跳到主要內容

簡易檢索 / 詳目顯示

回結果列表
研究生： 張鼎昱
Chang, Roger
論文名稱： 三大電腦晶片製造商之財務比較
A comparison of major computer chipset vendors in financial point of view
指導教授： 劉助
Liu, James
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年： 2011
畢業學年度： 99
語文別： 英文
論文頁數： 51
中文關鍵詞： 晶片製造 、財務
相關次數： 點閱：205  下載：19 
分享至:
查詢本校圖書館目錄 查詢臺灣博碩士論文知識加值系統 勘誤回報

    • The goal of this master thesis is to analyze the three major chipset players in today’s Personal Computer (PC) industry, while providing recommendations in different perspectives. One of the perspectives is from the investor’s point of view to single out a company with the most long term investment value. The other is from each company’s management point of view to suggest for the areas of improvement for the companies. Two of the three companies discussed in this thesis are American-based global companies namely, Intel and AMD, while the other is a Taiwanese company: VIA Technology.

    Various analyses were made to evaluate each company. In the general comparison of the companies, each company’s background information, product competitiveness, SWOT analysis and market share were discussed. In the finance diagnostics for each company, financial data from 2007 to 2010 were used as the basis in revealing a company’s quality and its ability to manage different types of risks. Enterprise value (EV), which was derived from the financial report, reflects a company’s true value. And each company’s EV per share was compared against their stock prices to see whether their stock prices have been reasonable or not.

    In conclusion, as an investor, Intel is the best choice for long term investment because of its scale and profitability. And as of the end of 2010, Intel’s stock price was below its enterprise value per share, so there was room for its stock price to rise. In addition, from the profit model map, Intel is located very close in region A in 2010 and it shows Intel is a very well-managed and profitable company.

    In management point of view, Intel would need to find its place in the emerging tablet PC market, which is being dominated by ARM architecture, as opposed to the x86 architecture in which Intel specializes at. AMD needs to improve on its visibility in the market, as AMD is rarely being seen on TV commercials or magazine advertisement. Via Technology can move to a niche market in order to avoid the 99% combined market share by Intel and AMD in the consumer PC market and be profitable again.

    1. Introduction 1
    1.1. Motivation and Goal 1
    1.2. Methodology 2
    1.3. The PC industry today 2
    2. Background information of the Big Three 4
    2.1. Intel 4
    2.1.1. Intel SWOT analysis 5
    2.2. Advanced Micro Devices (AMD) 5
    2.2.1. AMD SWOT analysis 7
    2.3. VIA Technology 7
    2.3.1. VIA Technology SWOT analysis 9
    2.4. Product comparison of the companies 9
    2.5. Market share 10
    3. Financial Analysis 13
    3.1. Important numbers 13
    3.2. Comparisons between the companies 15
    3.2.1. General comparisons 15
    3.2.1.1. Revenue 15
    3.2.1.2. Gross profit margin 16
    3.2.1.3. Net profit 16
    3.2.1.4. Cash and cash equivalents 18
    3.2.1.5. Working capital 18
    3.2.1.6. Required operating assets 19
    3.2.2. Cash flow comparison 21
    3.2.2.1. Free cash flow 21
    3.2.2.2. Financial activities 22
    3.2.2.3. Overall cash flow 23
    3.2.3. Comparison in quality of the companies 24
    3.2.3.1. Growth of EBIT 24
    3.2.3.2. Competitiveness 26
    3.2.3.3. Return on resources 27
    3.2.3.4. Internal management efficiency 28
    3.2.4. Risk management of the companies 29
    3.2.4.1. Operating risk 30
    3.2.4.2. Investment risk (expansion risk) 31
    3.2.4.3. Financial risk 31
    3.2.4.4. Survivability risk 32
    3.2.5. Profit Model Map 34
    3.2.6. Enterprise value 35
    3.2.7. EV / share against stock price 37
    4. Conclusions 40
    4.1. Summary of comparison of the metrics 40
    4.2. Long term investment advice 40
    4.3. Advices to the management team 41
    4.3.1. Advices to Intel 41
    4.3.2. Advices to AMD 42
    4.3.3. Advices to VIA Technology 43
    5. Appendix 44
    5.1. Glossary 44
    5.2. x86 PC structure 45
    5.2.1. Traditional and common structure 46
    5.2.2. AMD Fusion structure 46
    5.3. Additional product performance comparisons 47
    5.4. Calculations for Intel, AMD and VIA Technology 48
    5.4.1. Intel 48
    5.4.2. AMD 49
    5.4.3. VIA Tech 50
    Reference 51

    【1】 Dr. James Liu. 2008.
    Profit Model handout
    【2】 Intel home page
    http://www.intel.com
    【3】 AMD home page
    http://www.amd.com
    【4】 VIA Technology home page
    http://www.viatech.com.tw
    【5】 Taiwan Market Observation Post System
    http://mops.twse.com.tw
    【6】 Wikipedia
    http://en.wikipedia.org/wiki/Main_Page
    【7】 Anton Shilov. 2001. Unit Growth of Microprocessor Market Begins to slow down - IDC.
    http://www.xbitlabs.com/news/cpu/display/20110225220332_Unit_Growth_of_Microprocessor_Market_Begins_to_Slow_Down_IDC.html
    【8】 楊旭. 2011. ATOM/ION靠邊站 AMD E350 深度評測
    http://tech.hexun.com.tw/2011-01-29/127098371.html
    【9】 Agam Shah. 2003. Intel, VIA Settle All Patent Cases.
    http://www.pcworld.com/article/110172/intel_via_settle_all_patent_cases.html
    【10】 Taiwan Economic News. 2003. VIA, Intel reach patent suit settlement, to jointly face competitors
    http://www.cens.com/cens/html/en/news/news_inner_16038.html
    【11】 China Times. 2011. 轉投資賺錢 威盛虧轉盈在望
    http://money.chinatimes.com/news/news-content.aspx?id=20110513000194&cid=1204

    QR CODE
    :::