臺灣博碩士論文加值系統

台灣半導體封裝測試產業為台灣半導體產業之濫觴，自1965年美商Microchip在高雄成立高雄電子起算，迄今已四十餘年。台灣半導體業獨特的上下游垂直專業分工經營型態，以及產業的族群效應，形成競爭優勢，吸引國際IDM大廠釋放委外訂單，使我國半導體產業成長率，歷年來皆優於全球半導體產業，其中封裝測試業的產值更居全球第一。
半導體產業屬規模經濟產業，但其產業景氣波動卻又十分劇烈。1990年代前期半導體產業蓬勃發展，吸引眾多廠商紛紛投入設廠，但1996-1998年連續三年的不景氣，使業內廠商經營面臨險峻挑戰，故誘發自1999年開始的一波產業重整潮，從台灣第一家封測廠高雄電子被南茂購併之後，購併、策略聯盟的消息就不絕於耳。
半導體廠商製程技術朝奈米化發展，及電子產品輕薄短小的發展趨勢，使封裝測試技術的困難度升高，需投入之資金也提高，使業內廠商需付出更昂貴的代價來創新研發以維持產業競爭力。但技術進展快速再加上產品生命週期縮短，單靠己力研發創新恐緩不濟急，故業者亦透過購併、策略聯盟等方式去快速獲得所需產品、技術、市場等，以保持競爭優勢。
國內研究半導體封裝測試產業的文獻中，大都提出封裝測試業者除了須保有充裕的資金、良好的成本控制及正確的產品策略外，業者應持續提升核心技術能力，並應採取策略聯盟策略以快速取得新技術以擴大產品、市場等，以持續保有領先優勢。但這些研究大都偏向質性的探討，而未以量化方式驗證這些策略對公司經營績效的幫助。
本研究以計量方法探討台灣封裝測試業者的創新能力，包括自行研發投入、策略聯盟及購併三方面，對公司經營績效之影響，同時並探討公司本身之競爭策略在與創新能力交互作用後對公司經營績效之影響為何。本研究重要結論如下：
台灣封裝測試業者的經營績效會因公司的研發強度和採取策略聯盟活動而增加，且兩者均有遲延效應，但為期均只有一兩年。而台灣封裝測試業者的經營績效與是否採取購併行為的相關性並不顯著。另台灣封裝測試業小公司的經營較大公司有彈性，不論是採取低階產品低研發策略或利基型產品高研發策略，其公司經營績效均較大公司來得突出。另外本研究並未發現在景氣好壞時增減研發支出對公司經營績效有顯著影響。另締結技術型策略聯盟規模小者，其公司經營績效較佳，且公司規模愈小者採此種策略經營之績效愈佳，顯示小公司採「利基產品型」策略經營只要取得關鍵技術即可有效增進公司經營績效；而締結混合型策略聯盟規模大者，其公司經營績效較佳，且公司規模愈大者採此種策略經營之績效愈佳，顯示大公司採透過股權投資或多層面的策略合作關係，擴大其關係網絡之策略經營可有效增進其經營績效。另小公司採取購併行為時，其購併效益顯現的速度亦較大公司為快。

Taiwan’s semiconductor（or integrated circuit, IC）industry starts from packaging and testing sector. It has been developing for more than 40 years since Microchip Taiwan Inc., the first semiconductor packaging company in Taiwan, established in 1965 which was founded by Microchip Technology Inc. Today, a comprehensive throughput process of the IC industry is well established in Taiwan. Well-known for its vertical disintegration and industry clustering, Taiwan’s IC industry attracts a lot of IDM outsourcing orders and experiences dramatically market share growth in past few years. The domestic production capability of Taiwan’s packaging and testing industry is ranked No. 1 in the world.
The characteristics of IC industry are economies of scale and volatility of market demand. Therefore, it is easily suffered loss when there is economic downturn. It is inevitable that industry contraction is initiated through mergers and acquisitions (M&As) due to excess capacity to rationalize and induce exit. Microchip Taiwan Inc. was merged by ChipMos Technology Ltd in 1999 is a good example.
To meet market demands for portable electronic products of lighter weight and more compact size, IC assembly packagers need to shrink the package size, and devote themselves to developing higher level of technology to increase connecting density and lower heat radiation. For testing houses of semiconductor, expensive automatic test equipment and long duration of burn-in procedure are the major concern. The more advance the technology level, the greater amount the capital needed for research and development (R&D) and equipment purchase. When self-investment takes too much time or resources limitation, M&As or strategic alliances through co-invention, licensing and equity investments take place to speed up the pace of acquiring products, market shares and technologies.
