半導體通路商與IC應用設計方案商之特性研究-以E科技公司為例

Study of the Characteristics between Semiconductor Distributor & Semiconductor Solution Provider-An example case of E. Tech. Co.

陳月好(Yueh-Hao Chen)

指導教授 ： 沈仰斌

元智大學/管理學院/管理碩士在職專班/碩士(2011年)

https://doi.org/10.6838/YZU.2011.00270

摘要

隨著電子產業蓬勃發展，整體半導體產業規模不斷大型化，為了使半導體供應鏈(SCM)能有效運用，半導體通路商扮演著中間樞紐的重要角色及責任;上游製造商必須不斷地研發新產品、新技術來因應電子快速多變的市場。此時，半導體通路商就負起資訊提供、技術支援的服務，縮短了下游客戶產品進入市場時間，也因應配合國內製造商工廠外移, 通路商也提供了物流運籌、庫存緩衝管理等服務，使得整個半導體供應鏈變得更有效率、更國際化，也更凸顯出半導體通路商多元化的附加服務價值。
本研究主要係以2005 年至2009 年為基準，並選取台灣上市櫃半導體與資訊通路產業之公司(根據TEJ產業分類)為研究對象，藉由個案研究之方法及敘述性統計分析，探討下列議題及目的:
一、探討半導體電子零組件通路商與IC應用設計方案商經營特性。
二、以財務績效風險、研發能力、人力資源、及核心能耐各種不同的角度，探討IC應
用方案商與通路商兩種不同經營模式策略選擇的優劣。
三、以E公司實際個案，探討轉型為IC應用設計方案商前後期的差異對照分析，與同
期同業之發展概況。
四、透過文獻探討、產業分析及個案研究，分析半導體方案商在零組件電子通路產業
中存在的價值。
經綜合文獻探討、產業分析及TEJ財報資訊，將所搜集之資料加以分析，本研究共得到以下四點結論：
一、 專業零組件通路商屬於經濟規模型通路商，以市場行銷規模主導營收，著重於利
用整體的資源來降低營運成本及資金成本。而IC應用設計方案商屬於利基型通路
商，以技術利益主導營收，但其發展前途強烈地受到了資本結構、技術創新及規
模的限制。
二、 通路商的經營績效比較方案商佳、高報酬、高風險、高營收成長率。唯通路商一
直以其較優勢的通路資源及規模經濟來降低毛利風險。IC應用設計方案商經營績
效比較通路商效率差、風險較低，雖擁有高毛利、高技術，營收成長方面卻無法
大幅度擴大，唯方案商應以開拓或代理更具有競爭力及對的產品線為其首要根本
策略，來增加營收成長及獲利。
三、 E科技公司由通路商轉型至方案商在經營績效方面是正面的且呈現穩定成長，E科
技公司擁有高營收成長、高報酬，但經營風運卻比同業高。在轉型過程中研發能
力效能及人力資源產值的提昇，卻是競爭重要成功的關鍵。
四、 產業同期發展在大者恆大及整併競爭激烈環境中以被併購及上市櫃為兩大途徑。

關鍵字

半導體供應鏈 ； 上市櫃 ； 半導體通路商 ； 半導體方案商 ； 財務績效風險 ； 人力資源 ； 研發能力 ； 核心能力 ； 轉型 ； 併購

並列摘要

Along the growing of the electronics industry, the semiconductor industrial is also growing accordingly. To make the semiconductor SCM working more efficient, the semiconductor distributor plays the notable role in the industry. The semiconductor supplier has to develop new products continuously to fullfill variety of market segments. Thus, the semiconductor distributor is responsible to provide the information and technical support to customers, to help customer’s products enter the market at earliest time. In additional, the distributor can also help on the products shipping, inventory control…etc, to make the supply chains moving smoothly around the countries. This is the value of the existing semiconductor distributor.

This research is focusing on the listed company in semiconductor stock market and based on the data from 2005 to 2009(according to the category by TEJ). The goal is to analyze the topics about different cases and the statistics including:

1. To study the characteristics of semiconductor distributor and semiconductor solution provider.
2. To compare the differentiation between the distributor & solution provider in variety of viewpoints including financial performance and risk, human resource, R&D capability and core competence.
3. To study on an example case of E-Tech.company, to see what is changed when migrating from the the distributor to solution provider.
4. To research on the related literatures and reports, to find the value of semiconductor solution provider.

There are 4 conclusions derived from the analysis of the above topics and related papers/repoprts/datas:
1. Professional semiconductor distributors are more focusing on the large scale business with the strength of lower cost on operation & capital. The semiconductor solution providers are more focus on the niche market with the strength of technology & design, but also with the restriction of capital structure, innovation and the business scale.
2. Distributor shows better performance than solution provider in the growth rate of profit and billing, but high risk also. Because distributor can always has better profit by the lower cost from the large business. In contrast, solution provider has worse performance because of the business scale. Thus, with the high margin ratio, hight technical,solution provider should focus on creation more competitive and right product lines and new market segments, to gaining more billing and gross profit.
3. The studying E-tech co. shows the positive change by the reforming from distributor to solution provider. It presents steady growth to shareholders and high rewards, but operating risk is more higher than Distributor and solution provider。In the reforming process, the key point is to rise R&D and human resource ability.
4. The analysis of the studying shows two trends in the field of semiconductor resellers – to be merged or to IPO. Because this is the only way to survive and compete with the other enlarging distributors.

並列關鍵字

SCM ； Semiconductor Distributor ； Semiconductor Solution Provider. ； Financial performance and Risk ； Human Resources ； R&D Capability ； Core Competence ； Reforming ； Merge ； IPO.

參考文獻

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