學術產出-Theses
Article View/Open
Publication Export
-
題名 半導體通路商企業經營策略與財務危機管理之探討-以G公司為例
Discussion on the Business Strategy and Financial Distress Management of Semiconductor Distributors-Take G Company as an Example作者 林哲仁
Lin, Che-Jen貢獻者 季延平
林哲仁
Lin, Che-Jen關鍵詞 半導體通路商
財務危機
企業策略
危機管理
Semiconductor Distributor
Financial Distress
Corporate Strategy
Crisis Management日期 2020 上傳時間 2-Sep-2020 11:54:33 (UTC+8) 摘要 半導體產業是台灣近三四十年來相當重要的產業鏈，未來的新興明星產業如5G、AI人工智慧、物聯網等都跟半導體產業有密切關連。半導體通路商為上游元件製造廠(IDM,IC業者)與下游電子成品製造商(OEM/OBM/ODM)之間的橋樑，為兩者提供專業的供應鏈管理服務。過去五年間半導體產業仍處成長期，半導體通路商產業亦跟隨著蓬勃發展且經營績效頗佳，唯獨個案公司在這段期間遭逢經營上亂流而形成財務危機。本研究以個案G公司為研究對象，透過相關文獻及個案公司各項資料的蒐集整理與個案的深度訪談，探討個案公司先前因經營管理失當造成連續數年大幅虧損超過半數資本額之原因，致股價跌破面額與銀行授信大幅減少等，如蝴蝶效應般的產生財務危機之過程後；接著探討個案公司如何從企業策略的調整來擬定新的行動方案與設定關鍵成功因素，然後在上述行動方案導引下，在近兩三年內所執行的各項對內改善措施與對外改善措施的一一深入剖析與說明，以及分析個案公司執行財務危機管理措施後各項實質、明顯成效的闡述。企業經營產生財務危機的案例時有所聞，國內國外皆然，但不論企業規模大小，大部分皆以被清算破產、被廉價併購、或被強迫下市而結束企業生命；能夠振衰起敝，化危機為轉機而重生者卻如鳳毛鱗爪般稀少，本研究除了學術理論的說明外，更強調在實務面之探討，畢竟每個財務危機案例的背景或成因皆不同，危機管理絕對沒有像手機APP軟體可以「複製」加「貼上」即可完成者，故期能作為日後它企業在建立危機管理方案與危機管理機制的實務運用案例與參考價值。畢竟2020年黑天鵝「新冠肺炎」無預警來襲，全球經濟活動及百工百業皆深受影響，危機管理已是所有企業經營者未來面臨的必修課。
The semiconductor industry is a very important industrial chain in Taiwan for the past four decades. Future emerging industries such as 5G, AI artificial intelligence, and the Internet of Things are all closely related to the semiconductor industry. Semiconductor distributors are the bridge between upstream component manufacturers (IDM, IC manufacturers) and downstream electronic product manufacturers (OEM / OBM / ODM), and provide professional supply chain management services for the both.In the past five years, the semiconductor industry is still in the growth phase, and the semiconductor distributor industry has also followed a booming development with good operating performance. Only the case company experienced financial turmoil during this period. This study takes Case G Company as the research object, through the collection of relevant literature and various information of the case company and in-depth interviews with the case, to explore the cause of the case company`s previous substantial loss of more than half of the capital for several consecutive years due to improper management, the stock price fell below the denomination and the bank`s credit was greatly reduced, such as the butterfly effect of the financial distress process; then discuss how the case company from the adjustment of corporate strategy to formulate a new action plan and set key success factors, and then the above action plan under the guidance, the internal and external improvement measures implemented in the past two or three years are analyzed and explained in depth, as well as the analysis of the substantive and obvious results of the case company`s implementation of financial distress management measures.Cases of financial distress caused by corporate operations have been heard, both domestically and abroad, but regardless of the size of the enterprise, most of them ended their lives due to liquidation and bankruptcy, low-cost mergers and acquisitions, or being forced out of the market; It’s as if the rebirth of turning a crisis into a turning point is as scarce as a phoenix! In addition to the explanation of academic theory, this research emphasizes the discussion on the practical