本研究以台灣極具國際競爭力的產業–印刷電路板業為對象，探討發展到現階段兩岸群雄並起局面下未來發展的策略及變革方向。印刷電路板產業的發展固然已漸走向成熟型市場，但是台灣印刷電路板生產業者掌握兩岸的龐大產生產能基地，面對科技不斷創新的新挑戰、中國市場崛起的潛在市場，如何持續地維持競爭優勢、強化目前既有的優勢以發展出更有利的策略來創造股東與國家產業優勢卻是一個新議題值得持續的研究與討論。 本研究分析主要台灣印刷電路板業者，從他們的外在環境因素到內在條件為分析起點，以期發現個案公司在目前所遇到的困境與難題，發展上的限制與瓶頸；並從中了解個案公司制定策略過程與績效表現，為達成未來企業生存、發展目的的活動。並且探討他們在既有的機會與本身的優勢下如何提出發展一套可行的策略活動、執行變革方向，供作本研究電路板廠各業者參考。 本研究運用個案研究法，分別訪問了個案公司三家業者(金像電子、健鼎科技、景碩科技)在策略層面的可能方案。除透過受訪者的答覆，本研究並整理相關的次級資料，如報章雜誌的訪問稿、年報、公開說明書、聯合知識庫中有關三家企業的新聞與工業研究院的產業研究報告等。在這些外部資料與內部訪問的結合下，讓本研究得以充分地描繪出個案公司的可行策略、變革方案並且提出合理的建議。最後本研究就所發現的結果總結台灣印刷電路板業的未來永續發展之方向，期許產業領導者能以「公司本身」為經營活動的主體，而不單是「產品本身」作為策略願景以期達到「基業長青」的目標。 / This study focuses on the Printed Circuit Board (PCB) industry in Taiwan – an industry that is extremely competitive even if compete on global scale. I explore, under the current circumstances many fierce competitors have arisen across the channels, the future developments of the strategy and the directions for Taiwanese PCB industry. The development of the PCB industry in Taiwan is certainly getting mature, although Taiwanese PCB firms hold great capacity both in Taiwan and China. How to sustain their competitive advantages and strengthen the advantages which they already have to develop better strategies to create even greater advantages for the stockholders and the whole industry when they are encountering with constant technology innovation and the emerging China market is a topic worthy of further discussion and research. This study mainly focuses on the analysis of the PCB industry in Taiwan, from external environmental factors to internal analysis of the current conditions. From which I hope to discover and sort out the current difficulties and limits the targeted firms are now facing. And during the process I attempt to reveal and understand how these firms conduct critical decision-making process, strategies in order to survive and prosper, and also keep track of the subsequent performances. Furthermore this study also discusses how these firms develop feasible strategies and execute changes based on the opportunities and advantages they already have, and in the end set up examples for the whole PCB industry. In this study, the approach of Case-Study is adopted. I personally visited these three targeted firms (Tripod Technology Corporation, Gold Circuit Electronics, and Kinsus Technology Corporation) respectively, and gained valuable data. Potential proposals for the strategies are discussed and formed through the data gained from the firms and all the other references such as newspaper, annual reports, prospectus, data of the union databank, and the industry research from Industrial Technology Research Institute. Because of the combination of the external data and internal visit, this study is able to sufficiently depict feasible strategies, proposals of reforms and give relevant advice. Last, this study concludes directions for Taiwanese PCB industry from the findings and results – to focus on the firms itself instead of the products so the industry leaders can found their visions on “Born to Last” entrepreneurship ground.

近一、二十年來，全世界許多公司都想要藉由併購活動來創造一加一大於二的綜效，這股併購風潮也吹向台灣。因此本研究採取個案研究方式，從購併活動前期之策略研擬，購併活動中期之談判、支付工具選擇及綜效分析，到購併活動後期之整合，檢視本個案購併活動結果對於企業價值的影響，包括企業價值的增加來自綜效的產生，並進一步檢視綜效是否大於購併溢價。 由於軟板產業的範圍相當的廣泛，在個案的部分僅取本國最具代表性的一家公司為聚焦，探討企業併購動機，藉由了解軟板產業的特性，結合五力分析及SWOT分析，依據企業所處的生命週期及產業特徵採取之併購方式及其要因，併購過程的策略搭配，是否具有互補性，考量風險承擔，分析綜效來源，完成併購後之人力資源、業務、財務、研發生產技術、資訊技術及文化整合之成敗關鍵。 研究結果顯示，此併購案能夠成功主要歸因於業務、財務、人力、工廠的有效整合，相近的企業文化且兩家公司位處同一地區，相距不到三百公尺，有助於合併後之整合作業進行。合併綜效主要來自顯著的營運綜效，合併後創造了企業價值，合併綜效大於合併溢酬。

