台灣IC(半導體零件)通路商規模與經營績效之研究

Abstract

IC(半導體零件)通路產業(以下稱IC通路商)從早期單純之買賣型態，隨者臺灣電子產業劈荊斬蕀發展出完整的產業鏈，已轉型為電子產業上下游中間之重要橋樑與推手，舉凡產業資訊、庫存調節、JIT服務、物流管理、技術支援均是IC通路商長期建立之核心競爭力，位居中游的通路商營運角色溢顯重要。對原廠與客戶價值在於金流、物流、資訊流之價值提供者，快速反應價格、及時提供技術服務、縮短產品上市時程，庫存調節功能更是成為產業發展環節中最重要之緩衝點(Buffer)。 IC通路商承受著高度之財務槓桿壓力，近年來電子產品長期價格走跌，毛利愈趨微薄之嚴峻現實下如何在追求長期成長目標與財務槓桿運用中求取最佳化組合。為迎接世界市場龐大商機做好佈局，電子通路商必須積極建立不可取代與具加值之核心競爭優勢來因應此極具挑戰之高度競爭戰場。 規模極大化已是IC通路商之發展趨勢，透過水平式購併策略，快速擴大市場佔有率，藉由高度之財務槓桿操作，創造獲利績效。隨著資訊透明化與快速反應之市場特性加上薄利時代，特別是台灣以代工為主軸型態，毛利率下降趨勢，必須充分運用產品優勢、管理服務、技術引導、one-stop shopping、turnkey solution來吸引客戶，創造加值與必需性。 台灣IC通路之產業發展面已臨嚴峻生存瓶頸及大陸市場發展之擠壓，追求規模極大化、更精確之績效管理與財務槓桿運用已是永續經營之必備條件。大型通路商與中小型通路商有不同的產品組合與成長策略，本研究以2009年度合併營收200億以上之大型IC通路商為樣本，深入分析2005~ 2009年度各項經營績效，並加以整理計算、分類比較。並以數據分析比較為研究主軸，深入剖析大型通路商重要成功因素分析、營業規模與各經營績效間之關聯性，據以提出分析建議作為IC通路商經營模式之參考。

The semiconductor component (IC) distribution industry (IC distributor) has transformed itself from performing simple trading in the early days to bridging promotion players between the up- and downstream of the industry to keep pace with electronic industries’ growth into an industry chain in Taiwan. The IC distributors have established core competitiveness with respect to industry information, inventory adjustment, JIT services, logistics management and technique support. Middle stream distributors are even more important due to their business models. To provide suppliers and customers with value added services in handling money, merchandise and information flow, they reflect prices quickly, provide technical supports promptly and reduce time to market. Most importantly their function in adjusting inventory has become the most important buffer in the development of the industry chain. The IC distributors usually undertake very high financial leverage. Facing the challenge of long-term downturns of electronic products prices and the ever-decreasing gross profits, the top priority is to find the best combination of long-term growth and financial leverage. To be prepared for the huge opportunities brought about by the global market, IC distributors must actively create irreplaceable and value-added core competitiveness to face the highly competitive and challenging markets. The trend of IC distributors is to maximize their scale and increase market share rapidly with horizontal acquisition so that better earnings can be realized through heavy financial leverage. With the trends of information transparency, fast market response and very thin profit margins, the declining of gross margin has forced the OEM-centered Taiwan electronic industries to attract customers, create values and necessities by integrating product advantages, management services, technology leadership, one-stop shopping and turnkey solutions. The IC distribution industries of Taiwan are now squeezed by the development of the Chinese market. To grow continuously, the industries must strive to maximize their scale, manage with more precise performance management and leverage finances more efficiently. Large-, medium- and small-scale distributors differ in their product mixes and growth strategies. This study employs large-scale IC distributors with combined revenue of NT$20 billion in 2009 as the subjects of study. Their multiple business performances in year 2005 ~ 2009 are thoroughly analyzed and summarized and compared by category. With a research axis of data analysis their success factors, business scale and relations among each operation performances are analyzed comprehensively. The final goal is to provide analysis and recommendations for IC distributors as a reference for their business models.