There are many studies on key success factors (KSF) of Taiwan’s semiconductor packagers and testers. Besides excellent cost control and niche product selection, they suggest that establishing strategic alliance network is a good strategic move to keep competitive advantages. However, these studies are conducted in qualitative method such as high level management interviews or issuing questionnaires, no quantitive evidence is performed to confirm its accountability and usefulness.
Econometrics method is applied in this research to investigate the impact of various aspects of innovative capabilities on firm performance for Taiwan’s semiconductor packagers and testers. The empirical results indicate that innovative capabilities are mostly positively related to performance as measured by returns on invested capital (ROIC). The noteworthy results are as follows:
1. Both R&D and strategic alliances are helpful to firm performance for their benefits have lag effects and can only extend one and two years respectively whereas M&A’s effect is not statistically significant..
2. Small Taiwan IC packagers and testers outperform large ones no matter whether they are low R&D inputs for traditional products or high R&D inputs for niche products.
3. No significance interaction effect was found between business cycle and R&D input on firm performance.
4. The size of technical strategic alliance is negatively correlated whereas that of mixed strategic alliance is positively correlated to firm performance. And negative interaction effect is found between firm size and technical strategic alliance size whereas positive interaction effect is found between firm size and mixed strategic alliance size.
5. The M&A benefits realize faster for smaller Taiwan IC packagers and testers.

中文提要 Ⅰ
英文提要 Ⅲ
誌謝 Ⅴ
目錄 Ⅵ
表目錄 Ⅶ
圖目錄 Ⅸ
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 5
1.3 研究架構 6
1.4 研究流程 7
第二章 台灣半導體封裝測試產業概況 8
2.1 封裝測試產品定義 8
2.2 發展沿革 9
2.3 產品服務區隔劃分 11
2.4 產業重要經營指標 14
2.5 技術關聯與趨勢展望 23
2.6 經營環境及條件 29
第三章 文獻探討 34
3.1 台灣半導體封裝測試產業相關研究文獻 34
3.2 創新能力的來源 37
3.3 創新能力與經營績效 40
第四章 研究設計 45
4.1 研究假說 45
4.2 實證模型的建立 48
4.3 變數的定義與衡量 49
4.4 樣本選取標準及資料來源 53
4.5 研究方法 54
第五章 實證結果與分析 57
5.1 研究廠商介紹 57
5.2 敘述性統計及Pearson相關分析 68
5.3 實證迴歸模型分析 73
第六章 研究結論及建議 85
6.1 研究結論 85
6.2 研究限制及建議 87
參考文獻 88

歐進士，1998，「我國企業研究發展與經營績效關聯之實證研究」，U中山管理評論U，第六卷第二期，頁357-386。
劉正田，2001，「企業商譽與研發投資關係之研究」，U科技管理學刊U，第4期，頁105-124。
詹淑清，2001，「研發與高科技廠商獲利能力之實證研究」，U台灣經濟金融月刊U，第三十七卷第五期，頁72-83。
陳明進，2002年1 月，「營利事業有效稅率決定因素之研究」，U會計評論U，第34 期，頁57-76。
章義明，民國90年，「半導體產業競爭策略群組及關鍵成功因素之研究—以我國IC測試廠商為例」，國立交通大學經營管理研究所，碩士論文。
陳澤元，民國92年，「台灣IC 封裝產業對SOC 產品趨勢因應策略之分析」，國立交通大學高階主管管理學程碩士班，碩士論文。
魏宇民，民國92年，「半導體測試產業經營策略之個案研究」，國立政治大學經營管理碩士學程，碩士論文。
吳安靜，民國93年，「微利時代台灣半導體封裝產業之競爭策略研究」，國立中山大學企業管理學系研究所，碩士論文。
劉偉平，民國93年，「台灣IC封裝測試業競爭策略分析—以A公司為例」，國立交通大學管理學院高階主管管理碩士學程，碩士論文。
羅濟平，民國93年，「半導體測試業的競爭優勢與經營策略—以京元電子為例」，國立清華大學高階主管經營管理碩士在職專班，碩士論文。
沈寬典，民國94年，「台灣IC封裝廠關鍵成功因素及未來營運策略之研究」，義守大學管理研究所碩士班，碩士論文。
陳忠民，民國85年，「本國產業研究發展經費與利潤、營業額之關連性」，交通大學管理科學研究所，碩士論文。
陳鎮宇，民國87年，「研發對台灣電子業獲利能力影響之分析」，東吳大學經濟研究所，碩士論文。
施舜耘，民國90年，「台灣地區製造業廠商出口與研發關係的探討」，中央大學產業經濟研究所，碩士論文。
