發光二極體產業廠商經營成長策略與模式之研究-以E投資控股公司為例

Abstract

近年來「紅色供應鏈」在政策補貼優勢下，以低價搶佔市場，嚴重衝擊台灣的電子製造業，過去曾被視為明日之星，在手機背光、NB背光及電視背光獲利表現出色的台灣發光二極體（LED）產業也因陸系廠商的進逼而淪為科技四大「慘業」之一，而今對於需龐大設備投資的Mini LED、Micro LED等先進技術發展上，都已無力單獨投資。 個案公司富采是由台灣LED上游最大晶片廠晶元光電股份有限公司及友達集團旗下上、下游整合的隆達電子股份有限公司以換股方式共同成立的產業控股公司，也是台灣唯一一家不同集團上、下游整合的控股公司，本研究擬從LED產業公司發展的脈絡中找出營運成長的策略，分析LED產業關鍵要素及檢視富采具有的資源與能力，探討晶電與隆達合組投資控股公司的主要原因及控股公司能否順利進行資源整合、專業分工與協同合作，發揮綜效成為產業鏈的垂直整合的一條龍。 本研究透過產業分析，了解產業發展趨勢和競爭對手，接著運用五力分析找出產業的關鍵因素。之後，藉由對晶電及隆達的發展歷史、資源與能力、以及競爭策略的分析找出富采的資源與能力及市場地位，然後提出競爭與發展策略之建議。 富采成立二年餘，業務分工己完成階段性整合，2021年也交出成長的成績單。但2022年表現卻不盡如人意，本研究參考個案公司成立背景因素、個案公司具有的資源與能力及產業控股公司成功要素，對個案公司要維持長期的成長與獲利，提出「整合」與「定位」二項建議，「整合」包含技術資源整合、支援活動整合及績效指標整合，定位則是公司需維持獨立之營運，與主要客戶間都能策略合作。

In recent years, the "Red Supply Chain" has taken advantage of policy subsidies to seize the market at low prices, severely impacting Taiwan's electronics manufacturing industry. The LED industry in Taiwan, which was once considered a rising star due to its excellent performance in mobile phone backlighting, notebook backlighting, and television backlighting, has also become one of the "disastrous industries" due to the competition from mainland Chinese manufacturers. Moreover, the industry is currently unable to individually invest in advanced technologies such as Mini LED and Micro LED, which require substantial equipment investments. Ennostar, the case company, is an industry holding company formed through a stock swap between Epistar Corporation, the largest LED upstream EPI&Chip manufacturer in Taiwan, and Lextar Electronics Co., Ltd., an upstream (EPI&Chip) and downstream (Package&Module) integrated company under the AU Optronics Group. It is the only industry holding company in Taiwan that integrates upstream and downstream operations from different groups. This research aims to identify strategies for operational growth within the LED industry context, analyze key factors in the LED industry, and examine the resources and capabilities of Ennostar. The study explores the primary reasons for the investment and formation of the holding company by Epistar and Lextar, and assesses whether the holding company can successfully undertake resource integration, specialized division of labor, and collaborative cooperation, ultimately achieving vertical integration along the industry value chain. Through industry analysis, this study seeks to understand industry development trends and competitors. It then employs a Five Forces analysis to identify the critical factors within the industry. By analyzing the development history, resources, capabilities, and competitive strategies of Epistar and Lextar, the research aims to identify Ennostar 's resources, capabilities, and market position. Based on these findings, the study provides recommendations for competitive and development strategies. Ennostar, established for over two years, has successfully completed the phased integration of its business operations and delivered promising growth results in 2021. However, its performance in 2022 fell short of expectations. In this study, taking into consideration the background factors of the company's establishment, its available resources and capabilities, and the success factors of industry holding companies, two recommendations are proposed to ensure long-term growth and profitability. The first recommendation is "integration," which entails integrating technical resources, consolidating support activities, and aligning performance indicators. The second recommendation focuses on "positioning," emphasizing the need for the company to maintain an independent operation while strategically collaborating with key customers. By implementing these recommendations, Ennostar can strengthen its competitive position and achieve sustained growth and profitability.