美商應用材料公司多角化策略與企業價值之影響

Abstract

半導體設備業是一個投資金額大、技術要求高、景氣循環大的市場。美商應用材料公司十多年來一直在半導體設備業中處於領先的地位，不但提供客戶最廣的產品線，也提供客戶全方位與即時的服務，所以年營收在業界一直排名第一。在1999年第四季以後，美商應用材料公司開始進行大規模的產業和服務的多角化策略。為了快速進入平面顯示器、太陽能電池、節能設備市場及提供更多元的服務，美商應用材料公司多次利用併購方式快速進入這些新的市場。美商應用材料公司的這些佈局與行動，一直受到競爭對手、產業上、下游業者及社會大眾的高度重視。 本研究以1999年第四季為分水嶺，探討美商應用材料公司在此時間點之後所採行的產業和服務的多角化策略，是否讓企業價值動因發生改變，也同時使用Ohlson企業價值模型來檢驗企業價值是否產生變化。研究結果發現，以獲利能力、經營能力、財務結構、研發創新四大構面所分析的十二項價值動因中，經營構面的價值動因產生了變化，應收帳款週轉率及每股盈餘顯著獲得提昇；但是存貨週轉率、總體資產週轉率卻是下降；在財務結構方面，負債比顯著降低，且流動比及速動比也獲得提昇，整體財務結構為因應新產業、新市場及併購活動，所以處於保守及低風險狀態；在研發創新部份，研發費用占銷售比率沒有明顯差異，平均值保持在14%的高水準，以強化技術為主的核心競爭力；在獲利部分，產業和服務多角化策略後改變不大，資產報酬率、股東權益報酬率及純益率並無顯著改變，而營收成長率卻是顯著下降。 Ohlson企業價值模型中的非會計項目若以反應產業景氣變化的費城半導體指數取代，並以虛擬變數DS（產業及服務多角化策略）加入模型後，可以提高整個模型的解釋能力。由考慮產業及服務多角化的Ohlson企業評價模型研究得知，美商應用材料公司在執行產業和服務多角化策略企業價值並無顯著的改變。這也呼應價值動因分析結果，雖然某些項目獲得提昇；但是其他指標卻顯示下降。整體而言，企業價值並無顯著變化。

Applied Materials Inc. is the world's largest supplier of production equipment and services to the global semiconductor fabrication industry and is a leading information infrastructure provider. Currently the company’s business consists of four segments: Silicon, Global Services, Display, and Energy/Environmental Solutions. Its Silicon segment provides a wide range of manufacturing equipments that perform primary processes used in the integrated circuit (IC) fabrication. Since 1999, Applied Materials has been adopting a strategy of diversification to expand its business. Through several mergers and acquisitions, its business grows in the equipment markets other than semiconductor industry, such as flat panel displays and solar energy. This study investigates the changes of Applied Materials’ value drivers since the fourth quarter in 1999, and verifies how enterprise value changes using the Ohlson Model. The performances are measured by 12 value drivers which can be categorized into 4 measures– management, financial structure, innovation, and profitability. For management measure, the receivables turnover ratio and earning per share (EPS) have been improved, but the inventory turnover and asset turnover ratios are low. For financial structure, the total debt ratio is low, while the current and quick ratios remain relatively high. To reduce its risks when entering new markets through acquisitions, Applied Materials’ financial structure tends to be conservative. As to innovation, Applied Materials’ research and development expense to sales ratio (R&D expense/sales) remains high, i.e., 14% in average, to maintain its core competency and competitive advantage. In profitability measure, although the sales growth rate has dropped, there is no obvious change in the return on asset (ROA), return on equity (ROE), and profit margin. The Ohlson Model explains the above observations better if the dummy variables (DS) are applied and the “other information” is replaced by the Philadelphia Semiconductor Index (SOX) which is a common indicator of the semiconductor industry business cycle . In summary, the Ohlson Model shows that there is no significant change on Applied Materials’ enterprise value as the firm enters new industries and services as a result of its diversification strategy.