文档介绍：上海交通大学
硕士学位论文
日月光集团大陆投资策略及其对企业价值影响
姓名:林美英
申请学位级别:硕士
专业:工商管理
指导教师:谈毅
20090111
日月光集团大陆投资策略及其对企业价值影响

摘要

台湾封测产业受到市场及岛内土地、劳力成本上涨之影响而经
营日益困难,适逢大陆经济改革开放吸引许多岛内厂商赴大陆新兴
市场投资。以往对于个案的讨论总是只专注于产业分析而后就进行
策略分析,而本研究以日月光为研究对象,从产业面及策略面分析其
成功因素,将日月光的大陆投资策略面与财务绩效面做一结合,并尝
试以企业评价的角度来评估是否有产生影响。研究结果显示,在产
业面封测市场潜力无限;在策略面本研究从进入方式、进入时点及
进入地点三个构面分析其投资策略,日月光采取独资方式管理容易,
进入时点为该产业中最早因而享有各式先进入者优势,在进入地点
上选择长三角地区的上海及苏州布局,降低运输成本并就近服务 IDM
大厂,此三个向度上的优势配合大陆半导体产业的蓬勃发展使日月
光大陆投资策略非常成功,进而对台湾母公司有所挹注更显现出大
陆投资绩效,同时亦表示国际化模式为半导体封测产业可行的成长
策略。但在观察是否对企业价值产生影响时发现有严重的低估现象,
由于影响企业价值除了量的因素外,还包含了质的因素,如政治、文
化、外部环境等,且虽然日月光大陆投资策略成功,但由于企业价
值的反映或许要等到 3-5 年后才会反应出来,后续研究可以再针对
此再做扩大及深入性分析。

关键词:大陆投资、进入策略、企业价值、日月光
ANALYSIS ON THE INVESTMENT STRATEGY IN
CHINA MAINLAND OF ADVANCED
SEMICONDUCTOR ENGINEERING, INC. AND IT’S
EFFECT ON THE CORPORATE VALUE

ABSTRACT

In order to close to clients, Taiwanese wafer probe and packing
industry started to move to mainland China. Additionally, increasing
land and labor cost, labor shortage and strict environmental regulation
accelerate the industry’s movement. Moreover, Chinese economy
revolution which opens the door to foreign investors attracted many
panies to invest their new plans in China. However, the
performance of the investments varies with different investors. The
methodology of this study is to focus on financial result as measuring
element to evaluate investment performance. Advanced Semiconductor
Engineering, Inc., (ASE) will be used as case study. This study will use
not only industry and strategy analysis but also the financial result to
evaluate pany value.
The result shows that the market of wafer probe and packing has
high growth potential because the consumption electronic products
market grows set up the venture exclusively with its own
investment which is easy to manage. Additionally, early entering to the
market makes ASE gained