This thesis aims to seek an altemative strategy that Sharp can adopt for competingwith its competitors. A rapid growth in solar cell business was just starting in 2004.The market holds a lugh expectation for future growth because of the recognition ofgreen house gas. The European Photovoltaic Industry Association forecasts that itsmarket will be more than twice its size in 2013 compare with 2009. It is an emergingmarket; further Sharp could manage to hold No. I share again, ifthe company wouldimplements a new strategy for the market change and competition I focus on financial policy as a critical and symbolic difference between Sharpand its competitors. The main three competitors, Q-cells, Suntech, and First Solarsucceeded in IPO in around 2005. They have adopted aggressive strategies byutilizing a huge amount ofcapital that obtained through IPO. On the other hand, Sharphas not taken up special financial strategy. I suppose that a reason why Sharp losesNo.l share is a difference in its financial power with and that ofits competitors. This thesis also discovers another result if Sharp had adopted an aggressivefinancial strategy. I mention a possible strategy that could have been implemented in2006. Sharp could have spun offits solar cell business and gone to public. In order toget an actual number, the multiples method is used in this thesis as a valuation tool. In Chapter 6, I mention the relevance of a spin-off strategy and explain theconcept of concentration and specialization as Sharps future strategy.