side. After all, the background or cause of each financial distress case is different. There is absolutely no crisis management like mobile phone APP software that can be "copied" and "posted" to complete .Therefore, it can be used as a practical case and reference value for other companies in establishing crisis management plans and crisis management mechanisms in the future. After all, in 2020, the Black Swan "COVID-19" strikes without warning. Global economic activities and all industries are deeply affected. Crisis management is already a required course for all business operators in the future.參考文獻 一、中文1.仝玲，上市公司財務危機預警體系研究，投資研究，2002(11)：54-58。2.司徒達賢(2016)。《策略管理新論:觀念架構與分析方法(三版)》。台北：元照。3.作者 約翰杜爾(John Doerr)/譯者 許瑞宋(2019)。《0KR:做最重要的事》。台北：天下文化。4.吳思華(2003)。《策略九說-策略思考的本質》。台北：臉譜。5.洪坤銘(2006)，企業成長策略之探討：以鉅航科技為例，國立清華大學高階經營管理碩士在職專班碩士論文。6.高民傑，袁興林(2003)。《企業危機預警》。中國經濟出版社。7.商業周刊第1685期，戰疫聖經。8.商業周刊第1686期，經濟大海嘯。9.張明輝(2019)。《大會計師教你從財報數字看懂經營本質》。台北：城邦文化。10.張後奇(2002)，上市公司財務危機預警系統：理論研究與實證分析，長城證券議題組。11.許士軍(1997)，家族主義、專業主義與創業-以華人企業背景的探討。管理評論，第19卷1期，1-9頁。12.郭明琪(2017)。《大競合》。台北；白象文化。13.陳文浩，郭麗紅，企業財務危機的原因分析，浙江財稅與會計，2001(10)：20-21。14.陳春山(2008)。《企業社會責任及治理》。台北：財團法人證基會。15.陳肇榮(1983)，運用財務比率預測財務危機之實證研究，國立政治大學企業管理研究所博士論文。16.陳輝吉(2005)。《企業財務預警手冊》。台北：商周。17.陸正飛(1999)。《企業發展的財務戰略》。東北財經大學出版社。18.曾雅彩、汪維揚、葉又慈(2011)，以電腦模擬補助企業成長策略之建構-探索性個案研究，資訊管理學報，頁77-104。19.辜襄宸(2017)，面對紅色供應鏈之衝擊下，半導體通路商的應變策略:以A公司為例，國立中正大學企業管理研究所碩士論文。20.黃和傑(2006)，投資人關係部門成立對公司的影響，國立成功大學高階經營管理碩士在職專班碩士論文。21.劉志遠(1997)。《企業財務戰略》。東北財經大學出版社。22.魏明海(2001)。《財務戰略，著重週期性因素影響的分析》。中國財政經濟出版社。二、英文1.Agenti J.Corporate Collapse: the Cause and Symptoms, McGrawHill, 1976.2.Altman, Edward I., Corporate Financial distress and bankruptcy, 2nd Ed., John wiley & Sons, 1993.3.Beaver, William H., Financial Ratios as Predictors of Failure, Journal of Accounting Research, 1966（4）: 71-111.4.Blum, M., 1974, Failing Company Discriminant Analysis, Joumal of Accounting Research, 12, 1974,1—25.5.Boyan Jovanovic, Glenn M. Macdonald, The life cycle of a competitive industry, Journal of political Economy, 1994, vol. 102.2.6.Cannichael D., The auditor`s reporting obligation: the meaning and implementation of the fourth standard of reporting, American Institute of Certified Public Accountants, 1978.7.Danny Miller, Peter H. Friesen. A Longitudinal Study of the Corporate Life Cycle. Management Science (pre-1986). 1984, 30(10):1161~11838.Deakin, E. B., A Discriminant Analysis of Prediction of Business Failure, Journal of Accounting Research 45, 1972, pp167—169.9.Heinz Weihrich, The TOWS matrix—A tool for situational analysis, Economics, 1982.10.Henry A. Davis, William W. Sihler, Financial Turnarounds: Preserving Enterprise Value, Financial Times Prentice Hall, 2002.11.Ichak Adizes, Managing Corporate Lifecycles, 2nd ed, Embassy Books, 2014.12.Lau, A. H. L. A., Five state Distress Prediction Model, Journal of Accounting Research, 25, 1987 pp127-138.13.Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors, Free Press, 1998.14.Moulton W., Thomas H., Pruett M., Business Failure Pathways: Enviromnental Stress and Organizational Response, Journal of Management, 1996, 22(4): 571.15.Richardson B., Nwankwo S., Richardson S., Understanding the causes of business failure crises, Management Decision, 1994, 32(4): 9-22.16.Ross, Stephen A., Randolph Westerfield, Bradford D., Jordan. Fundamentals of Corporate Finance, McGraw-Hill Education, 2008: 56-58.17.Scott.J., The Probability of Bankruptcy: A Comparison of Empirical Predictions and Theoretical Model, Journal of Banking and Finance, 1981(5): 317-344.18.Simeon,R.2001.Top team characteristics and the business strategies of Japanese firms.Corporate Governance1:4-12.19.The World Commission on Environment and Development(WCED), Our Common future, Oxford University Press, 1987.20.William H. Newman, James P. Logan, W. Harvey Hegarty, Strategy，A Multi-level Integrative Approach, International Thomson Publishing, 1989.三、網站資訊1.yahoo股市。https://tw.stock.yahoo.com2.大聯大控股(3702)。https://www.wpgholdings.com3.文曄科技(3036)。http://www.wtmec.com4.台灣股市資訊網。http://goodinfo.tw5.台灣證券交易所公開資訊觀測站。https://mops.twse.com.tw6.弘憶股(3312)。http://www.gmitec.com7.全科科技(3209)。http://www.alltek.com8.至上電子(8112)。http://www.supreme.com.tw9.增你強(3208)。http://www.zenitron.com.tw 描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
106932095資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106932095 資料類型 thesis dc.contributor.advisor 季延平 zh_TW dc.contributor.author (Authors) 林哲仁 zh_TW dc.contributor.author (Authors) Lin, Che-Jen en_US dc.creator (作者) 林哲仁 zh_TW dc.creator (作者) Lin, Che-Jen en_US dc.date (日期) 2020 en_US dc.date.accessioned 2-Sep-2020 11:54:33 (UTC+8) - dc.date.available 2-Sep-2020 11:54:33 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2020 11:54:33 (UTC+8) - dc.identifier (Other Identifiers) G0106932095 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131535 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 106932095 zh_TW dc.description.abstract (摘要) 半導體產業是台灣近三四十年來相當重要的產業鏈，未來的新興明星產業如5G、AI人工智慧、物聯網等都跟半導體產業有密切關連。半導體通路商為上游元件製造廠(IDM,IC業者)與下游電子成品製造商(OEM/OBM/ODM)之間的橋樑，為兩者提供專業的供應鏈管理服務。過去五年間半導體產業仍處成長期，半導體通路商產業亦跟隨著蓬勃發展且經營績效頗佳，唯獨個案公司在這段期間遭逢經營上亂流而形成財務危機。本研究以個案G公司為研究對象，透過相關文獻及個案公司各項資料的蒐集整理與個案的深度訪談，探討個案公司先前因經營管理失當造成連續數年大幅虧損超過半數資本額之原因，致股價跌破面額與銀行授信大幅減少等，如蝴蝶效應般的產生財務危機之過程後；接著探討個案公司如何從企業策略的調整來擬定新的行動方案與設定關鍵成功因素，然後在上述行動方案導引下，在近兩三年內所執行的各項對內改善措施與對外改善措施的一一深入剖析與說明，以及分析個案公司執行財務危機管理措施後各項實質、明顯成效的闡述。企業經營產生財務危機的案例時有所聞，國內國外皆然，但不論企業規模大小，大部分皆以被清算破產、被廉價併購、或被強迫下市而結束企業生命；能夠振衰起敝，化危機為轉機而重生者卻如鳳毛鱗爪般稀少，本研究除了學術理論的說明外，更強調在實務面之探討，畢竟每個財務危機案例的背景或成因皆不同，危機管理絕對沒有像手機APP軟體可以「複製」加「貼上」即可完成者，故期能作為日後它企業在建立危機管理方案與危機管理機制的實務運用案例與參考價值。畢竟2020年黑天鵝「新冠肺炎」無預警來襲，全球經濟活動及百工百業皆深受影響，危機管理已是所有企業經營者未來面臨的必修課。 zh_TW dc.description.abstract (摘要) The semiconductor industry is a very important industrial chain in Taiwan for the past four decades. Future emerging industries such as 5G, AI artificial intelligence, and the Internet of Things are all closely related to the semiconductor industry. Semiconductor distributors are the bridge between upstream component manufacturers (IDM, IC manufacturers) and downstream electronic product manufacturers (OEM / OBM / ODM), and provide professional supply chain management services for the both.In the past five years, the semiconductor industry is still in the growth phase, and the semiconductor distributor industry has also followed a booming development with good operating performance. Only the case company experienced financial turmoil during this period. This study takes Case G Company as the research object, through the collection of relevant literature and various information of the case company and in-depth interviews with