半導體晶圓製造廠融資策略之探討： 華亞科技之個案研究

Abstract

台灣已是世界上半導體產能的重要來源。現成良好的產業基礎與規模，預期未來將繼續在本島內發展﹔實際上，根據已宣佈的公開資訊，在計劃中的12吋半導體晶圓製造廠超過十五座以上。由於半導體的設計與製程技術不斷進步，每座晶圓廠需要投入的總成本將越來越高﹔更不用提現有晶圓製造廠經常性技術升級所必需的資本支出了。因此，國內半導體晶圓製造廠的現有與未來經營上的風險主要是在(1) 技術進步，(2) 經常性資本支出的融資。當每一次的資本支出的基本單位已經成為十億美金左右時，國內半導體晶圓製造廠的融資策略未來益發重要。 本研究經由深入探討半導體產業的特性，以理解半導體晶圓製造廠的資本密集的本質與經常性資本支出的大額資金需求﹔然後探討國內半導體晶圓製造廠的融資策略，尤其是著重DRAM晶圓製造廠融資策略對長期資金的需求，以了解半導體晶圓製造廠所面臨的融資課題與成功融資的條件。 本研究經由融資策略的文獻回顧，並探討國內半導體晶圓製造廠的融資策略後，選擇以國內半導體製造廠中最新的公司，華亞科技，作為個案﹔探討該公司的融資策略，如何籌措到一廠與二廠近新台幣二千億的全部資金，了解其決策邏輯與成功的執行。本研究再研究達成該個案公司最低加權平均資本成本的最適(optimum)資本結構，作為該公司與其他半導體晶圓製造廠未來財務的策略方向。 本研究發現國內半導體製造廠，尤其是DRAM製造廠，的融資策略以現金增資(含GDR)為規劃核心。DRAM製造廠過去仰賴在國內或國際資本市場成功籌措大量的資金，以增加可舉債空間，再搭配以由折舊產生的穩定的自有資金，來支應經常性的資本支出。此結果與融資順位理論的偏好不一致。而個案公司也是仰賴成功發行現金增資與GDR，增加可舉債空間，才造就了其晶圓二廠美金二十三億元的投資。 為評估個案公司的融資策略的優劣，本研究計算出個案公司的加權平均資本成本與相對應的資本結構，發現半導體晶圓製造廠常見的1:1的負債對淨值的資本結構比例並不是個案公司的加權平均資本成本最低廉的最適(optimum) 資本結構比例。個案公司應該降低財務槓桿，以降低整體營運風險﹔因此建議個案公司應進一步降低負債比例以達成成本最低廉的加權平均資本成本。

Taiwan has become an important souce of capacity in the global semiconductor industry. To date, the local semiconductor industry’s excellent infrastructure and economy of scope are expected to continue to improve in the future. In fact, based on publicly available information, more than 15 new 12”fabs are currently under planning. However, as semiconductor design and process technologies are constantly improving, the investment amount for each fab is becoming more and more expensive, not to mention the regular capital expenditure needs from existing technology migration. As a result, local semiconductor manufacturers’ present and future business risks lay on (1) technology migration, and (2) funding for regular capital expenditure needs. As the basic investment amount has climbed to the US$1 billion mark, the funding strategies of local semiconductors have become more important than ever. This research first covered the characteristics of the semiconductor industry to demonstrate the capital-intensive nature of the industry and the large amount of regular capital expenditure needs. Then, the research encompassed the funding strategies of local semiconductor manufacturers, with an emphasis on DRAM manufacturers’ needs for long term capital funds, establishing an understanding of the challenges and conditions for successful fund raising of their funding strategies. This research followed through by reviewing previous thesis paper related to capital structure and local semiconductor manufacturers’ funding strategies. This research covered Inotera Memories Inc., as a case study to evaluate its funding strategy to raise up to NT$200 billion for its fab 1 and 2, its decision logics and successful execution. The optimum capital structure for Inotera to achieve its lowest weighted average cost of capital was examined, in an effort to indicate a strategic direction for the Company and other semiconductor manufacturers. This research uncovered that local semiconductor manufacturers’ funding strategies, especially DRAM manufacturers’ ones, have been dependent on the successful issuance of cash injections (including global deposit receipts). It has been vital for local DRAM manufacturers to successfully raise cash in either local or international capital market which, in turn, effectively increases their debt capacity and, combined with the internally generated funds from deprecation, both to finance the regular capital expenditure needs. The result is different from the preference of the pecking order theory. The case study also indicated a deviation that the successful issuance of seasoned public offering and GDR to increase its debt capacity was imperative to Inotera’s fab 2 investments which will amount to US$2.3 billions. To evaluate Inotera’s funding strategy, this research manifested the result of the calculation of Inotera’s weighted average cost capital, and pointed out that the 1:1 leverage ratio, common to local semiconductor manufacturers, would not achieve the lowest weighted average cost of capital to Inotera. As a rule, local semiconductor manufacturers ought to decrease their financial leverages to decrease their overall business risk. Therefore, the research concluded by suggesting Inotera should decrease its financial leverage to achieve its lowest weighted average cost of capital.