台灣飛斯妥：在太陽能板產業中創造競爭優勢及優異表現 / ABSTRACT “A strategy is a set of related actions that managers take to increase their company‟s performance. For most companies, achieving superior performance relative to rivals is the ultimate challenge.” [4] In this case study I want to identify and describe a strategy which Festo Taiwan (Festo Co., Ltd.) can pursue to achieve superior performance with a competitive advantage in the Flat Panel and Solar Industry in order to achieve the goals of the corporate balanced scorecard. The study is based on the following steps of the formal strategic planning process: 1) Analyze the external competitive environment to identify opportunities and threats 2) Analyze the internal operating environment to identify the organization‟s strengths and weaknesses. 3) Define strategies that build on the organization‟s strengths and correct its weaknesses in order to take advantage of external opportunities and counter external threats. These strategies must be consistent with the missions and major goals of the organization. The strategy doesn‟t solely focus on the Flat Panel and Solar industry, it can be applied to other industry segments and the whole Festo Taiwan organization. This paper is solely based on the viewpoint of the author and independently from the local management and any other Festo employees. The context, conclusions and suggestions in this paper don‟t charge or offend anything done or not done from any parties mentioned. The strategy must not be applied without the own considerations. Key words: Flat Panel, Solar, Competitive Advantage, Superior Performance

太陽能電池公司之財務表現分析 / The global warming issue becomes more severe in the past decade. In 2007, the former Vice President of United State Al Gore and the U.N.’s Intergovernmental Panel on Climate Change won the 2007 Nobel Peace Prize. The movie “An Inconvenient Truth”, which exposes the myths and misconceptions regarding global warming, won two Oscars. Al Gore said "It is the most dangerous challenge we've ever faced, but it is also the greatest opportunity we have had to make changes." To solve the problem, actions are taken. One of the most popular topics is the usage of renewable energy. Governments have aggressive investment plans in the renewable energy sector. Especially of those economic stimulus plans, we find that renewable energy investment plays a significant role. Taiwan government also has aggressive investment plans in the renewable energy sector. On April 23, 2009, Executive Yuan of Taiwan approved the proposal “Green Energy Industry Development Plan.” On June 13, 2009, Taiwan’s legislative Yuan passed in final reading a renewable energy bill aimed at spurring clean energy investment and reducing carbon dioxide emissions. Solar energy is one of the main streams of renewable energy technology development in Taiwan. Since the technologies applied in the production of solar cells and ICs are quite similar, Taiwan, being the world’s leading contract manufacture of IC, has the comparative advantage to develop the solar energy industry. The aim of this thesis is to provide the solar energy industry and the general investing public in Taiwan the financial performance comparison of worldwide leading solar cell companies, and to provide more insight of their financing strategies and the solvency of each company. About 5 years ago, the solar energy industry in Taiwan started to boom. The high growth trend was the best prove of the situation. However, the financial crisis in 2008 caused a huge change. Companies those don’t have strong financial resources face serious challenges on their cash flow. Their solvency is weak. Most of the companies reported losses on the forth quarter of 2008. It remained the same on the first quarter of 2009. We found that Motech had the best financial performance in the past five years. Though it was not the No.1 in terms of production scale, but its financial performance was very outstanding. Even with conservative debt leverage, it still outperformed. However, we see some opportunities even in downturns. So far the industry is subsidized by governments. Along with the decrease of average sell price of solar energy products, we believe the grid parity will be reached sooner. When it reaches grid parity, the demand will increase dramatically for the following decade. Companies those can survive the financial crisis and economy downturns would be the final winners.

聚光型太陽能產業之機會與挑戰 / The last couple of years have proved to be an eventful period for an emerging technology like CPV. CPV industry really needs real demonstrations at scale of technologies that have a clear pathway to costs per KWh or MWh that are competitive with traditional PV arrays. The industry also needs public datasets of performance, with 3rd party testing to provide credibility and clear expectations for operations and maintenance costs. Reliability and robustness of current designs need to be shown in scale of tens of MW and above to prove this technology’s bankability. Overall, due to weak demand and over capacity in the industry, CPV technologies will need to show clear pathways to low $/MWh costs, through demonstrated high energy yields, high reliability, and low-cost materials. CPV industry is viewed as being higher risk than traditional PV projects currently. While the technology has been around for a long time, successful long-term demonstrations with current-design technologies are in short supply. Delta Electronics was one of the foremost companies in Taiwan to start with the strategic alliance of Boeing-Spectrolab partnership to enter this market in late 2005, but decided to end the business in 2009 due to relocation of the internal resources.

