高科技產業內投資網絡與董監事網絡之研究─以台灣半導體產業為例

本研究旨在探討高科技產業內廠商彼此的互動關係，由於廠商經常以強化連結的方式達到協調與控制的目的，因此本研究選擇產業內最常見的兩種連結方式，也就是透過「產業內投資活動」以及「董監事活動」來觀察廠商間的互動關係；以台灣高科技產業中的半導體產業作為研究對象，除了具備產業的代表性以及資料的取得性外，高科技半導體產業發展出一套強調策略性考量的特殊投資模式，更重視透過產業內投資活動達成本身的策略目的；同時許多文獻也指出半導體產業內的廠商也積極涉入許多董監事活動，來降低環境的不確定性。藉由社會網絡分析法，首先將廠商間的產業內投資活動與董監事活動的關係性資料轉為量化數值資料，架構出產業內投資網絡與董監事網絡並以整體網絡觀點進行網絡圖形描述；接著以探索性之研究方法將廠商的網絡屬性對應各種網絡量化分析指標，分別以廠商的能見度、活躍度、策略位置與資訊掌握度對應網絡指標可達性(reachability)、點度中心度(degree centrality)、侷限性(constraint)與居間性(betweenness)；並與廠商的各項能力如獲利能力、研發能力與營運能力進行相關性分析，進而探討網絡位置所衍生出的網絡屬性與廠商各項能力之間的相關性；最後根據產業內投資網絡與董監事網絡中廠商的網絡屬性所對應的量化指標與廠商能力的相關性，以及網絡屬性所對應的量化指標之間的分析結果，提出十二項研究命題與研究發現，將可作為實務上高科技半導體廠商發展產業內投資活動與董監事活動時的經營指導方針。

關鍵字

產業內投資活動；董監事活動；網絡分析；半導體產業

並列摘要

This research is focus on the firms’ relationship in high-tech industry. Since firms usually strengthen their connections in order to coordinate and control, the most common two kinds of connection, “inter-industry investment” and “interlocking directorates”, is mentioned. Choosing Taiwan semiconductor sector is not only for representative and availability, but also for its’ distinctive strategic- incentive investment activities. Meanwhile, lots research point out the firms in semiconductor sector involved in interlocking directorates aggressively in order to reduce the environment uncertainty. Through social network approach, inter-industry investment activities and the interlocking directorates relationship could be coded and transformed into quantitative data, then inter-industry investment network and interlocking directorates network are constructed and followed by graph description as a whole. Exploring methodology is used to match up the firm’s network attributes and quantitative analyzing indicators. Viability attribute is match up to reachabilty indicator, activeness is match up to degree centrality, strategic position is match up to constraint, and information control is match up to betweenness. These indicators would be analyzed with firm’s abilities such as profit earning, research and development and operation ability, to find the relationship between firm’s network attributes and abilities. Finally, the research proposition and research finding were presented based on the relationships results and analyzing outcomes. Twelve propositions presented by this research are anticipated to offer the strategic guidelines of inter-industry investment and interlocking directorates activities for high-tech industry firms.