產業政策與國際化對國內IC設計業之經營績效評估研究

Abstract

本研究以我國積體電路設計業中共計35家已上市櫃的掛牌企業作為研究對象，以單一產出(銷售淨額)及三投入(包括勞動力投入、資本投入及研發投入)作為研究變數，另外考慮三項環境變數(政府所給予的投資抵減、企業國際化程度及企業資本結構)作為企業無效率分析的研究變數，整體樣本的研究區間為西元1998年至西元2003年為止共計6年，而儘管所選擇的樣本在總家數方面僅佔國內整體IC設計業12%，但是自1998年至2003年累計營業額的國內市佔率卻高達92.8%，顯見所選樣本代表性及國內IC設計產業的集中度。在研究方法方面先利用Multistage DEA分析研究的決策單位所屬之生產階段(CRS、IRS或是DRS)並計算其各期之整體效率(OTE)、純粹技術效率(PTE)及規模效率(SE)，進一步使用Malmquist-DEA模型分析國內IC 設計業縱橫面資料，以了解企業決策單位生產力(企業跨期之CRS與VRS比較)與效率值變動的趨勢與原因。最後選取投資抵減金額(政府每年給予企業的投資抵減)、外銷比例(企業國際化程度)及負債比率(企業資本結構)等三項環境變數，利用Tobit廻歸模型來求解其無效率程度。研究主要發現：(1)投資抵減無法明顯降低國內IC設計業者的無效率程度；(2)國際化程度高，其外銷比率提高至63%可降低其無效率程度；(3)此外企業維持約45.9%的負債比率可有效顯著降低其無效率程度；(4)最佳的產業政策是自由開放市場鼓勵廠商加深國際化進軍海外市場；(5)再配合政府或是民間金融機構適當的融資可形成企業經營管理上一定程度的壓力，進而明顯降低無效率的情況，都符合自由經濟的產業競爭政策。

This thesis studies the efficiency and productivity of thirty-five Tawan’s IC design houses listed on TWSE and OTC. There are a single output (net sales revenue) and three inputs (includes labor force, capital input and R&D expenditure). In addition to output and inputs variable; three environment variables (included the tax deduction, the enterprise globalization degree and business capital structure) are taken into account to see how they affect inefficiency of firms. A 1998-2003 panel data set is eatblished. Although the firms’ amount only acoount for 12% of the whole IC design firms, they contributed 92.8% of this industry’s sales revenue. We use data envelopment analysis (DEA) find out the returns to scale of these firms (CRS, IRS or DRS) and compute their overall technical efficiency (OTE), pure technical efficiency (PTE), and scale efficiency (SE). We also use Malmquist-DEA model to obtain productivities of these Taiwan IC design houses. We then run Tobit regressions to estimate how environmental variables affect inefficiency. Our major findings are as follows: (1) Tax deduction cannot reduce inefficiency in Taiwan’s IC design industry. (2) Inefficiency and globalization (exporting ratio) has a significant U-shaped relation. Other things being equal, inefficiency is minimized at the exporting ratio of 63%. (3) Inefficiency and globalization liability ratio has a significant U-shaped relation. Other things being equal, inefficiency is minimized at the libability between 45.9%. (4) The best industrial policy is to open and deregulate the market, in order to encourage the firms’ globalization. (5) A moderate financial pressure can also help efficiency.