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題名 創造公司價值因素之探討—以半導體晶圓代工產業為例
An Empirical Study of Value Creation Drivers in Semiconductor Foundry Industry作者 江玠寬
Chiang, Chieh Kuan貢獻者 陳威光
Chen, Wei Kuang
江玠寬
Chiang, Chieh Kuan關鍵詞 公司價值
半導體
晶圓代工
台積電
Value Creation
Semiconductor
Foundry
Economic Value Added
TSMC日期 2012 上傳時間 11-Jul-2013 16:53:46 (UTC+8) 摘要 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.參考文獻 Abate, J. A., J. L. Grant, and G. B. Steward III. 2004. The EVA style of investing: Emphasizing the fundamentals of wealth creation. Journal of Portfolio Management, 30(4), 61-72. Abrams, R., and K. Chen. 2013. Taiwan semiconductor manufacturing. Credit Suisse. Abrams, R., and K. Chen. 2007. A solid foundation for 2008. Credit Suisse. Adserà, X., and P. Viñolas. 2003. FEVA: A financial and economic approach to valuation. Financial Analysts Journal, 59(2), 80-87. Almeida, H., and M. Campello. 2007. Financial Constraints, Asset Tangibility, and Corporate Investment. The Review of Financial Studies, 20(5):1429-1460. Bhattacharya, N., E. L. Black, T. E.Christensen, and C. R. Larson. 2003. Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting and Economics, 36, 285-319. Chang, G.H. 1997. The information content of economic value added - an empirical study on Taiwan`s listed companies. National Chiao Tung University. Unpublished thesis. Chou, M., and K. Wang. 2012. Asian Foundry. Deutsche Bank Research. Chou, S. 2005. Research of the relationship between sales growth rate, profitability and EVA. National Chung Cheng University. Unpublished thesis. Damodaran, A. 2012. Equity risk premiums (ERP): determinants, estimation and implications – the 2012 edition. Working paper, New York University Stern School of Business. Fabozzi, F. 2008. Handbook of Finance: Valuation, Financial Modeling, and Quantitative Tools. John Wiley & Sons. Garvey, G., and T. Milbourn. 2000. EVA versus earnings: Does it matter which is more highly correlated with stock returns? Journal of Accounting Research, 38(3), 209-245. Green, W. 2003. Econometric Analysis. Upper Saddle River, New Jersey: Prentice Hall. Grant, J. L. 1996. Foundations of EVA for investment managers. Journal of Portfolio Management, 23(1), 41-48. Heck, S., S.Kaza, and D.Pinner. 2011. Creating value in the semiconductor industry. McKinsey Global Institute. Hsu,R., J.J.Park, C.Chou, R. Chadha. 2010. Foundries and OSAT Constructive growth. JPMorgan. Koller, T., M. Geodhart, and D. Wessels. 2010. Valuation: measuring and managing the value of companies, 5th edition. Willy. Kramer, J. K., and J. R. Peters. 2001. An interindustry analysis of economic value added as a proxy for market value added. Journal of Applied Finance, 11(1), 41-49. Liao, K.L. 2011. A study of relationship between EVA and value drivers—the case of networking product companies in Taiwan. National Chiao Tung University. Unpublished thesis. Liou, E. 2009. A case study of collaborative commerce in the semiconductor industry from the transaction cost perspective. National Chengchi University. Unpublished thesis. Lu, D., and L. Hu. 2012. TSMC: The best is yet to come. Goldman Sachs Research. Lu, A., S.C. Bae, and S. Hu. 2012. Raise PT after rethinking book value in this in-depth report. Barclays. Machuga, S. M., R. J. Pfeiffer, and K.Verma. 2002. Economic value added, future accounting earnings, and financial analyst’s earnings per share forecasts. Review of Quantitative Finance and Accounting, 18, 59-73. Mahoney, R.L. 2011. EVA momentum as a performance measure in the United States lodging industry. Iowa State University. Unpublished thesis. Neil, L. F., L. R. Gorman, and M. S. Wilkins. 2001. “Timely Industry Information as an Assurance Service – Evidence on the Information Content of the Book-to-Bill Ratio,” Auditing 17: 109-123. O’Byrne, S. F. 1996. EVA and market value. Journal of Applied Corporate Finance, 9,116-125. Paulo, S. 2002. Operating income, residual income, and EVA: Which metric is more value relevant: A comment. Journal of Managerial Issues, 14(4), 500-506. Pu, I.J. Taiwan IC Design Industry’s ability of value creation Analysis. National Sun Yat-sen University. Unpublished thesis. Rajan, M. V. 2000. Discussion of EVA versus earning: Does it matter which is more highly correlated with stock returns? Journal of Accounting Research, 38, 247-254. Ross, S. A., R.W. Westerfield, and J. Jaffe. 