| Summary: | 碩士 === 逢甲大學 === 經營管理碩士在職專班 === 99 === The business cycle in DRAM market is very obvious, how to control the "suitable timing" in business cycle to implement key operating activity would be the critical action to keep company’s competition ability. This thesis is based on the business cycle to use financial data as variables, and Tobin’s Q as measurement criterion in order to study the correlation and degree between business performances and operating activities which include technology R&D and product yield enhancement (YE). Finally, the results can provide DRAM firms for the reference of how to suitably determine the operating activity for implementation according to the different business conditions. Here are 3 suggestions listing as below:
1. In revenue strategy, company should aggressively take YE activity in order to increase the net sales for higher margin opportunity in good business. When business is bad then company should mainly focus on R&D activity in order trying to reduce the loss.
2. In margin strategy, company should aggressively take both R&D and YE activities in order to increase the gross profit for gaining more margin in good business. When business is bad then company should mainly focus on R&D activity in order trying to reduce the loss.
3. During bad business, the cost is much higher than the gain, so company most shouldn’t take both R&D and YE activities in order to reduce the loss as priority. How to maintain business running with basic operating energy for company would be the most important action to do.
In summary, doing both R&D and YE would be the most suitable action to quickly increase the revenue and gain the margin in good business for company, but it’s not a good idea to only do R&D. In bad business, doing R&D only would be the better action to reduce the loss and trying to keep operation energy, but it’s definitely not suitable for doing both R&D and YE in order to not lose money too much. As to only doing YE, It’s suitable to do in order to increase the revenue in good business, and it also can be considered to use in order to reduce the loss during bad business. That’s the specific contributions from this thesis.
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