面板產業的高度景氣循環特性讓面板廠本身不易掌握產業脈動做出最佳的資本支出決策也讓投資人在股價上下波動之中不易獲得好的報酬。本研究希望能透過以EVA評價模式研究台灣面板業之長期價值因子以提供面板廠及投資人作為投資時的參考。本研究經由過去之相關文獻與面板業之行業特性，選擇了六個全球面板產業創造價值之動因，計有現金轉換週期、淨固定資產週轉率、平均銷售單價、全球LCD市占率、產能競爭力與銷售退回與折讓/營收等六個研究變數，針對整體面板廠商進行多元迴歸，得到以下之結論。 以整個面板產業來說，淨資產週轉率與全球LCD市占率對經濟附加價值（EVA）皆有正向之影響且具顯著性。 / According to the relevant theses in the past and the special characteristics of the panel industry, I selected six value-creating factors about the global panel industry, including Cash Conversion Cycle, Net Asset Turnover, ASP（Average Selling Price）, the Global LCD Market Share Rate, and Sales Return and Allowance to Sales. Meanwhile, I made a regression analysis for the whole panel industry, and consequently obtained the conclusion as following. In terms of the whole panel industry, Net Asset Turnover, and the Global LCD Market Share Rate are the substantial factors in regression analysis. Among them, Net Asset Turnover, and the Global LCD Market Share Rate had positive correlations with EVA.

面板產業一直是政府重點扶植之「兩兆雙星」產業之ㄧ，但該產業」資本密集度高、技術更迭速度快、產品生命週期短暫及價格易受市場供需狀況影響，存在著先天性的經營風險。當該特殊的產業特性碰上2008年第三季底之金融海嘯，對該產業之衝擊係前所未見的。 個案公司為世界第四大TFT-LCD (薄膜電晶體液晶顯示器)製造商及台灣第二大製造廠商，在此風暴中亦無法倖免於難，甚至是同業中受傷最為慘烈者，集團創辦人並鬆口由政府主導整併不無可能。 本論文主要探討個案公司直至金融海嘯發生之2008年度，方出現自上市以來的首次虧損，而同業友達公司卻在同年度仍呈現盈餘狀態，兩家公司在經營模式上是否有何差異導致日後不同的結果？是否投資人能從以往年度的財務報表預見該金融海嘯發生後可能帶來的災難？本論文認為，個案公司在經營策略上與同業的差異，的確造成了2008年事件發生後不同之結果；另外，由事前的財務報表分析發現，雖然個案公司在事件發生前獲利能力頗佳，但自由現金流量長期呈現負數，存在著高度的經營風險，藉由財務報表的分析比較也確實能預知風險所在。

Even though TFT-LCD is a high-tech industry, it is a highly competitive business and the average selling price has been dropping year over year. The high technology no longer guarantees high profit margin due to intensive direct competitions among overflowing TFT-LCD makers. Every TFT-LCD maker is aggressively migrating to next generation fabrication and working rapidly to vertically integrate component suppliers to lower the cost. It is believed that in the manufacturing industry such as TFT-LCD is facing the toughest competition ever and all TFT-LCD companies are thinking of possible ways enhance their competitiveness regardless of their scales. To analyze the current industry situation and provide suggestions to current players in the field, this research proceeds with the approach of case study. Using Porter’s Five Forces Model as competitive advantage measuring factors, we apply Value Analysis Tear-down method to see how it can influence each force. Based on the case analysis, the author has reached the following findings: 1.Creating sustainable competitive advantages is very difficult by using cost reduction strategy only 2.Top management’s involvement of a new method or strategy can expedite the execution process and stimulate more innovative ideas 3.Future improvements derived from Value Analysis Tear-Down process must be constantly monitored and implemented to create sustainable advantages

