Polarizers are key components of TFT-LCD panels. Because their production demands high technical know-how and the supply of their raw materials was under the control of Japanese companies, these companies used to have few competitors and enjoyed good profits. Recently, however, panels have been mass-produced. Since their investments that often amount to hundreds of billions of NT dollars, panel producers have undertaken vertical integration in order to reduce costs for production. In order also to avoid being limited by the shortage of TAC¡Xan important component of polarizers-- panel producers have been reaching into the polarizer industry one after another. It takes a relatively long time to be able to control the quality of polarizers and to produce a large amount of them. At the present time, the leading companies are Nitto Denko and Suwitomo in Japan, and Optimax in Taiwan. Though the new comers to the polarizer industry so far pose no big threat to these well-established companies, their joining in means a warring age has set in for the polarizer industry. And this study of mine tries to analyze what cutting edge Taiwan¡¦s polarize companies have over their competitors. To understand how cluster influences investments in and development of TFT-LCD industry, I study this industry in Taiwan. I use the Five ¡VForce Model and the Diamond Model proposed by Michael E. Porter to analyze the data. And then I study six polarizer companies in Taiwan, analyzing their developments and the turning points of their strategies. I hope I can make some contributions to the TFT-LCD industry in Taiwan. In my research, I find that this industry has become an oligopoly. The important factors that determine a company¡¦s competitiveness are its R&D abilities, manufacturing technology, and policies in forming strategic alliances. I also find that local Taiwanese companies do not have an advantage over those leading Japanese companies in either their R&D abilities or their access to raw materials. Their hopes of survival lie in the differentiation of their products and in forming good strategic alliances with their clients. The purposes of this thesis are four: (1) analyzing the polarizer industry in Taiwan and their competitiveness, (2) studying the key factors of their success or failure, (3) understanding why their CEOs decide to enter this industry, and (4) getting to know why they decide to leave this industry by being merged. My study has successfully fulfilled these purposes and in it are also several suggestions for the reference of those CEOs who are planning to enter this industry.

From the perspective of contingency theory, this study investigates the governance change of the organization value chain between upstream and downstream firms in three most important high-tech industries in Taiwan: PC, semiconductor, and TFT-LCD. Many scholars and experts have thoroughly studied governances of value chains. Their findings are valuable to the competitiveness of organizations and industries. However, most of them are focused on the Western industries. Very few studies are based on Taiwanese industries. Besides, most of these researches on the characteristics of Taiwanese organizations and industries emphasize the flexible production collaborative networks and the quick responses of small and medium-sized enterprises (SMEs). Even fewer studies have recognized that Taiwanese high-tech industries have evolved into large integrated business groups. This study complements previous literature from a different perspective. Employing case research method, this research has interviewed 20 experts that are familiar with the operation of these three high-tech electronic industries. It is found that all PC, IC and TFT-LCD industries adopted network models at the emerging stage. When these industries getting matured, however, the IC industry adopted the market model, while the PC and TFT-LCD industries moved to hierarchy models. Using Boolean method, this study has reached four major findings for Taiwan¡¦s high-tech industries: 1. The industries¡¦ governance of organization value chain moved toward the personal network model at the emerging stage due to technology uncertainties, relatively high profitability and not enough capital munificence. 2. The industries¡¦ governance of organization value chain moved toward the impersonal network model at the emerging stage due to technology uncertainties, low complexity of technology, relatively high profitability, and enough capital munificence. 3. The industries¡¦ governance of organization value chain moved toward the market model at the mature stage due to technology certainties, enough capital munificence, high complexity of technology and relatively high profitability. 4. The industries¡¦ governance of organization value chain moved toward the hierarchy model at the mature stage due to technology certainties, enough capital munificence, low complexity of technology and relatively low profitability. In the concluding chapter, this thesis presents management implications and future researches based on this study.

