本研究希望經由全面而深入的個案分析，尋找專業晶圓代工廠商成功的經營策略，並擬定策略以因應未來快速變遷的環境，以達成以下三項目的：（1）剖析個案公司的經營策略，進行外在分析及機會威脅之認定，以及探討其關鍵成功因素；（2）以策略規劃方式，進行內在分析與優劣勢之評估，認定個案公司所面臨之主要及次要問題，並進行要因分析；（3）為個案公司制定經營策略，據以確定可行的策略方向，從而提出策略的評估與選擇。 本研究之架構，係採用Aaker的理論架構來進行內外在分析，而整個策略規劃的過程，則依據Glueck所提出之策略規劃架構進行。整個研究架構大致分為四個階段，首先進行組織內外在分析，以界定存在於外在環境中的機會與威脅，以及該產業關鍵成功因素，並瞭解個案公司所具備之優劣勢，然後根據以上分析歸納出該公司所面臨的問題，接著擬定數個可以的策略，並依照適當的準則予以評估與選擇，再根據選擇的策略方案擬定出該公司整體策略，以及根本策略與競爭策略，並在根本策略之下進行營運策略建議。 經過本研究分析發現專業晶圓代工業者的關鍵成功因素包括：人才、技術能力、充裕的產能、資金、管理能力、資訊整合能力等。從內、外在環境分析及個案公司自身之條件來看，在根本策略上，個案公司最適合採取成長策略，以進一步建立個案公司的核心能力，而成長方式得採行市場滲透策略。 在競爭策略方面，個案公司宜採差異化集中策略，利用個案公司擁有與客戶長期密切的合作關係、品牌資產、高階專業經理人的經營管理能力、研發能力、及創新能力等競爭優勢，透過這些優勢及持續強化對製程技術的研發，提供最先進之高階製程技術，以具價格競爭力之高階製程技術，吸引整合元件製造公司產能的釋出。同時，也將最先進之高階製程技術提供給IC設計公司，以提昇IC設計公司的競爭力並強化與客戶之間的合作關係。

近年來，企業併購風吹向科技業。在台灣素來引以為傲而且在全球產業鍊中佔有一席之地的IC設計產業也不可避免的帶來併購的機會。在過去一年以來，數個美國中大型IC設計公司紛至台灣探路，透過併購來完善其技術組合，或者與台灣ODM之間拉近關係。而台灣自己的IC設計公司也同時透過併購的過程加速企業的成長與產品的佈局。 本研究會先以一般的企業併購理論來分析IC設計產業，並且在兩家大型IC設計公司Marvell與聯發科成功的併購成長案例中來討論在IC設計產業裏，因產業的特殊性而顯得特別重要的併購成功因素。 本研究分析出八項併購的成功因素: 1.高階人員參與策略規劃 2.目標市場的選擇 3.購併的財務規劃 4.購併價值評估 5.併購後之人才資源管理 6.購併後之整合管理 7.矽智財之管理 8.委外生產之議價能力 其中將特別強調矽智財之管理與委外生產之議價力。這兩項因素是其他產業沒有著墨的地方，但是在IC設計產業卻顯得重要。而且也是文中提到的兩家IC設計公司對於併購能夠成功的獨到法則。 很多大型企業都有併購的經驗，併購成功的比率在美國相關的報導裏約只有百分之二十。透過這一次的分析，本研究也希望能讓業界先進們在以後的併購決策中有多一層的考量，在企業進行併購活動時，能掌握有較高的成功機率，達到預期的目標。

本研究是以個案研究為探討的對象，探討該企業的分割動機與策略分析，並經由國內外文獻資料與相關市場的資料的收集，整理分析不同產業中成功分割的代表個案，包含:宏碁集團、裕隆集團及矽統科技，彙整其公司背景比較、分割原因、分割方式及分割結果，藉此探討個案公司分割策略是否正確，是否有不同於分割做法的可行性，及晶圓廠分割策略的適合性。 針對上述議題的探討提出結論，若日後有其他半導體的分割案例建議亦可採用此四個層面的角度來分析探討。這四點結論如下:(1)就半導體經營趨勢而言，由原本的IDM營運模式轉為代工模式的策略是合乎市場趨勢的，因為晶圓代工產業因產品多元化程度高，在景氣不佳時仍比IDM及 DRAM 廠有較佳的獲利空間。(2)就客戶層面而言，解決代工與自有品牌之間所產生的衝突為最重要的項目之一。所以站在客戶的角度，代工與自有品牌之間所產生的衝突將因為分割而消失，分割後不論母公司或是子公司都將專心經營各自的核心事業。(3)以管理的角度而言，母公司為 IDM 營運模式，子公司為代工營運模式，兩者的管理面及獎懲制度也不盡相同，所以獨立分割可以將管理及獎懲制度分開，降低因為不同的營運模式而產生的複雜管理項目。(4)以系統面的角度而言，IDM及代工兩者生產模式不同，同時存在於同一公司，造成生產製造相關系統、營運及管理面相關系統的複雜度。所以分割後，流程簡化、系統複雜度簡化，用小而美的系統取代原先複雜的大恐龍系統，提高系統效率、提升生產力、進而提升公司競爭力。 / Enterprise can through reengineering, merge and spin off to reach this purpose. This research will be focused in the enterprise spin-off. This research takes case study methodology that inquires into the spin-off motive and strategy analysis of the M company. And data collection of the related market successfully representative's individual cases of the spin-off, containment: the Acer group, Yu Long and SIS semi-conductor company. To compile those companies background comparison, spin-off reason, methodology and result. According this summary to inquire the M company spin-off strategy whether exactitude, whether the feasibility for having already differed from to partition modus, and the strategy of wafer factory spin off. Base on the aims at above mentioned subjects, the study has identified 4 conclusions that can be used if has the spin-off case of other semi-conductions they can also adopt those 4 angles to the analytical study. Below are the 4 conclusions. 