股東權益之維護。第三，大量持有申報制度應有獨立之規範。查大量持有申報制度雖與公開收購制度息息相關，但於規範結構上應有區別，不應混於同一法條中規定，且一項之文字亦道不盡大量持有申報制度應具備之規範內容。第四，於實體規範上，例如公開收購期間之調整、應賣人得隨時撤回應賣之權利、撤回公開收購法律用語之明確等實體規範之補足。

在微利的時代下，須從硬體的架構下發展無限的創意發展空間，從中衍生附加價值，而價值創造正式企業突破流血式競爭框架最佳的新思維模式。企業的經營模式已從量轉向質的發展，甚至從幫助顧客解決問題上，提供創新的價值，其可透過技術與人才的融合、平台與服務的整合、軟體與硬體的結合、機能與感性的統合，使組織活化、再造，展現出價值創造為導向的企業。 本論文將價值創造分為三類主要的意涵，企業可以從和顧客共創價值、和供應商及關係夥伴共創價值、以及為所生存的環境創造價值：整個價值網域是連動的關係，企業整合關係網絡夥伴，透過網絡能量的整合，創造無疆界的事業，以顧客需求出發，提供整合性的解決方案，創新顧客價值，且將眼光提升至整個大環境、大社會，以追求永續經營的環境來創造永續的企業。因此，企業透過顧客價值提供、企業價值創造、環境價值經營三個價值創造導向，突破產品與服務的疆界進而突破產業疆界，以創新者、整合者、促進者的目標邁進。企業可以價值創造為導向，以變革三部曲為轉型步驟，從策略再思考重新定義自身產業、重新思考企業的定位與方向，提早預見產業的未來發展，選擇與集中於本身的核心能力；並打造企業願景，擬定五到十年的中長期變革計畫，進行組織轉型；在變革管理中，建立企業一致的價值觀和企業文化，灌輸新內涵與新衝擊於企業文化中，給予對挑戰的生命力一記響鐘，藉以改變員工的行為與態度。本論文以六種經營模式，來呈現價值創造導向的日本企業轉型內涵，以變革三部曲為經，以價值創造導向為緯，舖成論文架構。 本論文個案的特色：Origin以提案經營結合專業研發能力與客製化的能力創新顧客價值；Shiseido以感性工程來探索顧客的感性品質結合其研發產品的物理品質來滿足顧客並讓顧客驚艷；Hitachi以解決方案提供者為人類打造新時代的生活基礎創造與人類生活息息相關的支援系統；NTT DoCoMo以跨平台整合服務創造整個通訊與生活的整合價值；Olympus的社會關懷務求使社會更為美好來創造產品與服務；Toyota的環保使命重新定義了汽車產業的未來。 對我國企業經營的啟示為跳脫代工製造的角色，以優異的製造、學習、設計能力，整合價值網絡，爲顧客提供整合性的解決方案；強調創新的突破與人才長遠的培育，整合多元性的資源，創造統知型的企業能力；跨越國際的疆界、打破事業的疆界，利用科技與感性的統合、管理與技術的統合、國內外創造力的統合，釋放組織活力，重新在世界舞台上定位。 / In this tiny profit era, we should develop infinite creative space from the hardware structure, and thus deriving added value. The value-creation is the best new thinking model for a business to break through the trap of a blooding competition. The business model has developed from quantity to quality, and even developed as creating new values by helping customers solving the problems. Also, a business can blend technology and talent, integrate platform and service, combine software and hardware, and merge functionality and sensation to vitalize and reengineer the organization to perform value creation orientation. The research categorizes value-creation orientation as three parts: a business can co-create value with customer, co-create value with value net, and create value for the environment. This value dimension is correlating: “a business integrates partners and creates a boundless business by the power of integrating value net. Driven by customer demands, a business provides total solutions and innovates customer values. Furthermore, a business enlarges his insight for the whole environment and the whole society to create a permanent business by pursuing a permanent environment.” Therefore, a business oriented by “value co-creation with customer”, “value co-creation with value-net”, “value creation for the environment” can break through the boundary of product or service as well the boundary of business, and achieve the goal of being an innovator, an integrator and an improver. A business takes 3 change steps as strategic rethinking, organizational transformation and change management. Strategic rethinking is to redefine the industry, rethink the positioning and direction of a business, to foresee the future development of the industry, and to select and concentrate the core competence. To establish a vision and make a mid- to long-term change plan(5~10 years) is to carry out an organizational transformation. In change management, we have to establish a consistent value and business culture, and install new intension and new strike to the business culture, so as to change the behavior and attitude of the employees. The research takes 6 business models to present Japanese business transformation oriented by value creation, which takes 3 change steps as longitude and value creation as latitude to construct the structure of the research. The characteristics of the cases in this research: Origin takes Proposal-type management to combine the R&D ability and customized ability to create customer value; Shiseido takes KANSEI engineering to dig out the KANSEI quality of customers and combine it with physical quality of products to satisfy the customers and surprise them; Hitachi as a Total solution provider creates a new era lifeline support system and the life infrastructure; NTT DoCoMo privides Cross-platform integration service to create the total value of the communication and the life; Olympus’s Social-IN is to make life better by creating new products and services; Toyota’s Environment mission is to redefine the future of the car industry. As for the revelation for the management of our business, we can take good advantage of the excellent producing, learning, designing abilities and integrate value net to provide total solutions for customers. We can emphasize on the breakthrough of innovation and the long-term development of talents, and integrate diversification of resources to create “knowledge-integration” business ability. We can cross the boundary of continents and break up the boundary of business by integrating functionality and sensation, management and technology, inside and outside innovation, to release the vigor of organization and restart to position on the world stage.

