半導體微影設備產業競合與併購：以ASML為例

Analysis of growth, competition and M & A in the semiconductor lithography equipment industry: the case of ASML

黃嗣璿(SSU-HSUAN HUANG)

指導教授 ： 郭瑞祥 ； 陳忠仁

國立臺灣大學/管理學院/商學研究所/碩士(2018年)

https://doi.org/10.6342/NTU201802735

摘要

隨著半導體元件尺寸逼近物理極限，摩爾定律正面臨停止的危險，ASML肩負著關鍵技術研發，也同時面對如何調整本身資源並將讓三位彼此視為競爭對手的客戶一同坐下討論，下一階段製程脈絡。
從1984年ASML萌芽開始，這三十多年內，所作決策，即是不斷的提高自身價值鏈，並且也拉起周遭夥伴培養出一套獨有的生態系，保持著低自製率，高外包率，並且讓合作產業可以保持長久關係，讓主要專利給合作夥伴持有，對於關鍵需要挹注資源或技術，同時因低固定資產緣故，使ASML具備彈性應變，在產業面對寒冬時，可以有效因應，並在景氣復甦時，有能力立即拓展，進可以透過併購與入股來加強產品深度與廣度，退可以重新將資金銀彈投注在市場轉折下變化。
先進微影技術已經不是單一產業可以獨立發展，業界的共同合作成為一個可行的發展途徑，以ASML從過去與供應鏈合作，彼此分散風險，共創雙贏，到後期邀請各巨頭入股以分散研發風險，不僅使大家技術再次往前推進，ASML發展出獨家的EUV技術，其他客戶也能保證在下一代製程出現時，能獲得重要研發資訊與優先機台選擇權。
在客戶端上，台積電、三星和英代爾，這三家公司的半導體製程開發實力，不分軒輊，不過，高成本是造成英特爾進入代工領域的障礙，此外英特爾和客戶有可能是終端產品的競爭對手，三星將其系統LSI部門獨立成為公司，其目的就是給新公司更多的獨立性，但企業主體仍以DRAM為主。ASML抓準彼此雖然競爭，但在關鍵點上，仍互有選擇，透過客戶聯合投資，去使每家廠商表態，避免每家在製程發展上分散資源，亦可以因全部投注資源在ASML之上，維持其龍頭的時間與地位。
期待 ASML多朝持續電子束領域持續耕耘，避免在EUV面對技術瓶頸下能保持技術儲備並持續突破；並戮力發展18吋晶圓設備，確保客戶生產成本下降。同時也期許台灣半導體設備產業能有更多破壞式創新，並整合在台灣的資源整合，提升進口替代比重。

關鍵字

BCG 矩陣 ； 五力分析 ； 微影設備 ； 專利戰 ； 客戶共同投資 ； EUV ； 蔡司 ； 台積電

並列摘要

With semiconductor components approaching the physical limits, Moore’s Law is in danger of stopping. ASML have a responsibility for key technology research and development, and at the same time faces how to adjust its own resources and let three customers who consider each other as competitors to sit down and discuss together.
First, in the past 30 years, ASML has been to constantly improve its own value chain, and it has also pulled up its cooporated partners to cultivate a unique ecosystem, and maintaining a low non-current asset rate and high outsourcing rate. Moreover ASML allow the cooperation industry own the core patent for maintaining long-term relationship and motivated to pay attention to resources or technology.
The advanced lithography technology is not a single industry that can develop independently. The cooperation of the industry has become a viable development approach. ASML used the cooperation with the supply chain in the past to diversify risks and create a win-win situation. In the later period, ASML was defined the best partner as its ability to create value chain by merge and accusation of other technology companies.
Thirdly, ASML created a new win-win model by inviting its core clients, including TSMC, Samsung and Intel to core development on next generation foundry scanner. This new customer co-investment program split high R&D cost and create new EUV technology which strengthen ASML’s leading position among another foundry scanner manufactures. ASML’s clients, such as TSMC, also benefits from this program to enjoy better scanners and gain money return via investing ASML’s co investment program.
On the client side, TSMC, Samsung and Intel, the strengths of the semiconductor process development of these three companies. However, the high cost is an obstacle to Intel's entry into the foundry industry. In addition, Intel and its customers may compete with the end product. Opponents, Samsung will be independent of the system LSI department as a company, its purpose is to give the new company more independence, but the main business is still dominated by DRAM. Although ASML is able to grasp each other's competition, at the key point, there are still mutual choices. Through joint investment by customers, each company is required to stand out, avoiding the dispersion of resources in the development of each process, and can also rely on all betting resources on top of ASML. , maintain leading position each other.
Finally, It is expected that ASML will continue its efforts in the field of continuous electron beam to avoid technical reserve bottleneck. At the same time, it will strive to develop 18-inch wafer equipment to ensure lower production costs for its customers. It also expects that Taiwan's semiconductor equipment industry can have more destructive innovations, integrate its resources in Taiwan, and increase the proportion of import substitution.

並列關鍵字

BCG matrix ； Five force analysis ； lithography equipment ； patent warfare ； customer investment ； EUV ； Zeiss ； TSMC

參考文獻

英文文獻

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