1. In regard to the semi-conductor management trend, by original IDM operation the mode turn into foundry business the strategy of the work mode to conform to the market trend. 2. Per customer angle, solve the conflict between own brand and foundry business that is one of the most important items. 3. With management level of enterprise, parent company is IDM operation mode, the subsidiary is a foundry business operation mode, so partition independently can will management and the prize and punishment system separate, reduce the complicated management items. 4. As faced with flow of process and systems, the IDM and foundry mode is different, is existed in same company in the meantime, that cause complications of the production systems, ERP system, operation and management systems.

本文旨在以鑽石體系探討台灣晶圓代工產業在發展了30年後，之所以具有國際競爭力各項條件，並在五力模型的分析下，進一步探討台灣晶圓代工產業未來的威脅及具有的優勢。本研究認為，台灣晶圓代工產業具備有鑽石體系中的各項生產因素、需求條件、相關與支援產業以及同業競爭與企業策略等條件，且台灣在發展晶圓代工產業的初期，政府扮演相當重要的要角，是推動這30年來晶圓代工產業蓬勃發展的重要原因。而這台灣獨創的專業晶圓代工模式也因為在國際分工需求下，產生其效益，並帶給台灣半導體上下游產業的垂直分工發展並使半導體產業聚落形成。 另一方面，在以五力模型中的各項威脅因素分析時，發現在同業競爭、供應商以及顧客的各項因素中，其威脅屬於中等程度，並沒有特別具有威脅的一項；而在潛在競爭者的威脅這一部分則更弱了，因為其成本太高以及經營模式和一般整合元件廠商（Integrated Device Manufacturer, IDM）以及記憶體廠商的經營方式不同，使得進入障礙提高；在替代產業的威脅上則是最低的，目前幾乎沒有可以取代晶圓代工產業的產品。故短期間內台灣的晶圓代工產業在國際上具有相當大的優勢。 本研究也針對以上結果綜合提出四個命題。第一、在晶圓代工產業發展初期，政府對鑽石體系中生產因素的策略性協助越多，越容易使其成功；第二、整合性服務與誠信這兩方面表現越佳者，未來越具有競爭力；第三、在供應商、晶圓代工業以及客戶的關係裡，位居買方之產業其轉換成本高；第四、未來唯有資本雄厚的整合元件製造廠（IDM）有能力進入該產業。 / The research shows that Taiwan semiconductor pure foundry industry composes of four well-proven completed environment conditions in Porter’s Diamond Model: Factor Conditions, Demand Conditions, Related and Supporting Industries, and Firm Strategy, Structure, and Rivalry. In addition, the Role of Government, defined as the fifth condition in the model, plays an important role in the early stage. The pure foundry model created by Taiwan also contributes the development of vertical de-integration and the formation of semiconductor cluster. Meanwhile, Five-Force Model is used to analyze the threats of Taiwan semiconductor pure foundry industry, which shows the threat from rivalry among existing competitors, suppliers and buyers is moderate. The threat of new entrants is low, and the threat of substitute products or services is insignificant. In summary, Taiwan semiconductor pure foundry industry still has strong competitive adventages in the near future. The research also provides four propositions. First, the more the government provides assistance to the