本研究以A公司做為研究對象，探討PCB曝光設備廠商的經營策略、精實生產、企業價值管理等相關性議題。 A公司成立初期，研發半自動CCD對位UV燈泡型曝光機，以價格約歐日曝光機的1/3，曝光品質又不低於歐日產品，成功滲透台灣PCB產業，贏得大中廠客戶的好評與信心。17年期間，累計裝機台數已經超出3000台，產品遍佈於台灣、中國、泰國的主要PCB生產廠商，台、中、泰裝機比重約15%、70%、15%。 綜觀3C產品、物聯網設備、穿戴式電子產品、虛擬實境(virtual reality,VR)、無人機、汽車自動駕駛等電子產品，對PCB印刷電路板有三項重要發展趨勢，其一為Any-Layer HDI需求增加；其二為PCB板的線/線距愈趨微細小化，其程度已由50um提升至35um甚至到25um以下。其三為「水俁汞限制公約」於2020年開始實施，將全面禁用含汞之設施。 因此，對於PCB曝光設備廠商A公司而言，也面臨以下三大挑戰。其一為創新研發技術，開發高精密、高產出的DI直接成像曝光設備，並於IC產業贏得市佔率。其二為開發 UV LED 燈源型傳統曝光機，以因應2020年「水俁汞防制公約」的實施及綠能化產品之趨勢。其三為2017年如何調整經營策略突破困境，持續成長，獲取超額利潤，提升企業價值。 本研究擬透過個案研究方法，進行研究訪談，收集初級及次級資料，透過TOWS分析、五力分析、BMC九宮格圖、精實生產、企業價值管理等分析，最後總結經營策略、精實生產、企業價值三者間的相關性，彙整PCB曝光設備產業的關鍵成功因素、中長期的策略方針，做為本研究之結論與建議，提供台灣PCB曝光設備廠商的未來發展之參考。 / This research mainly take Company A as the research object to discuss the business strategy, lean production, enterprise value management and other related issues of PCB Exposure Equipment Manufacturers.At first, Company A was setup for Semi-automatic CCD alignment UV lamp-type exposure machine research and development. With the same or higher quality compared to the European and Japanese products but about 1/3 of the retail price, company A successfully penetrate Taiwan's PCB industry, winning praise and confidence from lots of customers. During the 17-year period, the cumulative total number installed has surpassed 3,000 units. Its products are located in major PCB manufacturers in Taiwan, China and Thailand. The proportion between Taiwan, China and Thailand is 15%, 70% and 15% respectively. Comprehensively looking into the evolution of the electronics industry, there are three important trends for PCB printed circuit boards of electronics products, including 3C products, IoT devices, wearable electronics, virtual reality, drones and autopilot. One is the increasing demand of Any-Layer HDI, the other is the PCB board line / line spacing requirements becoming increasingly smaller and smaller, and has to be improved from 50um to 35um or even less than 25um . Third, the launch of Minamata Convention on Mercury in 2020 will completely ban the use of mercury-containing cosmetics, coal-fired power generation and lighting fixtures. AsFor factors mentioned above, company A faces the following three challenges. One is to reserch and develop innovative technologies to produce high-precision DI direct imaging exposure equipment and gain market share in the IC industry. The other is the development of a full range of traditional UV LED exposure machines to meet the 2020 "Mercury Control Convention" implementation. Third, how to adjust business strategy in 2017 to breakthrough difficulties, sustained growth, excess profit, and enterprise value to defeat the slowdown or decline of the performance growth rate over the past five years. This study intends to conduct research interviews and collect primary and secondary materials from company A, using "Case Study Method", with the analysis of “TOWS”, "Five Forces Analysis", "Business Model Canvas", "Lean Production" and "Enterprise Value Management".Finally, "key success factors" and "medium and long-term strategic directions" were compiled for this research and providing a reference for the future development of Taiwan PCB exposure equipment manufacturers.