| Summary: | 碩士 === 國立臺灣大學 === 企業管理碩士專班 === 98 === The economic environment changes rapidly. When facing the competitive pressures of globalization and thin profit margin, company’s operation becomes more challenging. Therefore, how to enhance the over-all performance of a company and, more importantly, create value for shareholders become critical issues to the general management. Motivated by such an inquiry, the present research attempts to explore the extent of a company’s value creation and its underlying growth drivers. Economic value added (EVA) is adopted as the key performance measure as it well capture the economic profit, rather than accounting profit, of the firm. This research took the Mobile Internet (MI) industry and major Taiwanese firms as primary empirical context. The time coverage is from 2005 to 2007 so that the uncontrollable impact from economic turbulence can be avoided.
Our study first investigates the development of MI-related technologies and the evolution of MI industry structure. We then use EVA to assess the extent of value creation of all MI firms in Taiwan under which benchmarking firms are selected based on EVA, ROE, and Sales Growth. These benchmark firms include chip provider (MTK), component provider (Pixart), NB OEM firm (Wistron), EMS firm (Foxconn), Channel service (Senao) and Brand name company (HTC). We then conduct qualitative analyses on these benchmark firms and inductively conclude their growth drivers.
Research results are concluded as following and strategy recommendations are also discussed in the thesis.
1) Around 60% of sample firms delivered positive EVA during 2005-2007, which implies that the majority of Taiwanese MI firms are capable of creating shareholder’s value.
2) Although there are variations in EVA within each industry sector, the distribution of average EVA along the MI value chain by and large reflects the shape of the well known “smile curve”.
3) Based on analytical results and qualitative evidence of benchmark firms, we found that the common growth driver is highly related to the growth momentum of the industry segments in which the sample firm enters. Given the impact of managing growth portfolio, brand name company shall well manage their product roadmap and ODM firms channel companies have to plan their customer portfolio.
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