垂直整合與虛擬整合商業模式股價報酬及風險之比較-以積體電路產業為例

Abstract

在積體電路(Integrated Circuit; IC)產業中，存在垂直整合與虛擬整合兩種商業模式。採取垂直整合商業模式的業者，稱為整合元件製造商，包辦設計、製造、封測等價值活動；而虛擬整合商業模式，則是由設計業者、晶圓代工、封測業者等共同組成。本研究擬比較兩種不同商業模式的IC廠商其股價報酬與風險的差異，藉以探討垂直整合策略對於廠商績效與風險的影響。研究結果發現，台灣的IC產業中，採取虛擬整合商業模式的廠商存在絕對優勢，不僅股價報酬優於垂直整合商業模式，其風險也較低。而美國的IC產業則呈現高報酬高風險、低報酬低風險的抵換關係。採取垂直整合商業模式的美國IC廠商承擔風險較低，但股價報酬也較低；反之，採取虛擬整合商業模式的美國IC廠商，在享有高報酬的同時，也需承擔較高的風險。此外，垂直整合商業模式廠商的報酬雖顯著低於虛擬整合，但享有風險較低的優勢，可說明IC產業中垂直整合與虛擬整合廠商並存的原因；近年來虛擬整合商業模式的風險已逐漸降低，反映出這幾年IC產業逐步走向虛擬整合的全球趨勢，另一方面，台灣虛擬整合廠商的異常報酬逐漸降低，則顯示台灣廠商彼此間的同質化差異能力逐漸衰退中。

In the Integrated Circuit (IC) industry, two different business models, namely integrated device manufacturing (IDM) and virtual integrated device manufacturing (VI), are prevalent and both can be well justified. An IDM is a highly vertical integrated company that both designs and manufactures its own IC products. In contrast, firms adopting VI model coexists with vertically disintegrated firms by specializing in design and marketing (fabless firms) or manufacturing (foundries). Whether IDM or VI business model can truly better position the firms in terms of providing higher return or less risk in the IC industry remain to be explored. This study aims to examine the relationship between the profitability (stock price return and risk) of Taiwanese and American IC companies and their business models (IDM versus VI).The subjects of this study are the listed IC companies in Taiwan or US stock market from 2000 to 2007. Interesting contrast results are found between Taiwan and US market. Taiwanese VI companies have achieved a significantly higher return and lower risk than Taiwanese IDM firms. In contrast, there is a trade-off between risk and return in US market. Although American VI companies significantly outperform American IDM counterparts, they also undertake higher risk than American IDM firms. Finally, a comparison of data between the periods of 2000-2003 and 2004-2007 shows that returns of IDM and VI companies both declines after 2004. The fact that the risk of VI firms has increased since 2004 in Taiwan market suggests the differentiation capabilities of Taiwan IC industry are diminishing. In addition, the risk of IDM firms in US market has increased but that of VI firms has decreased since 2004. This finding provides a possible explanation for the increasing number of independent IC design firms worldwide.