半導體通路商又稱作配銷商，由企業組合而成，於產品由製造者傳送至消費者的過程中，專責承擔傳送過程所有產品及所有權轉移活動。通路商於整個產品交易過程，必須承擔實體配銷、所有權轉移、交易付款、訊息溝通與風險承擔等經濟活動。 本研究以台灣半導體通路商之風險管理為研究對象，針對通路商兩岸三地跨境營運交易，如何健全財務管理，掌握適當風險控管，適度操作避險工具，彈性運用籌資管道和健全企業財務結構，控制授信放帳、產品庫存與匯率風險等重要風險管理因子。 針對大聯大控股（3702）、友尚（2403）、詮鼎（6159）、威健（3033）、增你強（3028）與文曄（3036）、豐藝（6189）、益登（3048）和大傳（6119）等台灣半導體通路商進行分析。 歸納半導體通路商產業跨境營運時六項關鍵因素：（1）、市場趨勢與利基產品；（2）、產品研發設計協助能力；（3）、產品線與前瞻性；（4）、代理權穩定性；（5）、財務結構與（6）、業務行銷團隊。

電子產業近二十年來在台灣蓬勃的發展，不論是上游的IC 設計、晶圓廠、製造商，中游的半導體通路商，到下游的電子產品製造商，在全球都佔有一席之地。半導體通路商在整個電子產業的供應鏈中，可能不具備零組件生產或成品生產的能力，但確是在整個產業鏈中扮演著重要的角色。對原廠端有銷售、提供客戶資訊、安全庫存備置的價值；對客戶端而言，除了提供價格與供貨外，技術服務與市場訊息交流更是服務的重點。 隨著交易方式的改變，已從現金交易逐漸為信用交易時代，同時伴隨信用風險，故企業需花費更多催收作業時間及人力成本來進行帳務管理，甚至須擔負著帳款可能無法回收而衍生之呆帳風險，為避免影響企業營運資金的運用及週轉，故應收帳款管理成為企業營運中需特別管理的目標。 本研究以大聯大公司為對象之個案研究為主，透過針對個案公司產業概況分析，個案公司的介紹，並且與相關高階主管進行訪談之後，針對大聯大的應收帳款管理以及風險管理模式進行回顧與探討，提供業界了解信用徵信重要性及應收帳款有效管理，以降低在中國投資之經營風險。

半導體產業隨著科技的日新月異與製程的不斷更新，在產業的規模經濟以及市場發展程度，已經成為競爭激烈的白熱化市場。半導體製造廠商在思索如何強化自身的技術，及經營能力以降低生產成本之時，通路商也需要思考如何提升產品與服務的優勢，以順應各式各樣不同的客戶需求。半導體通路商位於產業供應鏈的中間位置，是扮演產業中對於市場動態敏感度最活躍的角色。半導體通路商如何在瞬息萬變的產業中，優化運籌管理系統，加上運用自身所擁有的強項及優勢，開發新的商機，發揮在產業鏈中的存在價值，增加競爭優勢，是本研究主要探討的方向。 本研究以文獻探討及個案研究方式進行，藉由產業的分析中，來檢視半導體通路商產業目前的發展狀況以及未來發展趨勢。透過研究者於個案公司與外部專業顧問公司合作規劃，及建構運籌管理系統設計的過程，探討運籌物流平台的籌畫及未來發展狀況，並分析電子商務平台對半導體通路商，在面臨電子產業的快速變化及不確定性時，如何有效地將供應鏈的連結做得更完整，達到提高服務，節省企業成本，以提高競爭力。在對半導體通路商在運籌管理系統設計探討後，本研究認為儘管ERP等系統已在企業界e化的過程中成為必備的資訊架構，而對半導體通路商而言，在資源有限及資訊多元的狀態下，強而有力的電子商務協同平台的設立，對運籌管理系統的設計，有其發展的必要性。 本研究的結論在於半導體通路商在半導體產業網絡系統中，如何扮演好在供應鏈的中間份子的角色，在運籌管理系統設計所應規劃的因應之道，並且在半導體供應鏈優化的趨勢中商如何運用運籌管理系統的設計來強化自身優勢。

節能與環保是當今世界各國共同要面對的課題，而解決此人類共同難題所孕育而生的太陽能綠色產業是未來世界的潮流與希望，世界各先進國無不大力推展。而台灣向來致力於高科技產業發展，對於這未來的科技趨勢與產業大餅，從半導體代工、液晶面板及系統模組製造的科技大廠紛紛積極相繼投入。而本研究以半導體通路商T公司為例，以一個營業額百億規模的中型企業，由半導體矽晶圓銷售，切入太陽能矽原料買賣市場，進而建立自有太陽能模組品牌，並在歐洲市場有成功的市場實績，探討個案企業如何成功轉型，並在太陽能產業的新市場中取得競爭優勢。茲提出以下討論問題：1. 半導體通路商跨足太陽能產業的多角化動機與策略思考為何？2. 半導體產業轉型(多角化)跨足至太陽能產業的動態能耐發展及成功因素為何？希望藉此了解企業的多角化策略思考以及如何運用或產生新的能力順利跨足新事業領域。 本研究經由相關文獻探討後，以動態能耐架構，「組織與管理程序」、「定位」、「發展路徑」三構面來分析研究個案企業多角化發展歷程，資源與能力的改變與新生。採用個案研究法深入訪談個案公司相關高階主管，以了解其多角化跨足太陽能產業的實務作為。由個案分析與研究發現得出研究結論如下： 結論一：企業轉型動機為提昇企業價值，實踐永續經營。為延續以往成功經驗，多角化轉型常選擇相關多角化經營策略。 結論二：在組織與管理程序方面，企業多角化歷程中，新事業多會延續原企業的制度與流程。在組織學習與人才培育上，新事業則會偏重外部資源。 結論三：在組織定位方面，相關多角化的發展初期，新事業運用現有資產，能夠快速獲得成功。但是公司的資產定位與優勢，會隨著產業狀況變化而改變。 結論四：在企業發展路徑方面，企業過去發展歷程中的經營策略調整的經驗對多角化經營的發展，有正面助益。 結論五：策略選擇會對企業本身動態能耐造成影響，當企業的經營形態改變，會使公司專屬資產地位的優/劣勢產生變化。 / Nowadays, shortage of crude oil and global warming are major issues that every country in the world must to confront. To solve these problems, all advanced industrial countries are making a lot of efforts in researching and developing alternative energies, including solar energy, which is taken as one of the most effective and mature solutions at the moment. High-tech industries have been well developed and prosperous in Taiwan during past decades. To take the trend of solar energy, many leading companies in semiconductor, LCD panel and computer system manufacturing industries are actively participating in solar industry. This research is to take T-company, one of the major material distributors in semiconductor industry, as example to study how it succeeds in diversification and gets advantages in the new market of solar industry. The major two subjects in this research are as below: 1. What are the motives and strategies for a semiconductor distributor to diversification in order to enter solar industry? 2. What are the success factors and dynamic capabilities needed when a company transforms or diversifies itself from semiconductor industry to solar industry? Case-study method is applied in this research to analyze the actions taken by T-company. To track the diversification and the changes of resources/ capabilities in T-company, the analysis of dynamic capabilities are divided into three dimensions: “organization and managerial processes”, “positioning” and “path of growth”. As a result, the conclusions of this research are as below: 1. The motives of business transformation/ diversification are to ensure the growth and sustainability of corporation. To continue the successful experience, transformation or diversification to related industry is often chosen. 2. In the transformation/ diversification, systems and processes of new business often follow the original ones. As to human resource and professional training, external resources are preferred. 3. Regarding organization positioning, in the initial stage of diversification, the new business has the advantages of using existing resources and reputation to speed up to success. However, the existence of advantages will depend on the industrial situation in the long run. 4. On the paths of enterprise growth, the experiences of strategy adjustment are positively helpful when the corporation goes diversification. 5. The choice of business strategies will influence the dynamic capabilities of a company. When the business model is changing, the advantages/ disadvantages of company exclusive assets will also change.