Larger size TFT-LCD panels, consists of notebook panel, monitor panel, and TV panel, enjoys great growth momentum for years. To fulfill the growing demand, panel makers keep continuous investment for expansion. Therefore, this creates over-supply, under-supply, or balanced supply-demand. Supply and demand decides the price of an item. So does TFT-LCD panel. Through thorough industry historic and forecasted data, complete supply-demand model is built with 2 years forward forecast. The result shows that in the following 2 years the occurrence of oversupply is very possible. However by controlling utilization rate and carefully talking orders, panel makers create shortage-like situation to raise panel price successfully. By the result of this model, accompanied with current global economics situations, some managerial suggestions are given for TFT-LCD makers.

人類由農耕生活，走進工業革命，再邁入現今資訊時代，而正由於資訊科技的蓬勃發展與交通運輸成本的下降，加上全球貿易自由化導致國際專業分工成為目前生產製造的主流，中間財貿易也因產業垂直分工而快速成長，在這種環境下TFT-LCD正是其中最明顯的一個例子。面對世界經貿全球化，台灣與中國也即將簽署「兩岸經濟合作架構協議」ECFA，未來以台灣為研發中心、大陸為製造基地的兩岸垂直分工會越來越明顯，兩岸的中間財貿易也將扮演兩岸貿易的重要角色。TFT-LCD產業為台灣國家級科技政策「兩兆雙星」之一，也是台灣在全球市場佔有率名列前茅的重要產業。對於TFT-LCD產業以及其五大關鍵性零組件已經有許多關愛與研究，然而其他不可或缺的零組件卻是甚少提及；有鑑於此，希望藉此機會就TFT-LCD產業供應鏈中的金屬零組件產業加以深入探討，能讓大家更深入瞭解TFT-LCD產業供應鏈之全貌。 除了對於全球TFT-LCD產業發展狀況、台灣TFT-LCD產業發展狀況、台灣TFT-LCD關鍵零組件產業發展狀況依序加以說明外，為客觀取得分析資料，本文所分析四家TFT-LCD金屬零組件中間財廠商均為股票公開發行之公司，將公開資訊觀測站各公司之財務報告書與公開說明書予以整理，詳盡分析各公司之營運狀況，並以五力分析與SWOT分析，更深入探討這四家TFT-LCD金屬零組件中間財廠商，最後分析各廠商在TFT-LCD金屬零組件產業所採取之競爭策略。最後，本文將對TFT-LCD金屬零組件廠商彙整三點競爭策略建議：1. 提升研發能力(包括專業模具能力、自動化生產製程、特殊專利技術)、2. 就近服務客戶(包括FDI)、3.追尋共創雙贏客戶。

The purpose of this research is to understand and explain the TFT LCD industry phenomenon of oversupply vs. shortage and its impacts on the prices and quantities of individual TFT LCD makers. Also, to look for any fixed effects (if any exist) due to specific company and due to specific time. We employ a fixed effect model to estimate impacts of individual traded quantity on price and impacts of individual price on traded quantity. Using the panel data covering 16 makers and 24 months, our results reveal that the TFT LCD panel is highly quantity inelastic of the traded price but greatly price elastic of the traded quantity. With regard to fixed effect, the empirical result reveals there were significant time effects of price for some periods of time while there were significant time effects of quantity for some sizes of panels. Supply and demand could be one of the factors determining the time effects. As to the company fixed effect, most of company fixed effects of quantity prices were found significant whereas company fixed effects of price were not. Market shares and country of origin can be significant factors determining the company fixed effect of quantity. Keywords: Panel Data, Fixed Effect Model, Quantity Elasticity, Price Elasticity, Company Fixed Effect, Time Fixed Effect, TFT LCD