楊承澔，民國91年，「景氣循環與企業經營績效、盈餘管理關聯性之探討」，政治大學會計學系研究所，碩士論文。
吳美麗，民國84年，「台灣製造業購併前後績效購併綜效與經營績效之實證研究」，淡江大學管理科學研究所，碩士論文。
孫梅瑞，民國89年，「國內上市公司從事公司購併活動對經營績效影響之研究」，政治大學企業管理研究所，博士論文。
許淑瑋，民國90年，「臺灣企業購併績效衡量之實證研究」，臺灣大學財務金融學系研究所，碩士論文。
羅明敏，民國87年，「台灣企業海內外購併宣告對主併公司股東財富影響之實證研究」，朝陽大學財務金融研究所，碩士論文。
鄒有憲，民國91年，「探討台灣半導體策略聯盟與財務績效關聯性之研究」，中原大學企業管理研究所，碩士論文。
穆炫良，民國89年，「我國上市資訊電子業策略聯盟財務績效之實証研究」，東吳大學會計學研究所，碩士論文。
莊靜怡，民國94年，「產業群聚、策略聯盟與財務績效之關聯性—以我國生技醫藥廠商為例」，台灣大學會計學研究所，碩士論文。
徐作聖，1999，U策略致勝U，遠流，台北。
Hill等著，民國86年，U初級計量經濟學U，蔡建樹譯，台灣西書，台北市。（Undergraduate Econometrics, 1PstP ed.）
Acs, Z. J., & Audretsch, D. B., 1989, “Patents as a measure of innovative activity”, UKyklosU 4, 171-180.
Andrade, G. and Stafford, E., 2004, “Investigating the economic role of mergers,” UJournal of Corporate FinanceU 10, 1-36.
Banerjee, A. and Eckard E. W., 1998, “Are mega-mergers anticompetitive? Evidence from the first great merger wave.” Rand Journal of Economics 29 (4), 803-27.
Bartlett, C. and S. Ghoshal, 1989, Managing Across Borders: The Transnational Solution, Harvard Business School Press, Boston: MA.
Barney, J., 1991, “Firm resources and sustained competitive advantage”, UJournal of ManagementU 17, 99–120.
Baum, J. and Oliver, C., 1991, “Institutional linkages and organizational mortality”, UAdministrative Science QuarterlyU 36, 187-218.
Baysinger, B. D. & Hoskisson R. E., 1989, “Diversification strategy and R&D intensity in large multiproduct firms”, UAcademy of Management JournalU 32(2), 310-312.
Bosworth, D. & Rogers, M., 2001, “Market Value, R&D and intellectual property: An empirical analysis of large Australian firms”, UEconomic RecordU 77, 323-337.
Bradley, M., Desai, A. & Kim, E. H., 1983, “The Rationale Behind Interfirm Tender Offers: Information or Synergy?” UJournal of Financial EconomicsU 11, 183–206.
Bresman, H., Birkinshaw, J., Nobel, R., 1999, “Knowledge transfer in international acquisitions”, UJournal of International Business StudiesU 30, 439–462.
Callen, Jeffrey L. and Morel, Mindy, 2005, “The valuation relevance of R&D expenditures: Time series evidence”, UInternational Review of Financial AnalysisU 14, 304-325.
Chan, S., Kensinger, J., Keown, A. and Martin, J., 1997, “Do strategic alliances create value?” UJournal of Financial Economics U46, 199-221.
Chan, Louis, Lakonishok, Josef, and Sougiannis, Theodore, 2001, “The stock market valuation of research and development expenditures”, UJournal of FinanceU 56, 2431-2456.
Chakrabarti, A., Hauschildt, J., Sueverkruep, C., 1994, “Does it pay to acquire technological firms?” UR&D ManagementU 24, 47–56.
Chatterjee, S., 1986, “Types of synergy and economic value: the impact of acquisitions on merging and rival firms”, UStrategic Management JournalU 7, 119-139.
Cohen, W. M., 1995, UEmpirical studies of innovative activityU, In Stoneman, P., (Ed.), Handbook of the Economics of Innovation and Technological Change, Blackwell, Boston.
Cohen, W. M., Levin, R. C, 1987. & Mowrey, D. C., “Firm Size and R&D intensity: A re-examination”, UJournal of Industrial EconomicsU 35, 543-565.
