由財務績效面探討台灣封測業新組合之研究

Financial Performance on The New Combination-A Perspective on Taiwanese Semiconductor Backend Company

魏素瓊(Su-Chung Wei)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2005年)

https://doi.org/10.6840/cycu200500442

摘要

論文摘要
台灣半導體業的膨勃發展創造了台灣近十年來的經濟榮景，專業分工是台灣半導體產業成功的關鍵因素，從設計、製造、封裝到測試，尤其是後段的封測業在1997年左右更如雨後春筍，一時間掘起多家廠商，形成競爭激烈的局面。近年國際大廠基於成本與專業的考量，漸有增加釋出代工訂單的趨勢，封測廠商不僅須面對國內廠商的競爭，更被要求能兼具承接大量訂單的能力，因此不僅需不斷擴充本身機器設備，同時更需藉業界合作、策略聯盟等方式增添產能實力，購併則是近年常被業界引以討論及運用的題材。
過去台灣企業以小而美的態勢在國際間突起，曾創造出一段經濟奇蹟，近年國際間競爭激烈，過去台灣小而美的優勢已難敵國際大廠的威脅，因此在封測業中興起購併的議題，以期藉廠際間的合併快速匯聚競爭實力，以與國際大廠相抗衡。
在購併策略的考量下，財務面與非財務面常為購併決策時評價衡量的要件，由於非財務面的因素常因產業及企業個體的特殊性，較難取得一致的取樣標準，因此本研究則專注在財務面的考量，藉由常被取用的財務比率(22項)為評價基礎，擇取12家上市上櫃及公開發行的封測廠商為研究對象，採用主成份分析方法，以3家廠商合併為原則，目的在找出封測業中優質合併的組合。
本研究結果封測廠的優質合併如下：
1.就財務績效排名：國內最佳封測廠商合併組合是矽品、超豐、菱生三家的合併。
2.就整體合併對象：在合併組合排名前50組中，超豐即佔有30個組合。
3.就個別合併對象：以超豐為例，其第一順位的組合對象為矽品、菱生，其次是矽品、矽格。
整體而言，優質廠商的合併其呈現的績效亦較優，而各廠商的合併亦會以優質廠商為優先選擇的對象。在實務上，大多廠商考量的前提仍在於合併對個別廠商及合併廠商的綜合效益，而並不著重在產業的整體效益。

關鍵字

封測 ； 購併 ； 主成份分析

並列摘要

ABSTRACT
The development of Semiconductor industry in Taiwan thrives local economics vigorously for last two decades. From IC design, wafer manufacturing to assembly and testing, the professional stage services providing from lots of Taiwanese companies is one of the key successful factors of the Taiwanese semiconductor industry. According to the statistics, growth in scale and number of assembly and testing companies was proof that Taiwanese semiconductor industry gained momentum since 1997, which likes bamboo-shoot growing after “spring rain”. Considering the cost of ownership and expertise requirements of the new applications, more of the International Device Manufacturers (IDM) tend to outsource their demand to the market professional service providers and focus their resources onto the applicative design and marketing activities instead, especially during the semiconductor assembly and testing stages. In this regard, Taiwanese semiconductor assembly and testing companies not only face a keen competition against their local peers, but also against international competitors. Meanwhile, it turns out that the scale of operation is one of the most important issues together with the engineering capability. To accommodate the large order from IDM, the semiconductor assembly and testing companies have to reduce their costs and increase their capacity. Additionally, they have to form a strategic alliance with some members in the same craft. Meanwhile, mergers and acquisitions also became a rather common topic in semiconductor assembly and testing industry to meet with the keen competition.
Lots of Taiwanese enterprises were quite successful to start with the small-scale operation because its flexibility and low cost in the past decades. Nevertheless, the threat becomes much more severe as they are facing against the challenge of IDM and international competitors. Consequently, most of Taiwanese companies lost their advantages recently. Mergers and acquisitions provide a chance to the existing semiconductor assembly and testing companies in Taiwan to achieve its larger scale of operation in order to meet the keen competition.

並列關鍵字

Semiconductor Backend ； Mergers

參考文獻

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