| 摘要: | 2020年是台灣輪胎產業，非常不平靜的一年。首先是2020年初，兩家台灣歷史最悠久的輪胎公司，南港輪胎、泰豐輪胎發生經營權之爭，最終在2021年10月南港輪胎前董事長林學圃以持有42.2%的股權拿下泰豐。值此同時，2020年12月美國宣布對亞洲韓國、台灣、越南、泰國等4國的反傾銷調查結果；台灣5家輪胎廠商稅率分別為；正新(20.04%)、南港(101.84%)、建大(84.75%)、泰豐(84.75%)、華豐(84.75%)。各家輪胎廠商因長期策略布局不同，面對反傾銷稅及全球疫情影響，南港與泰豐所受的衝擊最大。而南港已持有近半數的泰豐股權，其本上也形同整合成一家輪胎公司，但因同質性過高，整併之後反而使負面影響擴大。
本研究以資料包絡分析法、財務比率分析法做為經營績效分析模型，再以歸納的方式分析5家輪胎上市公司2014年到2021年的經營績效，以及其主要的發展策略。由於輪胎產業屬於成熟型產業，而且輪胎的主要成本有近6成是原料。因此，有效控管成本及費用是經營效率的根本。因此，資料包絡分析法以營業成本、營業費用及人均產值做為投入項，以營業收入做為產出項，以投入導向透過CCR模式、BCC模式、差額變數分析、總要素生產力分析，比較5家廠商的技術效率、規模效率及跨期生產力的差異。其次再以傳統的財務比率分析，以財務的角度檢視5家輪胎廠商的經營績效變化。最後與5家廠商自2014年以來，主要的關鍵策略布局，進行比較分析。
本研究結果發現：首先在產品策略方面，正新、建大具有較廣的產品線，而南港、泰豐、華豐則相對缺乏完全的產品線。在通路方面則顯示出泰豐的銷售通過度集中，風險也相對比其他廠商高，在供應鏈布局方面，正新、建大生產基地布局，與市場發展結合，並做全球性布局，除了可以縮短供應鏈之外，又可以有效突破貿易障礙所帶來的影響，當面對市場需求改變時，也能快速有效因應。
最後以個案廠商華豐輪胎的角度，提出南港、泰豐、華豐三合一的建議，可以產生最大的互補效益，縮短關鍵策略布局的時程和成本，突破現階段產業經營的困境。;2020 is a very unsettled year for Taiwan′s tire industry. First, at the beginning of 2020, the two tire companies with the longest history in Taiwan; Nangang Rubber Tire Co. and Federal Global had a dispute over management rights. In 2021, Lin Xuepu, the former chairman of Nangang Rubber Tire Co., won Federal Global with a 42.2% stake. At the same time, in December 2020, the United States announced the results of anti-dumping investigations on four Asian countries including South Korea, Taiwan, Vietnam, and Thailand; the tax rates of the five tire manufacturers in Taiwan were: Cheng Shin Rubber Ind. Co. (Maxxis 20.04%), Nangang Rubber Tire Co. (Nangang 101.84%), Kenda (Kenda 84.75%), Federal Global (Federal 84.75%), Hwa Fong Rubber Group (Duro 84.75%). Due to the different long-term strategic layouts of various tire manufacturers, Nangang Rubber Tire Co. and Federal Global have been hit the hardest in the face of anti-dumping duties and the impact of the global epidemic.
In this research, the Data Envelopment Analysis, DEA and the Financial Ratio Analysis are used for the operating performance analysis model. And then analyzes the operating performance of the five listed tire companies from 2014 to 2021 in an inductive way, as well as their main development strategies. Since the tire industry is a mature industry, and nearly 60% of the main cost of tires is raw materials. Therefore, effective control of costs and expenses is fundamental to operating efficiency. Therefore, the data envelopment analysis method takes operating costs, operating expenses and per capita output value as input items, operating income as output items, and is input-oriented. Through CCR model, BCC model, variance analysis, and total factor productivity analysis, compare 5 Differences in technical efficiency, scale efficiency and inter-temporal productivity among firms. Secondly, the traditional financial ratio analysis is used to examine the changes in the operating performance of the five tire manufacturers from a financial perspective. Finally, compare and analyze the main key strategic layouts of 5 manufacturers since 2014.
The results of this research found that: First, in terms of product strategy, Maxxis and Kenda have a wide range of product lines, while Nangang, Federal and Duro are relatively lacking in complete product lines. In terms of channels, it shows that Federal ′s sales pass rate is concentrated, and the risk is relatively higher than other manufacturers. In terms of supply chain layout, the layout of Maxxis and Kenda production bases, combined with market development, and global layout, in addition to the In addition to shortening the supply chain, it can effectively break through the impact of trade barriers, and can quickly and effectively respond to changes in market demand.
In the end, from the perspective of the case manufacturer Hwa Fong Rubber Group, the proposal of the three-in-one of Nangang, Federal and Duro is put forward, which can generate maximum complementary benefits, shorten the time and cost of key strategic layout, and break through the current predicament of industrial operation. |