Cohen, W. M., and Lepper, S., 1996, “Firm size and the nature of innovation within industries: The case of process and product R&D”, UReview of Economics and StatisticsU 78, 223-243.
Conner, K., 1991, “Theory of the firm: firm resources and other economic theories”, UJournal of ManagementU 17, 121–154.
Dussauge, P. and Garette, B., 1995, “Determinants of success in international strategic alliances: evidence from the global aerospace industry”, UJournal of International Business Studies LondonU 26(3), 505-530.
Duysters, G.M., de Man, A.P., 2003, “Transitory alliances: an instrument for surviving turbulent industries?” UR&D ManagementU 33 (1), 49–58.
Duysters G. & de Man, A., 2005, “Collaboration and innovation: a review of the effects of mergers, acquisitions and alliances on innovation”, UTechnovationU 25, 1377-1387.
Ericksson, G. & Jacobson, R., 1992, “Gaining comparative advantage through discretionary experience: The return to R&D and advertising”, UManagement ScienceU, 38(9), 1264-1279.
Fama, E. F. and French, K. R., 1998, “Values versus growth: the international evidence”, UThe Journal of FinanceU 53, 1975-1999.
Gerpott, T.J., 1995, “Successful integration of R&D functions after acquisition: an exploratory empirical study”, UR&D ManagementU 25, 161–178.
Gomez-Mejia, L. R., 1992. “Structure and process of diversification, compensation on strategy, and firm performance”, UStrategic Management JournalU, 13, 381-397.
Grant, R. M., 1987, “Multinationality and performance among British manufacturing companies”, UJournal of International Business StudiesU, 18(3), 79-89.
Greene, W. H., 2000, UEconometric AnalysisU, 4th ed., Prentice-Hall, New Jersey.
Griffin, A., Hauser, J. R., 1996, “Integrating R&D and marketing: a review and anlaysis of the literature”, UJournal of Product Innovation ManagementU 13, 191-215.
Hage, J., 1980, UTheories of organizationsU, New York: Wiley.
Hagedoorn, J. and Schakenraad, J, 1994, “The effect of strategic alliances on company performance”, UStrategic Management JournalU 15(4), 291-304.
Hausman, J., 1978, ”Specification Tests in Econometrics”, UEconometricsU, 46, 1251-1271.
Hennart, J.F., Reddy, S., 1997, “The choice between merger/acquisitions and joint ventures: the case of Japanese investors in the United States”, UStrategic Management JournalU 18, 1-12.
Hitt, M.A., Hoskisson, R.E., Ireland, R.D., Harrison, J.S., 1991, “Effects of acquisitions on R&D inputs and outputs”, UAcademy of Management JournalU 34, 693–706.
Hitt, M. A., Hoskisson, R. E., Ireland, R. D., 1994, “A mid-range theory of the interactive effects of international and product diversification on innovation and performance”, UJournal of ManagementU 20, 297–326.
Hitt, M. A., Hoskisson, R. E., Kim, H., 1997, “International diversification: effects on innovation and firm performance in product-diversified firms”, UAcademy of Management JournalU 40(4), 767–798.
Hotchkiss, E. S. and Mooradian, R. M., 1998, “Acquisitions as a Means of restructuring firms in chapter 11,” UJournal of Financial IntermediationU 7(3), 240-62.
Irwin, D., Klenow, P., 1996, “High-tech R&D subsidies-estimating the effects of SEMATECH”, UJournal of International EconomicsU 40, 323–344.
Ito, K. & Pucik, V., 1993, “R&D spending, domestic competition, and export performance of Japanese manufacturing firms”, UStrategic Management JournalU 14, 61-75.
Kane, G. D., 1997, “The effect of recession on ratio analysis”, UThe Mid-Atlantic Journal of BusinessU, 33(1), 19-36.
Keizer, J. A., Dijkstra, L. & Halman, J., 2002, “Explaining innovatinve efforts of SMEs. An exploratory survey among SMEs in the mechanical and electrical engineering sector in Netherlands”, UTechnovationU 22 (1), 1-13.
Lane, P.J., Lubatkin, M., 1998, “Relative absorptive capacity and interorganizational learning”, UStrategic Management JournalU 19, 461–477.
Larsson, R., Bengtsson, L., Henriksson, K., Sparks, J., 1998, “The interorganizational learning dilemma: collective knowledge development in strategic alliances”, UOrganization ScienceU 9, 285–305.