factor conditions in the early stage, the easier the foundry industry will be successful. Second, the better the integrated services and the higher integrity a company could offer, the more competitive the company will be. Third, in the relationship of supplier, foundry and customer, the roles of buyer have higher switching cost. Fourth, the Integrated Device Manufacturer (IDM) companies with sufficient capital are the only type of companies could enter this industry in the future.

在知識經濟時代與顧客服務導向的競爭環境中，企業的成功已不再僅靠自然資源、龐大資金與不變的服務內容，知識亦稱為智慧資本，已經成為企業最重要的資產，而創新的服務內容更是企業獲利的致勝關鍵，因此對於智慧資本的管理與客戶服務的創新，也成為企業經營上最重要的課題。 在新興的市場需求中，新產品開發的過程關係著企業未來的成功與否，也成為企業在智慧資本管理與應用效能上的試煉，更是考驗企業如何將客戶服務理念落實的執行，因此在新產品開發的過程中，企業應該審視本身智慧資本的運作，並提出創新服務的新思維，才能達到企業永續的成長，以及確保獨特的產業競爭力。 本研究以晶圓代工產業的新產品開發為例，針對開發活動與其中知識流動的情形，來探討智慧資本與服務創新的建構過程，以及分析兩者之間的關係，並從中歸納出重要的影響因素。研究問題如下： (1) 晶圓代工產業中，新產品開發是否有階段性的里程碑，應以那些時間截點來分析。 (2) 新產品開發時的智慧資本與服務創新構面及其內涵為何，以及智慧資本三構面與服務創新四構面之間的相關性。 (3) 發展服務創新在實務上的關鍵影響因素為何，其中與客戶端有那一項影響較大。 (4) 智慧資本與服務創新各構面的建構過程中，是經由那些開發活動所進行，個別構面成長與變化的情形是如何。 (5) 新產品開發過程中知識流動的情形為何，與智慧資本以及服務創新個別構面的相關性為何，不同的知識流動對於不同構面間是否有影響。 最後本研究得到下列結論： (1) 晶圓代工新產品開發過程中，以專案啟動、進入試產與進入量產三個階段作為新產品開發的里程碑，文中並作為智慧資本與服務創新構面累積過程的時間截點（文中定義為 、 與 ），所達到的服務分別為特殊產業知識、差異化的服務以及創新產品的服務。 (2) 新產品開發時，服務創新以新服務構面、新客戶介面、新服務傳送系統與技術選擇四個構面來分析。智慧資本以人力資本、關係資本與結構資本三個構面來做分析。 (3) 服務創新第一構面「新服務構面」與智慧資本的結構、人力資本相關；第二構面「新客戶介面」與智慧資本的關係資本相關；第三構面「新服務傳送系統」與智慧資本的人力資本相關；第四構面「技術選擇」與智慧資本的結構資本相關等特性。 (4) 發展服務創新的關鍵因素有，新服務概念仰賴組織的調整；新客戶介面發展仰賴專案成員的素質；新服務傳送系統仰賴資訊技術；技術選擇構面仰賴資訊儲存能力與專案人員經驗。 (5) 服務創新中客戶端導入的技術，可以將原有技術能力提升，再以產生的新技術來服務顧客，而形成「良性循環」。 (6) 不同知識流動中，有形、契約化與詳盡說明式的知識流動相關性高，無形、非契約化與潛移默化式的知識流動相關性高。 (7) 有形的知識流動可增加結構資本與人力資本，無形的知識流動則以增加關係資本為主；直接溝通式的知識流動以新服務傳送系統為主，非直接溝通式的知識流動以新服務構面以及新客戶介面為主；詳盡說明式與契約式的知識流動，都以人力資本和結構資本的增加為主，集中於新服務傳送系統與技術選擇構面；潛移默化式與非契約式的知識流動則以關係資本的增加為主，集中於新客戶介面的構面。 關鍵字：智慧資本、服務創新、知識流動、產品開發、晶圓代工

本研究探討以知識為基礎的產業如何形成與發展而達成產業創新。更特定言，本研究探討基於知識技術以及組織制度結構所產生之權力關係，如何透過行動者與情境條件之互動，以社群型態之集體行動使其發生轉變，進而影響產業創新之結果。 為了凸顯不同的知識特性與情境條件，本研究選擇以台灣的晶圓代工與法國的卡介苗及B型肝炎疫苗為個案，以透過其歷程的描述來瞭解知識社群與創新社群之於產業創新的關係。個案的主要觀察內容包括創新活動權力關係的源由與類型、不同階段集體行動的特性、以及與產業創新效果的關連。 本研究發現創新活動中之存在兩類權力關係，第一類是基於行動者對知識或技術本身之控制或掌握能力，是屬於知識性的權力關係；第二類是基於行動者對該項知識技術得以運用情境之影響能力，為結構性的權力關係。而行動者產生的集體行動，即分別以「知識社群」之共同語言機制轉變基於知識技術的權力關係，以「創新社群」的價值共識過程轉變基於制度結構的權力關係，而促成產業創新。 本研究亦發現社群的形成與既有的權力關係結構有關。而隨著所欲動員於產業創新的資源條件愈龐大，即待轉變的表面權力關係愈為複雜，以社群實現產業創新愈為重要。而知識與創新社群間的互動，特別是反餽的現象，特別有助於產業創新的實現。另知識和創新社群的行動者有重疊之可能，尤其特定的關鍵行動者將同時扮演知識社群與創新社群中的重要角色。 / The dissertation studies the formation and development of communities in industrial innovations of emerging technology. A community is defined as a group of actors that, strongly influenced by their contexts, voluntarily contribute to enforcement of the capability that aims at realizing their common interests. As a specific form of collective actions, the communities are critical in coordinating various actors by gradually shaping the power relations between them, thus smoothing the potential conflicts during the relatively radical innovation. In the study, two cases are chosen for observing the communitarian processes. The first case is the semiconductor foundry in Taiwan. The second one is the vaccine industry in France. The later further comprises two subcases. One is BCG innovations. The other is the vaccine anti-hepatitis B. Based on a prior case study and literature reviews, two types of communities are proposed to examine the two case studies. The first type of communities is a “knowledge community” in which innovative actors contribute voluntarily in creation and diffusion of knowledge centered at the specific technological innovation. The second type is an “innovation community” in which innovative actors from different sectors contribute together to the application of the specific technology. The study found that a technological power relation that is from the incapability of controlling an emerging technology or of controlling those who own the technology is a barrier to industrial innovation. the knowledge community is capable of transforming a technological power relation, via the formation and diffusion of a common language, for realizing the industrial innovation. It reveals that a structural power relation that is from the actors’ ignorance or resistance to the application of an emerging technology is a barrier to industrial innovation. The innovation community is capable of transforming a structural power relation, via the formation and diffusion of a common value, for realizing the industrial innovation. Moreover, the larger the distance that a surface power relation is from its realistic power relation, that is, the more the disequilibrium of a power relation has, the more efforts are required for a community to contribute in industrial innovation. On the other hand, the more the positive feedbacks between a knowledge community and an innovation community, that is, the more the outcomes of the knowledge community that enhance a common value of the innovation community, and the more the outcomes of the innovation community that enhance the diffusion and deepening of a common language of the knowledge community, the easier the realization of an industrial innovation. Finally, a key actor as a community member has a strategic meaning that the key actor reacts to deepen a common language or to increase a common value so as to facilitate the formation and development of a knowledge community or an innovation community, thus realizing the industrial innovation.

