封測企業成長之研究-以日月光, AMKOR, 矽品為例

Abstract

台灣是全球半導體業重鎮，無論是晶圓代工，IC設計、 IC封裝、IC測試等均佔有全球產值的一席之地，如台積電與聯電分佔全世界晶圓代工業之冠亞軍，而台灣的某些IC設計業者也進入全球前十大IC設計業之排名，至於IC封裝測試，日月光與矽品原為全球封測業者之冠季軍，但自2003年起，日月光因企業購併及策略聯盟運用得宜而超越第一名之艾克爾成為全球封測業之霸主，日月光與矽品為爭取封測業龍頭之寶座積極運用外部成長策略促使企業成長，而矽品則因購併活動較為保守，故位居季軍。故本文進行此三家公司之個案分析，深入研究1999~2008年間此三家公司所進行之企業策略聯盟之事件、資本支出與研究發展支出對其企業成長之影響，囿於研究時間僅十年且樣本量過少，故無法進行迴歸分析與統計檢定了解企業購併與策略聯盟與其企業成長之關聯性。經進行事件分析發現前一年度進行企業購併及策略聯盟確實對企業下一年度之營收成長率有正面之幫助。另經並比較此三家個案公司於封測業排名之變化後，發現日月光因運用購併及策略聯盟之外部成廠策略得宜，並持續進行資本及研究發展支出之內部成長策略，因此取代艾克爾成為全球封測業之霸主。

Taiwan has been a significant base in semi-conductor industry of the world. Taiwan companies have played an important role in Wafer Foundry, IC design, or IC assembly and testing. For instance, TSMC and UMC are the first and second largest wafer foundries in the world, while some IC-design companies rank in the top 10. As to Assembly and Testing, ASE and Spil had been in the second and third place in the SAT. However, since 2003, ASE has replaced Amkor to be the largest SAT company in the world due to its successful activities of M&A and Strategic alliance. ASE and Amkor have actively employed external growth strategies to strive for the champion position in SAT industry. As to Spil, Spil has always been in the third place in SAT industry due to its fewer and conservative activities of external growth. Accordingly, I conduct case study method on these three companies and take a deep analysis of the impact on the company growth brought by each event of M&A and strategic alliance in the priod from 1999 to 2008. Due to limited examples during ten years of my research, I did not perform regression analysis and Hypothesis test to understand the relationship between M&A, Strategic alliance with company growth. However, after case study of these three companies. I did found that M&A and strategic alliance did contribute positive company growth in the next year. Moreover, after comparison of the changes in the SAT ranking of these three companies, I noticed that with appropriate and successful M&A and Strategic alliance strategies as well as continuous capital expenditure and R&D activities, ASE has replaced Amkor to be the champion in the SAT industry.