本論文以太陽能上游產業企業策略為主要研究內容，綜述了國內外理論界與實務界對太陽能上游產業發展問題展開的相關論述。並對於產業發展相關問題研究的主要理論和方法歸納總結。分析了太陽能上游產品的國際國內和大陸市場的現狀與走勢，對產品分類、市場結構、發展的主要制約因素進行了深入的剖析。並以實際投資個案做為分析範例。對於太陽能產業發展策略與投資分方案亦提出了若干建議。

中國太陽光能行業轉變–由演化經濟面解決分析 / China’s growing energy needs have turned renewable energy into a crucial factor necessary for its social stability and national security. This paper has been written with the understanding that the role renewable energy plays in the Chinese industry and market will be nothing less than critical in coming decades. Solar PV electricity is one of the most promising renewable energy technologies and is a fast growing industry. However in China there exists a huge gap between its market potential and current achievements in the field. This thesis paper depicts the evolutionary path China is currently undergoing from a heavy reliance on fossil produced energy to a balanced energy mix by examining its solar PV industry and market. Its major argument is that as transitional processes require long term vision and planning, the potential of china’s energy transition to solar energy needs to be assessed under a set of criteria that can trace a long term development path. By using the six core elements introduced by the evolutionary economics theory, this paper presents a unique in depth analysis of China’s transitional efforts toward solar PV grid parity. The paper has reached three major conclusions. The first and most important is that the Chinese central government seems to be making genuine efforts in promoting solar PV as one of the nation’s future energy sources. These efforts have been marked by assessing governmental legislation concerning Bounded Rationality issues and various incentive programs. The Renewable Energy Law and the Medium and Long-Term Development Plan have served as instrumental driving forces to the immature market. Local governments have shown significant commitment by providing substantial support to the PV industry as well to Co-evolutionary technologies such as inverters and batteries. Legislation has had limited success in handling Lock In issues such as connection to the national grid and real price reflection of conventional energy. The second conclusion is that although the market is still at an early stage of its development, it relies too heavily on Selection promotions, namely direct subsidies. Recent developments in the PV market growth in China can mostly be regarded to the Golden Sun program and the BIPV program. These efforts have been an important promoter in raising global awareness to the potential of its solar sector. However this form of subsidy does not present a long term sustainable growth solution. The lack of a national Fid in Tariff scheme (despite few specific provincial schemes) and existing problems concerning projects tendering process cause an imbalance in terms of market and industry Diversity. This unbalance appears in the form of lack of Diversity in project developers, being mostly local state owned or highly affiliated with the government enterprises. The third conclusion is that China’s government can and should give more focus on domestic Innovation. Currently the country’s national R&D investment is significantly lower than market leaders in Europe. China’s education system does not support more than several world class solar PV electricity research centers and its industry development relies on expensive imported technology and international collaboration. Most companies in the industry hold a short term development vision which affects technological Diversity, mostly in the upstream segments of polysilicon and ingot production. Lack of attention towards a diverse range of future PV and Co-evolutionary technologies limits industry development to specific sectors that have low technological barriers. The paper concludes that while China is well positioned for further expansion of its market it still lacks in specific aspects of its transitional path. This analysis is unique as it presents not only an up to date market and industry status but also refers to their future growth potential. This paper presents a wide range of aspects that directly affect solar PV’s future development. Its true value lies within the usage of the evolutionary economics approach as a theoretical framework, which allows us to gain better understanding of how the different aspects related to the solar PV world affect each other and the fitness of this historic transition.

