封裝測試產業之經營績效評估：以財務分析觀點

Packaging and Testing Enterprise Performance:Finance Statement Analysis

李萍鐘(PING-CHUNG LI)

指導教授 ： 陳達新

國立臺北大學/商學院/企業管理學系碩士在職專班/碩士(2016年)

摘要

台灣半導體產業擁有完整的半導體產業結構，從上游的IC 設計、中游的晶圓製造至下游的封裝測試，垂直整合的產業鏈符合產業趨勢需求，造就台灣半導體產業在國際市場之競爭地位。
先進製程須高額資本投入，使得全球IDM廠陸續擴大晶圓代工與封測委外業務於生產成本較低的亞洲地區，因此具有IC 產業完整與動態的垂直分工體系的台灣，成為國際IDM與IC設計公司委外代工的首選，台灣封測廠亦獲益於IDM委外訂單。
所以台灣前五大專業封裝測試廠2006年至2015年這10年來營收穩健成長，日月光成長1.8倍、矽品成長0.5倍、力成成長1.5倍、南茂持平、頎邦成長3倍，五大專業封裝測試廠總獲利新台幣3,049億元。
本研究藉由過去文獻的彙整，採用財務結構、償債能力、經營能力、獲利能力、現金流量、槓桿度等財務比率，針對日月光、矽品、力成、南茂、頎邦等公司進行財務分析，進而將其經營績效做比較。評估各個公司的相對營運財務績效，最後提出力成公司未來注意事項。
綜觀而言，五大專業封裝測試廠財務結構、償債能力、經營能力、獲利能力、現金流量、槓桿度等財務比率相當穩健，發生財務危機機率非常小。力成需要注意的地方有營收方面的問題：2015年營收，日月光是力成6.7倍；矽品營收是力成1.9倍，力成仍有非常大的努力空間。另外毛利率方面的問題：五大專業封裝測試廠最近十年平均毛利率約在22%至23%左右，力成2006年至2010年前5年毛利率28%，2011年至2015年後五年毛利率跌到18%，主要原因是原有大客戶紛紛退出市場，使得產能稼動力下滑。
為了掌握新客戶美商美光訂單，力成積極與美光結盟至西安設廠，另外引進中國大陸紫光集團入股，透過策略性投資人集團內相關半導體產業公司，穩定客源、垂直整合、共同開發市場，提升封裝與測試技術效益。鞏固力成在中國大陸半導體產業鏈地位。因為長期策略新的合作夥伴關係建立，力成營收及毛利率穩健成長是審慎樂觀。

關鍵字

財務報表分析 ； 財務比率 ； 杜邦等式 ； 封裝測試產業 ； 產業供應鍊

並列摘要

Semiconductor industry in Taiwan has developed into a complete supply chain with upstream IC design houses, midstream wafer fabrication, and downstream packaging and testing manufacturing. This vertically integrated industrial chain not only satisfies trend demands, but also creates competitive advantage for semiconductor enterprises in Taiwan.
High capital expenditure required in advanced semiconductor backend process pressured global IDMs and IC design companies to outsource semiconductor manufacturing needs to regions with lower production cost, such as Asia. A complete and dynamic vertical specialization and trade integration makes vendors in Taiwan the top choice for international IDM and IC design companies. Packaging and testing plants in Taiwan also benefited from IDM outsourcing orders as part of the supply chain.
Accordingly, Taiwan's top five packaging and testing plants enjoyed steady revenue growth in the last decade during 2006-2015: 1.82 times growth in Advanced Semiconductor Engineering (ASE), 0.45 times in Siliconware Precision Industries Co., Ltd.(SPIL), and 1.51 times in Powertech Technology Inc. (PTI). ChipMOS Technologies maintained its revenue while Chipbond Technology Corporation (Chipbond) tripled its revenue to 3.08 times. The top five packaging and testing plants generated a staggering total of NTD$304.9 billion in profit.
This study aggregated past data and article of ASE, SPIL, PTI, ChipMOS, and Chipbond, including financial structure, solvency ratios, management strategies, profitability, cash flow, leverage to conduct financial analysis. The data were analyzed and compared to evaluate operational and financial performance of the five companies. In the end, the study also suggested future improvement measures for PTI.
In conclusion, the five testing and assembly houses in this study appears to have conservative financial structure, solvency ratio, management strategies, profitability, cash flow, leverage and other financial ratios, which minimizes risk for financial crisis. PTI needs to pay attention to its revenue: ASE earned 6.67 times more than PTI in 2015, and SPIL also earned 1.95 times more than PTI. There’re still much to be improved for PTI in terms of revenue scale. The other issue is profitability: The average profit margin of the 5 plants ranges between 22-23% in year 2006 to 2015. However, the 28% gross margin of PTI during year 2006 to 2010 decreased to 18% from year 2011 to 2015 mainly because its existing major customers withdrew from market and directly impacted PTI’s production utilization rate.
In order to acquire orders from new customers, PTI aggressively formed alliance with Micron to set up a factory in Xi'an, mainland China. In addition, PTI introduced Tsinghua Unigroup as the new major shareholder to invest in PTI. Through the strategic investment of related semiconductor companies within the group to stabilize customer- base, to form vertical integration, to develop the market altogether, and to increase technical efficiency in packaging and testing. It is likely that PTI will consolidate its position of the semiconductor industry chain in mainland China because of the long-term strategic relationships between these 2 companies. The study takes an optimistic but reserved attitude towards a steady growth in PTI’s revenue and gross margin in the future.

並列關鍵字

Financial Statement Analysis ； Financial Ratios ； DuPont Equation ； Packaging and Testing Industry ； Industry Supply Chain

參考文獻

謝劍平（2016）。財務報表分析概論。台北市：智勝文化事業股份有限公司。

卡莉翁（2014）。應用財務比率分析比較蒙古食品公司之財務績效。屏東縣。國立屏東科技大學熱帶農業暨國際合作系研究所碩士論文。

吳建達（2013）。應用財務比率分析本國銀行購併前後績效之研究。南投縣。國立暨南國際大學管理學院經營管理研究所碩士論文。

張維婷（2011）。應用總體經濟與財務比率分析台灣汽車業獲利能力之研究。新竹市。國立交通大學管理學院資訊管理研究所碩士論文。

陳姝叡（2010）。運用財務比率分析全球電信產業競爭優勢。新竹市。國立交通大學管理學院經營管理研究所碩士論文。