中國面板產業之併購策略研究 ——以京東方併購中電熊貓為例

Abstract

面板產業是高端製造業的重要組成部分, 其通常具有投資大、產業鏈較長和帶動作用較強等特點。在國際競爭環境下，面板產業的發展水準越來越被看作為一個國家之科技實力及國際競爭力的重要體現，而該產業的規模也會直接決定其國家廠商的國際話語權。縱觀全球面板產業之發展，首先由美國和德國率先開展技術研發，再由日本廠商將技術產業化而成為領頭羊，隨後在全球液晶面板行業處於低潮時，韓國及臺灣廠商抓住機會佔據市場，最後因近年來中國大陸政府對於面板產業廠商的大力扶持，幫助了一批像京東方這樣代表中國大陸的龍頭企業開始慢慢崛起。現如今，全球面板產業的主要產能正朝向中國大陸開始轉移。 正當全球面板產業都在關注中國大陸面板產業未來發展走向之時，2020年11月，中國大陸面板領軍企業京東方重磅發佈公告，宣佈其已成功併購中電熊貓公司，這也讓該併購案成為當下中國大陸面板產業關注的焦點。為此，本研究特由全球面板產業之發展變遷出發，結合次級資料分析法，回顧了中國大陸面板產業的發展歷程，並深入開展了全球競爭市場下中國大陸面板產業的競爭優勢分析。再次，本研究將最新發生的京東方併購中電熊貓案作為個案研究對象，從併購的動機、併購後的潛在問題、以及併購後的未來發展與挑戰等角度，來探索中國大陸面板產業之併購策略。研究發現：此次京東方與中電熊貓併購案的順利開展，會大大增加中國大陸面板相關企業間發生併購行為的概率；隨著這類併購行為的發生，一些中小型的中國大陸企業也會主動將國內市場轉向外銷的國際市場，必然會進一步為其贏得更多的國際競爭力。加之受到全球疫情的影響，人們線上辦公對3C產品的需求大大增加，也會不斷促進這些企業壓低售價，進而為中國大陸面板廠商搶佔更多全球市場份額。

The panel industry is an important part of high-end manufacturing industry, which usually has the characteristics of large investment, long industrial chain and strong driving effect. In the context of international competition, the development level of panel industry is increasingly seen as an important reflection of a country's scientific and technological strength and international competitiveness, and the scale of the industry will directly determine the international discourse power of the country's manufacturers. The development of the global panel industry was first developed by the United States and Germany. When the global LCD industry began to slump, South Korean and Taiwanese manufacturers seized the opportunity to dominate the market, where Japanese manufacturers industrialised the technology and took the lead. Finally, in recent years, the Chinese mainland government has given great support to the panel industry manufacturers, which can help a group of leading enterprises like BOE that represent the Chinese mainland to rise slowly. Now, the main production capacity of the global panel industry is beginning to shift towards the Chinese mainland. BOE, a leading Chinese panel company, announced in November 2020 that it has successfully acquired China Electric Panda Corporation. The merger case has become the focus of the current panel industry in mainland China. To this end, this study is based on the development of global panel industry, and the secondary data analysis is combined to review the development process of the panel industry in mainland China. The analysis of the competitive advantage of Chinese mainland panel industry in the global competitive market was carried out. Thirdly, the latest case of BOE's merger with CLP Panda is taken as the case study object, which is from the perspective of the motivation of the merger, potential problems after the merger, as well as the future development and challenges after the merger. The M A strategy of panel industry in mainland China is explored.