| dc.contributor.advisor | 陳明進 | zh_TW |
| dc.contributor.advisor | Chen, Ming-Chin | en_US |
| dc.contributor.author (Authors) | 毛治文 | zh_TW |
| dc.contributor.author (Authors) | Mao, Jr-Wen | en_US |
| dc.creator (作者) | 毛治文 | zh_TW |
| dc.creator (作者) | Mao, Jr-Wen | en_US |
| dc.date (日期) | 2025 | en_US |
| dc.date.accessioned | 4-Aug-2025 13:29:06 (UTC+8) | - |
| dc.date.available | 4-Aug-2025 13:29:06 (UTC+8) | - |
| dc.date.issued (上傳時間) | 4-Aug-2025 13:29:06 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0112ZB1035 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/158381 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際金融碩士學位學程 | zh_TW |
| dc.description (描述) | 112ZB1035 | zh_TW |
| dc.description.abstract (摘要) | 本研究聚焦於臺灣五大伺服器代工廠，鴻海、廣達、緯創、英業達及技嘉， 對其企業的財務報表進行分析與風險評估，探討台灣伺服器製造商可能面臨的風 險與挑戰。研究動機源自於近年人工智慧、雲端與高效能運算需求快速增長，帶 動伺服器市場蓬勃發展臺灣企業作為全球重要供應商，需面對供應鏈重組、地緣 政治、客戶集中與技術轉型等多重挑戰。
本研究從流動性、償債能力、財務結構、現金流穩定性與現金週轉五大財務 構面進行分析。研究結果顯示，技嘉整體財務結構穩健、流動比率高，短期償債 能力強，但近期自由現金流轉負，顯示財務風險提高。鴻海在五個指標中表現穩 定，維持健康資本結構。緯創近年改善財務槓桿，現金週轉效率提升。廣達則在 應收帳款與現金週轉效率表現相對較弱。英業達雖具高存貨週轉率，但槓桿比升 高與自由現金流不穩，顯示潛在風險。
研究結論建議企業應強化現金流管理、控制槓桿比率、避免過度依賴大型客 戶，並建立投資門檻機制，確保資本支出的回收與效率。此外建議在政策上，要 支持中小伺服器創新企業、推動供應鏈在地化與多元化、發展綠色供應鏈與風險 避險機制，以提升臺灣在全球伺服器產業鏈的穩定性與競爭力。 | zh_TW |
| dc.description.abstract (摘要) | This study focuses on five major server manufacturers in Taiwan: Foxconn, Quanta, Wistron, Inventec, and GIGABYTE. It analyzes their financial statements and evaluates risks. The study looks at the challenges these companies may face.
This study is motivated by the rapid growth in demand for AI, cloud services, and high- performance computing. This growth pushes the server market forward. As key global suppliers, Taiwanese companies must deal with many challenges. These include supply chain changes, geopolitics, customer concentration, and technology shifts.
This study analyzes five major financial aspects: liquidity, ability to service debt, financial structure, cash flow stability, and cash turnover. The results show that GIGABYTE has a strong financial structure and high liquidity. It can pay short-term debts well. However, free cash flow has turned negative recently, indicating increased financial risks. Foxconn performs steadily in all five aspects and keeps a healthy capital structure. Wistron has improved its debt ratio and cash turnover. Quanta shows weaker results in accounts receivable and cash turnover. Inventec has a high inventory turnover, but its rising leverage ratio and unstable free cash flow indicate potential risks.
The study suggests companies should improve cash flow management, control leverage ratio, and avoid over-reliance on large customers. They should also set rules for investments to ensure good returns. On the policy side, the study suggests supporting small and medium server firms, promoting local and diverse supply chains, and developing green supply chain and risk management mechanisms. These steps will help Taiwan stay strong and competitive in the global server industry. | en_US |
| dc.description.tableofcontents | 第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究問題 2
第三節 研究流程與論文架構 3
第二章 文獻探討 4
第一節 伺服器產業概述 4
2.1.1 主要參與者 4
2.1.2 主要零組件 5
2.1.3 供應鏈架構 6
2.1.4 市場趨勢 7
第二節 臺灣伺服器廠公司成長因素與風險分析 8
2.2.1 全球伺服器市場成長的主要因素 8
2.2.2主要風險分析 9
第三章 臺灣主要伺服器廠公司 12
第一節 公司緣起與概況 12
第二節 個案公司財務報表概況 14
3.2.1 鴻海科技集團（2317.TW） 14
3.2.2廣達集團（2382.TW） 16
3.2.3緯創資通(3231.TW) 18
3.2.4英業達集團(2356.TW) 20
3.2.5技嘉科技(2376.TW) 22
第四章 個案公司財務策略分析 24
第一節 鴻海財務風險分析與應對 24
第二節 廣達財務風險分析與應對 29
第三節 緯創財務風險分析與應對 34
第四節 英業達財務風險分析與應對 39
第五節 技嘉財務風險分析與應對 44
第六節 個案公司財務結論 48
第五章 結論與建議 61
參考文獻 64 | zh_TW |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0112ZB1035 | en_US |
| dc.subject (關鍵詞) | 伺服器代工廠 | zh_TW |
| dc.subject (關鍵詞) | 財務報表分析 | zh_TW |
| dc.subject (關鍵詞) | 風險評估 | zh_TW |
| dc.subject (關鍵詞) | 鴻海 | zh_TW |
| dc.subject (關鍵詞) | 廣達 | zh_TW |
| dc.subject (關鍵詞) | 緯創 | zh_TW |
| dc.subject (關鍵詞) | 英業達 | zh_TW |
| dc.subject (關鍵詞) | 技嘉 | zh_TW |
| dc.subject (關鍵詞) | Server Manufacturers | en_US |
| dc.subject (關鍵詞) | Financial Analysis | en_US |
| dc.subject (關鍵詞) | Risk Evaluation | en_US |
| dc.subject (關鍵詞) | Foxconn | en_US |
| dc.subject (關鍵詞) | Quanta | en_US |
| dc.subject (關鍵詞) | Wistron | en_US |
| dc.subject (關鍵詞) | Inventec | en_US |
| dc.subject (關鍵詞) | Gigabyte | en_US |
| dc.title (題名) | 臺灣伺服器廠公司風險分析與財務策略應對 | zh_TW |
| dc.title (題名) | Risk Analysis and Financial Strategy Responses of Taiwan Server Manufacturers | en_US |
| dc.type (資料類型) | thesis | en_US |
| dc.relation.reference (參考文獻) | ㄧ、中文文獻
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Harvard Business Review.
https://hbr.org/2017/07/the-business-of-artificial-intelligence
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https://hostingjournalist.com/news/global-server-market-jumps-91-in-q4-fueled-by-ai-and-gpu-demand
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https://www.mordorintelligence.com/industry-reports/enterprise-servers-market
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https://nvidianews.nvidia.com/news/saudi-arabia-and-nvidia-to-build-ai-factories-to-power-next-wave-of-intelligence-for-the-age-of-reasoning
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https://www.trendforce.com/presscenter/news/20250212-12469.html
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