從利潤池觀點探討台灣TFT-LCD產業金融危機前後經營效率動態分析研究

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Title:	從利潤池觀點探討台灣TFT-LCD產業金融危機前後經營效率動態分析研究
Other Titles:	A Study in a Profit Pool View on the Dynamic Operational EfficiencyAnalysis of Taiwan's TFT-LCD Industry in Pre-and Post-Financial Crisis
Authors:	林穎志 Lin, Ying-Chih
Contributors:	洪堯勳 Hon, Jau-Shin 東海大學工業工程與經營資訊學系
Keywords:	利潤池分析、資料包絡分析法、DEA-視窗分析、Malmquist生產力指數 Profit Pool, Data Envelopment Analysis, Malmquist Productivity Index, DEA-window analysis
Date:	2010
Issue Date:	2011-01-04T08:35:08Z (UTC)
Abstract:	金融危機對全球面板產業所造成的衝擊，依各國所採取的競爭策略而有所差異。台灣主要以代工製造為主，採用專業分工模式，包含彩色濾光片、玻璃基板、背光模組、偏光板、驅動IC、及印刷電路板等關鍵零組件廠商，因此從價值鏈的角度來看，每個關鍵零組件都可代表面板產業價值鏈上的環節。本研究主要探討價值鏈上各環節受到金融危機的衝擊，在獲利能力上的變動，首先透過利潤池(Profit Pool)，一種讓企業衡量其價值鏈上各環節實際利潤產生的工具，使用營業利潤率等指標簡略的觀察產業價值鏈個環節的獲利能力。再透過資料包絡分析法針對各環節做績效評估，從效率面比較環節獲利能力。後續使用Malmquist生產力指數進一步從跨期的角度了解環節在各年度間效率變化的原因，最後以資料包絡分析法找出實際獲利廠商並歸納廠商無效率的原因。研究期間2005年至2009年，涵蓋金融危機時期。依此實證架構，本研究實證結果分列如下：1. 利潤池分析可看出各環節歷年的獲利能力變化，其中驅動IC環節獲利最為穩定，在金融危機後還能保持一定的獲利能力，其餘環節則受面板產業景氣影響而波動。2. 本研究進一步以能處理多投入多產出的資料包絡分析法針對各環節進行效率分析，探討各環節的獲利情況。在各環節中，以面板及驅動IC效率最好且相當穩定，而效率最差且變動最大的為背光模組。另外，從風險與報酬效率矩陣我們可以得知面板、驅動IC及彩色濾光片屬於低風險高報酬的環節。3. 為了解各環節跨期間的生產力變動原因為何，本研究針對各環節在涵蓋金融危機的研究時期中，使用Malmquist生產力指數進行跨期效率分析，以一年為一期可用來分析各環節在年度之間的效率變動來源，而實際上金融危機發生後也造成所有環節生產力退步，主要原因為生產技術無效率。4. 最後為補足因使用環節做決策單位，無法看出個別廠商的獲利能力，本研究針對產業價值鏈全廠商進行效率分析，發現驅動IC環節的廠商在所有廠商中效率表現還是最好的，但面板環節就可分辨出實際獲利能力的高低。另外從差額變數分析得知無效率單位廠商其獲利能力並未隨著公司營業規模擴大而增加。 The impact resulted from the financial crisis in global flat panel display industry is different according to the competitive strategy they took. Taiwan’s flat panel display industry mainly operated in OEM and assembled component including the Color Filter, Glass Substrate, Backlight units, Polarizer, Driver IC etc., which were made by factories upstream in the value chain. From a point of view on value chain, we can define all the component industries as segments in the flat panel display industry value chain.This research in mainly discuss the impact cause by the financial crisis on segments in value chain and the variance in the ability of gaining profit. In the first, we use profit pool which is used to evaluate the profit that segments gained and take operating margin as index to observe the whole value chain.The second, we use Data Envelopment Analysis to evaluate performance of segments in value chain and Malmquist Productivity Index to find the cause which made the efficiency change between years. At last, we find the enterprise which gained profit in fact by Data Envelopment Analysis and the reason that make units inefficient through Slack Variable Analysis. The research period is 2005 to 2009 and it covers the financial crisis which happened in the end of year 2007. With this structure, the results of the actual evidences are as following.1. Profit pool analysis can be used to observe how segments gain profit. The Driver IC segment is the most stable, it keep obtain profit after the financial crisis. The other segments are affected by the boom of the flat panel display industry.2. The Flat Panel Display and Driver IC are not only efficient segments in the value chain but also stable. And the Backlight unit segment is the most inefficient one. Besides, we find that FPD, Driver IC, and Color Filter can be classified as lower-risk and higher-return segments through the risk- return efficiency matrix.3. To find the reasons which cause productivity variant, this research uses Malmquist Productivity Index to do the efficiency analysis in the research period which covers the financial crisis. In fact, most of the reasons that make the segments’ efficiency down low are just because the productive technology inefficient.4. Finally, to distinguish the segments’ ability to gain profit, this research uses all the enterprises in the panel industry value chain as DEA’s Decision Making Units. It shows the enterprises that belong to Driver IC segment, their performance are still the best. But the panel segment can distinguish clearly which enterprise is profitable. Through Slack Variable Analysis, it is known that the inefficient enterprises’ profit do not enhance as well as the enterprises’ scale expand.
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