印刷電路板PCB（Printed circuit board）為電子產品之載體，截至目前為止尚無可以在市場取代印刷電路板地位之應用出現， 消費性電子產品未來朝向輕薄化發展，例如穿戴式裝置、智慧家庭、物聯網應用等等，汽車也朝向高度電子化發展，各種安全感知以及自動化駕駛需求，車用電子也是未來應用領域，這些新技術發展皆須要使用印刷電路板。 台灣印刷電路板最早始於1969年美商安培公司來台設廠生產，發展至今已有四十多年歷史，由於印刷電路板的製造涵蓋複雜的工藝與流程，因此需要使用許多製程設備，早期設備皆為國外進口，後來因台灣工業技術提升以及精密機械供應鏈日趨完善，在印刷電路板的製程設備，進口設備廠商，逐漸被台灣廠商所取代，其中乾燥製程設備為印刷電路板製作流程不可或缺並難以取代的需求，2000年隨著台灣印刷電路板廠大舉西進移往中國大陸，台灣印刷電路板製程設備製造商隨之擴展版圖，迄今十餘年除了台廠之間的競爭逐漸也面臨到中國當地廠商的競爭。 本研究以策略行銷4C架構來探討印刷電路板乾燥製程設備商個案A公司的現有策略，並以降低外顯單位效益成本、買者資訊搜尋成本、買者道德危機成本、買者專屬陷入成本等交換成本為目標，擬定個案公司A未來的策略。 / Printed circuit board (PCB) as the carrier of electronic products, there is no substitute in the market to replace its position of what the printed circuit board applications can deliver so far. The trend of consumer electronic products tend to be light and thin such as wearable devices, smart home, internet of thing applications and etc. Printed circuit board is also getting widely used in cars as demand driven from development of electronic automation, various security awareness and self-driving needs. The future of automotive electronics applications and the development of these new technologies drive the needs of essential use of printed circuit board. Printed circuit board manufacturing of Taiwan was first built in 1969, American companies- Ampex came to Taiwan to set up production manufactures and has over 40 years of history as of now. Since the manufacturing of printed circuit board requires complex processes and procedures, therefore there is a need of specific equipment where they can only be imported from overseas. Later on as Taiwan's industrial technology has advanced and supply chain of precision machineries have improved, the previously imported process equipment used for manufacturing the printed circuit board are gradually replaced by Taiwanese manufactured ones. Since year of 2000, printed circuit board manufacturing industry has been moved to Mainland China, Taiwan manufacturers are able to extend the production across the region but in a meanwhile they are gradually facing a stronger competition from the Chinese manufacturers in the last 10 years. In this study, we are using 4C architecture of strategic marketing to explore the case of printed circuit board drying process equipment manufacturer – A company existing strategy. In order to develop a strategy for the future of the company, my study is striving to achieve the exchange cost effectiveness, reducing cost of utility, cost of information search, cost of moral hazard and cost of asset specify.

本研究係針對台灣軟性銅箔基板產業進行產業結構、產業現況和產業上、下游進行瞭解，佐以五力分析，了解現今台灣軟性銅箔基板產業的结構，同時以個案研究的方式收集資料，和個案部門之中、高階主管進行深度訪談，分析個案公司在多角化營運中，跨入軟性銅箔基板產業的策略及競爭力，並為個案公司研擬未来之經營策略及產品發展方向。 本研究想要探討之主要議題在於： 1.個案公司在多角化經營策略下，跨入軟性銅箔基板產業之競爭力分析。 2.為個案公司在未来經營策略及產品發展方向上提出建言。 本研究透過五力分析與SWOT分析，嚐試去解讀軟性銅箔基板在產業內與個案S公司面臨的問題與現況。從五力分析可以得知，產業對於新進入者，其實在技術與資金門檻都偏高，阻絕了新進者的跨入；產業內競爭、原材料變化大、技術掌握等問題，加深內部的競爭性與經營的困難度；同等級替代品不顯著，通常仍以技術延續性的產品替代居多；對於客戶的轉換成本低，容易因價格與技術等服務需求，而有廠商替代的問題；因為供應商都屬於材料大廠，增加議價的困難。因為產業內的競爭態勢，也增加個案公司經營該產品的難度，可從SWOT分析則可確認其優劣勢。 經營策略的分析則從：產品線廣度與特色、目標市場之區隔與選擇、垂直整合程度、相對規模與規模經濟、地理涵蓋範圍、競爭優勢等，這幾個面向分析，深入了解個案公司光電材料事業部之經營策略與競爭力；最後，再從產品開發方向、引進外部資源、以及組織重整三方面，提供個案公司經營策略方面的改進建議。

供應商的群聚效果提供台灣印刷電路板產業在東華南相當多的優勢，但是近年來面對工資與環保成本上升，紅色供應鏈的崛起，台灣廠商遭受極大經營壓力。本文欲探討PCB供應鏈是否會繼續往低工資與低土地遷移。另外，本研究亦以A公司做個案分析探討，打破產業群聚的迷思，並非一定要在產業群聚裡，才能有經營績效。本研究在分析大陸及東南亞PCB產業的發現，韓國的通訊板目前正往越南慢慢形成一個新的PCB產業聚落，而汽車板目前在泰國慢慢形成一個汽車板聚落，PCB台商基於大陸市場崛起，正積極鎖定3C市場，並無遷移大陸現象。 本文建議A公司基於競合關係，應該與PCB大廠策略聯盟已取得穩定的轉單來源，同時為了搶奪汽車板與醫療儀器板，A公司的技術部門應該積極布局，業務部門則需打進入新汽車與醫療器材等供應鏈以拓展公司新的客源。

