全球半導體產業營運策略族群分析

Abstract

在本研究中，我們試圖探究現今全球半導體產業公司之最適宜經營策略，並針對全球半導體公司找出不同策略所形成之不同策略集群。研究資料取自S&P Compustat 資料庫中SIC 代碼為#3674，經過刪除資料不全樣本後，203家上市的半導體公司作為研究對象。由於我們無從得知每家公司的營運管理能力，本研究由拆解杜邦恆等式之財務指標出發，建立一套研究架構並提出簡易的判斷準則來評估管理能力。首先，我們蒐集了九項財務指標，並進行因素分析，將財務指標和其背後的管理意涵萃取為四項主要管理能力：知識管理能力、資產管理能力、顧客關係管理能力與供應商關係管理能力。依據四項主要的管理能力準則，著手進行二階段集群分析，每家半導體公司將被分入其中一個策略族群，實證數據得出四組的策略族群。接下來，我們將檢驗不同策略族群與營運績效之間是否具有顯著影響關係？哪一策略族群財務績效表現最佳？最後，我們將研究發現、研究貢獻及未來研究方向加以彙整。

In this article, we want to find out appropriate strategy and make some managerial suggestions for semiconductor companies in worldwide. We take the listed 203 semiconductor companies as our research sample from Standard & Poor Global Compustat. Since we could not directly observe the management capabilities from each company, this paper start from the financial data to create a framework to provide simple principle to examine the management capabilities. We collect nine financial indicators in advance and conduct Factor Analysis to find out the main factors related to managerial implications. There are four major management capabilities we derive, which are Knowledge management, Assets management, Customer Relationship management, and Supplier Relationship management. Based on the four management factors, we conduct Two-step Cluster Analysis, which classify the semiconductor industry into four strategic groups. In the end, we examine the configuration-performance relationship and derive the most ideal configuration for the semiconductor industry.