從實質選擇權觀點探討系統晶片之定價

Abstract

我國之積體電路產業在世界上享有舉足輕重的地位，政府亦持續結合國內各界的力量，主導多項「系統晶片」計畫，不斷推動我國積體電路產業的發展，扶植積體電路設計業者朝向高附加價值之系統晶片設計轉型邁進，期望能在系統晶片設計的風潮裡繼續領先世界。因此，不只是利基型系統晶片之研發創新受到重視，系統晶片行銷之課題亦是被關注的焦點。 在行銷要素的4P中，「定價」是最直接影響公司或企業營收乃至於盈虧的行銷要素，因此，本研究將把研究重心放在利基型系統晶片行銷中關於定價方面的議題上。從「實質選擇權」的觀點出發，本研究將試圖檢視其對於系統晶片之定價策略所產生的意義，並實證現今一般積體電路設計業者實務上的作為，希望能為系統晶片之行銷定價策略找出一點值得參考的依據。 在本研究中，將首先簡介實質選擇權的意義、分類以及應用，並說明本研究所採取之「複合選擇權」的操作方法；其次將概述我國積體電路產業與系統晶片的現況，以及它們未來可能的發展方向；接下來，本研究會舉出一個系統廠商之研發製造計畫的實際例子，分別以「淨現值法」與實質選擇權評價法來評估該計畫之執行價值，藉以說明這兩種方法之間評估結果的差異以及後者優於前者之處；最後，搭配利基市場之行銷理論與產品的基本定價模式，本研究將從實質選擇權的評估結果中提出一些對於系統晶片行銷及定價的建議。 本研究認為：藉由與系統廠商一同瞭解市場，並透過實質選擇權之評價方法，IC設計業者將有機會擬定出更具競爭力的系統晶片行銷與定價策略。

Taiwan’s IC industry has been on an outstanding position of the world, the government also directs many national “SoC” plans to keep Taiwan’s IC industry making progresses and to lead IC design companies to pursue more value added SoC design. Definitely, not only R&D and innovations of niche SoC have to be paid more attention but also SoC marketing strategies. Of the 4P marketing mixes, “pricing” is the one which influences revenue of a company directly. So, we focus our study on issues of pricing of niche SoC. With the points of view of “real option”, we try to find out its meaning, to survey real world practices and to make some suggestions for SoC pricing strategies. We will introduce concepts, classification and usage of real options then describe how to implement a “compound real option” in this thesis at first. Next, the current status and future developments of Taiwan’s IC and electronic manufacturing industry are discussed briefly. Following, we will use “net present value method” and real option method to evaluate the value of an electronic manufacturer’s R&D project respectively then discuss differences of these two results. Finally, with the valuing results of real option, niche market theory and basic pricing methods, we will try to propose some ideas for SoC marketing and pricing strategies. We believe: understanding market behaviors deeply with electronic manufacturers and using real option as valuing tool, IC design companies will be able to figure out more competitive SoC marketing and pricing strategies.