半導體設備產業之企業評價與經營績效分析-- 以 Lam Research Corporation 為例

Abstract

本研究主要是以經濟附加價值( Economic Value Added )理論對美國的兩家半導體設備供應商作經營績效分析，並求得其企業價值。 其中 Lam Research 為一專攻於蝕刻設備之供應商。市場佔有率近年來大有提昇，並且於整體半導體設備銷售額排名中，也由2004, 2005的第七名，上升至第五名。而 Applied Materials 則是一跨足半導體設備各領域之全球最大供應商，其在本產業中的龍頭地位幾乎不容挑戰。 由於兩家公司皆為美國上市公司，故可藉由公開之財務資訊，進行各項經營績效指標分析。整個研究分析過程以 Lam Research 為主要個案公司，並輔以 Applied Materials 作為標竿比較之企業。就各項營運績效之指標分析，探討Lam Research營運績效改進之原因。 研究結果發現Lam Research在ROIC-WACC差值及Invested Capital Turnover等衡量經營績效的參數上，均較Applied Materials為優。評價結果顯示市場似乎有低估Lam Research股價的現象。Lam Research經營績效之好轉，則與其產品市佔率提升、良好之裝機及保固服務管理、稅務策略之最佳化、非核心業務之外包等有直接關係。本研究對於Lam Research之未來發展策略，則提出鄰近市場開拓、積極併購以提昇綜效、強化知識管理及保留人才和資本結構的最佳化等建言。

This thesis is to do business valuation for two American semiconductor equipment suppliers by using the method of EVA (Economic Value Added). Lam Research Corporation, a company mainly focusing on etch tools, has been gaining market shares for the past years. While Applied Materials, the biggest player in this industry since 1992, has been maintaining dominant positions in most of the segments. Operation efficiency abalysis and business valuation is conducted through the publicized information. We consider Lam Research as our main case while use Applied Materials for benchmarking purpose. Various operation efficiency parameters are compared to find out the cause of Lam Research’s performance improvement. The study finds that both ROIC-WACC spread and Invested Capital Turnover of Lam Research are better than those of Applied Material. It is also found that the market price of Lam Research stock seems to be undervalued. The causes of how Lam Research improved its operation include the market share gain, sound installation and warranty management, optimization of its tax strategy, outsourcing of non-core activities. We also provides our recommendations for Lam Research’s future strategies which include adjacent market engagement, aggressive merge and acquisition, improve knowledge management and people retention and optimization of its capital structure.