| Summary: | 碩士 === 國立交通大學 === 管理科學系所 === 93 === The "two trillion and twin star" program leads Taiwan to emergent industries’ development, and developing TFT-LCD industry is one of core activities. The ultimate factor for an organization becoming the industrial leader is profitability. Whichever can hold the most profit is the true winner in the market.
This thesis adopts an empirical approach via studying industry value chain. Through performance-risk matrix and profit pool analyses, this research first explores whether profits among each segment are asymmetrically distributed. Besides, this study also tries to examine if TFT-LCD panel makers can increase overall profits and reduce risks by using a vertical integration strategy. The research consists of nineteen upstream and midstream listed Taiwan TFT-LCD related companies.
The conclusions are summarized as follows:
(一)Overall industry value chain—The profit among each segment is asymmetrically distributed. Among all segments, Polarizer and Backlight Module are profitable.
(二)Companies within each value chain segment—
1.Color Filter-The profits of individual company are asymmetrically distributed. Sintek Photronic Corp. earns the most profit out of all companies.
2.Backlight Module-The profits of individual company are asymmetrically distributed. Radiant Opto-Electronics Corp. holds the most profit out of all companies.
3.Driver IC-The profits of individual company are asymmetrically distributed. Novatek Microelectronics Corp., Himax Technologies Inc. and Sunplus Technology Co., Ltd hold the most profit out of all companies.
4.TFT-LCD Panel-The profits of individual company are not asymmetrically distributed while Au Optronics Corp.and Chi Mei Optoelectronics are relatively profitable.
(三)Using a vertical integration strategy, TFT-LCD panel makers may acquire more profit through investing in Polarizer and Backlight Module companies.
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