the case, to explore the cause of the case company`s previous substantial loss of more than half of the capital for several consecutive years due to improper management, the stock price fell below the denomination and the bank`s credit was greatly reduced, such as the butterfly effect of the financial distress process; then discuss how the case company from the adjustment of corporate strategy to formulate a new action plan and set key success factors, and then the above action plan under the guidance, the internal and external improvement measures implemented in the past two or three years are analyzed and explained in depth, as well as the analysis of the substantive and obvious results of the case company`s implementation of financial distress management measures.Cases of financial distress caused by corporate operations have been heard, both domestically and abroad, but regardless of the size of the enterprise, most of them ended their lives due to liquidation and bankruptcy, low-cost mergers and acquisitions, or being forced out of the market; It’s as if the rebirth of turning a crisis into a turning point is as scarce as a phoenix! In addition to the explanation of academic theory, this research emphasizes the discussion on the practical side. After all, the background or cause of each financial distress case is different. There is absolutely no crisis management like mobile phone APP software that can be "copied" and "posted" to complete .Therefore, it can be used as a practical case and reference value for other companies in establishing crisis management plans and crisis management mechanisms in the future. After all, in 2020, the Black Swan "COVID-19" strikes without warning. Global economic activities and all industries are deeply affected. Crisis management is already a required course for all business operators in the future. en_US dc.description.tableofcontents 謝 辭 i中 文 摘 要 iiAbstract iii目次 v表次 vi圖次 vii第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的與問題 2第三節 研究範圍 3第四節 論文章節 5第二章 文獻探討 7第一節 半導體產業概況 7第二節 半導體通路商產業概況 20第三節 企業策略管理探討 28第四節 財務危機管理探討 45第三章 研究的進行 66第一節 研究流程 66第二節 研究方法與對象之選擇 67第三節 研究分析與訪談設計及訪談紀錄 69第四章 個案研究 81第一節 個案說明 81第二節 個案公司之策略管理實施情況 85第三節 個案危機管理採行之管理措施 88第四節 個案公司採行危機管理措施後之成效 102第五章 結論與建議 109第一節 研究結論 109第二節 研究建議 110參考文獻 112 zh_TW dc.format.extent 2231976 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106932095 en_US dc.subject (關鍵詞) 半導體通路商 zh_TW dc.subject (關鍵詞) 財務危機 zh_TW dc.subject (關鍵詞) 企業策略 zh_TW dc.subject (關鍵詞) 危機管理 zh_TW dc.subject (關鍵詞) Semiconductor Distributor en_US dc.subject (關鍵詞) Financial Distress en_US dc.subject (關鍵詞) Corporate Strategy en_US dc.subject (關鍵詞) Crisis Management en_US dc.title (題名) 半導體通路商企業經營策略與財務危機管理之探討-以G公司為例 zh_TW dc.title (題名) Discussion on the Business Strategy and Financial Distress Management of Semiconductor Distributors-Take G Company as an Example en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文1.仝玲，上市公司財務危機預警體系研究，投資研究，2002(11)：54-58。2.司徒達賢(2016)。《策略管理新論:觀念架構與分析方法(三版)》。台北：元照。3.作者 約翰杜爾(John Doerr)/譯者 許瑞宋(2019)。《0KR:做最重要的事》。台北：天下文化。4.吳思華(2003)。《策略九說-策略思考的本質》。台北：臉譜。5.洪坤銘(2006)，企業成長策略之探討：以鉅航科技為例，國立清華大學高階經營管理碩士在職專班碩士論文。6.高民傑，袁興林(2003)。《企業危機預警》。中國經濟出版社。7.商業周刊第1685期，戰疫聖經。8.商業周刊第1686期，經濟大海嘯。9.張明輝(2019)。《大會計師教你從財報數字看懂經營本質》。台北：城邦文化。10.張後奇(2002)，上市公司財務危機預警系統：理論研究與實證分析，長城證券議題組。11.