| 摘要: | 發動機被譽為是飛機的心臟。發動機完成一定的飛時後，必須經過檢查、保養、維修，才能恢復可靠性，再次投入空中營運。本論文主要在探討發動機維修產業的產業分析，並使用產業經濟學中的結構—行為—績效模型作為研究方法。
研究結果發現，在基本條件方面，發動機維修的替代性不高，原物料需求為少量多樣，且部份原物料供應商為發動機製造商 (OEM) 所設立。需求彈性原則上較低，但仍須視個別零組件自身價值有較關鍵性影響。從基本條件來看，最重要的是建立與OEM的關係，以取得較優先的原物料出貨順序與即時的技術支援。在政府政策方面，是監管措施較多且嚴苛的產業，對潛在進入廠商形成一定阻力。
在市場結構方面，本產業具有發動機及零組件維修能量之廠商家數約1,813家，前四大廠商的市場集中度為46.6%，HHI為714.62，判斷為包含優勢廠商與邊緣廠商的領導性寡佔市場。潛在進入者的進入有七大面向需要克服，其中以「認證」為最困難，是整個產業的護城河。
維修服務須滿足一定的規範標準，故相同維修項目，廠商彼此的差異性不大。擁有維修能量的廠商家數受到OEM的管制，且隨著販售飛行時數制度盛行後，製造商將維修轉為內需市場，在備品替換與維修兩者間擇成本低者，維修廠商訂價力量受制於OEM。除了商用維修外，廠商亦會想發展軍用維修，以分散風險。研究發展上，支出集中於製造端，維修端並不密集。
透過比較營收成長率、營業利益率、股東權益報酬率等結果，因有先行者優勢，發現普遍獲利狀況都不錯，但因同時擁有製造業務與維修業務，因此在新發動機推出時，會降低其維修業務比例。以本論文討論的國際大廠而言，維修業務比例高的廠商，長期獲利表現愈佳。
;Engines are the heart of an aircraft. After reaching a certain fleet hours, engines must undergo inspection, maintenance, and repair to restore reliability before flying in the sky again. This thesis mainly discussing the industry analysis of the engine MRO firms, by using the Structure-Conduct-Performance model as the research method.
The study found that engine maintenance has low substitutability, with a requirement for small quantities of diverse raw materials, some of which are supplied by Original Engine Manufacturers’ (OEM) subsidiaries. Demand elasticity is generally low, but it’s been determined by the value of components. To review basic conditions, establishing a relationship with OEM is crucial for obtaining priority in raw material shipments and immediate technical support. In terms of government policies, it’s an industry with extensive and stringent regulatory measures, creating a significant barrier for potential new entrants.
Regarding market structure, there are approximately 1,813 firms which are capable of engine and component maintenance, with the top four firms holding a market concentration of 46.6%, resulting in an HHI of 714.62. This indicates a leadership oligopoly market, comprising dominant and fringe firms. Potential entrants face seven key barriers, with "certification" being the most challenging, acting as a moat for the entire industry.
MRO services must meet standards, resulting in minimal differentiation among firms for similar maintenance tasks. The number of firms with maintenance capabilities is controlled by OEMs, and with the prevalence of selling flight hours, manufacturers are turning maintenance into an internal market. Pricing power for MRO firms is constrained by OEMs, who choose between spare part replacement and maintenance based on cost considerations. Besides commercial business, firms also seek to develop military business to diversify risks. Research and development spending is concentrated on the manufacturing end, rather than maintenance site.
By comparing revenue growth rates, operating profit margins, return on equity, etc., it was found that due to the first-mover advantage, firms generally enjoy good profitability. However, as firms typically engage in both manufacturing and maintenance, the proportion of maintenance business decreases when new engines are introduced. In general, for the discussed 4 firms, those with a higher proportion of MRO business have better long-term profitability. |
