A Case Study of Vertical Integration Strategies of Solar Industry

太陽能產業雖被稱為「綠能」、「節能」產業的火車頭，但是近幾年受到嚴重的打擊，分別為金融風暴、產能競賽及政策補貼的縮減。其中，2008年金融風暴重創美洲及歐洲等先進國家的太陽能市場，導致太陽能產業景氣大幅衰退，對台灣整體的太陽能產業進行大洗牌，體質不佳的廠商自然會被淘汰。對於具有競爭力的大廠而言，為了避免供應鏈缺貨造成供需不平衡的狀況及強化技術等，已見台灣太陽能電池廠商開始向上、下游垂直整合矽晶圓廠和模組廠商。併購是進行垂直整合的手段之一，如茂迪併購GE energy、友達併購M.Setek開拓日本市場。太陽能產業策略聯盟的時代也來臨，包括廠商深化合作以及入股或技術合作。具有豐富資源的大型集團也進行產業鏈佈局，讓太陽能產業愈來愈有陣營化的趨勢。 本研究探討台灣太陽能廠商如何透過垂直整合的方式，獲取更好的競爭地位以保持競爭優勢，並由太陽能光電產業的發展歷史與脈絡，並推演到至今的發展模式及趨勢，透過實際的個案，瞭解太陽能廠商垂直整合的主因、方式及效益，並探討其整合結果與競爭優勢之間的關聯性。 本研究所得的發現與結論如下： 一、 隨著太陽能產業的成熟，許多位居不同產業鏈活動的廠商，皆執行垂直整合的策略。 二、 系統品牌與上游供應鏈活動的彈性搭配，是太陽能廠商垂直整合成功的關鍵依據。 三、 在太陽能產業，垂直整合佈局有助於核心能力的增加與提昇，並創造多項競爭優勢。Solar energy industry is known as a pioneer of the "Green", "energy-saving" industries, but it faces a serious blow in recent years. These are financial crisis, the competition of production capacity and the reducing of subsidies. The financial crisis in 2008 hits advanced countries’ solar energy markets, such as America and Europe, and the prosperity of solar industry has declined significantly. It reshuffles the situation of solar industry. The manufacturers with poor operation will be eliminated. For competitive manufacturers, in order to avoid the shortage of the supply chain and strengthen the capability of technology, solar cell manufacturers start upstream and downstream vertical integration with the manufacturers of silicon wafer and module. M & A is one of the means of vertical integration that Motech merged GE energy, AUO acquire M.Setek to enter the Japanese market. The era of the solar industry strategic alliance also arrived, including deepen cooperation and technology sharing. Also, the large group companies integrate the value chain. This reaserch investigates how can solar manufacturers in Taiwan obtain a better competitive position and maintain a competitive advantage by vertical integration. We can understand the main cause, manner and effectiveness of the vertical integration by reaserching from the history of the solar photovoltaic industries to the present development models and trends. Finally, the reaserch will investigate the correlation between the vertical integration and competitive advantage. To sum up, this research contributs the following discoveries and conclusions: 1. When the solar industry has became mature, many manufacturers among the different industry chain activities implement the strategy of vertical integration. 2. The flexibility collocation between upstream supply chain and system brand is the key basis of success vertical integration. 3. In the solar industry, vertical integration helps to increase and enhance core competencies, and creates multiple competitive advantages