有鑒於全球半導體產業已趨成熟，全球半導體通路商之間的競爭也越來越白熱化，越來越多家半導體通路商藉由企業併購，進行所代理產品線的互補、技術整合與併購後的企業資源整合，進而產生併購綜效(Synergy)，以達半導體通路商的經濟規模，才足以持續保有競爭力。 本研究藉由大聯大控股公司的併購策略，持續保持競爭力，以及併購後所產生綜效作為研究對象，針對未來半導體通路商產業的全球佈局之策略參考，在面對全球景氣循環不佳環境下，半導體通路商毛利率越來越低情況下，如何思考通路商的營運策略、通路商的價值與市場定位，尋求全球戰略佈局，發揮企業的核心價值與核心競爭力。在其併購前之充分準備、規劃與決定併購方式，併購後如何持續做好經營管理，組織設計與調整組織..等做完整分析，從中找出『半導體通路商之核心能力、併購戰略與整合佈局』等交互關係。 研究說明併購前應有的考慮事項如：環境評估、競爭策略方向、白地策略、價值鏈加值、併購後之系統整合、資源整合、組織的設計創新、經營管理制度創新..等因素，供相關企業於併購前後可採取之策略參考，圓滿達成併購績效目標，並達到預期併購綜效，符合股東期望。 本案例研究結果歸納出下列重點： 1.併購前首重交易前之準備階段(即評估併購目標公司和制定整併計畫)。 2.挑選併購對象時，相關併購所創造的價值比無相關併購要來得高。 3.周詳的整合計畫與管理機制，是實現併購綜效的主要關鍵。 4.留住關鍵人才是確保企業併購成功的重要基石。 5.併購後，如何消彌兩家企業間文化差異，是合併後經營成敗的關鍵因素。 6.併購後保留雙方的優良企業文化，再循序漸進轉化成新的企業願景、文化。 7.藉由不斷的溝通協調，建立共識，設定目標，資源整合等，才可以提升綜效。 8.設計新組織架構、新的營運與管理模式，讓併購綜效延續，持續保有競爭力。 9.階段性組織調整與經營策略調整，並配合上游供應商策略，是半導體通路商重要成功關鍵因素。 10.依併購對象規模條件決定，小公司由子集團併購，大公司由控股公司併購。 / In view of the mature global semiconductor industry, more and more intense competition between the global semiconductor distributor, a growing number of semiconductor distributors through mergers and acquisitions, product line agent complementary, technology integration, mergers and acquisitions, enterprise resource integration, and thus produce a net synergistic effect (synergy), to achieve the economies of scale of the semiconductor distributor, enough to sustain their competitiveness. By WPG Holdings company's acquisition strategy, the study continued to remain competitive and generate synergies after the acquisition as an object of study for future semiconductor distributors industry's and global distribution strategy reference, the poor in the face of the global business cycle environment, getting lower and lower gross profit margin in the semiconductor distributors, how to think about the operating strategy of the distributor, distributor’s value and market positioning, seeking global strategic layout, play to the company's core values and core competitiveness. Fully prepared in the pre-merger planning and decision mergers and acquisitions, post-merger continued good business management, organizational design and adjust the organization. Do a complete analysis, to find out the core competencies of the semiconductor distributors, M & A strategy and integration layout and other interactive relationship. Study shows that pre-merger due considerations such as: environmental assessment, direction of competitive strategy, Seizing the white space strategy, value chain, value-added, M & A system integration, integration of resources, organization design innovation, management system innovation. And other factors, for related enterprises can be taken before and after the M & A strategy reference, the successful completion of the merger and acquisition performance objectives, and achieve the expected synergistic gains, in line with the expectations of shareholders. This case study results are summarized to the following priorities: 1. Preparation phase before the first heavy trading in the pre-merger (ie, assessment of the M & A target company and the development of the whole and plans). 2. Selection of acquisition targets, the value of mergers and acquisitions are creating related to mergers and acquisitions to come. 3. Comprehensive integration planning and management mechanism, which is the key to achieve synergistic gains. 4. Retain key personnel to ensure that the cornerstone of success of mergers and acquisitions. 5. After the merger, and how to eliminate a key factor in business success of the cultural differences between the two companies merged. 6. After the merger, to retain both excellent corporate culture, and then step-by-step into the new corporate vision, culture. 7. By continuous communication and coordination, consensus-building, goal setting, resource integration, can enhance the synergy. 8. The design of the new organizational structure, the new operation and management mode, make a merger synergy continuation, continued to stay competitive. 9. Phased organizational restructuring and business strategy adjustment, and in line with the strategy of vendor suppliers are the semiconductor distributor important critical success factors. 10. Conditions in accordance with the scale of acquisition targets decided, a small company by the sub-group mergers and acquisitions, and large companies by the holding company mergers and acquisitions.

