商業模式創新與企業價值分析-以85度C為例; Business Model Innovation and the Enterprise Value Analysis:The Case of 85℃

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题名:	商業模式創新與企業價值分析-以85度C為例;Business Model Innovation and the Enterprise Value Analysis:The Case of 85℃
作者:	謝朝慶;Chao-ching Hsieh
贡献者:	財務金融學系碩士在職專班
关键词:	企業價值;平價咖啡;商業模式;連鎖咖啡;85度C;85℃;business model;low-priced coffee;corporate value;chain coffee shop
日期:	2011-07-24
上传时间:	2012-01-05 15:08:57 (UTC+8)
摘要:	隨著經濟發展，人民生活水準不斷提升，在都市化及西化雙重影響下，民眾飲食習慣逐漸改變，咖啡漸漸融入台灣社會的各個角落。由於連鎖咖啡店進入的技術門檻低，且不需要太多資金，所以競爭相當激烈。85度C能於2004年成立後，每年以開出近百家分店的速度成長，經過短短6年多的努力，已於台灣、澳洲、美國、大陸等地成功開拓約500家連鎖咖啡店，成為大中華地區知名連鎖咖啡店。 85度C於2010年11月22日在台灣證券交易市場掛牌上市，上市掛牌價每股高達168元，勇奪觀光類股掛牌史上之冠，比起高科技產業絲毫不遜色。在公開申購期間已經引發抽籤熱潮，掛牌當天收盤價每股高達400元，掛牌迄今股價仍維持在221?379元間，顯示投資人相當看好其獲利前景。85度C的卓越表現值得深入探討。本研究主要目的在於探討85度C在台灣及中國市場的商業模式及其關鍵成功因素。本研究以個案研究的方式探討85度C的經營策略及其價值創造。首先，本研究應用波特的五力分析探討整個產業的獲利機會與威脅。其次，採用商業模式的分析架構，探討個案公司的競爭優、劣勢。其次，應用SWOT分析導經營策略。最後以DCF評價模式分析85度C的策略價值。本研究發現85度C成功關鍵因素除明顯的顧客區隔及強有力的顧客價值主張外，能適時掌握市場機會，成功應用創新的商業模式於中國市場，是85度C能在中國市場快速展店及營收快速成長的主要因素。在成本結構不變的假設之下，85度C的股價決定於營收成長率。85度C的經營風險主要來自於中國本地競爭者的模仿及低價競爭。 With the economic development, urbanization and westernization, the life style of people in Taiwan has changed. Coffee sonsumtion has gradually become part of the life of Taiwan people. Due to the low entry barrier ofrunning a coffee shop, the competition in the coffee industry is very intense. Since its startup in 2004, 85℃ has opened a hundred shops per year. Within 6 years, 85℃ has opened 500 shops in Taiwan, Australia, America, and China. 85℃ has become a well-known brand name of a chain coffee shop in the greater China area. 85℃ listed its stock on Taiwan Stock Exchange on Novvember 22, 2010. The IPO price was set at NT$168, which is the champion of the tourism industry stock, comparable to those of high tech stocks. On the day of floating, 85℃ has caused a mania in the public. The stock price closed at NT$400. The price has remained in the range of NT$221-379. The high stock price performance of 85℃ showed that investors were quite confident in its profitability prospect. It is worthy to investigate the outstanding performance of 85℃. The purpose of this study is to explore the business model 85℃ and its key successful factors. It adopts a case study method to investigate its business strategy and value creation. First, this study applies the five forces framework to identify opportunities and threats in the industry. Second, it uses the business model framework to examine the strengths and weaknesses of 85℃. Third, it utilizes the SWOT analysis to derive its business strategy. Finally, it uses the DCF model to analyze the strategic value of 85℃. We find that the key successful factors for 85℃ are that it can capture the market opportunity and apply new business model to the mainland market, and that it has clear segmentation and customer service orientation. Base on the assumption that the cost structure remains the same, the stock price of 85℃ is determined by its growth rate of revenues. The major risks of 85℃ come from competitors imitation and low price competition in China.
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