本文旨在探討台灣IC設計產業,公司治理對技術效率、市場結構與利潤之影響,並據以檢定X效率結構、結構-行為-績效、相對市場力量等三大假說。茲將實證結果歸納如下:(1)在140個有限樣本下,本文利用因素分析法,將四大構面之95個公司治理變數,萃取出19個關鍵變數;其中有12個會顯著影響技術無效率,而有9個會顯著衝擊IC設計廠商之市場占有率。(2)技術效率之提昇,可以顯著提昇資產報酬率、淨值報酬率及益本比,但市占率之提高僅能顯現在資產報酬率,而產業集中度則與獲利能力無顯著關聯;換言之,台灣IC設計產業支持X效率結構與相對市場力量假說,但並未支持結構-行為-績效假說。(3)整體而言,台灣IC設計產業之公司治理機制,在董事會結構、控制權偏離、組織及人事穩定度、公平對待股東等構面,對獲利績效上皆呈正向樂觀表現;但在股權結構與財報透明度等二構面,則有必要再加強。
The purpose of this paper is to analyze the relationships among corporate governance, technical efficiency and profit-structure in Taiwan IC-design industry, and to test three hypotheses of X-Efficient-Structure, Structure-Conduct-Performance and Relative-Market-Power. Three empirical results are observed as below: (1) Under 140 limited samples, we used factor analysis to drive 19 key variables from 95 variables of corporate governance which included four constructs. There are 12 of 19 key variables will significantly cause technical inefficient. (2) The improvement of technical efficiency can significantly progress in ROA, ROE and EPS/P, but the increase of firm's market share can only progress in ROA. Besides, the concentration of the IC-design industry has no relationship with earnings. (3) In sum, as regards the corporate governance mechanism of Taiwan IC-design industry, the constructs of board structure, the deviation of control power, the stability of organization and personnel, and the equitable treatment of shareholders can improve entrepreneur's earnings, but the constructs of ownership structure and financial transparency must be improved.