TFT-LCD產業被譽為臺灣「第二半導體產業」，在國人的努力下，2006年台灣大尺寸TFT-LCD的出貨量和產值，均已躍居世界第1位。由於該產業處於變化快速的競爭環境，如何找出企業的核心資源與核心能力，考慮企業資源基礎的發展問題，協助管理者制定出最適之競爭策略，讓企業能在競爭環境中持續成長與發展等，都是重要且值得探討的課題。 本研究採定性的個案研究法，以台灣2006年大尺寸TFT-LCD產業產量前3名之領導廠商（友達光電、奇美電子、中華映管）為個案研究對象，深度探討其核心資源、核心能力、競爭策略、競爭優勢等項目之內涵及其關連性。經由現有的TFT-LCD相關資料、資源基礎理論等文獻歸納，以及個案研究的分析，本研究主要的發現如次： 一、台灣TFT-LCD企業所擁有的核心資源係來自公司所擁有的獨特的異質性資源組合，其最重要核心資源是無形資源，最重要核心能力是組織能力，主要的競爭策略為是成本領導（或集中）策略，最主要的企業競爭優勢為組織能力。 二、台灣TFT-LCD企業都是獨特異質性資源的組合，以致於每一個企業均具有不同於其他對手的表現。 三、臺灣TFT-LCD 企業的核心資源、核心能力和競爭策略、競爭優勢間，具有相關性：企業的核心資源和核心能力是制定和執行競爭策略的基礎；企業競爭優勢的來源為核心資源和核心能力，且最主要來源是核心能力；當企業有利潤時，將持續發展公司資源及能力，以維持企業持久性競爭優勢。 / The TFT-LCD industry is known as the “second semi-conductor industry” of Taiwan, where, thanks to joint efforts of local talents, in 2006 both the shipment volume and the output value of Taiwan’s large-size TFT-LCD became No. 1 in the world. Because the industry is situated in a competitive environment that changes drastically, there exist several important issues that deserve further study, including how to identify core resources and core competences of the companies, consider development of enterprise resource bases, help management formulate the most adequate competitive strategies, and allow companies to continuously grow and develop in the competitive environment. This study adopts the qualitative case study method, where it uses three leading manufacturers that have the largest production output in Taiwan’s large-size TFT-LCD industry in 2006 (AU Optronics, Chi Mei Optoelectronics, and Chunghwa Picture Tubes, LTD.) as the subjects of this case study to conduct in-depth research on contents of and correlation among their core resources, core competences, competitive strategies, and competitive advantages. By induction from reference materials such as existing TFT-LCD-related data and the resource-based theory, as well as case study and analysis, this study presents main findings as follows: 1. The core resources owned by Taiwan’s TFT-LCD manufacturers come from combinations of unique heterogeneous resources owned by the companies, where their most important resource is intangible resource, their most important core competence is organization capability, their main competitive strategy is the cost leadership (or concentration) strategy, and their main corporate competitive advantage is organization capability. 2. Every TFT-LCD manufacturer in Taiwan is a combination of unique heterogeneous resources, so that each company performs differently from its competitors. 3. Correlation can be found in core resources, core competences, competitive strategies, and competitive advantages of Taiwan’s TFT-LCD manufacturers: core resources and core competences of the companies are the basis of formulation and execution of competitive strategies; corporate competitive advantages result from core resources and core competences, and the main resource is core competence; when a company makes profits, it is going to continuously develop company resources and competences, in order to maintain corporate sustainable competitive advantages.

