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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/159011


    Title: 伺服器跨境生產佈局之投資分析- 以Ｃ公司馬來西亞建廠為例
    Investment Analysis of Cross-Border Production Deployment in the Server Industry – A Case Study of C Company’s Factory Established in Malaysia
    Authors: 黃萬明
    Wong, Mun-Meng
    Contributors: 郭炳伸
    Kuo, Biing-Shen
    黃萬明
    Wong, Mun-Meng
    Keywords: 中美貿易戰
    台灣伺服器業
    中台以外第三生產基地
    US-China trade war
    Taiwan’s server industry
    An alternative production base outside China and Taiwan
    Date: 2025
    Issue Date: 2025-09-01 14:43:53 (UTC+8)
    Abstract: 隨著中美貿易戰開打與台海軍事衝突持續升溫，台灣伺服器(機殼)業者C公司因應客戶要求建置中國大陸與台灣以外的第三生產基地，以協助客戶規避美國進口關稅和分散供應鏈產地風險。
    本研究以C公司投資中台以外的生產基地-馬來西亞廠為案例，分析在中美貿易戰、台海軍事衝突升溫、集團生產產能仍充裕情況下，如何因應客戶要求下進行海外新廠投資佈局? 考量點包含：(1) 投資地與投資規模大小? (2) 投資效益是否符合ROI條件? (3) 投資風險，固定營運成本是否造成集團財務負擔?
    針對以上，透過產業分析、公司核心競爭力分析、SWOT與財務情境分析，結果顯示：(1) 新廠規模應以生產C公司美國主力客戶訂單為主；(2) 將中國大陸所生產的美國訂單移往馬來西亞生產，成本差異的投資回報(ROI)年限為5.43年~6.35年，回報合理；(3) 新廠在景氣不如預期時，固定營運成本約佔集團平均EPS的5.8%~11.4%，屬可接受範圍內；綜合以上及SWOT分析結果，C公司在風險可控範圍內，投資馬來西亞廠除了協助客戶規避美國進口關稅和分散供應鏈風險外，也可持續強化本身產業地位和落實「全球製造在地化」目標。
    As the U.S.-China trade war intensifies and military tensions across the Taiwan Strait continue to rise, Taiwanese server (chassis) manufacturer Company C has responded to customer demands by establishing a third production base outside of China and Taiwan. This strategy aims to help clients avoid U.S. import tariffs and reduce supply chain risks.
    This study uses Company C’s new factory in Malaysia as a case to examine how the company planned this overseas investment despite sufficient existing capacity, and under growing geopolitical pressures. The analysis focuses on three key areas: (1) appropriate investment scale, (2) whether the investment meets ROI expectations, (3) investment risk—whether fixed operating costs could burden the group financially.
    Based on industry analysis, core competency review, SWOT analysis, and financial scenario modeling, the results show: (1) The new factory should be limited to serving Company C’s major U.S. customers; (2) Shifting U.S.-bound orders from China to Malaysia gives a reasonable ROI payback period of 5.43 to 6.35 years; (3) If the market underperforms, fixed operating costs would account for 5.8% to 11.4% of the group’s average EPS—within an acceptable range.
    Upon to the above findings and the results of the SWOT analysis, Company C’s investment in the Malaysia can assist clients to avoid U.S. import tariffs and diversify supply chain risks, it also enables company C to strengthen its industry position and achieve its "localized global manufacturing” goal.
    Reference: (1)葉子綾，2015，台灣伺服器產業由代工轉型到白牌之商業模式，東吳大學商學院企業管理學系碩士在職專班碩士論文
    (2)曹淳惠，2024，中美科技戰下的供應鏈轉移策略：以伺服器制造業為例，國立清華大學碩士論文
    (3)許綺珊，2018，台商赴柬埔寨投資與建廠歷程之研究，國立台北科技大學管理學院經營管理EMBA泰國專班碩士學位論文
    (4)吳奇軒，2024，評估中美貿易戰對亞洲半導體供應鏈之影響：以台灣和韓國上市公司為例，國立雲林科技大學企業管理系碩士論文
    (5)黃聖凱，2013，中國大陸投資設廠評估與財務分析-以S公司為例，國立中興大學高階經理人碩士專班碩士學位論文
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    111932041
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0111932041
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

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