摘要 經濟發展是我國生存重要基石，而撐起這基石的正是我國多年來所發展的電子產業，積體電路設計公司的成立讓我國電子產業由代工模式轉而產品設計與發展模式。基於全球化的商業環境，積體電路設計公司若要永續生存發展，除了從傳統組織內部努力外更需重視產業環境所帶來的影響。而半導體產業從1947年開始到現在近一世紀的歲月歷經三次主要變革，使得矽智財產業興起，而矽智財產業是對於我國的半導體產業而言是一項極為重要的轉機，所以我國成立「矽島計劃」而其中之一的計劃就是成立SIP MALL ，期望藉由SIP MALL 的成立來活絡矽智財交易以促進新的半導體產業商業價值，進而提升我國半導體的競爭力。然而我國積體電路設計產業習慣做”Me Too ”的產品，大部分的業界對於我國是否有矽智財公司的空間都是懷疑。當然SIP MALL 的成功與否和我國的矽智財產業存活並沒有關連。而現階段SIP MALL 之現況除了授權模式外，仍存在著技術整合、模擬驗證、資訊揭露及合約簽定等交易瓶頸待解決，但其存活機率是很大，這和我國兩大晶圓代工的策略有很大關連，而半導體產業演變到現在這態勢，兩大晶圓代工勢必成為IDM 式晶圓代工公司所以各自會去支持集團中的SIP MALL。而本文是探討我國矽智財產業如何經營才能存活，總體環境對我國矽智財技術交易平台產業，矽智財供應商的主要關鍵成功因 素包括「利基市場的選擇」、「技術研發能力」、「軟體系統的支援」以及「系統廠的支援」四項。我國的IDM 、積體電路設計、系統廠、、等應取得目前我國市佔有率高的系統 規格制定主導權， 以下游推動上游的創新設計，將系統廠Concept 透過系統單一晶片規格的方式，跟積體電路供應商合縱連橫發展系統單一晶片。而矽智財交易平台則必須在矽智財的認證、鑑價及智慧財產權的制度下設計良善的運作管理機制，以大陸廣大的內需市場為基礎，培養我國進入高障礙矽智財的領域。同時本文也提出在我國產業環境中以車用微控制器、顯示、省電、記憶體、、等矽智財是可以進入利基市場，並以SWOT 分析其優劣，這是本文對我國矽智財產業小小的貢獻。 關鍵字：SIP MALL (Silicon intellectual property MALL )、IDM (IC Design Manufacture )、矽智財(Silicon intellectual property )、系統單一晶片(System on chip )、 晶圓代工(Foundry )、SWOT(Strength、Weakness、Opportunity、Threat)、 積體電路(Integrated Circuit )、微控制器(Microcontroller ) / Abstract Economic development is very important foundation for our country surviving, and that propped up this foundation is exactly the electronic industry that our country has developed for many years, The establishment of the IC DESIGN HOUSE lets the electronic industry of our country transfer from OEM way to design and developed way. On the basis of the globalized business environment , if the IC DESIGN HOUSE should continue survival and development forever, not only pay attention to the influence brought of industry's environment but also that organize the inside from the tradition hard . the semiconductor industry meets three main evolutions since 1947, rising the SIP (Silicon Intelligently property ) industry, and the SIP is an extremely important favorable turn as to semiconductor industry of our country, So that our government establishs the project which name is “Silicon Island Project”, one of this project’s plan establishs the SIP MALL, expect to activate the trade of the SIP in order to promote new semiconductor industry's commercial value with the establishment of SIP MALL, and then improve the competitiveness of the semiconductor of our country. But IC DESIGN HOUSE of our country is used to doing "Me Too" products, most companies in our country suspect that SIP industry can survives in our country. The succeeding or not succeeding of SIP MALL is not relation with the SIP industry survive in our country, In Current stage, the SIP MALL in our country depends not only on the licensing model but also on technology integration, simulation & verification, the information disclosure, and contract service.SIP MALL it survives probability is very high because the tactics of two major foundries in our country have very great connection, and this situation till now that the semiconductor industry develops, two major foundries certainly will become IDM Foundry and will support one's own SIP MALL each. And this page discussion