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標題: | 寡占競爭廠商獲利因素之探討-以晶圓代工TSMC、UMC及VIS為例 Determinants of Profits in Oligopoly Market - Evidence from TSMC, UMC and VIS Wafer Foundry Co. |
作者: | Feng-Hsin Hsieh 謝峯欣 |
指導教授: | 陳正倉(Jeng-Chang Chen) |
關鍵字: | 複迴歸,寡占市場,晶圓代工,營業利潤率,研發密度, multiple regression,oligopoly market,wafer foundry,operating profit margin,R D density, |
出版年 : | 2020 |
學位: | 碩士 |
摘要: | 本文採用複迴歸模型,對於寡占市場中,晶圓代工產業的營業利潤率影響因素做探討,並針對不同市占率、市場定位的三家廠商做影響因子比較,也針對領導與追隨廠商間的研發投入關係做假設檢定,主要使用2014~2019公司財報六個年度共24季的資料。 文中也介紹了台灣的晶圓代工發展過程並解釋了寡占市場的定義、廠商行為及舉出實際競合案例。從近年來研發投入可看出,晶圓代工最先進製程的發展已經剩下極少數的廠商存活有能力競逐,實證結果顯示不同製程級別的廠商間已沒有明顯的研發競賽行為。而在影響因子部份,把多個自變數(如營收、存貨周轉率、投資活動之淨現金流、研發密度、北美半導體設備出貨金額)對應變數營業利潤率、作複迴歸分析,結果顯示製程最先進的領導廠商台積電其存貨周轉率,北美半導體設備出貨金額對於營業利潤率對於有顯著正相關;研發密度則為顯著負相關。而製程能力第二級別的聯電其營收對於營業利潤率有顯著正相關;北美半導體設備出貨金額為顯著負相關。製程能力在第三級別的世界先進其營收、存貨周轉率對於營業利潤率有顯著正相關;投資活動之淨現金流(支出記為負數)、研發密度顯著負相關。文末也根據實證結果統整分析並對於廠商的未來的發展提出建議。 This article uses the multiple regression method to discuss the influencing factors of the operating profit margin of the wafer foundry industry in the oligopoly market, and compares the influencing factors of 3 companies with different market share and market positioning, and also focuses on the R D behavior between leading and following companies. The hypothesis verification mainly uses the data of 24 quarters in the six years of the company's financial report from 2014 to 2019. The article also introduces the development process of Taiwan's wafer foundry industry and explains the definition of the oligopolistic market, the behavior of manufacturers, and the actual cases of competition and cooperation. It can be seen from the R D investment in recent years that very few manufacturers have been able to compete in the development of the most advanced process of wafer foundry. The empirical results show that there is no obvious R D competition among the 3 companies of different process levels. In the impact factor part, regress multiple independent variables (such as revenue, inventory turnover ratio, net cash flow from investment activities, R D density, and North American semiconductor equipment shipments) to dependent variable operating profit margins. The most advanced process leading company TSMC’s result shows the inventory turnover ratio and North American semiconductor equipment shipments has a significant positive correlation with the operating profit margin; the R D density has a significant negative correlation. And the second tier UMC’s revenue, there is a significant positive correlation with the operating profit margin; North American semiconductor equipment shipments is a significant negative correlation. The revenue and inventory turnover ratio of the third-level VIS has a significant positive correlation with the operating profit margin; the net cash flow of investment activities(expenditure counts as negative), the R D density is significantly negatively correlated with the operating profit margin. At the end of the article, we also make a comprehensive analysis based on the empirical results and make recommendations for the development of wafer foundry companies. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/20165 |
DOI: | 10.6342/NTU202004243 |
全文授權: | 未授權 |
顯示於系所單位: | 經濟學系 |
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