台灣半導體封裝測試業者的創新能力與經營績效

Abstract

台灣半導體封裝測試產業為台灣半導體產業之濫觴，自1965年美商Microchip在高雄成立高雄電子起算，迄今已四十餘年。台灣半導體業獨特的上下游垂直專業分工經營型態，以及產業的族群效應，形成競爭優勢，吸引國際IDM大廠釋放委外訂單，使我國半導體產業成長率，歷年來皆優於全球半導體產業，其中封裝測試業的產值更居全球第一。 半導體產業屬規模經濟產業，但其產業景氣波動卻又十分劇烈。1990年代前期半導體產業蓬勃發展，吸引眾多廠商紛紛投入設廠，但1996-1998年連續三年的不景氣，使業內廠商經營面臨險峻挑戰，故誘發自1999年開始的一波產業重整潮，從台灣第一家封測廠高雄電子被南茂購併之後，購併、策略聯盟的消息就不絕於耳。 半導體廠商製程技術朝奈米化發展，及電子產品輕薄短小的發展趨勢，使封裝測試技術的困難度升高，需投入之資金也提高，使業內廠商需付出更昂貴的代價來創新研發以維持產業競爭力。但技術進展快速再加上產品生命週期縮短，單靠己力研發創新恐緩不濟急，故業者亦透過購併、策略聯盟等方式去快速獲得所需產品、技術、市場等，以保持競爭優勢。 國內研究半導體封裝測試產業的文獻中，大都提出封裝測試業者除了須保有充裕的資金、良好的成本控制及正確的產品策略外，業者應持續提升核心技術能力，並應採取策略聯盟策略以快速取得新技術以擴大產品、市場等，以持續保有領先優勢。但這些研究大都偏向質性的探討，而未以量化方式驗證這些策略對公司經營績效的幫助。 本研究以計量方法探討台灣封裝測試業者的創新能力，包括自行研發投入、策略聯盟及購併三方面，對公司經營績效之影響，同時並探討公司本身之競爭策略在與創新能力交互作用後對公司經營績效之影響為何。本研究重要結論如下： 台灣封裝測試業者的經營績效會因公司的研發強度和採取策略聯盟活動而增加，且兩者均有遲延效應，但為期均只有一兩年。而台灣封裝測試業者的經營績效與是否採取購併行為的相關性並不顯著。另台灣封裝測試業小公司的經營較大公司有彈性，不論是採取低階產品低研發策略或利基型產品高研發策略，其公司經營績效均較大公司來得突出。另外本研究並未發現在景氣好壞時增減研發支出對公司經營績效有顯著影響。另締結技術型策略聯盟規模小者，其公司經營績效較佳，且公司規模愈小者採此種策略經營之績效愈佳，顯示小公司採「利基產品型」策略經營只要取得關鍵技術即可有效增進公司經營績效；而締結混合型策略聯盟規模大者，其公司經營績效較佳，且公司規模愈大者採此種策略經營之績效愈佳，顯示大公司採透過股權投資或多層面的策略合作關係，擴大其關係網絡之策略經營可有效增進其經營績效。另小公司採取購併行為時，其購併效益顯現的速度亦較大公司為快。

Taiwan’s semiconductor（or integrated circuit, IC）industry starts from packaging and testing sector. It has been developing for more than 40 years since Microchip Taiwan Inc., the first semiconductor packaging company in Taiwan, established in 1965 which was founded by Microchip Technology Inc. Today, a comprehensive throughput process of the IC industry is well established in Taiwan. Well-known for its vertical disintegration and industry clustering, Taiwan’s IC industry attracts a lot of IDM outsourcing orders and experiences dramatically market share growth in past few years. The domestic production capability of Taiwan’s packaging and testing industry is ranked No. 1 in the world. The characteristics of IC industry are economies of scale and volatility of market demand. Therefore, it is easily suffered loss when there is economic downturn. It is inevitable that industry contraction is initiated through mergers and acquisitions (M&As) due to excess capacity to rationalize and induce exit. Microchip Taiwan Inc. was merged by ChipMos Technology Ltd in 1999 is a good example. To meet market demands for portable electronic products of lighter weight and more compact size, IC assembly packagers need to shrink the package size, and devote themselves to developing higher level of technology to increase connecting density and lower heat radiation. For testing houses of semiconductor, expensive automatic test equipment and long duration of burn-in procedure are the major concern. The more advance the technology level, the greater amount the capital needed for research and development (R&D) and equipment purchase. When self-investment takes too much time or resources limitation, M&As or strategic alliances through co-invention, licensing and equity investments take place to speed up the pace of acquiring products, market shares and technologies. There are many studies on key success factors (KSF) of Taiwan’s semiconductor packagers and testers. Besides excellent cost control and niche product selection, they suggest that establishing strategic alliance network is a good strategic move to keep competitive advantages. However, these studies are conducted in qualitative method such as high level management interviews or issuing questionnaires, no quantitive evidence is performed to confirm its accountability and usefulness. Econometrics method is applied in this research to investigate the impact of various aspects of innovative capabilities on firm performance for Taiwan’s semiconductor packagers and testers. The empirical results indicate that innovative capabilities are mostly positively related to performance as measured by returns on invested capital (ROIC). The noteworthy results are as follows: 1. Both R&D and strategic alliances are helpful to firm performance for their benefits have lag effects and can only extend one and two years respectively whereas M&A’s effect is not statistically significant.. 2. Small Taiwan IC packagers and testers outperform large ones no matter whether they are low R&D inputs for traditional products or high R&D inputs for niche products. 3. No significance interaction effect was found between business cycle and R&D input on firm performance. 4. The size of technical strategic alliance is negatively correlated whereas that of mixed strategic alliance is positively correlated to firm performance. And negative interaction effect is found between firm size and technical strategic alliance size whereas positive interaction effect is found between firm size and mixed strategic alliance size. 5. The M&A benefits realize faster for smaller Taiwan IC packagers and testers.