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.

在秘魯城郊地區設立太陽能供應系統之社會企業企劃書 / This social business aims to achieve double bottom line: the social and the financial ones. The former is giving access to electricity to households out of the reach of the grid. The latter is being financially sustainable, running activities without needing external subsidy. Our Vision: “A rural Peru where every family has access to electricity in their homes.” Our Mission: “Enable access to affordable and sustainable solar energy for poor families, as a means for social inclusion and development in the rural Peru.” Our objective: To provide access to photovoltaic energy for families in remote areas of the Andean highlands of Ayacucho, Peru. Our economic model: We partner up with district, province or regional governments, and private companies, to help them to promote social development or carry out their corporate social responsibility mandate. We sell to them solar home systems to be installed in rural households which are not considered in any national rural electrification plan (they will not have electricity in the following 7 years or more). We install the solar home systems in households who are willing to be part of the project (so the families pay a fee for the operation and maintenance and cooperate with their labour force, small accessories, and local materials). The solar home systems are bundled with social engineering activities to ensure the sustainability of the project in the village. This entire task is carried out with local technician who are specially trained to solve any problem and provide the operation and maintenance service. Our target: Install solar home systems for 7700 households.

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。

隨著京都協議書在2005年正式施行，工業化國家必須逐年降低二氧化碳的排放量，且2004年開始至今全球油價持續飆漲，對於仰賴能源進口的台灣經濟影響深遠。化石能源的剩餘蘊藏量與使用時的污染，也將逐漸由可再生的潔淨能源所取代，近五年全球太陽能電池產業每年平均成長30%以上，太陽能電池產業無疑是二十一世紀的明星產業。本研究期望透過選擇好的評價模式作客觀的評估，協助太陽能電池產業相關的投資人與企業經營階層做為參考。 本研究以茂迪、中美矽晶、合晶科技等三家上櫃太陽能電池產業相關公司為研究對象，以1999至2003年之財務報表作為預估個案公司未來成長率與獲利表現的依據，利用現金流量折現法的銷售導向與盈餘導向兩種模式，模擬最樂觀、最可能發生與最悲觀三種情境估算實質價格區間，並與個股之實際股價相比較，推論目前股價的合理性，及目前股價所隱含的市場預期個案公司未來的銷售成長率與盈餘成長率；以敏感性分析繪製成的龍捲風圖觀察個別關鍵評價因子對股價的影響程度。 實證結果顯示，茂迪、中美矽晶、合晶科技之合理股價區間分別為226~790元、34.4~47.3元、20.5~32.7元，與2004年6月以來最近一年的股價走勢比較，太陽能產品占公司營業比重越高，實際股價越接近合理區間；經龍捲風圖分析發現對個案公司股價影響幅度最大的關鍵評價因子皆是銷售成長率。

本研究以Schwartz與Moon（2000）提出的實質選擇權模型為基礎，再引入模糊理論，建立模糊實質選擇權模型。太陽能產業的益通為樣本公司，進行參數估計，並使用蒙地卡羅模擬，估計益通的合理價值。經過敏感度分析更進一步瞭解，影響公司價值最重要的因子為期初收入成長率與成本。 將本模型應用到其他電子產業，發現公司的股價常有遭到市場高估或低估，而偏離真實價值的情形發生。因此本研究建立一套投資策略，並參考模型估計的合理價格為投資的依據，希望能夠賺取價差。策略模擬的結果，獲利能力明顯優於長期持有的方式，也證明了本模型的實用性。 / In this study, we use the real option model from Schwartz and Moon (2000) as the basis, and then combine it with fuzzy theory to create Fuzzy Real Option Model. This study takes one company in solar power industry － E-TON as the sample company to conduct the parameter estimation. We also adopt the Monte Carlo Simulation method to assess the reasonable value of E-TON. After the sensitivity analysis, the results show that initial rate of growth in revenues and cost are the most important factors which influenced on the value of a company. Furthermore, we apply this model to other companies in electronics industry and discover that the stock prices are often overvalued or undervalued by the market. Therefore, we develop a set of investment strategies for people who want to make profits from the difference of prices. The result of strategic simulation shows that profit is apparently better than the way of buying and holding, and it proves the practicability of this model as well.

