全球半導體設備產業績效評估-隨機邊界法之應用

Abstract

本研究應用隨機邊界法，以兩階段模型，分別就公司獲利效率與市場效率等兩個面向，並納入兩個外生環境變數:產品市場區隔與公司國籍，來評估全球半導體設備產業的績效。實證研究以32 家DMU 為對象，蒐集三年(2006~2008)的面板資料；第一階段獲利效率投入項為員工數，研發費用與固定資產，產出項為營業額與股東權益報酬率；市場效率以獲利效率之產出項做為投入項，以每股盈餘(EPS)與股價淨值比(P/B)為產出，分別計算其效率值，並定義總體效率為獲利效率與市場效率之相乘項。研究結果顯示，各階段之技術無效率項皆佔有隨機邊界模型中之誤差組合項達百分之七十三以上。從產業面來看，日系設備公司之總體績效顯著高於歐美設備公司；產品為半導體前段設備之公司其總體績效亦顯著高於後段設備公司。就半導體設備產業而言，亞洲與歐美公司的經營績效有顯著差異；半導體前段製程設備公司與後段設備公司之經營績效亦有顯著差異。

The principle objective of this study is to measure and compare the performance of semiconductor equipment firms. A stochastic frontier approach, a two stages model, and 3 years panel data were employed to evaluate the performance. Profitability efficiency applies number of employee, fixed asset, and R&D expenditure as inputs, and total revenue and return to equity as outputs. These outputs are applied as inputs for marketability efficiency;the outputs are price to book ratio and earnings per share. Empirical study also considers twovariables: market segment, and nationality for the environmental effect on the model. The results show that the technical efficiency term weights more than 73% in the error composite at each stage. The total efficiencies of Japanese firms are significant higher than the EU/US firms; the total efficiencies of the semiconductor front-end equipment firms are also significant higher than the back-end equipment firms.