微笑曲線的驗證－台灣半導體產業之實證分析

Abstract

施振榮(2004)發現台灣半導體產業的附加價值曲線已轉變為U型之微笑曲線。因此，本研究將根據施振榮(1996)提出的微笑曲線理論，檢視台灣半導體產業之附加價值曲線。為驗證半導體產業的微笑曲線，本研究以2000-2005年的台灣半導體產業廠商為樣本，以無形資產評價方法作為附加價值的代理變數，驗證半導體產業價值鏈中附加價值的分佈，推導出台灣半導體產業之微笑曲線正確形狀。 本研究以Panel data迴歸分析，探討時間效果、產業價值鏈及公司效率對企業報酬率及附加價值的關係。迴歸結果發現台灣半導體產業深受景氣循環影響，營業風險高。而在產業價值鏈的環節中，半導體設計業同時涵蓋研發及品牌行銷的業務，較製造業及封測業擁有較高的報酬率及附加價值，因此台灣半導體產業價值鏈的微笑曲線為一U型曲線。

Shih developed a new perspective of firms' competitive advantage based on an extensive analysis of the industry's value-chain. Shih (2004) found that the value chain of Taiwan semiconductor industry had gradually shifted to the bottom in a U-shaped curve. Hence, this study will be in accordance with Shih's (1996) “Smiling Curve” hypothesis and test the value chain of Taiwan semiconductor industry. In order to test Shih announced the Smiling Curve of Taiwan semiconductor industry, the research selected Taiwan semiconductor firms in 2000-2005 for conducing empirical studies and we used the intellectual capital valuation methods as a proxy of value added. We used panel data regression analysis to understand what factors affect firm's profit rate and value added. We find that Taiwan semiconductor industry is affected by business circle and has high business risk. The fabless industry has higher value added more than manufacturing industry or packaging and testing industry, because the fabless industry is engaged in design and marketing. For this reason, the value chain of Taiwan semiconductor industry is a U-shape curve.