台灣最早投入TFT LCD是在1991年。發展早期只有兩家小公司，且受困於日本的技術屏障以及經營規模，一直無法有大格局的突破。直到1998年起，由於經濟開始衰退，日本方才開始陸續釋出TFT LCD相關技術，以授權或技轉方式讓技術開始擴散，此時方有多家台灣廠商開始陸續投入TFT LCD這個行業。 經過多年的努力，政府也漸漸開始重視TFT LCD產業，並且在2003年提出「兩兆雙星」五年國家經濟發展計畫，提供各種資源，全力扶植IC與TFT LCD兩項產業，其中TFT LCD被看好是台灣下一個產值破兆的產業，繼晶元代工之後下一個延續國家科技命脈的蓬勃生機。 從早期多數人連什麼是LCD都沒聽過，迄今八年時間，台灣LCD產業已經蓬勃發展，不僅擁有多家世界級大廠，亦成為全球平面顯示器重鎮。2007年也是台灣TFT LCD面板廠自成立以來最賺錢的一年，台灣整體平面顯示器產值首次超越韓國，整體產值並首度破兆，達到1兆2,849億台幣，其中台灣TFT LCD的產值就佔1兆2,149億台幣，佔全球TFT LCD總產值的44.5%。截至2007年為止，台灣本土TFT LCD上下游產業相關廠商共超過九十家，貢獻台灣GDP超過13%。 本文希望以TFT LCD上游材料行業背光模組為例，進行智慧財產與產業調查之工作，試著審視台灣TFT LCD關鍵零組件「背光模組」主要參與者之專利，藉由連結傳統專利分析與產業分析，從中找到能結合產業事實、專利品質和重要性的研究方法與結果，期能為台灣的背光模組行業，甚至是廣義的TFT LCD零組件行業提出一點意見與貢獻。 / Taiwan first engaged in TFT LCD industry in 1991. Only two small companies involved in the early stage; because of technical barriers established by Japan and insufficient economic scale of operation, there had been no breakthrough. Until 1998, the recession began, so that Japanese began to release the TFT LCD-related technologies by licensing or technology transfer, and resulting in the spread of technology. At this stage there are several Taiwanese manufacturers began to actively engage in TFT LCD industry. After years of efforts, the government has gradually begun to pay attention to TFT LCD industry. In 2003 the government put forward the "Two Trillion, Twin Stars" five-year national economic development plan, said plan provides resources to fully support both IC and TFT LCD industry, wherein TFT LCD is deemed next trillion industry, like Foundry, and may continue the lifeline of national science and technology. In the beginning, most people never heard of LCD. After eight years, Taiwan's LCD industry has flourished, not only has a number of world-class factories, but also has become a global center for flat panel displays. 2007 is also the most profitable year for Taiwan TFT LCD panel makers since their establishment. Taiwan's overall output value of flat panel displays exceed Korea for the first time; the overall revenue is about one trillion 2,849 billion Taiwan dollars, wherein Taiwan's TFT LCD accounted for 1 trillion 2,149 million Taiwan dollars, which also accounts for 44.5% share of the global TFT LCD output value. As of 2007, there are over 90 Taiwan companies related to TFT LCD industries, said companies contribute over 13% of GDP in Taiwan. This author wishes to take TFT LCD backlight industry as an example, performing investigation of intellectual property and industrial work, and try to examine the key patents of key players in the industry. The author looks forward to finding a new way to combine traditional patent analysis and industry analysis method, and make some contribution to the industry.

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.

