隱形冠軍之投資策略研究—以艾姆勒車電為例

Abstract

有一種中小企業，他們的產品在全球市佔率高，核心能力為製造特殊而精密的零組件，或提供無可取代的專業服務，專攻利基市場。這些企業的名子可能從未聽聞，然而，他們卻隱藏在某個價值鏈當中，扮演不可或缺的角色，我們以「隱形冠軍」稱之。在台灣，尚有許多中小企業有潛力成為隱形冠軍，他們正處於成長階段，卻面臨「資金不足」、「沒有人才」的窘境。因此，本文將提出一種投資策略，針對有潛力的中小企業，提供資金與人才，協助該公司成長，拓展國際市場，並且輔導公司進入資本市場。 本文脈絡主要有二，第一，以艾姆勒車電為個案進行研究，艾姆勒車電的主力產品為電動車用散熱模組，核心能力為利用獨家的專利技術進行製造與設計。隨著國際電動車市場的成長，電動車所需的零組件需求也與日俱增，艾姆勒的訂單也隨之成長，2016年在台灣又進入了興櫃資本市場，可說是台灣的隱形冠軍之一。本文分析該公司的成長歷程，以此為案例作為後文發展投資策略之依據。 第二，本篇論文引用游張松博士的價值創造循環模型(Value Creation Cycle model，VCC)與VPS模型(Vision-Positioning-Scenario model)，以投資中小企業的角度出發，提出了一種投資策略，此策略即為本篇論文的核心內容，其內容又分成四個步驟，第一是先選擇有興趣的產業，觀察產業的市場發展性，並研究該產業在不同國家的法規與政策，評估產業未來是否有發展性。第二，篩選投資目標，與中小企業溝通協商，並審核該企業所提交的經營計劃書，經營團隊的背景與能力，以及產品在市場上的競爭實力。第三，進入輔導成長階段，為了讓企業在國際市場上立足，企業必須與國際級客戶共同研發與設計，並且組成同盟，確保企業長期生存之穩定現金流。第四、若順利培養企業成為隱形冠軍，則進行首次公開發行，進入公開的資本市場進行買賣，投資顧問團隊則賺取資本利得，順勢退場。

There are small and medium enterprises which have extremely high global market share. They produce special and sophisticated components, or provide irreplaceable professional service, and focus on niche market. The names of these companies may never be heard, but they play an indispensable role and hide themselves in some value chains. We call them the 'hidden champions'. In Taiwan, there are many small and medium enterprises that have the potential to become hidden champions. They are on the pace toward growth, but faced some serious problem such as 'lacking funds' or 'no talent' dilemma. Therefore, this paper will propose an investment strategy for enterprises with potential, and provide funds and talent in order to help companies grow, expand the international market, and counseling companies to enter the capital market. There are two themes in this research. First, “Amulaire Inc.” case studying. Amulaire provides cooling module for the electric vehicle sector. It takes exclusive patented technology as core capacity to manufacture or design its own products. With the growth of the international market for electric vehicle, the demand for Amulaire’s cooling module is also increasing. In 2016, Amulaire also entered the capital market. Therefore, it is not exaggerated to say that Amulaire is a hidden champion at all. This research analyzes the growth pace of Amulaire, as a case study to develop an investment strategy. Second, from the investment point of view, according to professor Yu’s theory: Value Creation Cycle model (VCC) and Vision-Positioning-Scenario model (VPS), this paper put forward an investment strategy for small and medium company. Its content could be divided into 4 steps. First, form an investment team and select a couple of industries that have the potential to grow up. The team should also study the regulations, policies in different sector to evaluate whether the sector deserve to invest. Second, select the investment objective and communicate with the chose company. The invest team should review the business plan which submitted by the chose company. Additionally, the team have to access the background and ability of the company’s manager, as well as the competitive strength of their products. Third, the counseling growth stage. In order to allow enterprise to gain a foothold in the international market, enterprise must work with international customers to conduct research and development. Also, the enterprise should form an alliance with international clients to ensure long-term cash flow. Fourth, if the invest team help the enterprise become the hidden champion successfully, IPO is the last step. Let the company enter the capital market and earn the capital gain. Then, the team keeps finding new chance to help next hidden champion.