how SIP industry of probing into our country manage could survive , the overall environment, to SIP technological trade platform industry of our country, the choice including “niche market selection”,”core technology research and development ability” , “software company supporting” and four items of “the support of the system company”.The business value chains in our country such as IDM, IC DESIGN HOUSE and the system factory should take the lead in the specification of system standards in where R.O.C.’s industry has high market share, thus the SIP ＭALL may serve the purposes ofleveraging the system know how and successfully delivering the SOC products. To improve the SIP MALL operation, we also need to build up SIP identification, valuation and IPR management systems. In the meantime, it is also crucial to take advantage of emerging markets in China, as well as to create the territories of Star IP with killer applications. And this pager also indicate the car’s microcontroller, the showing device, saving the electricities , Menory device are niche market selection in our country’s SIP industry, and its is good and bad with SWOT analysis, It is this pager which is a little contribution to SIP’s industry of our country. Key Words：SIP MALL (Silicon intellectual property MALL )、SOC (System on chip )、 SIP (Silicon intellectual property )、IDM (IC Design Manufacture )、Foundry 、 SWOT(Strength、Weakness、Opportunity、Threat) 、IC (Integrated Circuit ) 、Microcontroller

隨著競爭的激烈，現今半導體晶圓代工產業面臨研發支出不斷增加以及晶圓製造廠的投資門檻越發提高之環境。然而在這晶圓代工競賽中，金融市場投資者也開始關注到金額龐大的資本資出是否能為公司創造更多的價值，以及其投資決策與融資決策對晶圓代工公司營運績效影響為何。 本研究以經濟附加價值(Economic Value Added; EVA)作為衡量半導體晶圓代工產業的公司價值指標，利用縱橫資料模型(panel data)驗證晶圓代工公司的EVA與市場價值之關連性，並探討影響半導體晶圓代工公司的價值創造的因子。此外，本研究亦針對半導體景氣循環指標及晶圓代工公司價值創造的關係進行研究。最後本研究以個案方式分析半導體晶圓代工公司價值創造之原因。 實證結果發現晶圓代工公司的EVA與市場價值具有高度的關連性與解釋能力，代表EVA確實能反映企業的真實價值。本文亦發現公司投入愈多的資本支出、追求高的營業利潤率、降低資金成本都會為半導體晶圓代工公司創造更多的價值。然而營收增加、營運資金投入的多寡及半導體景氣循環指標等因素對晶圓代工公司價值創造並無明顯之影響。此外，本文個案研究歸納出晶圓代工公司創造公司價值之因素共有下四點：一、擴大對現有的投入資本的報酬率。二、利用低利率環境和低β值，以降低資金成本。三、維持技術領先的競爭優勢，使公司擁有一段較長的時間能產生高於正常報酬率。四、加大資本資出進行新的投資，以賺取超額報酬。 / Advanced semiconductor manufacturing is at an inflection point with escalating R&D intensity and capital expenditure requirements for new fabrication plants of leading process. However, investors are concerned whether tremendous capital expenditure could generate return and create value to the company in this competition. Therefore, the objective of this study is to examine the foundry firms’ value by adopting the concept of Economic Value Added (EVA), measuring the excessive return that a company can generate over the cost of capital. At first, this study tests the power of EVA to capture the relationship between a company’s market value and EVA of foundries. As EVA may be affected by numerous financial value drivers, this research examines and ascertains which factors are relevant. Furthermore, this study also monitors the EVA of these firms to determine their relationship with the semiconductor cyclical index. The primary findings of this study are illustrated as below. EVA is systematically