臺灣的太陽能光電產業發展於2000年起發展快速，產值於2008年突破千億新台幣，太陽能光電產業從零到有僅經歷了十幾年的時間，其原因在於臺灣本身擁有良好的半導體技術基礎以及優良的人力素質，也因對於石油煤炭這類能源過度依賴，臺灣缺乏此類資源的情況下，積極發展太陽能光電產業成為了一條尋求替代再生能源的可行之路，本論文將探討臺灣發展太陽光電產業的優勢與發展模式為何，臺灣廠商又如何保持競爭優勢以因應全球化的競爭。 太陽能光電產業在台灣的發展與競爭為本論文研究之核心，在環保意識高漲以及其技術落後於其他先進國家的同時，臺灣太陽能光電產業面對國際競爭，在矽晶片型、薄膜型電池或第三代電池發展中，如何以臺灣原有之產業優勢創造利基；另外，從國家創新系統之發展模式中探討政府、公部門與私部門研究機構在太陽能光電產業發展過程中的位置為何，此一研究不僅討論其在臺灣太陽能光電產業技術升級上是否為推動者，同時檢視在全球化競爭中，政府、研究機構與產業其未來的方向為何。 / The development of photovoltaic industry in Taiwan has grown rapidly since 2000, and the output value surmount 100 billion NT Dollars in 2008. Because of Taiwan has an exceptional semiconductor and TFT-LCD manufacturing technology foundation and an excellent quality of manpower. Photovoltaic industry in Taiwan only takes less than two decades to expand to 5th main manufacturer in the world. Promoting photovoltaic industry is not only a way to solve the excessive dependence on the traditional energy, but also to find an alternative renewable energy for Taiwan. The research explores the advantage and development mode of photovoltaic industry in Taiwan, and researchs how photovoltaic manufacturers maintain the competitive advantage to compete against other foreign manufacturers in the globalization age.

本研究所選取的研究對象是太陽能技術領域中的相關研究單位，之所以選擇太陽能產業主要有幾點原因：1. 全球可利用能源有限，各界紛紛發展相關再生能源技術，而太陽能技術領域為目前最被看好的方向，所以太陽能技術之議題研究實為刻不容緩。2. 以往探討太陽能相關文獻，大都從太陽能的產業面及發展商機等做一探討，而鮮以從專案層次的技術管理層面切入，本研究認為欲探求太陽能領域之技術發展，必須從技術知識的基本特性著眼，並深入研討其技術管理過程為何，另外，技術也是知識的一種，故而技術管理自然會牽涉到知識管理。3. 一般技術在發展歷程中，會依循特定軌跡來累積成長，這個特性在太陽能產業尤其明顯，而國內卻一直沒有專門研究太陽能技術的系所，所以，有關太陽能產業中其技術來源及發展軌跡，實為一有趣而值得探究的議題。 目前國內的太陽能產業鏈，從上游端到下游端分別包括晶片、電池、模組以及系統應用等，本研究主要針對上述領域之技術研究單位來探討主要兩個研究問題： 1. 太陽能技術領域中，關鍵的技術知識特性為何? 2. 太陽能研究單位在技術發展過程中，其知識創新的管理活動為何?這些活動又如何受到技術知識特性的影響? 本研究從技術知識特性及知識的創新管理活動兩構面，藉由個案訪談的方式，深入探討技術單位在技術發展過程，兩構面之相互影響及造成的結果為何。最後，本研究經過個案訪談整理以及其他次級資料分析，以及經過相關學者文獻的學理驗證結果，得到以下幾點的研究發現：   1、 技術知識的創新程度會影響知識創造活動的團隊型態 2、 技術知識的變動程度會影響知識創造活動的外部網路關係 3、 技術知識的複雜度會影響團隊成員的多元化程度 4、 技術知識的專質性會影響知識創造活動的新工具/程序之產生方式 5、 不同的技術生命週期會影響知識創造活動的實驗或原型試製的方式 另外，經過研究個案之歸納分析後，除了五項主要的研究發現外，還有兩個其它的重要發現，分別如下 1、 太陽能領域的技術研究單位會依循特定路徑累積其動態能耐 2、 依技術研究單位願景與定位的不同，其技術策略發展也有所不同 / This thesis focuses on the photovoltaic industry in Taiwan, especially for the research unit of solar tech. The reasons are several aspects listed. 1. The energy in the world is limited, and more and more firms start to find the way to new kind of energy. Among lots of renewable energy technologies, solar tech. is most emphasized. To find more details about the solar tech. is important. 2. Most of formal thesis focused on the opportunities about the solar market, but few discussed about the technology characteristics and management of solar tech. But as we know, technology is one kind of knowledge, and tech. management is certainly related to knowledge management. 3. The technologies in many fields always follow the special trajectory, and the solar tech. is no exception. So it’s interesting to find the sources of solar tech. and to find how the solar technologies make further progress. The solar industry in Taiwan mainly includes technologies of wafer, cell, module, and system application. The main goal of this thesis focuses on the research units that deal in solar technology, and the thesis has two principal questions for discussion as followed: 1. What are the key characteristics of technology in solar field? 2. What are the activities of knowledge management in solar field? And the thesis has structural frame consists of two elements: the characteristics of tech. knowledge and the knowledge management. By interviewing the related research units in solar field and other data for assists, the research has discovered some interesting results: 1. The degree of tech. innovation would affect the team type. 2. The degree of tech. variation would affect the connection to external units. 3. The degree of tech. complexities would affect the diversification of team numbers. 4. The degree of tech. exclusion would affect whether the research units make new tools/procedures by oneself or directly buy in. 5. Different stage of tech. life cycle would affect the experiment ways or different prototype. Besides, by the analyses of the cases, the thesis also finds other two results about the characteristics of solar industry. They are listed as followed: 1. The research units of solar field would follow specialized trajectories to build their core competence. 2. Depending on different vision in the solar field, the research units have different development strategies.