麥肯錫發表研究報告預測到2035年，可再生能源（主要是太陽能、風力發電）對全球發電量的佔比，將可從4%大幅拉升到36%。從各種跡象可看出，全世界的可再生能源仍在發展當中。 許多上、中游太陽能企業在太陽能產業中歷經輝煌也遇到營運虧損，對於個案公司位處太陽能產業鏈的下游角色，藉由政府的半額補助進入到太陽能電廠建造。透過優良的技術工法，再藉由靈活的財務操作與不斷地案源開發，形成良好的經營績效，並開始朝向多元化發展。透過Ansoff Matrix將個案公司的產品與市場做一敘述，並藉由實際案例了解其商業模式。對於未來想進入的業者或想了解太陽能電廠產業的讀者，可藉由本文略知一二。 最後，在全世界可再生能源的發展都需要政府各部門的配套政策、且可預測的投資環境，因為可再生能源在許多地方已經商業化且具經濟競爭力。

本研究範疇是整體太陽電池產業，由於此產業鏈結性強，故從最上游原物料到最下游的系統安裝及應用產品均包含於本研究中，但主要是以產業中的關鍵製造元件「太陽能電池」為主。太陽電池產業的興盛，可以從近幾年來看出端倪，期望能從台灣目前正在起步的太陽能電池的智慧財產相關專利佈局與措施作一些研究與建言外，也希望能將一套未來新興產業（再生能源產業或永續發展產業）智財專利分析與佈局的方法論，實際驗證及修正其可行性。藉由此次從智慧財產角度的研究，了解今天以及未來太陽能發電的機會與趨勢。 首先對太陽電池的上、中、下游做一個較完整的現況與產業分析，以及太陽電池現在與未來的應用面，再針對太陽電池目前全世界的技術趨勢做介紹，由於大部分專利技術關鍵是太陽電池的製程，因此，所有專利技術拆解的方向，都在於此。 針對太陽電池材料本身，區分現世代與次世代太陽電池技術，如矽晶圓、非晶矽（a-Si）、微晶矽(μc-Si)、碲化鎘(CdTe)、CIS/CIGS(銅銦硒化物)、DSCC等，再將目前矽晶圓與薄膜類生產的較新技術研究與發表作歸類，找出可以代表的關鍵字，將這些關鍵字作文字分解，放置於專利索引的Title、Abstract、Claims上，再依已核發的專利的時間、Assignee的國家、專利編號、Assignee的名字等，作出一套分析的表格，方便我們對太陽光電的專利分析與技術拆解作一個整體性的解說，也希望能替台灣目前研發作一些建言。 從現世代太陽電池的各國專利的分析與比較，可以看出全世界目前在USPTO所申請通過分析的情形，也可以看出日本與德國在單晶矽及多晶矽中專利佈局的方式，而在各公司的專利分析，對於全球第一產量SHARP的佈局，及其他前五名公司的佈局情形，再對照到我國現在的所有廠商，例如茂迪或益通，幾乎在專利佈局為零，而都是利用所有製程的Know-How，以產品的效率、成本來打天下，這在大陸也是如此。 次世代太陽電池的分析裏，可以看出美國各家研究機構與廠商進軍市場的決心，矽薄膜太陽電池目前的專利佈局雖然已經被大致分配了幾種分類，但是在薄膜製程的前面材料研發部份，以及化合物及有機染料薄膜太陽電池部分，真的是百家爭鳴。但由於商業化還有一大段距離，國內的廠商或研發單位應該可以再投入這方面的人力物力，或是與美日廠商在研發段的策略聯盟，才不會淪落到只能和大陸拼成本及製程優勢而已。 設計專利的重視，大約需要更多的太陽電池產品應用後才會見到，但是，在那之前，應該要有相關的設計專利佈局，針對要面對大量需求的市場，例如美國及歐洲，才能在許多商業談判或是技術發展上有一席地位。 以未來20年的角度來看，太陽電池產業每年兩位數的成長，遲早都有訴訟的可能性發生，並非一昧地改良轉換效率或代工就能相安無事，本論文就太陽電池專利部署、技術分解及相關於新式樣專利(Design Patent)等來做研究探討，並且以美國專利局的專利申請為研究範疇。 本論文研究不包含各國政策、各公司財務等對專利或是技術的影響，主要是以目前矽晶圓太陽電池製造的較新技術，與薄膜太陽電池的研發走向，來作為技術拆解的參考，輔以相關全球PV的資訊來對照比較，論文內引用的數據資訊，也盡量與許多報導輔以對照，以IT IS、PV NEWS、PHOTON INTERNATIONAL等較為公信力的雜誌期刊提供的最新研究資訊為主。 關鍵字：太陽電池產業、太陽電池、專利技術拆解、專利佈局、矽晶圓、矽薄膜太陽電池

