台湾TFT-LCD 企業の資金調達メカニズム

友達光電（AUO）の事例分析を通じて

抄録

This paper examines financing approaches employed by Taiwanese thin film transistor liquid crystal display (TFT-LCD) manufacturers using the case of AU Optronics Corp (AUO). First, AUO’s cumulative capital expenditure was estimated at about NT$520 billion, based on its financial statements and the number of production lines. Then it was confirmed that AUO resorted mainly to banks and equity markets for such funds, with corporate bonds playing only a limited role in its funding strategy. AUO’s approach contrasts sharply with many other Taiwanese businesses, which depend more on the domestic corporate bond market.
Next, the paper analyzes AUO’s strategy and its external environment, which were the main factors in strengthening the company’s ability to raise funds. The analysis produced the following findings.
In its initial phase of business, AUO (then Acer Display) used the guarantee of its parent BenQ to draw out huge bank borrowings. This is one type of inter-firm credit within a business group, which helped reduce credit risk on the part of the banks. By limiting group credit to collateralized bank borrowings, the parent and the subsidiary aimed to make the TFT-LCD division financially self-dependent.
Meanwhile, AUO turned to the equity market for further funds, while retaining bank borrowings. The company went public on the Taiwanese equity market mainly to finance the fourth-generation production line it desperately needed. By being listed on the equity market, AUO became able to recruit excellent human resources through a stock option program. The company got listed on the New York Stock Exchange apparently to fund the fifth- and sixth-generation television-panel facilities. To list itself on the New York market, AUO needed to make its accounting practice conform to US standards and give preliminary briefing sessions to global investors. These opportunities helped the company to accelerate its restructuring and strengthen its visibility on the international markets.
AUO’s strategy was partly sustained by a variety of external factors. The potential of Taiwan’s TFT-LCD market, the development of the equity market, and fierce competition among banks and securities companies due to financial liberalization helped strengthen the status of AUO and other businesses seeking to finance capital investment. AUO’s listing in 2000 on the Taiwan stock market was realized by the government’s easing of the listing regulations on hi-tech businesses.
AUO has successfully raised as much as NT$520 billion by strengthening its money-raising ability through skilfully balancing direct financing with indirect financing, while using the credit strength of its parent and taking advantage of the government’s business incentive and the external environment, including intense competition in the domestic financial market. AUO’s spectacular growth cannot be described without taking these factors into account, in addition to its aggressive capital investment policy and diversification of its line of application products.