IC載板產業經營績效評估~以DEA與MPI模式分析法

徐潤忠(HSU-JUN CHUNG)

指導教授 ： 蔡文賢

國立中央大學/管理學院/企業管理學系碩士在職專班/碩士(2007年)

摘要

本文為評估半導體封裝產業中提供關鍵構裝用材料之載板廠的經營績效；載板佔封裝成本約30%，台灣載板產量目前佔全球約24%；平均毛利約30-40%；在電子產品輕薄短小且具備更多功能及家庭數位化的趨勢下，估計未來5年仍有高度的成長可期。
本研究聚焦在產業內競爭力分析，以效率值來比較各公司間競爭力的高低與各年度競爭力變化。財務報表中”經營能力”及”獲利能力”評估指標相當多，唯在比較每一指標時各公司的優劣與排名可能不同，讀完財務報表後能總結判讀那一家公司表現最好也常以較主觀的判斷，其結果可能因不同的專家依其認為的權重來做判讀；本研究以DEA方式針對多投入與產出來分析其效率值，以單一效率值為綜合性指標來做評量。如此優點為評估績效的方式統一，並且可做Bench　marking找出無效率公司其具體的改善方向，需要時也可給予權重值來發展企業本身成功的方程式。
在包絡分析法以固定規模報酬(DEA CRS)分析結果，在2005年排名南電>欣興>景碩>全懋>華通；在變動規模報酬下(DEA VRS)2005年排名為景碩>南電>欣興>全懋>華通。以標竿學習而言「景碩」被參考次數最多，表示景碩為其它公司學習對象。
以MPI (Malmquist)可比較各公司生產力效率及各公司的發展潛力，本研究顯示景碩各年度的追趕效率皆為最高，表景碩為五家公司中最具發展潛力者。以生產力指數優劣依序排名為南電>景碩>全懋>欣興>華通。
本研究以DEA及MPI分析方法的搭配來評估五家載板廠的經營績效，經分析後發現其結果與五家公司上市後的股價成顯著的正相關，相關係數0.86。

關鍵字

資料包絡分析法 ； 績效評估

並列摘要

This study surveies the management performance evaluation of IC substrate manufacturers which provide the substantial material to assemble the IC package in semiconductor industry. IC substrate shares 30% of assembly cost and Taiwan IC substrate manufacturing currently has a global market share of 24% with 30-40% net profit. As there is a trendency towards lighter, finer, shorter and smaller electric products with multi-function and family digitization, it is expected to be highly growth industry in coming 5 years.
This study, focusing on competitiveness analysis, compares the competitiveness between companies in IC substrate industry and its variation along with years measured in efficiency. There are a great number of indices of management ability and profitability in financial reports, however, the discrimination between good and bad company might vary with the index we adopted. As we read through financial reports, it is a very subjective judement to conclude which company has best performance and the result might be varied accompany with the weight in different professionals’ opinions. This study will adopt DEA method to analyze the efficiency in accordance with mult-input/output and to assess it in single, integrated efficiency index. The advantage is not only unifying financial indices into one integrated efficiency index, but also using bench-marking to dig out the concrete improvement proposals for the companies with poor performance. If necessary, the weight could be set to develop a formula for successful business.
As a result of DEA CRS analysis, the ranking in 2005 is Nan-ya > Uimicron > Kinsus > PPt > Compeq. The analysis of DEA VRS results in Kinsus > Nan-ya > Uimicron > PPt > Compeq. With respect to the number of times been bench-marked, Kinsus is the most frequent, in other words, Kinsus is most popular target which other companies would like to be.
By MPI to compare productivity efficiency and development possibility, this study reveals that Kinsus got the highest catching-up in efficiency in past 5 years, that is, Kinsus got the most growth potencial possibility. The MPI analysis results in Nan-ya > Kinsus > PPt > Uimicron > Compeq.
This study applies DEA and MPI to evaluate the operating efficiency of 5 IC substrate manufacturers, the results show strong positive correlation, 0.86, between stock price and operating efficiency.

並列關鍵字

MPI(Malmquist) ； efficiency measurement ； DEA

參考文獻

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