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。

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。

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。

雖然台灣在太陽能PV科技製造業上位居於領先位置，也採取了FIT來推廣太陽能PV及其他再生能源，但是市場的吸收（以及新計畫的完成）至今仍是進展緩慢；因此再生能源在台灣明顯且矛盾的狀況成了本論文的研究動機 為了理解為什麼有這種狀況，本論文採用了兩個廣泛的觀點： （一）市場障礙觀點：這個觀點提供了一個簡明的總結；在經濟學上國內太陽能PV的安裝，特別是家用投資者在FIT計劃下考慮電網連接。 （二）市場轉型觀點：這個觀點確定了影響並降低台灣再生能源市場的因素或是參與者（政府機關或其他相關團體的人員）。 本論文最後一個章節中提出了可能有助於提高台灣太陽能PV或是其他再生能源的接受度的實用步驟及政策措施。 本研究結果指向複雜且費時的申請手續，反覆修改的相關法令，及設定太低的FIT為至今台灣太陽能PV市場開發成功有限的主要原因。低電價、政府與台電間所發展出的相互依賴狀況以及極力避免破壞現況的密集產業為造成這些狀況的難題。 為了解決這些缺陷，本論文建議立即將FIT上修（至少每千瓦新台幣12.6元）並恢復補貼中小型投資者的資本。削除行政與程序上的障礙是促進在地太陽能PV市場和建立信心的整體方案上非常重要的的一環。論文中的最後一章節提到一個發展框架，並且描述了 一些針對於更棘手並減緩台灣的多元化能源供應問題的可能解決方案。 / The motivation for this research stems from an obvious contradiction in Taiwan’s approach to renewable energy – that while Taiwan remains a leading manufacturer of solar photovoltaics (PV) technology, and has adopted a feed-in-tariff (FIT) to promote solar PV and other renewable energies, market uptake (and completion of new projects) has so far been slow. In order to understand why, this thesis adopts two broad-based perspectives first identified by the International Energy Agency (IEA): (i) the Market Barriers Perspective provides a concise summary of the economics of domestic solar PV installation in Taiwan, specifically for the small scale (residential) investor contemplating grid connection under the FIT scheme; (ii) the Market Transformation Perspective identifies those factors (or actors) contributing to inertia in the renewable energy market in Taiwan. A final section in this thesis is given over to describing practical steps and policy approaches which may help boost solar PV (and other renewable) capacity in Taiwan. The results of this research point to a complicated and time-consuming applications process, repeated changes to relevant legislation, and a FIT which is set too low, as the primary reasons for the limited success to date in developing Taiwan’s small-scale (distributed) solar PV market. These difficulties are compounded by low electricity prices and a mutual dependency that has developed between the government, Taiwan Power, and large energy-intensive industries to avoid any upset to the status quo. In order to address these problem areas this thesis recommends immediately revising the FIT upwards (to at least NT$12.6 per kWh) in conjunction with the reinstatement of capital subsidies for small to medium investors. Removing administrative and procedural barriers is likewise deemed essential to fostering growth in the local solar PV market and establishing confidence in overall program. A Developmental Framework in the final section of this thesis describes some potential solutions to the more intractable problems slowing the diversification of Taiwan’s energy supply.

當新創企業發展初期，競爭對手看不上你，等到企業成長到可能影響到整體市場占有率時，企業受到競爭對手的挑戰與攻擊便接踵而來。因此新創企業如何在策略發展上進行縝密佈局，將有助於企業順利通過死亡之谷，並持續往成長之路上邁進。 本研究試圖將茂迪的成功策略發展模式轉化為特定的目標及指標，建立適用於新創企業的平衡計分卡。在萌芽期時企業在取得營運所需的風險性資金後，在財務構面上發展的策略為降低營運所需的成本，及使資金做最有效運用，在客戶構面上如何取得客戶對產品的信賴，以及萌芽期夥伴信任關係的建立，在內部流程構面則以改進製程技術，著重技術研發為此時期的重點，另外藉由完善的服務爭取客戶的信任，在學習成長構面此時需要的是高素質人力及透過經驗學習提昇公司的創新能力與員工的生產力。 在成長期此時期的策略在財務構面是追求營收的成長 並積極開發新客戶及市場的成長，在顧客構面則在資本有限的情況下，發展最適合企業本身的利基市場，另外在內部流程構面藉由策略聯盟取得這時期所需的資源，在學習與成長構面訓練與發展策略性技能與專業能力是這時的重點。 在穩定期此時期在財務構面於集中市場取得所需的資金後，藉由上下游整合與購併等策略擴大企業的規模，在顧客構面在企業茁壯的同時仍兼顧營運風險管理追求股東權益極大化，在內部流程構面由專業代工走向自有品牌，藉由發展目標市場行銷提昇品牌價值，在學習與成長構面則以吸引及留住有技能的員工及透過知識管理使公司的理念與願景能貫徹實行。 新創企業相對於大企業而言，缺乏較明確的策略佈局，導致平衡計分卡在策略執行上的發揮效用有限，有鑑於此本研究試圖以新創企業成功的策略發展模式，結合平衡計分卡發展出適合新創企業導入平衡計分卡的參考架構，以期能對台灣新創企業的發展有所助益。

In the emerging countries access to electricity is still an issue for many families and this is the reality for most of the underprivileged households in Honduras. Approximately, 21% of the families living in rural areas are out of the electric grid of the country, and matters added to this, is that these individuals live with USD 1.90 (WorldBank, 2017) per day reducing their possibilities of affording alternative solutions to gain access to electricity. SoLuz provides a fast and affordable substitute to the conventional sources of energy, through the solar panel home systems, which families with low income, whom most of the times are not reliable sources to obtain credit at financial institutions, can purchase a solar panel home kit. Through a daily mobile payment of USD0.50, a household will now have access to electricity to improve not only their lives conditions but also boost the economy, as is the case for people living in the Bay Islands in the northern part of Honduras which depends on tourism for its subsistence. Focused on being a B-Corp since the beginning and a pioneer in the region, SoLuz wishes to cover in a three-year period the 100% of the rural areas in the Bay Islands with the solar energy home systems and through the recycling programs cooperate in the protection and maintenance of the environment in the area.