A Study between Taiwan's High Technology Industry Growth model and the Financing Decision －An Empirical Study of TFT LCD Industry
| Autor: | Jen-Hsin Chang, 張壬昕 |
|---|---|
| Rok vydání: | 2006 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 94 The TFT-LCD industry spent merely seven years to develop to a scale that Taiwan’s IC industry took more than three decades to achieve. With such a splendid achievement, we cannot help but being amazed at its growth potential. It is very important that the TFT-LCD industry keeps raising capital and expanding scale in order to promote further growth. Only with abundant capital can it proceed with large scale investments in order to garner the economic effect. Under such circumstances, it’s financing decision show much significance. With the objectives, the correlation between the growth model and financing decision of Taiwan’s TFT-LCD industry will be proactively explored. The following are the conclusions derived from this study: （1） The initial stage: In this period, the technology was transferred from Japanese firms to shape and expand the industry. Like the traditional industry, it was accomplished according to the growth mode of economies of scale. Following the finance decision in this period, the capital was mainly raised with self-reserves or by shares. （2） The mature stage: At this stage, the concentration is the scale expansion and scale efficiency. More funds were placed at patent R&;D and the industry no longer had to rely on foreign firms for the technology. For the financing decision in this stage, the capital was mainly raised by long-term loans, bank’s loans, Euro-convertible bands, global depositary receipt and going public, etc. （3） The expansion stage: When the enterprises have become stable in their growth, they are more likely to use their strategy of direct cooperation or acquisition to have an up and downstream vertical integration. Enterprises often apply different financing methods, therefore the business growth model no longer varied as much. It is only a matter of substantive object and time for enterprises to choose their financing decision. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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