中游廠商面臨產業結構屬於獨寡占的上游廠商，兩者之間由於中游的經濟規模小於上游形成不對稱組織交易，再者中游廠商與上游存在依賴關係，前者需要後者提供原物料或技術服務以滿足下游顧客需求。本研究利用策略行銷成本架構(4C analysis)，並針對國內各大產業之中介廠商為研究對象，包含電機機械通路產業、半導體設計製造業以及旅遊資訊服務業等產業進行深度訪談。此獨寡占上游─中游─下游情境中，分別解釋產業鏈中的從屬關係。 首先是權力處於相對弱勢的中游廠商與上游的交易關係：中游廠商看似被上游供應商套牢陷入的狀況，但除了存在專屬陷入成本外，影響該交易關係尚存在外顯單位效益成本以及道德危機成本。接著，中游廠商為了與上游持續交易的目的下，採取的策略成本選擇為降低外顯單位效益成本，以及提高上游廠商對於中游的專屬陷入成本以達到與上游持續交易的目的，另一方面，順應此不利環境下，中游廠商滿足下游需求的做法有降低外顯單位效益成本、資訊搜尋成本、道德危機成本以及提高專屬陷入成本的方式。最後一部分為中游為減少對上游廠商的依賴，對於上游或下游投資抵銷性資產，使中游廠商提高本身的議價能力，對於上游廠商的依賴程度獲得減緩。 / In comparison to monopoly or oligopoly up-stream suppliers, mid-stream firms has smaller scale in terms of revenue, the transaction between the two can be described as asymmetric interorganizational relationship. Besides, the mid-stream firms depend on its supplier for key material or services, in order to fulfill the demand of their down-stream customers. This study focus on the monopoly/oligopoly upstream supplier to mid-stream firms to down-stream customer chain, interviewing mid-stream firms in different industries including dealer in electrical machinery industry, semi-conductor industry and tour agent and delve into the relationships between these characters by 4C analysis structure. First of all, the study took a closer look at the relationship between the mid-stream firms and their suppliers; the formers have an inferior bargaining power position and seemed being locked up by the latters, as known as cost of asset-specificity. But we also found that over cost per utility and cost of moral hazard would also be considered by the mid-stream firms. The mid-streams took some actions in order to assure the continuous cooperation with the suppliers, and under this circumspect they will also make efforts to save down-stream customers. We found that the 4C analysis can explain the strategies taken by those mid-stream firms. Finally, the mid-streams would like to reduce the control of the up-streams, so they would put resources in establishing offsetting investments to accumulate their bargaining power to the suppliers, to mitigate the dependence.

TFT-LCD（薄膜電晶體液晶顯示器）是台灣全力發展的重點產業。TFT-LCD 產業特徵是專業分工產業，LCD產業價值鏈可分成上游材料廠商、中游面板廠商、下游應用廠商。主要的上游零件及材料包括玻璃基板(glass substrate)、彩色濾光片(color filter)、偏光板/膜(polarizer)、背光模組(backlight module)、驅動IC(Driver IC)、配向膜(alignment layer)。 LCD面板生產所需要的這些原材料占面板生產總成本的70％以上。對面板製造商來說，透過整合減少成本成為一個重要的議題。許多面板的關鍵零組件是設計導入(design in)的產品，對於面板設計，需要配合製造商的要求和規格。所以面板廠商和關鍵零組件廠商之間的快速溝通和反應是非常重要。 目前部分材料是從國外進口的，其中配向膜是日商擁有90%的市佔率。雖然LCD面板成本結構中的比重不高，但是液晶配向膜是決定液晶顯示器面板品質的關鍵材料。主要的配向膜廠商分別是日產化學和JSR。雙方都是日商的化學公司。JSR是2005年投入台灣市場，設立JSRmicro(台灣捷時雅邁科股份有限公司)，日產化學則是2010年才進入台灣市場。而且日產化學是液晶配向膜的先鋒者，10年前的市占率大約80%，但是今年降低到50%。日產化學進來台灣時，透過日系綜合商社來交易。而JSR在台灣則是透過台灣的中間商(華立通路商)來交易。 本研究以日系液晶顯示器關鍵材料配向膜廠商「台灣日產化學」為實例，進行專業訪談。探討台灣日產化學之中游面板廠商的產業鏈，並希望運用邱志聖(2010)之策略行銷4C架構分析，進行深入探討日產化學在台灣市場中，如何降低台灣LCD面板廠商的交易成本包含外顯單位效益成本、資訊搜尋成本、道德危機成本、專屬陷入成本，進而了解此公司的競爭優勢，繼而進行跟競爭對手的4C成本比較分析，提供個案公司建議。 本研究目的為了解： 1.日產化學跟客戶之間的4C關係 2.日產化學與通路商之間的關係 3.日產化學跟競爭對手(JSR)的作法比較 研究結果發現： 1.中間商的選擇、數量、提供的產品種類多寡，以及中間商提供的服務都會影響到日產化學對面板廠商的交易成本。 2.相同產業內供應商提供的產品種類多寡會影響到對面板廠商以及中間商的交易成本。 3.製造商之知名度的高低會影響到中間商的選擇權力。 / TFT-LCD (thin film transistor liquid crystal display) is one of the key industries in Taiwan. TFT-LCD industry is characterized as a specialization industry. The LCD industry value chain can be divided into upstream materials manufacturers, the midstream panel manufacturers, and downstream application vendors. Upstream material parts include glass substrate, color filter, polarizer film, backlight module, the driver IC, and alignment layer. These essential components needed in LCD panel production account for more than 70% of the total cost in panel production. Therefore an important issue for panel makers is to reduce costs through integration. As many of the key components of the panel is the “design in product”, which need to be designed according to manufacturer's requirements and specifications, rapid communication and response between panel manufacturers and key components manufacturers is very important. Some materials are imported from abroad; Japanese companies have 90% market share in the alignment film market. Although the proportion of the cost structure of the LCD panel is not high, but the alignment layer is the key material to determine the quality of liquid crystal display panel. Two main alignment film makers are Nissan Chemical and JSR. They both are Japanese chemical companies. JSR devotes into Taiwanese market in 2005, and established JSRmicro. Nissan Chemical started its business in Taiwan at 2010, by establishing Taiwan Nissan Chemical. Nissan Chemical is the pioneer in liquid crystal alignment film and once had approximately 80 percent of market share 10 years ago, but it has declined to 50% as of now. Nissan Chemical transact through Japanese Sogo Shosha in Taiwai. JSR transact through Taiwanese intermediaries (Wahlee distributor) in Taiwan. In this study, Japanese liquid crystal alignment layer manufacturer Taiwan Nissan Chemical were professionally interviewed, then explored between Taiwan Nissan Chemical and the panel manufacturers’ industry chain. This study will also apply strategic marketing 4C framework for analysis, then conduct an in-depth investigation on how Taiwan Nissan Chemical reduces transaction costs for Taiwan LCD panel manufacturers, illustrate the company's competitive advantage through the transaction costs analysis, including buyer utility cost, information searching cost, moral hazard cost, and asset specificity cost, and lastly compare with the competitor’s transaction cost. The purposes of this research are: 1. The 4C relationship between Nissan Chemical and the client 2. The relationship between Nissan chemical and the distributors 3. The 4C comparison between Nissan Chemical and the competitor (JSR) The results of study show that: 1. A choice of intermediaries, the number of intermediaries, the number of product that intermediaries offer, and the services intermediaries provide will affect the transaction costs of Nissan Chemical for panel makers. 2. The product range provided by the suppliers within the same industry would affect the transaction costs of panel makers and intermediaries, 3. The well-known level of the manufacturer will affect the power of choice for intermediaries.

本論文透過實證分析，公司可以透過向銀行借款建立商譽，降低首次在公開市場發行債券之成本，此結果與Diamond (1991)所提出的商譽理論一致。但是，如果貸款給公司的銀行亦是替公司發行債券的承銷商，即公司與該銀行有進一步的往來關係，發行債券的成本會相對提高。合理的解釋是銀行握有資訊優勢，會以此優勢套牢公司並且圖利自己，與資訊獨占理論及套牢問題理論一致。換句話說，本研究證實公司選擇與之前貸款融資的銀行作為債券發行的承銷商，並不能降低債券融資的發行成本。在本論文後續的研究，指出會選擇與之前貸款融資的銀行作為承銷商之公司，在股票市場的表現都相對較差，銀行會提高替該公司承銷債券的管理費用與發行債券的成本。