Lee, J., Lee, R. C. & Zahra, S. A., 1994, “Dynamics of competition in global high technology industries: A study of the U.S. and Japanese pharmaceutical companies”, UJournal of European MarketingU, 3(3&4), 77-98.
Lee, J. & Shim, E., 1995, “Moderating Effects of R&D on Corporate Growth in U.S. and Japanese High-Tech Industries: An Empirical Study”, The UJournal of High Technology Management ResearchU, 6(2), 179-191.
Long, W. F. & Ravenscraft, D. J., 1993, “ULBO’s debt and R&D intensityU”, UStrategic Management JournalU, 14, 119-135.
Miller, D., 1986, “Configurations of strategy and structure”, UStrategic Management JournalU 7, 233-250.
Miller, D., 1988, “Relating Porter’s business strategies to environment and structure”, UAcademy of Management JournalU 31, 280~308.
Miller, D. and Friesen, P. H., 1982, “Innovation in conservative and entrepreneurial firms: Two models of strategic momentum”, UStrategic Management JournalU 3(1), l-25.
Mitchell, W. and Singh, K., 1996, “Survivial of businesses using collaborative relationships to commercialize complex goods”, UStrategic Management JournalU, 17(3), 169-196.
Morbey, G. K and Reithner, R. M., 1990, “How R&D Affects Sales Growth, Productivity and Profitability”, UResearch & Technology Management U 33(3), pp.11-15.
Mortehan O. and De La Potterie, B., 2007, “The impact of collaborative agreement on firm’s performances: the case of the IT industry in the 1990s”, Technology Analysis & Strategic Management, 19(2), 127-144.
Pakes, A. and Griliches, Z., 1980, “Patents & R&D at the firm level: A first look”, UEconomics LettersU, 5, 377-581.
Parasuraman, A. and Zeren, L. M., 1983, “R&D’s Relationship with Profits and Sales”, UResearch ManagementU, pp. 25-28.
Porter, M. E., 1990, “The Competitive Advantage of Nations”, New York: Free Press.
Powell, W., Koput, K. and Smith-Doerr, L., 1996, “Interorganizational collaboration and the locus of innovation: networks of learning in biotechnology”, UAdministrative Science QuarterlyU, 41, 116-145.
Sakakibara, M., 1997, “Heterogeneity of firm capabilities and co-operative research and development: an empirical examination”, UStrategic Management JournalU 18 (S1), 143–164.
Scherer, F. M. & Ross, D., 1990, “Industrial market structure and economic performance”, Houghton Mifflin Co., Boston, MA.
Sher, P.J. and Yang, P.Y., 2005, “The effects of innovative capabilities and R&D clustering on firm performance: the evidence of Taiwan’s semiconductor industry”, UTechnovationU 25, 33–43.
Sougiannis, T., 1994, “The Accounting Based Valuation of Corporate R&D”, UThe Accounting ReviewU, 44-68.
Stuart, T.E., 2000, “Interogrganizational alliances and the performance of firms: a study of growth and innovation rates in a high-technology industry”, UStrategic Management JournaUl 21, 791-811.
Stevens, G., Burley, J., Divine, R., 1999, “Creativity plus business discipline equals higher profits faster from new product development”, UJournal of Product Innovation ManagementU 16 (5), 455–468.
Tassey, G., 1983, “Competitive strategies and performance in technology-based industries”, UJournal of Economic BusinessU, 35, 21-40.
Tehrani M., 2003, “Competitive strategies, strategic alliances, and performance in international high-tech industries: A cross-culture study”, UJournal of American Academy of BusinessU, Cambridge 2(2), 610-617.
Tsai, K. H., 2004, “The impact of technological capability on firm performance in Taiwan’s electronics industry”, UJournal of High Technology Management ResearchU 15, 183-195.
White, H., 1980, “A Heteroscedasticity Consistent Covariance Matrix Estimator and a Direct Test for Heteroscedasticity”, UEconometricaU, 48, 817-838.
Xu, Ming and Zhang, Chu, 2004, “The explanatory power of R&D for the cross-section of stock returns: Japan 1985 - 2000”, UPacific-Basin Finance JournalU 12, 245-269.
Zahra,S. & Covin,J., 1993, “ Business strategy, technology policy and firm performance”, UStrategic Management JournalU 14, 451-478.
Zahra, S. A., Ireland, R. D. & Hitt, M. A., 2000, “International expansion by new venture firms: international diversity, mode of market entry, technology learning, and performance”, UAcademy of Management JournalU 43 (5), 925–950.