公司價值評價-以半導體測試設備商為例

Company Value Evaluation in Semiconductor Industry By Automatic Testing Equipment

楊汶唐

指導教授 ： 林哲群 ； 黃裕烈

國立清華大學/科技管理學院/高階主管經營管理碩士在職專班/碩士(2013年)

https://doi.org/10.6843/NTHU.2013.00796

摘要

在整個半導體的供應鏈中，從晶片的設計到晶圓製造一系列的流程中有一個環節是不可省略卻是各家廠商竭其所能地想降低成本。那就是測試。
但是測試成本又因為晶片設計的功能變多而成本提高。因為希望藉由測試來協助驗證，進而確保產品品質。也就是說，對晶片功能與測試有著密不可分的關係，但兩者的成本與功能的關係又有的非線性的有趣關係，正所謂魚與熊掌不可兼得，廠商在這個部分有著不一樣的策略與思維。
因此測試會因為晶片功能與廠商策略而影響測試設備商的獲利與產品研發方向外，將此研討的範疇延伸得到競爭廠商的相互角力方面，伴隨著競爭，有些測試設備廠商得以延續，有些廠商則被合併。但在合併策略上如何去評價測試設備商的價值？又該從哪些方面來評估？這也就是此研究報告所要探討的目的。而探討的對象會以國外前六大半導體測試設備商為範圍。

關鍵字

測試成本 ； 半導體測試設備 ； 晶片設計

並列摘要

In whole semiconductor industry, the firms through excellence supply chain to gain the maximum profit. But, the competition will become more and more challenge due to technology and production revolution in coming years.
Device testing is one of step of whole supply chain. This step happens on the wafer level and assembly package level. With device technology revolution, the testing requirement becomes more complex, from pure digital to mixed-signal, then to radio frequency. But, most of firms would like to reduce cost from testing step, and then would like to invest with DFT and BIST research. This kind of strategy, the cost become to major topics address by firms, in order to reduce the cost. From inside of testing industry, the mergers and acquisitions happened in the past several years.
How to evaluate the values of companies will be our objective we would like to discuss, and some investigation and discussion also will be address in this paper, base on finance and strategy.

參考文獻

2. Teradyne Balance Sheet

3. Teradyne Cash flow Sheet

6. ATE Balance Sheet

7. ATE Cash flow Sheet

英文部分: