封測業之成長與獲利最佳方式

「成長」決定企業的長期績效，其重要度遠超過「獲利」，它是決定企業未來的關鍵。在一個經濟偱環週期中，企業營業成長率若高於國民生產毛額的平均值且獲利能力高於同業之平均值，則該企業在下一個一個經濟偱環週期中有 41 % 的公司會創造出雙高佳績(成長/獲利皆高於平均值)。在獲利與成長不能兼顧時，著力於成長的公司有18 % ；著力於獲利的公司有12 %，在下一個一個經濟偱環週期成為高成長及高獲利公司;而只注重公司獲利者相對於追求成長公司，在下一個經濟循中有接近兩倍機會出局。對封測業界來講這幾年最大轉變為日月光(ASE)由與矽品(SPIL)並駕齊驅，變成日月光小幅領先轉而到拉大距離，中間的關鍵因素為何 ? 持續不斷追求高成長為日月光成功主因，細分其要素可分為：可量化部分，以遠高於同業的研發費用投入營運。本文發現兩家公司在2001~2006營業額相當(A:S=1.18:1)；但日月光以較多資源投資在研發費用(A:S=3.16:1)，自2007~ 2010投入大量研發費用雙方研發費用比一路提升到4;由此Gap日月光拉開與業界差距，呈現獨領風騷此缺口可定義為銅線缺口，這應也是其長期投資於研發成果展現，而就當時市場狀況為，日月光瞬間推出量產的銅線製程產品，且其品質及產量為業界之最，在當時金價居高不下的市場，成為殺手級產品進而襲捲整個市場因而奠定其業界龍頭地位。現3D IC 仍屬與早期研發階段。但日月光又持續投入相對遠高於業界的研發費用，可見其積極部署之企圖心，自2010~2013雙方Gap.又由 2提高到。此差距很有可能再創造一個一個3D IC缺口。不可量化部分以高度的垂直整合，為日月光成功主因。相較於一般失敗案例，其成功的地方在於以其封測產業為核心，整併後持續保有甚至加大優勢，這種從供應商到客戶端的垂直整合。其合併模式有幾個特色：1.有核心主體 2.以企業規模大者併小者 3.無太多企業文化或法律上地雷 4.與客戶有加乘效果。關鍵字：成長、獲利、日月光、矽品

關鍵字

成長；獲利；日月光；矽品

並列摘要

Growth rate is far important than profit margin for the long term operation of the business. It makes a deep impression from one economy cycle to another. For those enterprises which performed better both growth and profit than the competitors, there are around 41 % kept in good shape in the next cycle. More than that, for those with higher profit and lower growth companies are with twice chance to be out of game over those companies with low profit while keep higher growth rate. The most concerned issue in the semiconductor packaging industry for the past decade is that ASE turned around and became at the top in both market share and profit margin. There are two main factors which can be defined as quantitative and non quantitative. For the quantitative one is that ASE keeps on higher Research and Development ratio than SPIL which is the main competitor in Taiwan. From year 2001 to 2006, the sales volume of ASE is around 1.18 times, while the investment is 3.16 times over SPIL. More than that, the RD investment gap is become 4 times in 2010 which can be defined as the copper wire gap. As for the non quantitative factor is the highly vertical integration of ASE group. The story behind is that ASE keep or in most time enhance the core competence after each mergers and acquisition. The integration covers from vendor to customer. There are four main features of such integration. First, all the integration is for the good on the assembly and testing which is the core business of the group. Second, it acquired and merged those enterprises which are with smaller scale than itself. Third there is no significant side effect in either business culture or legal aspects. The last, the integration sometime may help customer to gain more business. Key Words: Growth, Profit, ASE, SPIL