LED產業垂直整合策略個案分析與探討-以T公司為例

Abstract

在面對LED產業的高度競爭及龐大的應用需求，台灣LED廠商大多採高度專業分工的模式，做磊晶就磊晶，做封裝就封裝，資源非常集中，可以把一個單一製程做的很精細，很有競爭力，但卻面臨國際LED大廠壓境。面對國際大廠一條龍式的整合產品，具備高效率及低成本之優勢，台灣廠商如何整合資源以對抗，成為LED領域重要的課題。 本研究的個案公司是一家LED晶粒製造商，在LED產業鏈中屬中游的供應商。在技術密集但利潤率卻不高的產業特性下，該公司思考著如何打造從中游到上游縱向發展的產業鏈，以垂直整合方式布局LED供應鏈。本文藉此探討LED產業垂直整合之必要性。 本研究係以質性實務研究為主，量化分析為輔，選擇個案T公司為研究標的，透過企業訪談及個案分析作為研究方法，以了解T公司進行垂直整合的產業背景環境、動因以及進行垂直整合的過程 (意即垂直整合的「Why」與「How」)，並以財務評價模型評估其垂直整合策略之可行性。最後，輔以情境分析法來預測個案公司可能的發展方向及因應對策。

The majority of Taiwanese LED companies utilize a model of a highly specialized division of labor in the industry value chain. Each company specializes in a specific area of technology (eg. epitaxial wafers or encapsulation). Resources in this industry are highly concentrated, and a single manufacturing process can be extremely intricate. Facing strong competition and numerous application requirements in global market, this model encounters challenges. By applying qualitative research method, a case study of a LED chip manufacturer, in the midstream, is presented. It aims to explore the reasons and the process of vertical integration through discussions in its strategic management. In other words, we try to understand the company’s know-how and know-why of its vertical integration strategy. We examined how the company vertically integrates the midstream and upstream value chain to distribute LED supply chain by considering the industrial characteristics of technology intensity and low profit.