垂直整合與虛擬整合商業模式股價報酬及風險之比較：台灣、美國積體電路產業之實證

Abstract

在全球積體電路(Integrated Circuit, IC)產業中，垂直整合與虛擬整合兩種商業模式同時並存，且各具優勢，究竟兩種IC產業商業模式的績效表現孰者較佳，是值得探討的議題。本研究之目的在於比較IC產業垂直整合與虛擬整合廠商之股價報酬與風險的差異，以2000至2007年間台灣與美國市場上市之IC廠商爲研究對象，依據其所屬的市場及商業模式，建立不同的投資組合，並以Fama-French三因子模型分析不同投資組合間股價報酬與風險的差異。研究結果顯示，台灣市場中虛擬整合IC廠商所形成的投資組合，不僅股價報酬優於垂直整合廠商所形成之投資組合，其風險也同樣較低；而在美國市場部分，兩種商業模式形成之投資組合則呈現報酬與風險的抵換關係，美國市場垂直整合IC廠商所形成的投資組合，其股價報酬較虛擬整合廠商所形成之投資組合爲低，但其股價風險也相對較低。

Two conventional and well established business models in the integrated circuit (IC) industry are integrated device manufacturing (IDM) and virtual integration (VI). However, neither model has proven superior. This study aims to examine the relationship between stock return and risk in IC companies and their business models. The subjects were IC companies listed in the Taiwan and US stock markets from 2000 to 2007. Portfolios of IDM or VI firms were created and analyzed by Fama-French three-factor model to compare stock return and risk. The comparison results showed that the portfolio of Taiwanese VI companies achieved significantly higher returns with lower risk than the portfolio of Taiwanese IDM firms. However, a trade-off between risk and return was observed in the US market. In the US, VI companies significantly outperformed their IDM counterparts in stock return, but the VI companies were more risk-tolerant.