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1 Vol. 56, No. 1 2, April 2010 TFT-LCD AUO TFT-LCD Thin Film Transistor Liquid Crystal Display: 1990 TFT-LCD TFT-LCD 2003; 2004; 2004; 2006 TFT-LCD 2008; ) TFT-LCD TFT-LCD 2004, 2006 TFT-LCD 1 TFT-LCD TFT-LCD AU Optronics Corp.: AUO TFT-LCD TFT-LCD TFT-LCD TFT-LCD TFT-LCD IT 17

2 TFT-LCD TFT-LCD 2 TFT-LCD 1 TFT-LCD 3 2) TFT-LCD ) % 29.0% 47.1% TFT-LCD IT 2 IT ) IC IC IT ,314 TFT-LCD TFT- LCD 2000 TFT-LCD 1994 TFT-LCD TFT-LCD 2005 IT ,894 TFT-LCD IT TFT-LCD 18 Vol. 56, No. 1 2, April 2010

3 1 TFT-LCD , TFT-LCD IT 2007 TFT-LCD 2000 Acer Display 5) TFT-LCD 19

4 1996 Plasma Display Panel: PDP TFT-LCD ) IBM 3.5 7) ) Unipac 1994 TFT-LCD TFT-LCD Personal Digital Assistance: PDA 9) ) Quanta Display Inc.: QDI TFT-LCD TFT-LCD 65 7 TFT-LCD 1 TFT-LCD TFT-LCD G2 1 G G G G4 1 1 G G G5.5 1 G G7 G7.5 1 G G Generation Vol. 56, No. 1 2, April 2010

5 PDA TFT-LCD 17.15% 19.52% LG 18.52% TFT-LCD TFT-LCD TFT-LCD TFT-LCD TFT-LCD 1 TFT-LCD 11) 2 3 TFT-LCD 4 TFT-LCD 12) 1. 累計設備投資金額 ,311 TFT-LCD 21

6 167 2, ,200 13) 5, ) :4 3.5 :1 5 :4 6 :2 7.5 :1 3 : : :400 6 : : : : :200 4,500 15) 4, 資金調達 16) ) 2 22 Vol. 56, No. 1 2, April 2010

7 2 3A ,000 3B A A B : ) 19) 2007 TFT-LCD 23

8 1, , ,000 1, , , ,000 2,000, ,000 5,000, ,000 8,000, ,100,000 11,000, ,250,000 12,500, ,970,582 29,705, ,470,582 34,705, ,976,397 39,763, ,003,049 40,030, ,024,194 40,241, ,025,834 40,258, ,270,445 42,704, ,352,237 43,522, ,658,041 46,580, ,958,041 49,580, ,830,547 58,305, ,094,069 60,940, ,573,179 75,731, ,573,403 75,734, ,573,783 75,737, ,596,896 75,968, ,805,727 78,057, ,817,705 78,177, Vol. 56, No. 1 2, April 2010

9 3. 友達光電の資金調達の特徴 台湾全体の資金調達の趨勢との比較 ) IT ) TFT-LCD 25

10 3 TFT-LCD TFT-LCD 1. 友達光電の資金調達戦略 (1) 銀行借り入れ : Vol. 56, No. 1 2, April 2010

11 : TFT-LCD (2) 株式の上場 TFT-LCD New York Stock Exchange: NYSE 22) TFT-LCD TFT-LCD TFT-LCD TFT-LCD TFT-LCD TFT-LCD 27

12 TFT-LCD 2000 TFT-LCD 1990 TFT-LCD TFT-LCD TFT-LCD 1 23) 1990 UMC TSMC 2007: TFT-LCD 1990 TFT-LCD TFT-LCD TFT-LCD TFT-LCD 28 Vol. 56, No. 1 2, April 2010

13 com.tw/ch/trading/exchange/fmnptk/fmnptkmain.php : TFT-LCD 29

14 1988: 91 24) ) 1 2 Road Show : 外部環境要因 Vol. 56, No. 1 2, April 2010

15 (1)TFT-LCD 市場の潜在性 TFT-LCD 1990 TFT-LCD TFT-LCD TFT-LCD TFT-LCD TFT-LCD TFT-LCD 2000 (2) 銀行側の事情 TFT-LCD TFT-LCD , TFT-LCD 31

16 ,411 CEPD, 2010: (3) 株式市場の拡大 , , Vol. 56, No. 1 2, April 2010

17 (4) 台湾政府のハイテク企業優遇政策 ) TFT-LCD 33

18 % 2 6% 5 3% 1,000 1,000 50, % 1,000 1,000 1,000 50, (5) 証券会社側の事情 ,282 27) A Vol. 56, No. 1 2, April 2010

19 TFT-LCD 5,200 TFT-LCD 4 5 TFT-LCD ,200 TFT-LCD 35

20 IT TFT-LCD IT TFT-LCD 1) TFT-LCD TFT-LCD ) TFT-LCD TFT-LCD 3) Mask ROMs TN/STN-LCD ABS CEPD, ) , asia/tw/basic_03/ ) : 113 6) TFT-LCD PDP PDP 2003: 202 7) TFT-LCD 1 : : : : :1,100 1,300 6 :1,500 1,800 7 :1,870 2,200 8 :2,160 2,460 mm 8) 9) ) 11) TFT-LCD 12) TFT-LCD 8 7 TFT-LCD Low Temperature Polysilicon: LTPS TFT-LCD 4 36 Vol. 56, No. 1 2, April 2010

21 13) , , ,154 14) 15) (175 4)+(200 1)+(400 4)+(600 2)+(800 1) 4,500 16) Modgiliani and Miller, 1958 Myers and Majluf, ) 18) , , : 34 19) ) % 21) ) TFT-LCD TFT-LCD TFT-LCD 23) 24) % ) 矽 26) TFT-LCD 2003: ) cover9201.htm 日本語 2004 TFT-LCD TFT-LCD TFT-LCD TFT-LCD 37

22 英語 Council for Economic Planning and Development (CEPD), Executive Yuan (2010), Taiwan Statistical Data Book 2009, Executive Yuan. Modgiliani, F. and M. H. Miller (1958), The Cost of Capital, Corporate Finance and the Theory of Investment, American Economic Review, Vol. 43, No. 3, pp Myers, S. C. and N. S. Majluf (1984), The Corporate Financing and Investment Decisions When Firms Have Information that Investors do not Have, Journal of Financial Economics, Vol. 13, No. 2, pp 中国語 2004: 2008 TFT-LCD : : 2007 : 2007 : 2008 : 2003 : 2002 : : 2003: : j_akabane@yahoo.co.jp 38 Vol. 56, No. 1 2, April 2010

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