垂直整合與虛擬整合商業模式之績效比較：台灣積體電路産業實證

Abstract

台灣的積體電路(Integrated Circuit, IC)產業中業者採取的商業模式(business model)出現兩種不同的類型共存。本研究基於各國IC產業發展結構未如台灣完整，因此深入探討台灣IC產業中企業採取兩種不同商業模式下其經營績效的差異。結果顯示，兩種不同商業模式的策略群組，其獲利率ROA與ROE有顯著差異，其中虛擬整合商業模式的獲利率高於垂直整合商業模式，且獲利風險（ROS變異數）亦顯著低於垂直整合商業模式。本研究並以複回歸分析法，將景氣波動納入自變數中，發現景氣循環影響兩種商業模式的獲利差異。當景氣過熱時，垂直整合商業模式的獲利率反而會高於虛擬整合商業模式。

Taiwan's Integrated Circuit (IC) industry is of particular interest due to its increasing global importance and its unique, virtually integrated industrial infrastructure. This study attempts empirically to investigate the relationship between the profitability of Taiwan's IC firms (dependent variables) and both firms' business strategies (virtual integration versus IDM) and industrial business cycles (contingent variable). Significant and interesting results were obtained. First, the main factor, business strategies, significantly affects a firm's profitability and the variation over time. Secondly, the significance of the effect of the interaction between business cycles and business strategies implies that business cycles impact the two strategic groups to different extents. Finally, the effectiveness of virtual integration to increase a firm's return on sales is demonstrated. The increasing numbers of independent IC design firms worldwide seem to support the findings of this work.