linked to market value in foundry industry. In addition, foundries with higher operating profit margin and higher capital expenditure could create more firms’ value while foundries with higher cost of capital and financial flexibility would destroy its value. Moreover, foundries’ EVAs are not been significantly affected by growth of sales, investments in working capital, and semiconductor cycle index. Furthermore, this paper also conducts a case study to analyze why TSMC creates EVA continuously: (1)TSMC increases returns on existing capital while holding WACC and invested capital constant. (2)TSMC reduces the cost of capital by leveraging low interest rate and low beta. (3)TSMC makes new investments that earn returns greater than the WACC. (4)TSMC sustains the competitive advantage of technological leadership which enables the company to generate above-normal returns for a longer period.

有關既有廠商面對技術改變時為何會失去領導地位，現有文獻多以技術和廠商能耐互動的供給面切入討論，其原因可能是領導廠商無法及時轉換技術、調整能耐或組織惰性等因素；對於少數新興國家的後進廠商成功挑戰既有領導廠商，成為全球領導廠商的研究，也大多依循這種供給面觀點，認為建立並不斷提升技術能耐是成功的關鍵。 深入檢視既有廠商面對技術改變失去領導地位的原因，不完全是來自供給面的問題，市場需求面也是重要的影響因素。在討論市場需求面的相關理論中，斷裂性創新架構是最典型的觀點，該觀點認為新興廠商推動斷裂性創新會持續破壞現有市場遊戲規則，造成競爭基礎的改變與產業結構的變化，此觀點主要在說明市場顧客需求的變化對新舊廠商競爭的影響，並據以補充說明技術供給面的不足。 至今斷裂性創新研究並未發展出一個有系統的架構來檢測某種創新情境是否為斷裂性創新？因而，本研究根據斷裂性創新架構觀點及個案研究法中描述性理論架構的要求，發展出斷裂性創新描述架構的相關特性要件，並用此架構來檢測台灣積體電路公司及其所促進高度發展的全球晶圓代工產業，檢測結果發現過程符合斷裂性創新的特性。後續研究將可由斷裂性創新的觀點切入，重新詮釋台積電成功成為全球領導廠商的原因。 本研究發展出來的描述架構是一個檢測斷裂性創新的良好基礎，可以作為測試其他產業是否存在斷裂性創新的參考。 / Why established incumbents loosed their leading positions facing the disruptive technology, explanation of current literatures tended to focus on the supply-side interaction of technologies and firms’ capabilities. The research on latecomer firms catching up technological gap in newly development countries also focused on the supply-side perspective and argued that consecutive advancing technological capabilities was the key to success. Closer examination of technology competition, however, reveals that technology or market transitions are not necessarily due to the supply-side difficulties, like incumbent technology’s inherent limit, incumbents’ inability to master new skill, or organizational inertness. The market demand-side is also an important factor offering a complementary set of explanations that highlight the influence of consumers’ need on technology trajectory. The most influential expression of a demand side role in technology competition is the disruptive innovation that will break the market rule, shift the bases of competition and change the industry structure. Current researches, however, did not develop systematically analytical tool or framework to identify disruptive innovation. This study followed the major perspectives of disruptive innovation and the rules of case study to develop the descriptive framework for testifying the phenomenon of disruptive innovation. The semiconductor industry development in Taiwan was identified and described under the conditions of this framework. This descriptive framework is a systematic tool for testing disruptive innovation in any industry.

