探討台灣半導體策略聯盟與財務績效關聯性之研究

The Study on Financial Performance Changes Associated with Strategic Alliances - A Case of Taiwanese Semiconductor Industry

鄒有憲(Yu-Hsien Tsou)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300526

摘要

論文摘要

隨著經濟環境與資訊科技的急遽改變，今日已沒有一家企業能夠單獨依賴組織內部提供營運所需的所有資源。因此，產業間或跨產業的策略聯盟已成為目前全球熱門的趨勢。至於這些策略行為能否真如預期地發揮其成效，則待進一步的探討。
本研究以民國85年90年從事策略聯盟之台灣半導體公司為研究對象，共計取得12個策略聯盟樣本。根據實證結果分析，本研究之結論如下：
1. 在國內半導體產業策略聯盟方面，國內對國內聯盟前之財務績效上，在總資產週轉率、銷貨利潤邊際與營業成本比呈現較顯著之影響。在聯盟後之財務績效上，以營收成長率、負債比率、總資產週轉率、應收帳款週轉率、銷貨利潤邊際與營業成本比率，皆對股東權益報酬率呈現顯著的影響。
2. 在國際企業策略聯盟方面，聯盟前之財務績效上，在總資產週轉率、銷貨利潤邊際與營業成本比皆呈現較顯著之影響。在聯盟後之財務績效上，則有營收成長率、負債比率、總資產週轉率、銷貨利潤邊際對股東權益報酬率呈現顯著的影響。
3. 以整體而言，策略聯盟雖可藉由提高資產運用效率使績效表現更好，但需對策略聯盟目的與型態作進一步分析，因不同之策略聯盟型態會造成不同之績效。

4. 由上述結論可發現，國內策略聯盟較國際策略聯盟包括更多的變數以影響公司績效。

關鍵字

核心競爭力 ； 經營績效 ； 策略型態 ； 相關性 ； 半導體 ； 策略聯盟 ； 財務績效

並列摘要

Abstract

As the dramatic change in the economic environment and hi-tech industry, no businesses can survive by its company's operation alone. At present, the strategic alliances between inter-industry firms or intra-industry firms have became the popular trends for the past decades. One purpose of this study is to explore whether the strategic alliance or acquisitions can successfully improve its performance or not.
There were 12 semiconductor firms declared their strategic alliances during the sampling period of this investigation from 1996 to 2001. The empirical results are summarized as follows:

1. Concerning domestic semiconductor industry’s strategic alliances, this work found that, after strategic alliances, the six variables i.e. rate of growth operation、current ratio、debt ratio、total asset turnover ratio、profit margin on sales and cost of sales have significant impacts on the rate of return of stockholders equity.

2. Regarding strategic alliances between inter national and domestic semiconductor firms, there are four variables’ rate of growth operation、debt ratio、total asset turnover ratio and profit margin on sales have significant influence on the rate of return of stockholders equity.

In summary, strategic alliances can improve the effectiveness of the assets utilization and enhance the performance of the firms. This investigation suggests that further study showed check the purposes and methods of strategic alliances. because different purposes will cause different results.

This study concludes that after strategic alliances, domestic strategic alliances significant impact on the performance of the firms than international strategic alliances do.

並列關鍵字

business performance ； core competance ； strategic type ； semiconductor ； strategic alliances ； association ； financial performance

參考文獻

馮秀鳳 「半導體產業經營效率之研究-資料包絡分析法之應用」，私立中原大學會計研究所未出版之碩士論文，民國91年。

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