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| Title: | 臺灣伺服器廠公司風險分析與財務策略應對
Risk Analysis and Financial Strategy Responses of Taiwan Server Manufacturers |
| Authors: | 毛治文
Mao, Jr-Wen |
| Contributors: | 陳明進
Chen, Ming-Chin
毛治文
Mao, Jr-Wen |
| Keywords: | 伺服器代工廠
財務報表分析
風險評估
鴻海
廣達
緯創
英業達
技嘉
Server Manufacturers
Financial Analysis
Risk Evaluation
Foxconn
Quanta
Wistron
Inventec
Gigabyte |
| Date: | 2025 |
| Issue Date: | 2025-08-04 13:29:06 (UTC+8) |
| Abstract: | 本研究聚焦於臺灣五大伺服器代工廠，鴻海、廣達、緯創、英業達及技嘉， 對其企業的財務報表進行分析與風險評估，探討台灣伺服器製造商可能面臨的風 險與挑戰。研究動機源自於近年人工智慧、雲端與高效能運算需求快速增長，帶 動伺服器市場蓬勃發展臺灣企業作為全球重要供應商，需面對供應鏈重組、地緣 政治、客戶集中與技術轉型等多重挑戰。
本研究從流動性、償債能力、財務結構、現金流穩定性與現金週轉五大財務 構面進行分析。研究結果顯示，技嘉整體財務結構穩健、流動比率高，短期償債 能力強，但近期自由現金流轉負，顯示財務風險提高。鴻海在五個指標中表現穩 定，維持健康資本結構。緯創近年改善財務槓桿，現金週轉效率提升。廣達則在 應收帳款與現金週轉效率表現相對較弱。英業達雖具高存貨週轉率，但槓桿比升 高與自由現金流不穩，顯示潛在風險。
研究結論建議企業應強化現金流管理、控制槓桿比率、避免過度依賴大型客 戶，並建立投資門檻機制，確保資本支出的回收與效率。此外建議在政策上，要 支持中小伺服器創新企業、推動供應鏈在地化與多元化、發展綠色供應鏈與風險 避險機制，以提升臺灣在全球伺服器產業鏈的穩定性與競爭力。
This study focuses on five major server manufacturers in Taiwan: Foxconn, Quanta, Wistron, Inventec, and GIGABYTE. It analyzes their financial statements and evaluates risks. The study looks at the challenges these companies may face.
This study is motivated by the rapid growth in demand for AI, cloud services, and high- performance computing. This growth pushes the server market forward. As key global suppliers, Taiwanese companies must deal with many challenges. These include supply chain changes, geopolitics, customer concentration, and technology shifts.
This study analyzes five major financial aspects: liquidity, ability to service debt, financial structure, cash flow stability, and cash turnover. The results show that GIGABYTE has a strong financial structure and high liquidity. It can pay short-term debts well. However, free cash flow has turned negative recently, indicating increased financial risks. Foxconn performs steadily in all five aspects and keeps a healthy capital structure. Wistron has improved its debt ratio and cash turnover. Quanta shows weaker results in accounts receivable and cash turnover. Inventec has a high inventory turnover, but its rising leverage ratio and unstable free cash flow indicate potential risks.
The study suggests companies should improve cash flow management, control leverage ratio, and avoid over-reliance on large customers. They should also set rules for investments to ensure good returns. On the policy side, the study suggests supporting small and medium server firms, promoting local and diverse supply chains, and developing green supply chain and risk management mechanisms. These steps will help Taiwan stay strong and competitive in the global server industry. |
| Reference: | ㄧ、中文文獻
1.工業技術研究院產業經濟與趨勢研究中心（2020）。全球局勢衝擊下臺灣伺服器產業之機會與挑戰。https://ieknet.iek.org.tw/iekrpt/rpt_open.aspx?actiontype=rpt&domain=0&indu_idno=0&rpt_idno=422294729
2.周延、邱欣蕙、陳加鑫、杜振宇、張嘉紋（2025）。DIGITIMES。2023~2025全球伺服器供應鏈設廠現況與分析。
https://drive.google.com/drive/folders/1pvYWSgr-ChJYDhvzsjraqkBdiefTVJBN
3.凱基亞洲投資策略部(2024) 。凱基亞洲研究報告。電子硬體產業CSP 業者擴大資本支出；AI 伺服器推升液冷散熱採用率。
https://www.kgi.com.hk/zh-cn/-/media/files/kgishk/research-reports/tw-reports/2024/01/it-hardware_03052024.pdf
4.郭瑞祥（2024）。財團法人台北外匯市場發展基金會專案研究計畫：逆全球化趨勢下臺灣廠商供應鏈轉變的布局及風險管理。https://www.tpefx.com.tw/uploads/download/tw/A1.pdf
5.潘智義（2025）。中央通訊社。研調：關稅添變數伺服器供應鏈浮現遷徙潮。
https://www.cna.com.tw/news/afe/202503180086.aspx
6.譚瑾瑜(2020) 美中科技戰對兩岸科技產業大陸委員會委託研究https://ws.mac.gov.tw/001/Upload/295/relfile/7845/77179/0e711b83-4b96-41da-9755-fb9aa02c7aa8.pdf
7.資誠科技產業研究中心（2021）。資誠聯合會計師事務所。疫情時代下全球半導體產業面臨的機會與挑戰。
https://www.pwc.tw/zh/topics/trends/industry-trends-20211224.html
8.魏傳虔、陳牧風(2023)。全球伺服器市場發展暨關鍵議題分析。財團法人資訊工業策進會，產業情報研究所。
9.黃涵筠（2025）。兆豐國際投顧科技產業組。網通產業專題：衛星領航、規格升級啟動上升循環。https://www.megasia.com.tw/emega/upload/megasiaPDF/focus.pdf
10.劉佩真(2020)。COVID-19對半導體產業鏈之相關影響。臺灣半導體產業協會TSIA第94期，第2-5頁。
二、英文文獻
1.Brynjolfsson, E., & McAfee, A. (2017/7/18). The business of artificial intelligence.
Harvard Business Review.
https://hbr.org/2017/07/the-business-of-artificial-intelligence
2.Hostingjournalist Team. (2025). Global server market jumps 91% in Q4, fueled by AI and GPU demand. HostingJournalist.
https://hostingjournalist.com/news/global-server-market-jumps-91-in-q4-fueled-by-ai-and-gpu-demand
3.Mordor Intelligence. (2025). Enterprise server market – Growth, trends, and forecast (2025–2030).
https://www.mordorintelligence.com/industry-reports/enterprise-servers-market
4.NVIDIA. (2025). Saudi Arabia and NVIDIA to Build AI Factories to Power Next Wave of Intelligence for the Age of Reasoning.
https://nvidianews.nvidia.com/news/saudi-arabia-and-nvidia-to-build-ai-factories-to-power-next-wave-of-intelligence-for-the-age-of-reasoning
5.TrendForce. (2025/2/12). AI server growth faces uncertainties.
https://www.trendforce.com/presscenter/news/20250212-12469.html
6.Waters, D. (2011). Supply chain risk management: Vulnerability and resilience in logistics. Kogan Page. |
| Description: | 碩士
國立政治大學
國際金融碩士學位學程
112ZB1035 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112ZB1035 |
| Data Type: | thesis |
| Appears in Collections: | [國際金融碩士學位學程] 學位論文
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