TFT-LCD產業為我國兩兆雙星產業之一，而相較於經由政府長期以來大力扶植的半導體產業，TFT-LCD產業在發展初期似乎不受青睞，完全是由產業界自力更生，時至今日，竟與日本、韓國形成三強鼎立的態勢。台灣的TFT-LCD產業究竟是如何發展，而創造出這驚人的成績？政府相關部門又是扮演何種角色？政府如何以政策工具推動產業研發，其影響為何？本研究分別從政府協助產業研發活動之正當性、工具性與實效性等三層次，輔以「文獻分析法」與「深度訪談法」等研究方法，加以論述之。 在政府協助產業研發活動之正當性層次上，本研究認為「修正理論」符合台灣真實現況。台灣身為工業後進國家，若單純以市場機制的運作與競爭，必將不敵先進國家。而且先進國家對其特定產業亦不會採取放任態度，台灣當然可以在WTO強調自由貿易與公平競爭的架構下，由政府提供相關誘因，促進產業發展，以提昇我國家競爭力。 政府協助產業研發活動之工具性層次上，本研究以「財政政策工具」、「人力政策工具」與「環境政策工具」三面向，探討對於TFT-LCD產業研發活動之影響。其內容分別為：「財政政策工具」包含『租稅減免』與『金融補助』；「人力政策工具」包括『人才培育』、『人才訓練』、『國防工業訓儲預備軍士官制度』與『人才延攬』，以及「環境政策工具」則是『科學園區』等項目。 就政府協助TFT-LCD產業研發活動之實效性層次言之，本研究認為在「財政政策工具」方面，租稅減免措施成效顯著，雖存在著租稅不公平的隱憂，但若引進「最低應納稅額」概念，應可促進租稅公平原則的落實；而金融補助措施，則對於TFT-LCD產業幫助不大，但若TFT-LCD產業廠商以銀行聯貸募集資金，基於國際慣例與風險控管之考量，政府在放寬銀行法對單一企業的授信限制時，仍須採取較為審慎的態度。在「人力政策工具」方面，人才培育制度能量不足、人才訓練目標衝突、國防役員額過少與人才延攬措施誘因甚微等，政府尤應注意。在「環境政策工具」方面，TFT-LCD產業在苦無足夠土地可以蓋廠的現實情況下，捨棄個別地區所生成的群聚效應，轉為放眼整個台灣地區，企圖改以台灣全島為TFT-LCD產業聚落的所在地。在中央政府與地方政府相互配合，努力提供相關資源下，台灣TFT-LCD產業的發展相信將會是無可限量的。 最後，雖然政府過去在TFT-LCD產業的發展過程中，只扮演了間接輔助的角色，但面對先進國家的進步與其他後進國家的追趕，政府仍可由「促進產業研究發展」、「進行全球佈局」、「提高上游產業自製比率」、「放寬赴陸設廠限制」四大方面著手，努力扮演更為積極的角色。

TFT-LCD產業發展的過程中，除了企業主本身的努力之外,政府適當的輔導與協助也是一個重要的助力，這也是政府提出的「六年國家總體建設計畫」即把「兩兆雙星」列為重要政策推動重點。而在推動研發活動，實證結果顯示，屬於高技術之產業，由於面臨日本、韓國強烈的國際競爭壓力下，政府在扮演輔導角色的同時，必須將對象擴及上游零組件廠商的產業，對向上垂直整合，降低關鍵零組件成本、交易成本，穩定關鍵零組件之供給，將有所助益。 本研究以TFT-LCD產業為樣本，採普通最小平方法，進行迴歸分析，探討決定TFT-LCD產業研究發展支出的因素。實證結果摘要如下： 一、企業營業收入淨額與研發支出有顯著正向之關係。 二、營業毛利率與研發支出呈現負向且顯著之關係，與預期的結果不一致。雖獲利是企業取得自有資金的主要方式之一，研究發展支出通常都會由企業內部自有資金來支應，故企業獲利能力愈好，研發支出愈有正面的幫助。惟因TFT-LCD產業為高技術新興之產業，不論面板或其上游零組件廠商，皆為新成立。初期營收額不大，且初期研發費用亦較高，致發生毛利率為負數現象，營業毛利率與研發支出呈現負向且顯著之關係。 三、外銷比例與研發支出呈現顯著正向的關係，為TFT-LCD產業面臨日本、韓國強烈的國際競爭壓力，會透過投入研發活動，研發新產品及新製程，以達到增加市場佔有率、降低生產成本及提高生產效率等目標，因此研發支出會較高。 四、企業成立時間長短與與研發支出有顯著負向之關係。乃此產業為了要在市場上佔一席之地，愈會透過研發活動的投入，以提高技術能力及開發新產品。 五、上游產業與其研發支出有顯著正向之關係。意謂著向上垂直整合關鍵零組件之重要性，亦能穩定關鍵零組件之供給