| 摘要: | 摘要
台灣積體電路製造股份有限公司，簡稱台積電，是全球領先的專業積體電
路製造服務公司。自1987年成立以來，台積電開創了專業積體電路製造服務的商業模式，並在全球半導體產業中占據了重要地位。台積電的主要業務包括晶圓代工和先進製程技術，擁有全球最先進的製程技術，如5奈米、3奈米、2奈米製程，這些技術使得台積電能夠生產體積更小、性能更強大的晶片。台積電生產了全球約90%的最先進半導體，是許多科技公司（如蘋果、輝達、高通等）的主要供應商。近年台積電在美國亞利桑那州、日本、德國和台灣高雄擴建新廠，進一步鞏固其國際影響力。本研究是以台積電2022年到2024年間4次擴廠的宣告，來探討台積電擴廠對台灣半導體上游、中游、下游產業股價報酬之影響，及台積電的資訊移轉效果是否為台積電供應商有所不同。實證結果如下：
台積電的擴廠宣告對自身及半導體產業股價的反應受市場環境因素影響，股價波動需考量當前經濟情勢、供需狀況及投資者預期等變因。此外，擴廠對產業內不同企業股價的影響亦有所差異，根據數據分析，供應鏈中的下游企業相較於上游與中游企業，受到的影響更為顯著。
進一步分析台積電擴廠是否帶動相關供應鏈企業時，將企業區分為台積電供應商及非供應商後發現，無論是否為台積電的供應商，其資產報酬率ROAj,t-1均呈現負顯著結果，顯示擴廠宣告具資訊移轉效應，市場對台積電擴張的影響已反映至相關企業的財務表現與股價反應。;Abstract
Taiwan Semiconductor Manufacturing Company Limited (TSMC), commonly known as TSMC, is the world′s leading dedicated semiconductor foundry.Since its establishment in 1987, TSMC pioneered the business model of dedicated IC foundry services and has become a key player in the global
semiconductor industry. The company′s main businesses
include wafer fabrication and advanced process technologies, possessing the world′s most cutting-edge manufacturing techniques such as 5nm, 3nm, and 2nm processes. These technologies enable TSMC to produce chips that are smaller in size and more powerful in performance. TSMC manufactures
approximately 90% of the world′s most advanced
semiconductors and is the primary supplier for many technology companies, including Apple,NVIDIA, and Qualcomm. In recent years, TSMC has expanded its facilities in Arizona, USA, Japan, Germany, and Kaohsiung, Taiwan, further
strengthening its international influence.This study examines the impact of TSMC′s four expansion announcements between 2022 and 2024 on the stock returns of Taiwan′s upstream, midstream, and downstream semiconductor industries. Additionally, it explores whether the
information spillover effect of TSMC differs among its suppliers. The empirical results are as follows:
TSMC′s expansion announcements influence its own stock price as well as that of the semiconductor industry, with market conditions playing a crucial role in stock price reactions. Price fluctuations must consider variables such as the prevailing economic situation, supply and demand dynamics, and investor expectations. Furthermore, the impact
of expansion on different companies within the industry varies.According to data analysis, downstream companies in the supply chain are more significantly affected compared to upstream and midstream firms.
A further analysis of whether TSMC’s expansion drives growth in related supply chain companies reveals that, after categorizing businesses into TSMC suppliers and non-suppliers, both groups exhibit a significantly negative return on assets ROAj,t-1 . This indicates that the expansion announcement has an information spillover effect, with the market already factoring TSMC’s expansion impact into the financial performance and stock price reactions of related companies. |
