柯承恩臺灣大學：會計學研究所李羿賢Li, Yi-shianYi-shianLi2007-11-282018-06-292007-11-282018-06-292007http://ntur.lib.ntu.edu.tw//handle/246246/61669台灣筆記型電腦代工產業從早期藉由優越的代工製造技術及上游供應鏈整合能因此一開始發展得相當快速，然而整體筆記型電腦產業發展至今低價風潮競爭不只存在於品牌商，在代工商部份也以降低代工價格的方式爭奪代工訂單，導致獲利漸微的情況。本研究以各研究對象（品牌商與代工商）的經營策略輔以財務分析加以衡量經營策略的實行結果，並探討筆記型電腦產業是否正如微笑曲線所表現－在專注於行銷服務端的品牌商其獲利高於專注於製造端的代工商。最後再以韓國製造業在面對產業變化時的策略方向的轉變為借鏡來對現今台灣筆記型電腦代工商提出建議。 經過研究之後發現所選取之筆記型電腦代工商：廣達、仁寶及英業達在本業上的毛利率確實有下降的趨勢，並且其平均毛利率低於所選取之品牌商戴爾與惠普的平均毛利率。這便印證了微笑曲線所說專注在行銷服務端所能帶給企業的價值是高於專注於製造端的價值。最後本研究建議台灣筆記型電腦代工商應可繼續加強在提升自身產品品質方面及即時交貨方面等方面的努力。並且繼續在研究發展方面持續投入以使自身產品在功能或外觀上比其他競爭者不同來增強競爭力，並繼續維持在製造成本上的持續降低以提高獲利。另一方面藉由加強研究發展的投入來改良代工生產技術更可使微笑曲線中的研發及製造端相互結合為公司創造更高的價值。Through superior manufacturing skills and the strong ability of integration with supply chain, the Taiwan laptop manufacturing industry has been rapidly developing in the past few years. However, with a result of corporations (Including ODM companies) in the industry conducting a low price strategy in an effort of increasing the quantity of sales recently, the gross profits of sales has also gradually decreased at the same time. In this article, I will be doing analysis of the researched companies’（Brand companies and ODM manufacturing companies in this industry）operating strategies and financial performance in order to measure the outcome of the strategies they have used. In addition, I will also be doing an analysis to test if the laptop industry applies to the smile curve theory that has been describes as: The Brand companies will focus on the right side of the curve’s (Marketing and service), which leads to more value compared with manufacturing companies that focus on the bottom of the curve (Manufacturing). I will be using an example on what Korea manufacturing companies did to correspond to the industry environment change in order to make suggestions on how Taiwan laptop manufacturing companies could mimic at the end of this article. After my research, I discovered that the laptop manufacturing companies that I chose (Quanta, Compal, and Inventec ) showed a downward trend of gross profit every year. Also, their average gross profit is lower compared with the laptop brand companies that I selected (Dell and HPQ). This result also indicates that the marketing and service activity at the right side of the smile curve can produce more value to corporations than the manufacturing activities which is located at the bottom of the laughing curve. At last, I will suggest Taiwan laptop manufacturing companies to keep on the improvement of product quality and also to seek for a development of a more effective product delivery method. Moreover, continuity of strong R&D investment to make their products’ differentiate from other competitors’ and also to keep manufacturing cost low to assure their sales can yield the profit. Thus, by strongly investing in R&D, companies can integrate the smile curve’s manufacturing side and R&D side which will lead to a much higher value for corporations.目錄 第一章 緒論...............................................1 第一節 研究背景...........................................1 第二節 研究動機與方法.....................................2 第二章 筆記型電腦產業分析.................................4 第一節 全球筆記型電腦產業分析.............................4 第二節 筆記型電腦產業價值鏈分析...........................9 第三節 台灣筆記型電腦代工產業五力分析....................12 第四節 筆記型電腦零組件及採購組裝分析....................16 第五節 遷廠大陸..........................................19 第六節 本章小結..........................................20 第三章 國際筆記型電腦品牌商經營策略分析..................24 第一節 戴爾電腦..........................................24 第二節 惠普公司..........................................31 第三節 