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; 2008 1) 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
TFT-LCD TFT-LCD 2 TFT-LCD 1 TFT-LCD 3 2) TFT-LCD 2004 2 2006 2007 3) 2003 2007 13.8% 29.0% 47.1% TFT-LCD IT 2 IT 1990 2 2000 2002 4) IC IC IT 2000 2001 2002 2006 5,314 TFT-LCD TFT- LCD 2000 TFT-LCD 1994 TFT-LCD 1999 2000 TFT-LCD 2005 IT 2006 5,894 TFT-LCD IT TFT-LCD 18 Vol. 56, No. 1 2, April 2010
1 TFT-LCD 2006 2007 2007, 2008 2 TFT-LCD IT 2007 TFT-LCD 2000 Acer Display 5) TFT-LCD 19
1996 Plasma Display Panel: PDP TFT-LCD 1999 6) 1998 3 IBM 3.5 7) 1999 4 2001 9 8) Unipac 1994 TFT-LCD TFT-LCD Personal Digital Assistance: PDA 9) 2000 2002 12 5 2005 1 6 2006 7 7.5 2006 10 10) Quanta Display Inc.: QDI TFT-LCD 2007 6 TFT-LCD 65 7 TFT-LCD 1 TFT-LCD 3 7.5 1 TFT-LCD 2007 12 G2 1 G2.5 1 1 G3 4 2 1 1 G3.5 1 1 1 1 G4 1 1 G4.5 2 1 G5 4 2 1 1 G5.5 1 G6 2 1 1 G7 G7.5 1 G8 12 6 4 1 2 2 2 4 1 G Generation 2008 20 Vol. 56, No. 1 2, April 2010
PDA 2006 10 TFT-LCD 17.15% 19.52% LG 18.52% 3 2008 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 1 2007 63 546 4,311 TFT-LCD 21
167 2,012 79 72 3,200 13) 5,200 2008 14) 2007 1 3 :4 3.5 :1 5 :4 6 :2 7.5 :1 3 :150 200 4 :250 300 5 :400 6 :600 7.5 : 800 2007: 461 3 :175 3.5 :200 4,500 15) 4,479 2. 資金調達 16) 1. 2 17) 2 22 Vol. 56, No. 1 2, April 2010
2 3A 3.5 29 5,000 3B 3.5 110 4A 4 135 5A 5 115 1 5B 5 290 6 2 7.5 490 1.5 370 150 130 0.584 233 2 5 270 10 1999 12 23 2005 12 23 2000 12 21 2007 12 21 2000 9 21 2007 9 21 2003 4 25 2010 4 25 2004 5 11 2011 5 11 2004 12 18 2011 12 18 2005 12 29 2012 12 29 2000 10 6 2007 10 6 2002 9 30 2009 9 30 2005 1 12 2012 1 12 2005 11 17 2009 11 17 2006 7 14 2013 7 14 2006 8 29 2010 8 29 2000 2004 3 4 5 1999 8 15 1999 11 15 2004 4 60 2005 6 60 2006 3 50 2008: 312001 11 100 18) 19) 2007 TFT-LCD 23
1,309 277 781 1,138 3 2000 2000 2000 3 1,000 1,000 1996 8 50,000 500,000 1997 6 200,000 2,000,000 1998 7 500,000 5,000,000 1998 12 800,000 8,000,000 1999 12 1,100,000 11,000,000 2001 3 1,250,000 12,500,000 2001 9 2,970,582 29,705,820 2002 6 3,470,582 34,705,820 2002 8 3,976,397 39,763,970 2002 11 4,003,049 40,030,490 2003 1 4,024,194 40,241,940 2003 2 4,025,834 40,258,340 2003 8 4,270,445 42,704,450 2003 11 4,352,237 43,522,370 2004 6 4,658,041 46,580,410 2004 7 4,958,041 49,580,410 2005 8 5,830,547 58,305,470 2006 8 6,094,069 60,940,690 2006 11 7,573,179 75,731,790 2007 2 7,573,403 75,734,030 2007 6 7,573,783 75,737,830 2007 8 7,596,896 75,968,960 2007 9 7,805,727 78,057,270 2007 11 7,817,705 78,177,050 24 Vol. 56, No. 1 2, April 2010
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 2. 3 1990 1990 2000 2000 1990 2000 20) IT 2001 21) 3 1 2009 4 10 http://www.sfb.gov.tw/intro_index.asp TFT-LCD 25
3 TFT-LCD TFT-LCD 1. 友達光電の資金調達戦略 (1) 銀行借り入れ 70 2000 9 275 2000: 19 2 26 Vol. 56, No. 1 2, April 2010
