台灣半導體廠商價值創造之研究

Abstract

在過去不到二十年來，台灣的半導體產業已發展為僅次於美、日、韓的全球第四大IC生產勢力。但這樣的成就並非憑空而來，而是多年來投入各種龐大資源才得以促成的。因此，針對此類廠商的績效分析顯得相當有意義。然而過去相關的研究多以使用傳統的財務績效指標為主，而沒有全面考量公司經營所需要的資金成本。 本研究在這樣的背景之下，為補足過去研究的缺失，以經濟附加價值﹝EVA﹞為廠商價值創造的衡量指標，以台灣半導體上市、上櫃公司為研究對象，研究期間包含1985年至1999年底。首先首先以簡單迴歸的方法，分析過去十五年來台灣半導體廠商是否隨時間累積了產業的知識與技術，而增強其價值創造的能力。接著以Mann-Whitney-Wilcoxon檢定法與t檢定法檢定半導體與非半導體廠商間價值創造的差異，以了解何者能為股東帶來較高的附加價值。最後並利用多元迴歸分析的方式，找出三個主要創價特性下背後的價值動因﹝Value Driver﹞。 本研究的結論如下： 一、台灣半導體產業中游的IC製造與晶圓代工廠商以及下游的封裝測試業者，雖然持續不斷投入大筆的資金與設備，但並沒有明顯隨時間累積其知識與技術，以提昇其價值創造的實質能力。 二、利用EVA為價值衡量指標下，台灣的半導體廠商整體而言所創造出來的附加價值與其他產業相近似。 三、台灣半導體廠商的價值動因多與營運管理方面相關，鮮少以財務管理面為主。

In less than twenty years, Taiwan’s IC industry has evolved from virtually scratch to become the fourth largest manufacturing muscle in the world, only next to the U.S., Japan and Korea. But, the accomplishment of Taiwan’s IC industry comes at a high cost. Great amount of resources of various types have been poured into the development of Taiwan’s IC industry. Thus, it is of interest to many researchers to investigate the performance of Taiwan’s IC firms. However, prior studies have relied largely on traditional financial performance measures that are flawed of not taking into account the cost of all sources of capital. This research rectified those previous studies in providing a more solid measure of performance for Taiwan’s IC firms. The performance measure used is the EVATM. We investigated the performance of all IC related firms listed in the Taiwan Stock Exchange or the OTC market over the period from 1985 to 1999. In addition to reporting the performance of these firms, we also conducted two tests. The first test employing simple-regression investigated to see whether the accumulation of technology, proxied by the time variable, has enhanced the value creation capability of Taiwan’s IC firms. The second one employing Mann-Whitney-Wilcoxon test and t-test investigated the difference between the IC and the non-IC firms in terms of their value creation capability. Lastly, a stepwise multivariate regression method was used to help in identifying the value drivers of Taiwan’s IC firms. The main findings of this research are as follow: First, over all, Taiwan’s IC firms have not done well in improving their value creation capability along time, despite their heavy investment in expensive equipments. It seems that the technology accumulated over time has done little to enhance the competitive advantage of Taiwan’s IC manufacturing and packaging firms. Second, based on the measure of EVA, we found no significant difference in value creation capability between the IC and non-IC firms. Third, the key value drivers of Taiwan’s IC firms lie more on the operating management aspect and less on the financial management aspect.