兩兆雙星產業的誕生正式宣告了面板產業將在台灣市場中造就無限的商機，在此商機的背後隱藏著一個交錯而複雜的供應鏈；期間為搶奪商機爭取訂單，供應商之間競爭關係日益激烈且多變，然而有一現象逐漸受到重視，即是有條件地在競爭狀態中尋求可能合作的部份，藉以找到彼此各自的商業利益，達到雙贏的目標。本研究是以探討各廠商在面對供應鏈上下游廠商之不同關係，如何採取因應的平衡策略使其商業活動的綜效達到最大。 現今的供應鏈關係網絡之中，普遍發生既競爭又合作的現象，而此現象又不斷地交錯伴隨此產業的成長，其競爭與合作的模式必然存在著許多關鍵因素，影響並發展出各供應廠商間的最大商業利益的綜效，因此找出其間存在的競合策略思維是本論文所要探討的重點。而本研究則從各廠商的觀點切入，探討在面對供應鏈網絡中的競合關係變化及因應之道，據此提出六個研究問題。 本研究針對面板供應鏈之現況為例，收集原材料供應商(M公司)、原有加工廠商(A公司)、新加工廠商(B公司)與主要客戶(C公司)的互動為研究對象，針對其目前之供應鏈聯合狀態進行訪談，並透過所設計之問卷進行面談採訪，收集質化分析之第一手資料，透過產業訪談結果歸結相關的研究結論如下： 1. 在此聯合關係的研究當中，共計有16項聯合關係，其中有8項關係為過度聯合關係，而另8項關係為聯合不足；顯示供應鏈中確實存在聯合關係為過度或不足之情況。 2. 當過度聯合時，原材料商通常採取「差別取價」、「控制關鍵市場訊息」及「客製化服務」；新舊加工廠則常用「尋求替代品或供應商」及「客製化服務」之策略；最後以主要客戶則採取「控制市場訂單」與「控制市場關鍵訊息」策略。 3. 原材料商之「產品技術能力」及「產品研發能力」的資源條件通常伴隨「差別取價」策略，用以調整聯合關係狀態，而加工廠之「價格競爭能力」與「客戶關係能力」則較常促成「尋求替代品或供應商」策略的形成，此狀況在加工廠商為焦點公司時最為頻繁。 4. 廠商間為快速調整聯合關係，短期也通常以降低成本或售價的策略，因此供應鏈中的成員若要思考如何達成企業的最大商業利益，掌握或增進具競爭差異的資源條件是相當重要的課題。 5. 當二元關係之「相對技術能力」、「相對客戶關係」及「相對重要性」較高時，通常採取「差別取價」或「尋求替代品或供應商」策略。 6. 在策略選項中「獨家壟斷」及「供貨限制」較少被採用。 關鍵字 面板產業、供應鏈關係網絡、平衡策略、競爭策略、競合策略、合作策略。 / The two trillion and twin star business be created in Taiwan means the display industry will provide a inestimable business opportunity. LCD was announced as the most infinite business potential while semi-con and LCD industry booming in Taiwan. However, this business potential brought a complicated supply chain. In order to gain more share, the competition situation among the suppliers became server and diversified. One phenomenon was highlighted that how to find a coworker with certain criteria to benefit both party, then make the win-win situation. This assay was to study different relationships which suppliers faced to up-stream and down-stream players. And how to take a balanced strategy to maximize business synergy is our main lesson learnt in this assay. It is normal to find the phenomenon of competition with cooperation in current supply chain network. Since the industry grows with the phenomenon continuously, there should be some critical factors within the model of competition and cooperation. These will impact and influence the synergy of maximum business interests among the suppliers. Therefore, finding out the methodology of coopetition is what we want to discuss in this assay. The study will start form business point of view in each suppliers. Then discuss how to react to the change of coopetition among supply chain networks. We studied from the example of current LCD supply chain. M company was one of the raw material suppliers, B company was a new converter in the value chain, and C company is main customer to use the materials. Then arranging interviews to figure out alliance condition within the relationship and to collect 1st hand qualitative data for further analysis. The conclusions of interviews and studies should be as following: 1. There are 16 relationships in alliance relationships. 8 among those 16 are over-alliance; while the other 8 are under-alliance ones. It shows that there really are over and under alliance situation within the supply chain. 2. When it comes to over-alliance, raw materials supplier often takes “price differentiation”,“control critical market information” and “customized service” to face the situation. Meanwhile, the converters use to take “find out a 2nd source material and supplier” and “customized service”. And main customer might “control the orders” and “control critical market information” as the reaction. 3. The resource condition of raw materials supplier such as “product technology skill” and “product development skill ”always bundle the“ price differentiation strategy”. It is helpful to regulate the coopetition situation. Again,the converters usually adopt the “find out a 2nd source material” strategy due to they have the resource condition of the “price competition ability” and “Customer relationship ability”. 4. To regulate the coopetition situation, there are many companies usually adopt the strategies such as cost down or reduce the selling price. On average, it is the key to increase the resource condition that have the differentiation competitive advantage if the company of this supply chain want to know how to gain the most business advantage. 5. The strategies of the“price differentiation”and “find out a 2nd source material and supplier” always be adopted due to the company possess the relativity relationship that are “relativity technology ability” 、” relativity customer relationship” and “ relativity importance”. 6. The strategies such as the “engage of business without competition” and “Control the distribuotion of goods” are less be adopted in this business. Key words : Display Market, The network of supply chain, Balance Strategy, Competitive Strategy, Coopetition Strategy, Cooperation Strategy