Open Business Model: An Empirical Study of IC Industry

在積體電路（Integrated Circuit，IC）產業中，同時存在著以整合元件製造商為主體的封閉式的商業模式，以及由虛擬整合廠商組成的開放式商業模式。採行何種商業模式較能使企業獲得較高報酬或承擔較低風險是值得研究的議題。本研究之目的在於檢視IC公司的發利報酬與其商業模式之間的關餘，以在美國NASDAQ上市之IC公司作為研究標的，蒐集其2000-2007年間的財務數據，並使用Fama-French三因子模型進行資料分析。研究結果發現，虛擬整合公司的報酬顯著優於垂直整合公司，但承擔的風險亦較高；此外，若考慮景氣循環因素，進一步將資料分為2000－2003及2004－2007兩期間予以比較，顯示2004年後虛擬整合公司的風險逐步下降，但垂直整合公司的風險卻反而增加。此發現提供了一個有價值的觀點，說明虛擬整合已成為趨勢，在成長的產業中將有更多公司採用開放式的商業模式。本文並運用各產業之案例，闡釋如何運用及一般化本研究之實證結果。

關鍵字

虛擬整合；垂直整合；積體電路產業； Fama-French三因子模型；開放式商業模式

並列摘要

In the Integrated Circuit (IC) industry, the closed business model which are composed of integrated device manufacturers (IDM) and the open business model which consists of virtual integrated (VI) manufactures are prevalent and both can be well justified. Whether the IDM or the VI model would better position the firms in terms of providing a higher return or less risk in the IC industry remains to be explored. This study aims to examine the relationship between the profitability of IC companies and their business models (IDM versus VI). NASDAQ listed IC companies were selected as research subjects. The data were collected for the period 2000-2007 and analyzed by using the Fama-French three-factor model. The results show that VI companies significantly outperform IDM counterparts; however, they also take higher risks than IDM firms. In addition, a comparison of data between the periods of 2000-2003 and 2004-2007 reveals the risks of IDM firms increased while that of VI firms decreased after 2004. This finding provides a valuable insight that business model of virtual integration has been emerging as a trend and more companies have been adopting open business model in many growing industries. Events within different industries are utilized to generalize the empirical results.

並列關鍵字

Virtual integration ； Vertical integration ； IC industry ； Fama French Three factor model ； Open business model

參考文獻

Anderson, E.(1985).The Salesperson as Outside Agent or Employe: A Transaction Cost Analysis.Marketing Science.4(3),234-254.

Google Scholar

Arshanapalli, B.,Coggin, T. D.,Doukas, J. A.(1998).Multifactor Asset Pricing Analysis of International Value Investment Strategies.Journal of Portfolio Management.24(4),10-23.