台灣IC測試產業之成長策略研究–以K公司為例

Abstract

K公司成立於1987年，專精於半導體測試產業，並於1998年開始大幅投資測試設備，1998年至2007年業績成長18倍，其間僅有2001年業績衰退。郤在2007年達到業績高峰後開始下滑，從2007年至2009年衰退20%。雖然主因是2008年金融海嘯，可是與半導體封裝測試一線大廠相互比較，K公司的成績不如預期。 為何過去的成功經營策略無法複製？為何業績會逐步下降？該公司過去的成長策略是不斷擴充產能，要如何判斷為正確的投資? 本研究先分析該公司的財務指標，並與其主要競爭對手做比較。再用經濟附加價值來確認該公司價值不斷減少，使用資本回報率來計算各類設備的損益，並深入探討其損益的原因。 設備採購必須建立一套完整的評估機制，而且要定期追蹤與檢討其營運結果，方能改善問題，並藉由此機制瞭解投資哪些設備能持續賺錢、為什麼賺錢，進而找到核心競爭力。例如，自行開發測試設備，製造其他競爭對手無法複製的障礙。 本文使用Porter 一般競爭策略，去分析設備盈虧的理由，找出該企業的關鍵成功因素，並經過SWOT分析，訂定出個案公司的未來策略方向。期待能夠增進該公司的營運績效，再創第二成長曲線。

K company was founded in 1987 and was focused on Semiconductor Testing business. It increased rapidly on test equipments in 1998, and the revenue up to 18 times from 1998 to 2007. During that period, only 2001 recession the revenue was down. But this company got worse from 2007 on. The revenue fall-off 20% from 2007 to 2009. Although 2008 had financial crisis, compared with 1st-tier companies, K company’s performance is worse than it should be. The question is why we can’t copy exactly the success management model from the past? Why the revenue is getting worse? The growth strategy of this company was to increase the capacity of testers. But, how to justify that it is a good investment? This thesis analyzes this company’s financial indexes and compares with major competitors. We first use Economic-Value-Added to make sure K company’s value is really reduced. Then we calculated each test platform’s profit and loss with ROIC(Return On Invested Capital), and to dig-out the reasons why. We can improve those problems by setting up an evaluation system for equipment purchasing. This evaluation needs to trace the operational results regularly. Using such system, we can then understand which tester can make money consequently, the reason why, so that we can find out it’s core competence. For example, to develop self-made low-cost tester that other competitors are difficult to copy. This thesis uses Porter’s Competition Strategy to analyze the reasons for test platform’s P&L, to find out K company’s Key Success Factors. By using SWOP analysis, one can build up the strategic roadmap for the future. We are looking forward to see the 2nd growth of the K company.