隨著油價上漲，核能發電的安全性受到質疑，越來越多人關注再生能源發電的可行性，而台灣石油及煤礦等天然資源缺乏，再生能源變成可行的替方案。有鑑於此，政府開始透過政策補助以創造再生能源使用的經濟誘因，2009年「再生能源發展條例」通過後，我國綠能發電市場產生重大變化，其中發展最快速的即是太陽能發電市場。由於台灣太陽能產業發展多年，上、中、下游產業鏈佈局已經成熟，以地理環境條件來看，太陽能無論從成本、維護跟可行性來看都是再生能源中最適合於國內深耕的選項，因此在政府提出補助政策後，太陽能發電市場快速活絡起來，太陽能發電成為最新的企業或個人投資管道，形成國內一股安裝太陽光電的熱潮。 本文即以太陽能發電是否為合宜的投資標的為研究目標。首先從觀察市場的角度出發，說明我國太陽光電產業結構、下游發電系統類型、太陽能電廠案件的開發流程，接續介紹競標市場的形成背景、法令依據，並且逐步歸納歷年來補助政策調整對市場所造成的影響以及說明整體政策調整的方向，讓有意於電廠領域深耕之業者能夠對競標市場本質有完整認識。另外，為求找出影響競標市場變化的關鍵因素，本研究也蒐集各期得標資訊，包含折扣率、件數、容量等，用統計圖表方式呈現歷年來各指標變化，觀察競標市場的成長速度、影響折扣率變動之因子以及推論業者的競標策略。最後以目前已完成競標的折扣率資訊和假設的成本條件，試算歷年投資太陽光電的投資報酬率變化，藉此推判現在進入太陽光電競標市場，是否仍然有利可圖？研究結果提供給有意進入此市場的投資人與相關政策制定者作為參考。

現今能源短缺與全球溫室效應日益嚴重，回歸自然的再生能源將是擺脫夢魘的最佳解答。故本研究的動機，便是希望對國內再生能源產業的發展現況作進一步的瞭解與剖析以及找出個案公司於再生能源產業的未來經營策略，並進一步探討其管理上的策略涵義，以作後續研究發展的參考依據。 本研究之架構，基本上採用Aaker的理論架構來進行內外在分析，整個策略規劃的過程則依據Glueck所提出之策略規劃架構進行。並運用個案分析法，藉由訪談的方式，輔以個案公司所提供的資料綜合分析，以找出個案公司乃至於整體產業目前所面臨的問題與未來的發展趨勢。 從個案的探討上可發現，太陽能電池產業的關鍵成功因素政府透過立法及獎勵政策的推動、產業鏈的完整、重視研發、運用技術致力降低成本、關鍵原物料與零組件的穩定來源及建立品牌形象，而個案公司內部高階主管人脈廣泛及在太陽能電池、太陽能模板與太陽能發電系統具備垂直整合的優勢，有助於市場開發。

近年來全球企業掀起一陣併購風潮，希冀藉由併購加速業務及利潤的擴展；同時因為全球暖化現象，喚起人類對於環保之重視，也造成產業結構的重大改變，其中以太陽能產業的發展最為快速。為避免台灣太陽能產業因為缺乏策略性地擴充，導致失去與國際大廠競爭的能力，本研究主要以台灣太陽能電池廠商的角度，探討其併購之機會與可行性。 透過資料分析方法，以經濟附加價值觀點，探討台灣太陽能電池廠商水平整合之可行性；從利潤池觀點，評估台灣太陽能電池廠商垂直整合之可行性；並探討台灣太陽能產業之未來發展策略。 研究結果顯示，就水平整合分析而言：(1)由價值動因分析，太陽能電池廠商水平整合具可行性(2)營運資金為太陽能電池廠商最重要的企業關鍵價值因子(3)太陽能電池廠商藉由整合方能維持產業競爭力。 就垂直整合分析而言：(1)台灣太陽能產業之利潤池正由電池廠商移向晶圓廠商(2)晶圓材料取得為太陽能電池廠商之關鍵成功因素(3)太陽能電池廠商整合晶圓廠商具整合效益。 就未來發展策略而言，同業與異業之產業整合，及持續開發新技術、新應用則是未來主要競爭力之所在；此外，政府的態度與支持亦為重要關鍵成功因素。