台灣半導體製造廠商融資決策評估模式之建構：模糊層級分析法之應用

Abstract

科技產業已經成為台灣經濟發展的重要命脈，近年來台灣半導體產業的優異表現，全世界有目共賭，在向國際舞台進軍的同時，半導體業者也將面臨著全球其他競爭對手的挑戰，尤其半導體製造業有著高風險、高利潤、資本、技術密集以及明顯產業景氣循環的特殊產業特性，融資決策是否得當，將直接影響企業未來的競爭力。妥善的融資策略有以下優點：1、適時取得適當的資金。2、降低資金成本，提升企業競爭力。3、降低或控制因融資引發之財務風險。可見融資決策對半導體製造業相當重要。 本研究的研究流程有文獻探討、專家訪談及針對台灣半導體製造廠商融資財務主管進行問卷調查。融資決策行為本身是一個多屬性的結構，因此本研究使用模糊層級分析法，對於影響融資決策層級架構之層面與準則，進行相對權重之評比，以及衡量各融資方案的績效值，其目的為建構融資決策評估模式。 本研究分析問卷調查結果，得到以下結論： 一、半導體製造廠商融資決策的主要評估準則之權重大小依序為： 1.融資需求 2.經營能力 3.股利政策 4.產業景氣 5.財務結構 6.公司規模 7.股價表現 8.公司成長性 9.獲利性 10.金融市場利率 11.償債能力 12.股權結構 二、建構台灣半導體製造廠商融資決策評估模式 經由本論文之研究，依據模糊層級分析法，建構之台彎半導體製造廠商融資決策評估模式，可對於融資方案進行有邏輯及系統化地評估，以做成較嚴謹及最適的融資決策。

The high-tech industry has been essential to the economic development of Taiwan, particularly the semiconductor industry. While semiconductor industry in Taiwan has been very successful in recent years, it also faces challenges from rivals around the world. Further challenges are imposed by highly cyclical and high risk/reward nature of the business, as well as the capital and technological intensity of the industry. The financing strategy of a semiconductor company often have a direct impact on the competitiveness the company, and at times, impact even the survivability of a company. A sound financing strategy will (1) provide timely and adequate capital financing; (2) reduce cost of capital and the enhance competitiveness; and (3) reduce financial risks. The purpose of this study is to construct an evaluation model for financing evaluation process. The study is conducted with the support of relevant literatures, interview with professionals, and results from questionnaires taken by finance managers of semiconductor companies in Taiwan. In General, financial decision are made under multiple hierarchy structures. The study adopts fuzzy analytical hierarchy process to determine the relative weightings of the attributes and guidelines in every hierarchy structure, and to measure the performance index of different financing solutions. From the study and analysis, we determined: -Construction of the financing evaluation model for semiconductor companies in Taiwan A financing evaluation model for semiconductor companies in Taiwan is constructed. The model can lead to more logical and systematical development of financing strategies. It can also suggest a more stringent and optimal financing solution.