筆記型電腦國際品牌商經營策略與財務結果交互配合分析....... ................................................40 第四章 台灣筆記型電腦代工商經營策略分析..................45 第一節 廣達公司..........................................45 第二節 仁寶公司..........................................54 第三節 英業達公司........................................56 第四節 筆記型電腦代工商經營策略與財務結果交互配合分析....61 第五節 筆記型電腦品牌商及代工商經營策略彙整及差異分析....69 第五章 結論與建議........................................75 第一節 研究結論..........................................75 第二節 將韓國製造業面臨產業轉型所採行之策略為借鏡........76 第三節 對台灣筆記型電腦代工產業的建議....................77 第四節 研究限制..........................................78 第五節 未來研究建議......................................79 參考文獻.................................................80 圖目錄 第一章....................................................1 圖1-2-1 後進地區科技產業的苦笑曲線........................3 第二章....................................................4 圖2-1-1筆記型電腦產品價格組成圖...........................5 圖2-1-2筆記型電腦產業價值鏈與企業價值鏈分工圖.............6 圖2-1-3台灣筆記型電腦代工出貨佔全球比例...................7 圖2-1-4 近年筆記型電腦代工商毛利走勢圖....................8 圖2-2-1價值鏈示意圖.......................................9 圖2-2-2筆記型電腦價值鏈示意圖............................10 圖2-2-3惠普全球專業分工圖................................11 圖2-3-1五力分析圖........................................13 圖2-4-1筆記型電腦零組件結構..............................17 圖2-6-1微笑曲線(一)......................................21 圖2-6-2微笑曲線(二)......................................22 圖2-6-3微笑曲線(三)......................................22 第三章...................................................24 圖3-1-1戴爾全球專業分工..................................29 圖3-2-1惠普與康柏合併....................................35 圖3-2-2惠普全球營業額組成地區分佈圖......................38 圖3-2-3新惠普通路架構圖..................................40 圖3-3-1戴爾與惠普毛利率趨勢圖............................42 第四章...................................................45 圖4-1-1廣達與三洋合作成立新公司之組織架構圖..............50 圖4-1-2廣達關係企業組織圖................................54 圖4-3-1英業達公司組織圖..................................60 圖4-4-1廣達與仁寶及英業達銷貨趨勢圖......................61 圖4-4-2廣達與仁寶及英業達毛利率趨勢圖....................61 圖4-4-3廣達與仁寶及英業達研發支出趨勢....................64 圖4-5-1戴爾與惠普毛利率與平均毛利率之離散................73 圖4-5-2 廣達與仁寶及英業達毛利率與平均毛利率之離散.......73 第五章...................................................75 圖5-1-1 筆記型電腦品牌商與代工商平均毛利率比較...........75 表目錄 第二章....................................................4 表2-1-1代工廠商往來客戶表.................................8 表2-4-1國際品牌商參與零組件採購程度表....................18 表2-4-2國際品牌商對於零組件採購權收回表..................18 表2-5-1台灣筆記型電腦代工廠全球營運據點..................20 第三章...................................................24 表3-3-1存貨週轉期間......................................41 表3-3-2戴爾與惠普銷貨成本占銷貨比例之成長率變動表........44 第四章...................................................45 表4-1-1廣達關係企業產品組成表............................47 表4-1-2廣達銷售產品組合..................................51 表4-2-1仁寶關係企業產品組成表............................56 表4-3-1英業達與關係企業產品組成表........................59 表4-4-1銷貨成本與毛利佔銷貨之比例分析表..................62 表4-4-2歷年專利權申請數..................................65 表4-4-3投資統寶光電......................................65 表4-4-4投資華寶通訊......................................66 表4-4-5英業達五家公司轉投資收益佔總投資收益比率..........67 表4-4-6英業達五家總和投資受益佔稅前淨利比率..............67 表4-4-7英業達五大事業民國８６年至９５年９月投資收益匯總表.......................................................68 表4-5-1國際筆記型電腦品牌商經營策略彙整..................69 表4-5-2台灣筆記型電腦代工商經營策略彙整..................71 第五章...................................................75 表5-2-1三星歷年純益率....................................77 表5-2-2三星歷年股東權益報酬率............................77723138 bytesapplication/pdfen-US筆記型電腦laptop[SDGs]SDG9otherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/61669/1/ntu-96-R94722038-1.pdf