近年來，印刷電路板(printed circuit board, PCB)產業在台灣蓬勃發展，對台灣經濟表現有相當重要的影響；與此同時，產業內各廠商卻因內外環境變異等因素，而面臨日益激烈的競爭壓力。本研究針對產業前段的生產工廠(PCB manufacturing)從管理面探討問題來源，發現各廠商所導入的管理系統(MRP、ERP、SCM等)均缺乏現場排程(shop floor scheduling)功能，因此造成排程結果不具可行性，連帶導致管理系統的績效也未如預期理想。 　　為解決該產業所面臨的現場排程問題，本研究透過個案訪談方式，對產業特性深入了解，歸類此類問題為排程領域中的流程型工廠排程問題(flow shop scheduling)。 　　在求解過程中，本研究以總延遲時間(total tardiness)最小化為目標，並以禁忌搜尋法(tabu search)作為最佳化過程的演算法。於理論探討後，本研究亦實際建置一套排程系統，並以來自個案工廠的訂單資料實際求解，以評估此系統績效。

印刷電路板產業被稱為「電子系統產品之母」，在我國工業中扮演極為重要的角色，而銅箔基板為印刷電路板生產製造所需之最主要原料，其不僅對印刷電路板產品之品質有很大的影響，也在其材料成本中佔最高的比重。銅箔基板產業上承樹脂、銅箔及玻纖布等原物料供應鏈，下接印刷電路板之製造，居印刷電路板產業鏈之樞紐位置，其重要性不言可喻。 歷經長期的發展，銅箔基板產業已逐漸由成長期步入成熟期，產業的競爭也已趨於白熱化。近年來的產業環境變化，如四C(電腦、通訊、消費性電子與汽車)產業的蓬勃發展、環保意識抬頭及其相關法令政策的制、修訂、大陸世界工廠的成形、以及業界的垂直整併與規模擴張等，除對業者造成衝擊與挑戰外，也帶來了新的機會，如何掌握機會並因應挑戰？考驗著經營者的智慧。 本研究採個案研究方式探討台灣銅箔基板產業之經營策略，首先檢視產業之外部環境，其中並以Porter之五力分析模型進行產業的結構與競爭分析，再彙整出外部環境變化所產生的機會與威脅；其次，透過資料蒐集及深度訪談方式，探討個案公司過去之經營策略與績效、其組織之策略困擾及挑戰、與其內部優、劣勢後，提出研究者對該公司經營策略的觀察與建議。也期望藉本個案研究可以讓台灣的銅箔基板廠商對整體外部環境之變化有更進一步的了解，並可供作其審視組織內部優、劣勢，及擬定經營策略時之參考。 關鍵詞：「印刷電路板」、「銅箔基板」、「經營策略」、「五力分析」、「SWOT分析」 / The printed circuit board (PCB) industry is called “the mother of the products of electronic systems” and plays a very important role in Taiwan’s industry. Copper clad laminate (CCL) is the most essential material necessary to the manufacturing of the PCB. It’s not only strongly related to the quality of the PCB products, but also accounts for the maximum proportion of the material cost. The CCL industry succeeds to the supply chain of materials such as resin, copper and glass cloth and connects with the production of PCB. It’s situated at the pivot position of the PCB industry and the importance of CCL industry is self-evident. After long-term development, CCL industry has gradually stepped into the “maturity stage” from the “growth stage” and the competition in this industry has become intense. The recent changes in the industry environment such as the prosperous development of the 4C industries (Computer, Communication, Consumer electronics and Car), environtal consciousness gaining ground and leading to the legislation and amendment of the related ordinances and policies, the forming of China as the world factory, the industrial vertical integration and scale-up expansion etc. not only result in the impact and challenges but also bring in new opportunities. How to grasp the opportunities and respond to the impact challenges the wisdom of the senior management. The business strategy of Taiwan’s CCL industry was looked into by means of case study in this present research. Firstly, the external environment of the industry was examined among which Poter’s five forces framework was used to analyze the industry structure and the competition inside. Then, the threats and opportunities resulted from the changes of external environment were summarized. Secondly, the case company’s business strategies and achievements in the past, the bother and the challenges of the organization in strategy formulation, the internal strengths and weaknesses of the corporate were investigated via data collection and depth interview. Eventually the observations and suggestions on the business strategy of the case company were addressed. It is hoped that this research could provide Taiwan’s CCL manufacturers with a further understanding to the changes of external environment and serve as a reference resource while the manufacturers examine their strengths and weaknesses and formulate their business strategies. Key Phrase: PCB, CCL, Business Strategy, Five Forces Analysis, SWOT Analysis

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.