企業策略群組與資本市場評價關係探討 --以台灣上市櫃IC通路商為例

Abstract

IC通路商掛牌者眾，儼然成為證券市場中一個龐大的族群，但各家之營運成效卻是良莠不齊，為了持續追求營運規模的成長，通路商透過積極的整併合作、或以合組控股公司的經營模式發展，一方面擴大營收規模，另方面減少產業間的同業競爭。 除合併策略外，通路商亦發展專業化與差異化的服務，以區隔不同屬性之市場，透過滿足客戶之需求，提昇通路商之高附加價值。另一類利基型廠商之策略模式即是靠著提昇技術能力，積極參與客戶產品的設計開發，進而爭取較高毛利與掌握未來市場發展動向，以維持企業本身優勢與競爭力！ 本研究由理論與文獻探討出發，配合企業經營績效的衡量指標，歸屬出屬於本產業之不同策略群組，進而延伸市場對不同策略模式產生相對應之市場評價，再搭配實務經驗應證，歸納整理出IC通路產業的策略模式、經營績效與資本市場評價之關連性。得出主要結論如下：台灣IC通路商產品可以分為三大策略群組，分別為「高報酬追求型」、「深耕技術利基型」與「規模及市占率追求型」。 資本市場對於「高報酬追求型」群組內的公司給予最高的評價。「高報酬追求型」群組的核心策略邏輯在於以其所代理的產品為核心，積極強化與原廠的關係或與原廠共組合資公司，共同經營市場；或自原廠尋求技術移轉，跨入製造領域，以原廠為母廠技術來源；又或與原廠維持良好關係，並成為其全系列、獨家代理商，以獲取較高利潤。 「深耕技術利基型」群組的核心策略邏輯在於尋找特殊型或利基型產品的代理權，並且輔以龐大且堅強的技術支援人力(FAE)、深度且早期的參與客戶的設計流程，獲取較高的毛利率。「規模及市占率追求型」群組的核心策略邏輯則在於期待規模極大化必將產生規模經濟的效益，進而增加通路商在產業鍊中的地位及議價能力，以求反映在獲利能力上，但資本市場則對本群組仍持保留的態度。

With more IC distributors listed on the stock market, more people are becoming aware of this industry. However, the operating performance of each IC distributor is not exactly the same. Either by mergers or acquisitions, IC distributors are able to make big revenue growth and reduce the competition among rival firms. The professional and unique services are emphasized by some IC distributors to meet customers’ needs and provide them with more value-added services. Another business model is based on the niche market. To pursue high profits and get involved in customers’ design projects are highlighted by this model. This research categorizes Taiwan listed IC distributors into three strategy groups by using public information from listed company data base, with the theoretical supports from the related researches over past years. We conclude the capital market favors “Profit –Oriented Group” most due to the impressive profitability and strong growth momentum; furthermore, the research implies several practical and operational strategies to the industrial players. The “Profit-Oriented Group” - Most favored by capital markets - Close tie-up with principals either by technology transfer to form up a JV - Or gaining the exclusive dealership The “Niche-market Group” - Gaining unique or niche product lines - Strong FAE technical support - Early-involvement into customers’ design projects The “Economy-of-scale and market share oriented Group” - Operational efficiencies by leveraging scale - Enhancing bargaining power through scale-up - Strengthening compositeness in the value chain