許士軍(1997)，家族主義、專業主義與創業-以華人企業背景的探討。管理評論，第19卷1期，1-9頁。12.郭明琪(2017)。《大競合》。台北；白象文化。13.陳文浩，郭麗紅，企業財務危機的原因分析，浙江財稅與會計，2001(10)：20-21。14.陳春山(2008)。《企業社會責任及治理》。台北：財團法人證基會。15.陳肇榮(1983)，運用財務比率預測財務危機之實證研究，國立政治大學企業管理研究所博士論文。16.陳輝吉(2005)。《企業財務預警手冊》。台北：商周。17.陸正飛(1999)。《企業發展的財務戰略》。東北財經大學出版社。18.曾雅彩、汪維揚、葉又慈(2011)，以電腦模擬補助企業成長策略之建構-探索性個案研究，資訊管理學報，頁77-104。19.辜襄宸(2017)，面對紅色供應鏈之衝擊下，半導體通路商的應變策略:以A公司為例，國立中正大學企業管理研究所碩士論文。20.黃和傑(2006)，投資人關係部門成立對公司的影響，國立成功大學高階經營管理碩士在職專班碩士論文。21.劉志遠(1997)。《企業財務戰略》。東北財經大學出版社。22.魏明海(2001)。《財務戰略，著重週期性因素影響的分析》。中國財政經濟出版社。二、英文1.Agenti J.Corporate Collapse: the Cause and Symptoms, McGrawHill, 1976.2.Altman, Edward I., Corporate Financial distress and bankruptcy, 2nd Ed., John wiley & Sons, 1993.3.Beaver, William H., Financial Ratios as Predictors of Failure, Journal of Accounting Research, 1966（4）: 71-111.4.Blum, M., 1974, Failing Company Discriminant Analysis, Joumal of Accounting Research, 12, 1974,1—25.5.Boyan Jovanovic, Glenn M. Macdonald, The life cycle of a competitive industry, Journal of political Economy, 1994, vol. 102.2.6.Cannichael D., The auditor`s reporting obligation: the meaning and implementation of the fourth standard of reporting, American Institute of Certified Public Accountants, 1978.7.Danny Miller, Peter H. Friesen. A Longitudinal Study of the Corporate Life Cycle. Management Science (pre-1986). 1984, 30(10):1161~11838.Deakin, E. B., A Discriminant Analysis of Prediction of Business Failure, Journal of Accounting Research 45, 1972, pp167—169.9.Heinz Weihrich, The TOWS matrix—A tool for situational analysis, Economics, 1982.10.Henry A. Davis, William W. Sihler, Financial Turnarounds: Preserving Enterprise Value, Financial Times Prentice Hall, 2002.11.Ichak Adizes, Managing Corporate Lifecycles, 2nd ed, Embassy Books, 2014.12.Lau, A. H. L. A., Five state Distress Prediction Model, Journal of Accounting Research, 25, 1987 pp127-138.13.Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and Competitors, Free Press, 1998.14.Moulton W., Thomas H., Pruett M., Business Failure Pathways: Enviromnental Stress and Organizational Response, Journal of Management, 1996, 22(4): 571.15.Richardson B., Nwankwo S., Richardson S., Understanding the causes of business failure crises, Management Decision, 1994, 32(4): 9-22.16.Ross, Stephen A., Randolph Westerfield, Bradford D., Jordan. Fundamentals of Corporate Finance, McGraw-Hill Education, 2008: 56-58.17.Scott.J., The Probability of Bankruptcy: A Comparison of Empirical Predictions and Theoretical Model, Journal of Banking and Finance, 1981(5): 317-344.18.Simeon,R.2001.Top team characteristics and the business strategies of Japanese firms.Corporate Governance1:4-12.19.The World Commission on Environment and Development(WCED), Our Common future, Oxford University Press, 1987.20.William H. Newman, James P. Logan, W. Harvey Hegarty, Strategy，A Multi-level Integrative Approach, International Thomson Publishing, 1989.三、網站資訊1.yahoo股市。https://tw.stock.yahoo.com2.大聯大控股(3702)。https://www.wpgholdings.com3.文曄科技(3036)。http://www.wtmec.com4.台灣股市資訊網。http://goodinfo.tw5.台灣證券交易所公開資訊觀測站。https://mops.twse.com.tw6.弘憶股(3312)。http://www.gmitec.com7.全科科技(3209)。http://www.alltek.com8.至上電子(8112)。http://www.supreme.com.tw9.增你強(3208)。http://www.zenitron.com.tw zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202001260 en_US
