| 摘要: | 近年由於中美因國安議題展開的科技戰、COVID-19疫情衍生的新興需求及5G時代到來快速發展的各項智慧應用，除了帶動對半導體的需求大幅增加外，也驅動了封測技術的轉變。本論文即欲分析在上述背景下，以台灣與中國為主要生產據點的封測產業當前產業特性與發展趨勢。
本論文運用產業經濟學的「結構—行為—績效」 (Structure-Conduct-Performance, S-C-P) 架構理論，分析專業封測代工產業的市場結構、廠商行為與經營績效，得到以下結論。
以台灣與中國為主的全球封測廠商家數為數眾多，隨著水平整合的併購行為日益增加，產業集中度從低競爭型推向低寡占型；新廠商在高階封裝的技術與資本門檻提高、傳統封裝的既有規模經濟效益下，進入障礙逐漸變大。封測產業的產能完全仰賴上游客戶的需求、產業間資訊流通快速及高固定成本的結構下，使得廠商價格不具主導權、獲?空間有限。
半導體封裝技術已脫離已往的單獨運作方式，尤其先進封裝技術已逐漸成為設計、製造（含晶圓及封測代工）及系統業者必須共同完成的任務。此一趨勢不僅促使同業之間的水平整合擴大，也使上下游跨領域的競爭與整合明顯加速，因此併購與策略聯盟的目的，已不再只是發揮規模效益或增加營收，而是為了打造迎接物聯網、自動駕駛、人工智慧等領域的未來競爭力。
以台灣和中國為主的全球封測廠商，在整體績效上台灣封測廠商比中國封測廠商表現為佳。封測廠商在營收擴大時，資本投資及勞力需求也同步上升，因此毛利率與營業利益率並不會有顯著性的上升。;In recent years, the technological war between China and the United States resulted from national security issues, the emerging requirement derived from the COVID-19 epidemic, and the rapid development of various smart applications in the 5G era, in addition to driving the substantial increase in demand for semiconductors, it has also driven the transformation of packaging and testing technology. This paper intends to analyze the current industrial characteristics and development trends of the packaging and testing industry with Taiwan and China as the main production bases under the above background.
This thesis uses the "Structure-Conduct-Performance" (S-C-P) framework theory of industrial economics to analyze the market structure, vendor behavior and operating performance of the OSAT (outsourcing semiconductor assembly and testing) industry and obtains the following conclusions.
There are numerous global packaging and testing companies, mainly from Taiwan and China. The industry concentration has been pushed from a low-competitive type to a low-oligopolistic type accompany with the increasing horizontal integration of mergers and acquisitions; the new manufacturers’ barriers to entry have gradually become larger while the advanced packaging technology and capital thresholds have increase and traditional packaging owned the existing economies of scale. The OSAT capacity is completely dependent on the upstream customers demand, the rapid flow of information between industries, and the high fixed cost structure make manufacturers have no dominant price and limited profit margins.
Semiconductor packaging technology has been separated from the previous independent operation mode. In particular, the advanced packaging technology has gradually become a mission that must be completed by design, manufacturing (including wafer and packaging and testing foundry) and system companies. This trend not only promotes the expansion of horizontal integration among the same industry, but also accelerates the competition and integration of upstream and downstream cross-sectors. Therefore, the purpose of mergers and acquisitions and strategic alliances is no longer just to achieve economies of scale or increase revenue, that is, in order to build the future competitiveness of the Internet of things, autonomous driving, artificial intelligence and other fields.
Overall review Taiwan and China OSAT major companies, in terms of overall performance, Taiwan companies’ performance are better than Chinese companies. In addition, as the revenue extend, the capital investment and labor demand also increase, so gross margin and operating profit ratio will not increase significantly. |
