當今電子產業的發展迅速，而電子零組件通路商為因應產業的快速變化與競爭形勢，需不斷地尋找新的經營方向與發展策略來作為未來成長的基礎。而為避免原產品供應商跳過代理自行販售，進而整合上游製造業來使企業營收成長，便為通路商在營運上之策略佈局之一。若要提升通路商之營運優勢，近年來已有許多通路商將轉投資列為投資策略之一，無論是朝新產品發展、擴展全新代理線、或向製造商購買新技術，以取得新產品開發所需技術等等，通路商產業已逐漸走向整合型態。故此，本研究以電子零組件/材料通路商(Electronic Components/Material Dealership )為研究對象，並以其為提升營運優勢而整合上游製造業為主要探討目標。

個案公司---華立、敦吉及大聯大三家通路商所代理之產品種類繁多，且皆積極投入轉投資與整合各種相關產業，然而通路商為了提升競爭優勢而擬定新策略，並發展有效的策略管理機制，及一舉整合製造產品之能力，將其納為本身之技術範圍，能否為通路商帶來新的契機，則為本論文所欲探究之方向。本文首先會針對目前產業概況及個案公司之基本資料進行分析及討論；第二部份會對個案公司之營運概況、財務狀況與投資策略部分進行分析與瞭解，並以次級資料分析其可能會面臨之問題與營運策略處理；第三部分則是將個案分析結果進行理論探討與比較，分析其營運優勢，最後將分析結果進行歸納與整理，並提供於個案公司參考。

Electrical industry has develop rapidly nowadays, while electrical components distributors in response to rapid change and competitive circumstances should continuously find new operational direction and development strategy as the basic for future growth. But to avoid the original product distributor skipped the agents and sell it themselves or further, integrate the upstream manufacturer for corporate revenue growth, have become one of the strategy layout of the distributors’ operation. To increase distributors’ operational advantages, these years many distributors have reinvesting as one of their investment strategy. It could be through new products development, broaden brand new agent line, or buy new technologies from downstream manufacturer to get technologies needed for new product development, etc. Distributors have slowly become integrated form. Therefore, this research is concentrated on electronic components / material dealership and to know how this dealership could improve operational advantages and integrate upstream manufacturers as main objectives.
Companies for the case are Wahlee、Audix and WPG. These 3 distributors are representing many different products and they also re-invest frequently and have integrated many different related industry. These distributors in order to improve their competitive advantages have made new strategies and effectively developed strategy management mechanism. They also have the ability to integrate manufacturers to become their own technologies. Whether or not strategy and integration could bring new opportunities for the distributors has become the purpose of this study. First of all, this study will analyze and discuss how current industry conditions affect the companies in this case. Second, we would analyze the operational, financial, and re-investment strategy condition of the companies; then we would also analyze what future problems and operational strategy handling. Third, we would analyze the case by review theories and comparison, analyze its operational advantages, and lastly will categorize the analysis results, then this data will be provided to the companies as reference.

1. Aaker, D.A., ”Developing Business Strategy” ,New York：John Willey and Sons Incorporation,35-36(1984)
2. Andrews, K.R., ”The Concept of Corporate Strategy” . Homewood：Richard D.Irwin(1971)
3. Ansoff H.Igor, ”Strategies for Diversification”,Harvard Business Review,Vol.35,No.5,113-114(1957)
4. Ansoff, H.I. ”The New Corporate Strategy” ,New York：John Wiley & Sons, Inc.(1988)
5. Blair,R.D. and D.L.Kaserman,”Law and Economics of Vertical Integration and Contract” ,New York：Academic Press(1983)
6. Booz,Allen and Hamilton, ”Diversification：A Survey of European Chief Exectives” ,New York：Booz,Allen and Hamilton,Inc, (1985)
7. Colangelo G., ”Vertical V.S. Horizontal Integration：Preemptive Merging” ,Journal of Industrial Economics,pp.323-327(1995)
8. Collis,David J. ”How valuable are organizational capabilities?” ,Strategic Management Journ,15:143-152(1994)
9. Das, R. and B. Mohanty, ”Choosing a Diversification Project in a Regulated Economy, ”Long Range Planning,.78-86(1981)
10. Grant,R.M, ”Contemporary Strategy Analysis：Concepts,Techniques,Applications” ,Malden,MA：Blackwell Publishers(2002)
11. Hamilton J.L. and Mqasqas I.M., ”Direct Vertical Integration Strategies” ,Southern Economic Journal,220-234(1997)
12. Hill W.L. and G.R. Jones, ”Strategic Management Theory”, An Integrated Approach 4th Edition(2007)
13. Hitt,M.A., Ireland,R.D., and Hoskisson,R.E., ”Strategic Management Competitiveness and Globalization-Concept”,5thed,Thomas South-Western,249-283(2004)
14. Mathewson F.and Winter R., ”An Economic Theory of Vertical Retrains”,15R and Journal of Economics(1984)
15. Prahalad,C.K., & Hamel,G.，”The core competence of the corporation”. Harvard Business Reciew,68(3),79-97(1990)
16. Rananujam, V.and P.Varadarajan, ”Research on Diversification：A Synthesis” ,Strategic Management Journal,523-551(1989)
17. Ranaujam,V. and P. Varadarajan, ”Research on Diversification：A Synthesis” ,Strategic Management Journal,523-551(1989)
18. Rumelt.R.P., ”Diversification Strategy and Profitability” ,Strategic Management Journal,Vol.3,359-369(1982)
19. Selznick, P., ” Leadership in Administration：A Sociological Interpretation”. New York：Harper&Row(1957)
20. Williamson,O.E., ”The Economic Institutions of Capitalism” ,New Yord：The Free Press(1985)
21. Wrighy,Leonard, ”Divisional Autonomy and Diversification” ,Unpublished doctoral dissertation, Harvard Business School(1970)
22. 江家蓁，「企業多角化程度對經營報酬與經營風險之影響---以國內上市公司為例」，逢甲大學會計研究所碩士論文，2005
23. 江逸之，「台灣下一波主流 2.5級產業」，天下出版，2010
24. 林永塗，「台灣上市公司股權結構、企業特性與轉投資之研究」，國立中正大學企業管理研究所碩士論文，1993
25. 林志勳、蕭傳議、林素琴、蔡幸甫等人，「2008~2009年電子零組件產業年鑑」，工研院產業經濟與趨勢研究中心，2008
26. 洪明洲，「成功的多角化併購策略」，台灣跨世紀成功策略研討會，台北，1998
27. 萬哲鈺、高崇瑋，「財務報表分析-實務與應用(二版)」，華泰文化，2003
28. 閻永誠，「電子暨光電零組件通路商」，交通銀行產業調查與技術第一四八期，2004
29. 「98-99年度大聯大合併財務報表暨會計師查核報告」，大聯大投資控股股份有限公司，2009
30. 「98-99年度敦吉合併財務報表暨會計師查核報告」，敦吉科技股份有限公司，2009
31. 「98-99年度華立合併財務報表暨會計師查核報告」，華立企業股份有限公司，2009
32. 「98年大聯大年報」，大聯大投資控股股份有限公司，2009
33. 「98年敦吉年報」，敦吉科技股份有限公司，2009
34. 「98年華立年報」，華立企業股份有限公司，2009
35. 公開資訊觀測站http://mops.twse.com.tw/index.htm