本研究主要探討新創廠商不同營運模式半導體廠商之經營績效。利用資料包絡分析法(DEA)、視窗分析比較群組廠商間經營效率的差異與風險報酬位置，再利用差額變數分析探討廠商效率下滑主要原因，最後考量半導體廠商具有資本密集度高與技術密集高的特性，利用超效率DEA與Pearson相關性分析探討固定資產及研發投入的遞延效應，最後加入非新創半導體廠商與新創廠商半導體比較兩大群組間是否有差異。本研究結果歸納如下:1.非新創廠商符合微笑曲線的概念；新創IC設計廠商在毛利上雖然最高，但是營業利益部分略低於封裝廠商，將新創與非新創廠商比較可以看出問題在於營業成本，因此新創IC設計需要注意人員薪資、機台折舊等費用。2.資料包絡分析法探討新創與非新創廠商效率值，得出的結果為新創廠商較非新創廠商高，看出在相同的投入下新創廠商的報酬較高；穩定度則為非新創較高。3.IC設計業皆落於或靠近低風險高報酬的最佳位子，符合微笑曲線觀點，而有少數IC製造與IC封裝的廠商也在此位子，顯示經營者可以透過管理能力來規避風險。4.2009~2013的研究期間內，新創與非新創廠商效率下滑的原因各有不同，新創廠商主要為營業成本投入過多、非新創廠商主要為固定資產投入過多。5.新創與非新創IC設計、製造與非新創IC封裝的經營效率對於資本密集度呈現負相關，顯示廠商可提升固定資產的使用效率，達到提升經營效率的效果。經營效率對於研發比率在IC製造封裝平均呈現負相關，可見這種營運模式的廠商在偏重製程研發的情況下，製程研發進步緩慢，對於研發投入的成效不佳。而IC設計廠商研發比值呈獻負相關，對於研發投入的成效進行檢討，才有效降低成本提高效率值。 This research mainly discussed the performance of start-up semiconductor manufacturers in different business modes. Data Envelopment Analysis (DEA), Window Analysis and Slack Variable Analysis were the methods to use. Then, considering that semiconductor manufacturers have high capital intense and high technology intense, we used super efficiency of DEA and Pearson correlation analysis to discuss the defer effect of Fixed Assets and Research and development. Finally, we compare the performance between startups and traditional semiconductor manufacturers.Results are summed up as follows:1.Traditional manufacturers fit the concept of Smile Curve; start-up IC design companies get higher gross margin but get less operating profit than packaging manufacturers. 2.Using Data Envelopment Analysis to analyze the efficiency of traditional and start-up manufacturers, start-up manufacturers had higher reward with same input. However, traditional manufacturers had more stability.3.IC design industry is located at or close to the best position of low risk and high reward area. A few IC foundry and IC packaging companies are also located in this position, which shows business risk can avoid by management ability.4.From 2009 to 2013, performance decline between start-up and traditional manufacturers suffered for different reasons. Start-up manufacturers put too much operating cost, traditional manufacturers put too much fixed assets.5.IC design and foundry of start-up and traditional manufacturers and IC packaging of traditional manufacturers, the operating efficiency was negatively related to capital intense, which shows that manufacturers can increase the efficiency of fixed assets in order to raise their operating efficiency.
