乘勢而上—半導體封裝與測試廠商經營發展策略分析：以日月光投控為例

Abstract

隨著半導體製程接近物理極限，人工智慧、高效能運算和5G等新興應用推動對晶片體積、效能與多功能的高度要求下，封裝技術成為系統效能關鍵，全球半導體產業更加重視異質整合、高密度封裝及模組化系統解決方案。電子製造服務（EMS）亦因終端產品小型化和多樣化需求，與封裝技術產生交集，加速產業技術整合。日月光作為全球半導體封測大廠，專注本業封測業務並提供電子製造服務，且自2018與矽品合併後，成立日月光投資控股公司（下稱日月光），透過資源整合與產能佈局，鞏固全球封測龍頭地位，並積極推動先進封裝技術發展。 本研究以個案分析法，先從產業分析了解日月光所在之封測業與EMS之現況與發展趨勢、主要競爭者情形，並運用五力分析釐清產業關鍵因素，確認競爭環境。接著探討日月光如何利用其核心資源與能力，打造競爭優勢，並以BCG矩陣定義日月光產品事業組合，分析公司成長及競爭策略。最後，綜合評估日月光發展狀況與優劣勢，提出未來經營發展策略的研究建議。 根據研究結果，日月光之競爭優勢在於其在封測和EMS領域技術累積及多元事業整合能力，除了持續研發高階封裝技術提升產品附加價值，也透過併購矽品強化先進封裝技術深度與產能佈局，並結合環旭EMS業務，提供客戶從晶片封裝到系統整合的一元化服務。同時，日月光積極強化全球供應鏈彈性，鎖定成長快速的應用領域，建立了穩固的市場領頭地位和技術壁壘。 本研究針對日月光提出三項建議：先進封裝應持續深化異質整合技術保持技術領先優勢，並結合自身強項之量產能力；銲線封裝應加強全球產能及供應鏈彈性，維持接單能力的同時也因應政治與市場波動因素；電子製造服務應聚焦高成長利基產品佈局，提升SiP模組設計與製造整合能力，以擴大差異化競爭力。

As semiconductor manufacturing nears physical limits, emerging applications like AI, HPC, and 5G drive demand for smaller, higher-performance chips. IC Packaging becomes crucial, focusing on heterogeneous integration, high-density packaging, and modular solutions. EMS overlaps with packaging due to product miniaturization, accelerating industry integration. ASE, as a global leader, has reinforced its position since merging with SPIL in 2018 by optimizing resources and advancing packaging technologies. This study uses a case approach, analyzing ASE’s packaging and EMS industries, applying Porter’s Five Forces to identify key factors and competitive dynamics. It examines ASE’s competitive advantages, analyzes its product portfolio with the BCG matrix, and proposes strategic recommendations. ASE’s advantage comes from its packaging and EMS technology depth and business integration. Through R&D and SPIL acquisition, ASE strengthened advanced packaging and capacity, integrating EMS with USI to offer customers end-to-end solutions from chip packaging to system integration. It also improves supply chain flexibility, targeting fast-growing markets to maintain leadership and technical barriers. Based on the research, three recommendations are offered for ASE: deepen heterogeneous integration in advanced packaging while leveraging mass production capabilities; enhance global capacity and supply chain flexibility in wire bonding to address geopolitical risks; and focus EMS efforts on high-growth niche markets by improving SiP module design and integration to strengthen competitive differentiation.