近幾年再生能源蓬勃發展，全球新增的太陽能發電裝置量也持續上升，擁有高太陽能技術的台灣，更是在太陽能電池上不停成長及擴張，使台灣在太陽能產業有高度前景。但由於太陽能成本高且產業鏈冗長，許多太陽能源公司紛紛想售出發電廠或尋求投資者。另一方面，國內保險業受到市場趨於飽和及利率偏低等因素影響，獲利難以成長，保險業的另一部份獲利來自於投資，穩定的投資獲利讓保險業者可以脫離低利率的險境，但由於台灣法令對保險業者的投資限制，使保險業者欠缺投資管道。基於營運中太陽能電廠需要資金，而保險業者需要新投資項目的情況下，如何讓保險業者更明白太陽能產業之營運方式及潛在風險，給予保險業者更明確的方向做為評估模式，將是本研究之重點。 投資績效的準確度有賴於評估模式的準確性，而評估模式的準確性則取決於影響因子之準確性。故要算出較為準確的投資績效，理解與抓出適當之影響因子為本研究的研究基礎。最後，本研究將太陽能電廠之營運風險評估方式分為「營收面」與「成本面」兩個面向，「營收面」中包含環境因素、系統因素與太陽光電躉購費率三大類的影響因子；「成本面」則包含投資成本、租金成本、維修與管理成本與清潔成本四類影響因子。由以上影響因子來評估一間營運中太陽能發電廠的價值，並以20年來計算內部投資報酬率(IRR)作為評判基準。 / Due to the rapidly growth in renewable energy nowadays, the quantity of solar power systems rises sustaining. Taiwan, which has high solar technology, is still expending its capability on solar power systems. It makes Taiwan have a bright prospect of solar industries. However, the high cost and lengthy industrial chain of solar industries let solar power companies try to sell out their power systems or find investments. On the other side, based on the domestic saturated market and low interest rates, insurance industries in Taiwan are hardly to earn profit on their operation. Another way for insurance companies to obtain profit is investment. Therefore, a stable investing profit makes insurance companies out of the low-rate situation. But due to the investment restriction in Taiwanese laws, insurance companies are always lack of investment projects. Based on the short of capital funds in solar power system and the lack of investment projects in insurance companies, how to let insurance companies know more on solar industries and their potential risks, and how to assessment solar power system will be the key point in this paper. The accuracy of investment performance depends on accuracy of assessment model, and the accuracy of assessment model hinges on accuracy of impact factors. Therefore, in order to find an accurate investment performance, to realize and choose the appropriate impact factors will be the key process in this paper. Finally, to assess operational solar power station, this paper divided all the impact factors into two main categories: revenue and expense. Revenue includes 3 impact factors: environment factors, systems factors and feed-in tariff. Expense includes 4 impact factors: initial investment cost, rent expense, repair and managing cost and cleaning cost. According to these impact factors, we can assess the value of operational solar power station and evaluate internal rate of return (IRR) in 20 years.

本文檢視了包含半導體、面板、發電太陽能、及發光二極體等四種在最近十五年來高科技電子設備產業於日本、韓國、中國、新加坡、馬來西亞、與印度等亞洲國家中發展的情況。文中包含針對不同高科技電子設備產業的高研發成本、高資本密集、涉及國防及國土安全的高敏感性、及以設備搭售服務的商業模式等特性，在面對亞洲國家在文化、制度、及經濟上類似但卻又不完全相同的環境時，跨國高科技電子設備商所採取因應策略的探討。 / This thesis reviews the development of four targeted high-tech equipment industries of Semiconductor, Flat Panel Display, Photovoltaic (PV) Solar, and Light Emitting Diode (LED) in Asia countries including Japan, South Korea, China, Singapore, Malaysia, and India. Business and operational strategies from individual high-tech equipment industries characterized of high R&D cost, high capital investment, trade sensitive requirement, and equipment bundling service business strategy dealing with similar but not identical cultural, institutional, and economic environment of targeted Asia countries were also reviewed.

The gravity of the Global Warming consequences force us to face the issue and try the best to mitigate its effects. Green Logistics practices, and especially the case of a Solar Panels Installation on a warehouse or plant’s roof, are studied in this article as solutions to reduce the economic, social and environmental casualties. The Net Present Value (NPV) Model in this paper and its results analysis show that project duration, Carbon Tax, initial energy price and its increasing rate are all positively related to the NPV Value. A high discount rate will, however, turn the NPV negative, thus raising the need of financing help for Green Logistics projects.