本論文旨在探討全球與台灣天線產業在 5G、6G 次世代行動通訊與低軌衛星 (LEO) 技術驅動下的發展動態與企業價值創造策略。本論文結合了產業經濟學與財務管理的雙重經典分析工具。主要研究方法導入了「結構－行為－績效 (Structure-Conduct-Performance， S-C-P) 」 分析架構，與導入 「經濟附加價值 (Economic Value Added， EVA) 」財務模型，以檢驗廠商在投入龐大資本後的真實獲利能力。 天線產品已從傳統單純傳輸導行波的被動金屬元件，蛻變為高度複雜的主動式智慧模組（如 AiP 封裝天線）。面對技術躍進的同時，為支應全球化佈局與新技術升級所投入的龐大資本，這提醒經營者在追求營收成長時，必須留意資本擴張隱含的資金成本壓力。 在產業的基本條件方面，研究指出現代天線產業對高階射頻人才與龐大研發資本設備（如建置動輒數千萬的 3D 電波暗室與高頻量測儀器）呈現極度依賴，大幅墊高了產業的進入障礙。政府政策方面，純粹的自由市場商業邏輯已不復存在。在中美科技霸權角力、美國晶片法案及川普2.0關稅壁壘等地緣政治因素的強烈干預下，各國政府的頻譜釋出（如 5G 毫米波拍賣）與嚴格的貿易管制，迫使全球通訊供應鏈從「成本與效率導向」轉向「安全與韌性導向」，加速了「China+1」的產能跨國重組，徹底重塑了天線產業的競爭版圖與地理分佈。 天線市場結構呈現出整體高度分散，但在高階模組與基站市場高度寡占的極端二元化（M 型化）特徵，由於科技日新月異，技術門檻拉高，逐漸朝向寡佔市場靠攏。在廠商行為上，為突破紅海價格競爭與地緣政治限制，廠商紛紛採取極致的產品差異化策略、跨國併購、轉向車用與衛星通訊等多角化經營，並主動啟動海外產能轉移以建立韌性供應鏈。在產業績效評估上，低階消費型市場績效由於高度競爭，獲利有限；而高階之天線市場，進入門檻高，專利限制及高度客製化，研究顯示高獲利之營運績效。然而在進行重大投資，本論文提醒廠商追求傳統高報酬獲利同時，可進一步評估EVA之價值，實現真正的永續經營與企業價值極大化。;This thesis aims to explore the development dynamics and corporate value creation strategies of the global and Taiwanese antenna industries driven by next-generation mobile communications (5G， 6G) and Low Earth Orbit (LEO) satellite technologies. This study combines the dual classical analytical tools of industrial economics and financial management. The primary research methods introduce the "Structure-Conduct-Performance (S-C-P)" analytical framework and the "Economic Value Added (EVA)" financial model to examine the true profitability of manufacturers after massive capital investments. Antenna products have transformed from traditional passive metal components that simply transmit guided waves into highly complex active intelligent modules (such as Antenna in Package， AiP). In the face of technological leaps， massive capital is invested to support globalization layouts and new technology upgrades. This reminds business operators that while pursuing revenue growth， they must be mindful of the hidden capital cost pressures associated with capital expansion. Regarding the basic conditions of the industry， the research indicates that the modern antenna industry is extremely reliant on high-end RF talent and massive R&D capital equipment (such as the construction of 3D anechoic chambers costing tens of millions and high-frequency measurement instruments)， which significantly raises the barriers to entry. In terms of government policy， the pure free-market commercial logic no longer exists. Under the strong intervention of geopolitical factors such as the US-China technological hegemony rivalry， the US CHIPS Act， and Trump 2.0 tariff barriers， national spectrum allocation (e.g.， 5G mmWave auctions) and strict trade controls have forced the global communication supply chain to shift from a "cost- and efficiency-oriented" approach to a "security- and resilience-oriented" approach. This has accelerated the "China+1" cross-border capacity restructuring， thoroughly reshaping the competitive landscape and geographical distribution of the antenna industry. The antenna market structure exhibits an extreme dual (M-shaped) characteristic of being highly fragmented overall， but highly oligopolistic in the high-end module and base station markets. As technology advances rapidly and technical thresholds are raised， the market is gradually moving toward an oligopoly. In terms of firm conduct， to break through red ocean price competition and geopolitical limitations， manufacturers have successively adopted extreme product differentiation strategies， cross-border M&A， and diversified operations pivoting toward automotive and satellite communications， while actively initiating overseas capacity relocations to build resilient supply chains. In evaluating industry performance， the performance of the low-end consumer market generates limited profits due to high competition; whereas the high-end antenna market， characterized by high entry barriers， patent restrictions， and a high degree of customization， demonstrates highly profitable operational performance according to the research. However， when making major investments， this thesis reminds manufacturers that while pursuing traditional high-return profits， they should further evaluate the value of EVA to achieve true sustainable operations and maximize corporate value.
