致茂公司垂直整合策略與經營績效之關聯性

Abstract

致茂電子是全球測試量測儀器領導品牌之一，它提供各式測試方案給產品製造商，從單一儀器的研發和製造到產品自動化測試系統再到生產製造資訊整合自動化系統，其成長策略－垂直整合策略對公司擴展與經營績效的表現關係值得探討。 本研究之目的為探討致茂電子的產品垂直整合策略與企業管理績效之關係；根據蒐集的資料及文獻探討分析致茂電子競爭的優劣勢、垂直整合策略、垂直整合預期效益及成本與風險、最後以垂直整合前、後的經營績效指標分析及驗證成果關係。 本研究之績效指標主要以1997年至2016年止的財務報表，採用營業收入、營收成長率、總資產周轉率、資產報酬率(ROA)、股東權益報酬率(ROE)、每股盈餘(EPS)等做為衡量指標，預期垂直整合效益及可能的成本與風險，觀察致茂電子垂直整合前與整合後各個指標的變化，並以經營績效指標驗證垂直整合後是否達到預期效益。 經由研究後，我們知道垂直整合使致茂電子有較佳的經營績效，且擴大產品線與增加產品市占率，並創造產品差異化，公司得以快速增長，增加獲利。

Chroma electronics is one of the leading brands of global testing and measurement instruments. It offers a wide range of test solutions to product manufacturers, from single instrument R&D and manufacturing to product automation test systems to manufacturing information integration automation systems. Its growth strategy-It is worth discussing the relationship between the vertical integration strategy with corporate expansion and performance. The purpose of this study is to explore the relationship between the product vertical integration strategy of the Chroma electronic products and the performance of the enterprise management. Based on the collected data and literature, to analyze the advantages and disadvantages of Chroma's company competition, and the vertical integration strategy, and the expected benefits, costs and risks of the vertical integration. Finally analyzes the relationship between performance indicators before and after vertical integration and verification results. The performance pointer of this study mainly from 1997 to 2016 financial statements, the use of operating income, revenue growth rate, total asset turnover, asset return rate (ROA), shareholder Equity return (ROE), per share surplus (EPS) as a measure of pointers. Expected vertical integration benefits and possible costs and risks. Observing the changes of the various pointers before and after of the vertical integration for Chroma electronics and business performance indicators to verify whether the vertical integration to achieve the expected benefits. After research, we know that vertical integration makes Chroma Electronics have better business performance. It can expand the product line and increase the market share of products and create product differentiation and then the company can fast grow and increase profits.