2002 2002: 31 2001 2002 1 TFT-LCD (2) 株式の上場 2000 9 8 2002 5 23 TFT-LCD New York Stock Exchange: NYSE 22) TFT-LCD TFT-LCD 2000 4 TFT-LCD TFT-LCD 3 3.5 TFT-LCD 4 4 4 TFT-LCD 27
TFT-LCD 2000 TFT-LCD 1990 TFT-LCD TFT-LCD TFT-LCD 1 23) 1990 UMC TSMC 2007: 127 2000 1990 TFT-LCD 1990 TFT-LCD TFT-LCD TFT-LCD 2000 9 8 TFT-LCD 28 Vol. 56, No. 1 2, April 2010
4 2000 9 2009 1 15 http://www.twse. com.tw/ch/trading/exchange/fmnptk/fmnptkmain.php 4 2 1 2002 2003 2 21 2000 2002 30 1 5 2003: 45 5 3 2 400 2000 TFT-LCD 29
1988: 91 24) 2002 5 25) 1 2 Road Show 9 13 124 3 2004: 114 117 2. 外部環境要因 1. 30 Vol. 56, No. 1 2, April 2010
(1)TFT-LCD 市場の潜在性 TFT-LCD 1990 TFT-LCD TFT-LCD 5 1999 TFT-LCD TFT-LCD 1999 2000 1990 TFT-LCD TFT-LCD 2000 (2) 銀行側の事情 TFT-LCD 2 1 1990 1991 17 2000 48 5 TFT-LCD 1999 100 1,000 2000 TFT-LCD 31
6 2009 4 10 http://www.sfb.gov.tw/intro_index.asp 1991 756 2000 2,411 CEPD, 2010: 155 2 6 6 1990 1990 (3) 株式市場の拡大 7 1995 347 2005 2 691 1995 1 3,470 2005 4 5 4,160 1990 2000 32 Vol. 56, No. 1 2, April 2010
7 2010 4 10 http://www.sfb.gov.tw/intro_index.asp (4) 台湾政府のハイテク企業優遇政策 2000 9 8 26) 4 3 1 2 3 2000 1998 2000 9 8 1 4 2000 TFT-LCD 33
4 4 5 3 6 3 2 6% 2 6% 5 3% 1,000 1,000 50,000 500 20% 1,000 1,000 1,000 50,000 500 1 3 2 (5) 証券会社側の事情 1990 1991 427 2000 1,282 27) 1 2 3 4 5 1990 2 A 2007 8 8 2000 34 Vol. 56, No. 1 2, April 2010
TFT-LCD 5,200 TFT-LCD 4 5 TFT-LCD 2000 5,200 TFT-LCD 35
IT TFT-LCD IT TFT-LCD 1) TFT-LCD TFT-LCD 2008 2) TFT-LCD 2007 3 TFT-LCD 3) Mask ROMs TN/STN-LCD ABS CEPD, 2008 4) 2001 11 5,000 122 http://www.jetro.go.jp/world/ asia/tw/basic_03/ 2009 4 27 5) 2002 5 2008: 113 6) TFT-LCD PDP PDP 2003: 202 7) TFT-LCD 1 : 300 400 2 :360 465 3 :550 650 4 :680 880 5 :1,100 1,300 6 :1,500 1,800 7 :1,870 2,200 8 :2,160 2,460 mm 8) 9) 10 10 10) 11) 12 3.5 1 3.5 1 5 1 TFT-LCD 12) TFT-LCD 8 7 TFT-LCD Low Temperature Polysilicon: LTPS TFT-LCD 4 36 Vol. 56, No. 1 2, April 2010
13) 63 546 4,311 167 2,012 79 72 3,154 14) 15) (175 4)+(200 1)+(400 4)+(600 2)+(800 1) 4,500 16) Modgiliani and Miller, 1958 Myers and Majluf, 1984 17) 18) 2004 2 5 2 7,000 4 22 105 11 26 2 9,450 2005 7 18 60 1 3.5 2008: 34 19) 2 1 5 7 247 20) 2001 2.2% 21) 3 2000 2001 2002 2000 2004 22) TFT-LCD TFT-LCD TFT-LCD 23) 24) 2008 9 107% http://www.twse.com.tw/jp/listed/alien_business/twse_manual.php 2010 3 27 25) 矽 26) TFT-LCD 2003: 268 27) http://www.sfb.gov.tw/statistics/point/9201/ cover9201.htm 2008 5 31 日本語 2004 TFT-LCD 50 4 1 19 2007 TFT-LCD 21 52 2008 TFT-LCD 67 98 2008 99 134 1988 76 94 2004 2006 TFT-LCD 37
2007 2000 2006 5 8 519 540 2002 215 253 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. 261 297. 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. 187 221. 中国語 2004: 2008 TFT-LCD :175 216 2000 : 2007 : 2007 : 2008 : 2003 : 2002 : : 2003: : E-mail: j_akabane@yahoo.co.jp 38 Vol. 56, No. 1 2, April 2010