印刷電路板產業經營發展及財務策略探討： 聯茂電子股份有限公司之個案研究

Abstract

面對市場及智慧行動穿戴裝置、物聯網、車聯網帶來的新經濟成長動能，以及全球化競爭下大陸電子零組件的供應鏈日益強大，臺灣的電子零組件產業如何從中維持現有競爭力，企業如何維持成長，善用資本市場籌資工具，進而達到永續經營的目標，是很重要的課題。聯茂公司過去20年的發展歷程，通過靈活運用財務策略，支持其擬定的成長目標，從而在中國大陸廠商低價競爭的環境下逐步獲得市場地位，並成功轉型以高毛利產品做為公司獲利動能，終於躍昇全球前五大銅箔基板領導廠商。 本研究分析探討聯茂公司發展歷程中之經營管理策略及財務策略，發現聯茂公司在穩定期與創新轉型期所採取的財務策略不同，得以獲得企業成長所需的資本，並達到公司獲利及市值成長雙目的，其成功經驗可做為臺灣企業尋求成長之寶貴參考案例。

It is important for Taiwan’s electronic industry to remain competitiveness under the pressure driven by smart mobile wearable devices, IOT, IOV, and the growing electronic component supply chain in China. As a result, the companies must utilize financial tools in the capital market to support corporate growth and sustainability. This dissertation is based on the development history of ITEQ Corporation in the past 20 years. Through the flexible use of financial strategies to support achieving company goals, it transformed to a high profitability company driving by premium products and became one of the world’s top five leading copper clad laminate manufacturers. The research analyzes and summarizes different business growth and financial strategies taken by ITEQ Corporation during the stable period and the transformation period to obtain sufficient capital to achieve growth on profit as well as market cap. The research would like to take this successful experience for Taiwanese companies as a successful reference case.