二十一世紀是講求通路效率及服務的年代，半導體材料及設備通路商在產業中所扮演的角色越趨重要，加上網際網路與資訊科技的蓬勃發展，對於企業而言，如何應用資訊科技技術以改善對顧客的服務並增加顧客的滿意度，已經成為每個成長中的企業所重視的課題，而介於半導體上游原物料及設備製造商與下游相關半導體製造商間的通路商，主要即在取得原廠的銷售代理權並整合銷售及售後服務等工作，將代理的產品透過服務達到加值，使得上游製造商可以專注於材料及設備的研發與製造，而通路商本身則透過對下游半導體製造業提供良好的服務品質，以創造下游顧客的滿意度，進而提高顧客的忠誠度。因此，如何透過資訊科技的應用及優越的服務品質，來提升顧客的滿意度，進而使顧客具有忠誠度，已經成為以強化整體銷售服務來創造競爭力的通路商所必須重視的課題。 本研究即在探討半導體材料及設備通路產業之資訊科技應用對於服務品質及顧客滿意度之影響，更進一步探討服務品質對顧客滿意度與顧客忠誠度的影響。因此，本研究以國內半導體材料及設備通路商為研究對象，對其資訊科技應用、服務品質、顧客滿意度及顧客忠誠度做一整合驗證性的研究，並利用線性結構相關模式(LISREL)來探討四個構面間的關係，在半導體材料及設備通路產業中，所得到的結論如下： 一、資訊科技應用對服務品質有顯著的正向關係。 二、資訊科技應用對顧客滿意度不具顯著的正向關係。 三、服務品質對顧客滿意度有顯著的正向關係。 四、服務品質對顧客忠誠度不具顯著的正向關係。 五、顧客滿意度對顧客忠誠度有顯著的正向關係。 / 21 Century is the time for the emphasis on the channel efficiency and services and the roles of the semiconductor distributors in semiconductor material and equipments industry have become more and more important as a result. Due to the flourish developments in the internet and information technology, how to make good use of the information technology in order to improve the service for the customers and further increase the customers’ satisfaction is the crucial issue to any growing enterprises. The semiconductor distributors mainly act as the sale agents of the semiconductor material and equipments industry and provide the function to integrate the sale and after-sale services. By doing so, it has increased the value of the products through these services. In addition, it makes the manufacturers of the upstream in the semiconductor material and equipments industry concentrate on the R&D and manufacture field. On the other hand, the semiconductor distributors themselves have focally developed the customers’ satisfaction and further enhanced the customers’ loyalty by providing great service quality. Therefore, how to elevate the customers’ satisfaction and own the customers’ loyalty through the application of information technology and excellent service has become a must for the semiconductor distributors that would like to reinforce their aggregate sale services in order to have competition advantages. This paper addresses the influences of the information technology application on the service quality and the customers’ satisfaction of the semiconductor distributors in the material and equipments industry. Moreover, it further investigates the influences of the service quality on the customers’ satisfaction and the customers’ loyalty. This paper uses the semiconductor distributors in Taiwan as the research targets and makes a completed discussion on the information technology application, service quality, customers’ satisfaction and customers’ loyalty. Besides, there are following conclusions by using the linear structural model to exam the correlations among four aspects. 1.There is a significant positive correlation between information technology application and service quality. 2.There is an insignificant positive correlation between information technology application and customers’ satisfaction. 3.There is a significant positive correlation between service quality and customers’ satisfaction. 4.There is an insignificant positive correlation between service quality and customers’ satisfaction. 5.There is a significant positive correlation between customers’ satisfaction and customers’ loyalty.