台灣資訊電子產業價值鏈分析與財務績效

Abstract

美國學者Porter提出價值鏈的觀念，並進一步指出企業的價值鏈並非單獨存在，而是包含在一個由該企業所處產業上下游共同構成的價值鏈系統中，此即所謂的產業價值鏈。而施振榮先生也提出微笑曲線的相關概念，指出傳統的電子組裝代工業者的附加價值已由高附加價值逐漸變為附加價值最低者，因此企業若要維持其競爭優勢，必須朝微笑曲線兩端的「智財」與「品牌及服務」發展。 本研究係以Michael Porter的價值系統及施振榮先生的微笑曲線為理論基礎，透過台灣經濟新報資料庫之公司基本資料，將資訊電子產業中各廠商分類至各個不同的價值鏈階段，並對製造端價值鏈階段之廠商依產業上下游關係再細分至各個產業，以進行財務績效之分析。本研究以合併財務報表的資料為主，計算各產業價值鏈階段5年期間的營運狀況及各項報酬率，探討各產業價值鏈階段財務績效差異的情況及其近5年來價值變化的趨勢，以提供投資者未來投資台灣資訊電子產業之參考。茲將本研究的分析結論整理如下： 1. 就規模而言，台灣資訊電子產業主要集中在製造端價值鏈階段。各產業價值鏈階段的產值除軟體產業及通路階段外，皆呈現成長的趨勢。製造端規模佔整體資訊電子產業規模比重逐漸增加，其餘價值鏈階段規模相對比重則逐漸減少。 2. 就成長率而言，整體資訊電子產業以製造端價值鏈的成長率最高。而在製造端價值鏈階段中，又以半導體產業的成長率最高。 3. 就獲利能力而言，在淨利率方面，在微笑曲線中以右端的品牌及服務階段最高，其次是左端的智財階段，而以製造階段淨利率最低。而在製造端價值鏈階段中，又以半導體產業淨利率最高，資訊工業及通訊產業最低。在固定資產報酬率、總資產報酬率及股東權益報酬率方面，皆呈現微笑曲線兩端的「智財」和「品牌及服務」階段較高，而製造端階段較低的情況。 4. 在獲利能力分析方面，各項報酬率均呈現微笑曲線兩端最高，中間最低的情況。而本研究認為應以總資產報酬率及股東權益報酬率作為衡量附加價值高低的標準。因此，本研究之分析結果驗證了就整體而言，微笑曲線兩端附加價值較高，而中間製造的附加價值最低的論點，但並非位於微笑曲線兩端之價值鏈階段即具有較高的附加價值。另外，在製造端價值鏈階段中，呈現最上游之半導體產業附加價值最高，中游之電子設備產業次高，而中上游之零組件產業及下游的通訊產業最低的情形。 5. 將若不將傳統電信產業納入資訊電子產業價鏈價值鏈分析，則「微笑曲線」將不再微笑，而是呈現曲線左端之設計附加價值最高，其次是中間的製造端，而曲線右端附加價值最低的情況。 6. 綜合而言，台灣資訊電子產業以代工起家，因此廠商多集中在製造端價值鏈階段。即使製造端階段在整體資訊電子產業中規模最大，且不斷地成長，但在殺價競爭的產業生態下，廠商不得不以「薄利多銷」的方式維持生存，使其平均淨利率已跌破5％。究其原因，在於「製造」的知識密度最低，而尤以下游為最，廠商只要有資本及基本的技術能力，即能加入這流血競爭的市場。但在知識經濟之下，人力資本及技術將是經濟發展的核心。而微笑曲線理論左端的「智財」正具有知識經濟的特色，包括生產製造的重要性降低、投入研發經費比例高、知識本身即是商品、人才與知識比資本更重要等。因此，廠商應投入資金培養人才，並進行技術的研究與發展，向知識密度較高的左端「智財」移動，以維持長期的競爭力。

According to his value chain concept, U.S. professor Miachael Porter further referred that a firm’s value chain does not exist alone, rather it consists in a value system which is composed of the firm and its suppliers and customers, and it is so-called “the industry value chain”. In addition, Stan Shi,the former president of Acer, also mentioned the relative concept “smiling curve”. He said the traditional OEM industry in Taiwan was a high added-value industry before, but now it becomes the lowest added-value one. Therefore, firms have to work hard toward the two side of the smiling curve, which are “intellectual property” and “Brand and Service”, to ratain their competitive advantages. This thesis based on Miachael Porter’s value system and Stan Shi’s smiling curve is to do some financial performance analysis of IT industry in Taiwan. According to the companies basic information in TEJ database, this thesis classifies every IT industry firm to each different value chain stage, and further classifies every firm in the manufacturing stage to each industry based on the supplier-and-customer relationship. The data in this thesis is referred to the consolidated financial statement. This thesis calculates the operating performance and profitability of each value chain stage in the last five years, and observes the difference in financial performance in each value chain stage and the trend of the change in value so that it could be the information for the investors to invest in the Taiwan IT industry in the future. The conclusions of this thesis are as follows: 1. As for the scale, Taiwan IT industry mainly center on the manufacturing stage. The scale in each industry value chain stage except software industry and channel stage show a upward trend. The percentage of the scale in the manufacturing stage increases gradually while it decreases little by little in the other value chain stage. 2. As for the growth rate, the manufacturing stage is the highest among other value chain stages in Taiwan IT industry. And the semiconductor industry has the highest growth rate among other industries in the manufacturing stage. 3. As for the profitability, it shows that the “intellectual property” and “Brand and Service”stages have high profitability, and the manufacturing stage has low profitability. This also verifies the smiling curve statement. However, although software industy and channel stage also belong to the two side of the smiling curve, they have the lowest added-value in the IT industry. In the manufacturing stage, the semiconductor industry has the highest added-value while the component industry and the communication industry have the lowest one. 4. In the situation that the traditional telecommunication industy is excluded from the IT industy analysis, the smiling curve is no longer “smiling”. It shows that the design stage in the left side has the highest added-value, the manufacturing stage is the second, and the communication industry has the lowest added-value.