半導體產業自 1950/1960 年代創始以來, 即以高度垂直整合的型式存在. 電路設計, 製程技術開發, 晶圓製造, CP測試, 封裝, 以及 FT測試 都是在同一公司完成. 至今日為止, 雖然仍然有不少的高度垂直整合的半導體公司存在, 許多的半導體公司已開始轉向為較低度垂直整合的型式存在. 在現代的產業術語中, 這些不同的產業單位被稱為整合元件廠 (IDM), 輕晶圓廠公司 (Fab-lite), 無晶圓廠公司(fab-less), 晶圓代工(wafer foundry), 外包封裝測試公司 (OSAT), 等等. 半導體產業自高度整合的IDM模式走向設計與製造分離的商業模式是一個許多人有興趣探討的課題. 其中一項很明顯的因素就是半導體製程開發及產能建置所需的龐大資金所造就出的專業晶圓代工模式. 但是,當專業晶圓代工模式帶入大量的經濟效益的同時, 眾多的公司在半導體產業中跨公司的交易成本亦大量增加. 在本論文中, 作者試圖以個案分析的方法, 探討半導體產業中一家專業晶圓代工公司 (A 公司) 如何使用協同電子商務來降低與客戶之間的交易成本. Coase and Williamson為主所發展出的交易成本經濟學 (Transaction Cost Economics, TCE)為本論文提供了一個良好的理論架構. 這些專精不同的半導體公司(Firms)在半導體產業中(Market)交易(Transact). 當面對不同程度的交易障礙時, 都會努力使這些障礙降低. 本論文之目標是以 Coase/William的TCE為架構, 定性分析出晶圓代工產業的協同電子商務在降低交易成本的效益. 在針對Ａ公司的個案研究中，研究結果指出, 協同電子商務在降低監督成本上是相當顯著的. 其次為搜尋成本及訂約成本的降低. 效益較不顯著的則為違約成本的降低. / The Semiconductor Industry started out in the 1950/1960 time frame, in the form of highly vertical integration. Circuit design, process technology development, wafer manufacturing, circuit probe operations, assembly manufacturing and final testing operations were all performed within a company. Although vertically integrated semiconductor companies still have strong presence in today’s industry, many others have turned much less vertically integrated. In semiconductor industry’s jargons, these various entities are: IDMs (Integrated Device Manufacturers), Fab-lite, Fabless, wafer foundries, OSATs (Out Sourced Assembly and Test), etc… This phenomenon of the semiconductor industry going from being highly integrated towards being highly disintegrated is of interest to many. One of the obvious driving forces is the emergence of the wafer foundry segment in the industry due to the heavy investment in the process technology development and the manufacturing capacity build-up. Given the need for the tight collaboration among various semiconductor industry functions, this disintegration undoubtedly imposed much inter-company collaboration barrier along the value chain. In this paper, the study focuses on how a company (“Company A”) in the wafer foundry segment uses collaborative commerce to provide an integration platform for its trading partners to reduce the barrier of conducting business with each other. Transaction Cost Economy (TCE), a term coined by Coase and Williamson, provided an excellent research framework for this case. The barrier existing in these interdependent semiconductor companies along the value change can be viewed as “firms” in the “market”, while facing the significant barrier (transaction costs), looking for ways to maximize the profits for individual firms, and hopefully for the whole value chain as well. In short, this paper analyzes the qualitative effect of the collaborative commerce in a semiconductor foundry company in reducing the inter-company transaction cost within the Coase and Williamson TCE framework. Based on the case study of company A, the results indicate that Collaborative Commerce has significant impact on monitoring cost reduction. It also helps reduce the cost of searching and contracting. On the enforcement cost reduction, Collaborative Commerce plays a relatively weaker role. Key Words: Transaction Cost, Collaborative Commerce, Semiconductor, Foundry, Integration, Dis-integration