台灣半導體產業價值鏈、生命週期與公司價值之研究

Abstract

半導體產業具有資金及技術密集、進入門檻高、及受景氣波動度大等產業特性。台灣半導體產業為我國高科技產業的核心，歷經多年的成長，至今已形成完整的產業鏈結構，並以專業垂直分工的特色，在國際間取得競爭優勢，2008年台灣半導體產業銷售額已達14,088億元新台幣，占全球半導體產值的16%。

本研究以2002年至2007年台灣半導體產業上市櫃公司為研究樣本，採用股價淨值比作為研究模型中用來衡量公司價值的之應變數，以多變量複迴歸分析法（Multiple Regression Analysis, MRA），透過公司規模、財務結構、經營能力等變數，研究半導體產業是否會因產業價值鏈屬性不同、以及不同生命週期的階段，對公司價值產生之影響進行探討。期能使企業更瞭解自身在產業價值鏈上最適的角色，進而提高附加價值以提昇企業整體獲利，在未來的競爭舞台上取得關鍵性的優勢。實證結果發現： （1）半導體產業價值鏈屬性與公司價值具有攸關性，處於上游的IC設計業相較於中下游的製造、封測業，有著較高的公司價值。 （2）半導體產業生命週期與公司價值具有攸關性，處於上游IC設計業，成長期公司因前景看好，相對於穩定發展的成熟期公司，市場對會對其給予成長期公司較高的市場評價；而處於下游的中下游的製造、封測業，則因其資本密集、勞力密集的產業特性，故成熟期的公司價值會高於成長期的公司價值。

The semiconductor industry is one easily influenced by the economic fluctuations, and characterized by high entry barriers as a result of intensive capital and technological requirements. After years of development, the semiconductor industry of Taiwan has become the dominant component of Taiwan’s high-tech industry. It has grown into a vertically divided yet mature network of suppliers and manufacturers, equipping the industry with a competitive advantage internationally. As of 2008, Taiwan’s semiconductor industry has reached NT$1.409 trillion, accounting for 16% of the global semiconductor production value.

The samples of this research were selected from the listed semiconductor companies in Taiwan between 2002 and 2007. The Price to Book Value (PB Ratio) was incorporated as the dependent variable in a Multiple Regression Analysis (MRA) model to evaluate the changes in firm value. Other independent variables include company size, financial structure, management, stage of life cycle of the product, and other attributes of the industry value chain to examine their correlations with firm value. The purpose of this study is to allow companies to better determine the most suitable position in the vertical network and to increase its added-values, thereby enhancing the overall corporate profitability and attaining crucial competitive advantages for the future.

The results of this research are as follows: 1)There is a correlation between the attribute of industry value chain and the firm value; the companies involved with IC design of the semiconductor industry has higher firm value compared to those involved with manufacturing, packaging, and testing.

2)The stage of the product life cycle is correlated with the firm value. For companies involved in IC design, the stock market evaluates growing companies with higher PB ratio than the mature companies of IC design with steady growth. However, for those companies involved with manufacturing, packaging, and testing, the market evaluates mature companies with higher PB ratio than growing companies, because of economies of scale and the capital and labor-intensive required for these down-stream production activities.