臺灣博碩士論文加值系統

施振榮(2004)發現台灣半導體產業的附加價值曲線已轉變為U型之微笑曲線。因此，本研究將根據施振榮(1996)提出的微笑曲線理論，檢視台灣半導體產業之附加價值曲線。為驗證半導體產業的微笑曲線，本研究以2000-2005年的台灣半導體產業廠商為樣本，以無形資產評價方法作為附加價值的代理變數，驗證半導體產業價值鏈中附加價值的分佈，推導出台灣半導體產業之微笑曲線正確形狀。
本研究以Panel data迴歸分析，探討時間效果、產業價值鏈及公司效率對企業報酬率及附加價值的關係。迴歸結果發現台灣半導體產業深受景氣循環影響，營業風險高。而在產業價值鏈的環節中，半導體設計業同時涵蓋研發及品牌行銷的業務，較製造業及封測業擁有較高的報酬率及附加價值，因此台灣半導體產業價值鏈的微笑曲線為一U型曲線。

Shih developed a new perspective of firms' competitive advantage based on an extensive analysis of the industry's value-chain. Shih (2004) found that the value chain of Taiwan semiconductor industry had gradually shifted to the bottom in a U-shaped curve. Hence, this study will be in accordance with Shih's (1996) “Smiling Curve” hypothesis and test the value chain of Taiwan semiconductor industry. In order to test Shih announced the Smiling Curve of Taiwan semiconductor industry, the research selected Taiwan semiconductor firms in 2000-2005 for conducing empirical studies and we used the intellectual capital valuation methods as a proxy of value added.
We used panel data regression analysis to understand what factors affect firm's profit rate and value added. We find that Taiwan semiconductor industry is affected by business circle and has high business risk. The fabless industry has higher value added more than manufacturing industry or packaging and testing industry, because the fabless industry is engaged in design and marketing. For this reason, the value chain of Taiwan semiconductor industry is a U-shape curve.

中文摘要 i
英文摘要 ii
致 謝 iii
目 錄 iv
表目錄 vii
圖目錄 viii
一、緒論 1
1.1 研究背景與動機 1
1.2 研究目的 3
1.3 研究範圍與方法 4
1.4 架構與流程 4
二、文獻探討 6
2.1 微笑曲線 6
2.1.1 微笑曲線的孕育 6
2.1.2 微笑曲線的發展 7
2.2 附加價值的定義及分類 8
2.2.1 無形資產意涵 9
2.2.2 無形資產評價 12
2.3 影響企業經營績效之因素相關文獻 16
三、半導體產業概況分析 18
3.1 國內半導體設計(FABLESS)廠商概況分析 19
3.2 國內IC製造廠商概況分析 21
3.3 國內半導體封裝測試廠商概況分析 22
四、研究設計 23
4.1 研究模型及資料分析方法 23
4.1.1 資料包絡分析法(Data Envelopment Analysis, DEA) 23
4.1.2 Panel data regression analysis 33
4.2 研究對象及資料來源 37
4.3 變數定義及衡量 37
4.3.1 篩選資料包絡分析法所使用的投入產出項 37
4.3.2 應變數：獲利率、附加價值 39
4.3.2 自變數：時間效果、價值鏈 40
五、實證結果與分析 41
5.1 CCR模式、BCC模式效率值分析 41
5.2 影響企業績效及獲利率之PANEL DATA REGRESSION分析 43
5.2.1 影響企業經營績效之panel data regression分析 43
5.2.2 影響企業獲利率之panel data regression分析 44
5.3 影響企業附加價值之PANEL DATA REGRESSION分析 45
5.3.1 企業附加價值之panel data regression分析結果整理 47
5.4 PANEL DATA REGRESSION分析結果的管理意涵 49
5.5 台灣半導體微笑曲線型態 50
六、結論與建議 53
6.1 研究結論及貢獻 53
6.1.1 研究結論 53
6.1.2 研究貢獻 54
6.2 研究限制 54
6.3 對後續研究者的建議 55
參考文獻 56

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