反托拉斯法對TFT-LCD廠商經營發展之影響

Abstract

自2006年起美國司法部及歐盟、日本、韓國、中國等反壟斷執法機構陸續展開TFT-LCD面板廠價格壟斷之調查，各面板廠因採取之因應策略不同而產生不同的判決結果，截至目前無論在刑事或民事上都已經發生鉅額罰鍰與高階經理人個人之刑責處分。本研究針對各面板廠在反托拉斯調查發生之前、中、後的歷史資料，從各公司股東年報與財務報表內容，進行各廠商之營收、淨利、股價、R D費用、資本投資及人事異動等資料比對，並與所採行的因應策略及結果做有系統的分析，以期探討反托拉斯法對TFT-LCD廠商經營發展之影響。 經過個案資料探討與分析，本研究整理出幾個發現。首先在財務上，反托拉斯罰鍰對各公司營收影響比例相對較小，然而由於各公司獲利能力不同，在淨利上反托拉斯罰鍰所造成的衝擊幅度較大。另外，高階經理人因案而產生巨幅變動，是台灣各面板廠一致性的現象。因為財務及人事的雙重衝擊，使得台灣面板廠商在長期策略發展上產生不連續性，連帶影響台灣廠商在產業下一波競爭中失去領先的地位。 除了這一波對台灣面板廠商造成重大的衝擊與深遠的影響之外，反托拉斯法亦曾在DRAM、通訊、晶片、汽車零件乃至電子書等各行各業進行相關調查與處分。期望藉由本研究之整理，能提供各行業廠商在進行同業相關貿易及聚會活動之借鏡，避免因觸法而產生巨大的衝擊及影響公司長期發展。

Since 2006, the US Department of Justice (DOJ) and the anti-monopoly enforcement agencies of European Union, Japan, Korea and China have launched investigations on TFT-LCD panel price monopoly. As the result of different strategies, panel makers receive different verdicts. So far there are huge criminal and civil fines on these lawsuits, and also senior executives of panel makers have suffered criminal panelties. By comparions of the revenue, net profit, share price, R D costs, capital investment and executive personnel changes from the company annual report before, during and after the period of lawsuits, this research carries on a systematic analysis of the verdict impacts to each TFT-LCD panel maker incorporating with the strategies they took to deal with US DOJ. There are some findings having been derived. First, in financial impact, anti-trust fines have little impact on the revenue of the companies. But due to different profitability, the impact of anti-trust fines on net-profit is larger to the companies. In addition, the common phenomenum is that almost all the senior executives of Taiwan panel makers leave their original positions due to the verdict. Because of the double impact of the financial and executive personnel changes, Taiwan panel makers fail to be consistent in the long-term strategy development, therefore losing the leading position in the industy’s next wave of competition. Except for the significant and deep influences on Taiwan panel makers, the anti-trust laws have also investigated on DRAM, Telecom, IC chips, automobile parts and even e-books and other businesses, resulting in punishments. Hopefully this research can provide some guidences to all companies when dealing with international businesses or participating in industry meetings, preventing them from the tremendous impacts resulting from violating the anti-trust laws, which affects company’s future developments enormously.