2005. Corporate Finance, 7th edition, McGraw Hill. Schafer, R., J. Rechel, and S. Simmons. 2010. Semiconductors Technology and Market. Oppenheimer & Co. Su,J., D. Tang, B. Chiang, and D. Thong. 2012. Taking advantage of ARM ecosystem. Macquarie Equities Research. Tsuji, C. 2006. Does EVA beat earnings and cash flow in Japan? Applied Financial Economics, 16, 1199-1216. Tully, S. 1993. The real key to creating wealth. Fortune, 128(6), 38-45. Weaver, S. C. 2001. Measuring economic value added: A survey of the practices of EVA® proponents. Journal of Applied Finance, 11, 50-60. White, H. 1980. A Heteroskedasticity-Cosistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica, 48(4), 817-838. Wu, C.M. 2011. Business Valuation: Cases Studies Analysis, 2nd edition, Bestwise. Zaima, J. K. 2008. Portfolio investing with EVA. Journal of Portfolio Management, 34(3), 34-40. Zenner, M., T. Berkovitz, and J. Clark. 2009. Creating value through best in class capital allocation. Journal of Applied Corporate Finance, 21, 89-96. 描述 碩士
國立政治大學
金融研究所
99352007
101資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099352007 資料類型 thesis dc.contributor.advisor 陳威光 zh_TW dc.contributor.advisor Chen, Wei Kuang en_US dc.contributor.author (Authors) 江玠寬 zh_TW dc.contributor.author (Authors) Chiang, Chieh Kuan en_US dc.creator (作者) 江玠寬 zh_TW dc.creator (作者) Chiang, Chieh Kuan en_US dc.date (日期) 2012 en_US dc.date.accessioned 11-Jul-2013 16:53:46 (UTC+8) - dc.date.available 11-Jul-2013 16:53:46 (UTC+8) - dc.date.issued (上傳時間) 11-Jul-2013 16:53:46 (UTC+8) - dc.identifier (Other Identifiers) G0099352007 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/58799 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 金融研究所 zh_TW dc.description (描述) 99352007 zh_TW dc.description (描述) 101 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents Chapter 1 Introduction 1 1.1 Background and Motivation 1 1.2 Objectives 5 Chapter 2 Literature Review 7 2.1 Introduction to EVA 7 2.2 Review of EVA Related Literatures 13 Chapter 3 Methodology and Data Description 17 3.1 Data Sources 17 3.2 Variable Selections 17 3.3 Methodology 24 Chapter 4 Empirical Results and Model Test 27 4.1 Empirical Results 27 4.2 Specification Tests 32 Chapter 5 Case Study 36 5.1 Industry Overview 36 5.2 Pure Foundry Participants 39 5.3 EVA Analysis 45 Chapter 6 Conclusion 62 References 65 Appendix I 69 Appendix II 71 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099352007 en_US dc.subject (關鍵詞) 公司價值 zh_TW dc.subject (關鍵詞) 半導體 zh_TW dc.subject (關鍵詞) 晶圓代工 zh_TW dc.subject (關鍵詞) 台積電 zh_TW dc.subject (關鍵詞) Value Creation en_US dc.subject (關鍵詞) Semiconductor en_US dc.subject (關鍵詞) Foundry en_US dc.subject (關鍵詞) Economic Value Added en_US dc.subject (關鍵詞) TSMC en_US dc.title (題名) 創造公司價值因素之探討—以半導體晶圓代工產業為例 zh_TW dc.title (題名) An Empirical Study of Value Creation Drivers in Semiconductor Foundry Industry en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Abate, J. A., J. L. Grant, and G. B. Steward III. 2004. The EVA style of investing: Emphasizing the fundamentals of wealth creation. Journal of Portfolio Management, 30(4), 61-72. Abrams, R., and K. Chen. 2013. Taiwan semiconductor manufacturing. Credit Suisse. Abrams, R., and K. Chen. 2007. A solid foundation for 2008. Credit Suisse. Adserà, X., and P. Viñolas. 2003. FEVA: A financial and economic approach to valuation. Financial Analysts Journal, 59(2), 80-87. Almeida, H., and M. Campello. 2007. Financial Constraints, Asset Tangibility, and Corporate Investment. The Review of Financial Studies, 20(5):1429-1460. Bhattacharya, N., E. L. Black, T. E.Christensen, and C. R. Larson. 2003. Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting and Economics, 36, 285-319. Chang, G.H. 1997. The information content of economic value added - an empirical study on Taiwan`s listed companies. National Chiao Tung University. Unpublished thesis. Chou, M., and K. Wang. 2012. Asian Foundry. Deutsche Bank Research. Chou, S. 2005. Research of the relationship between sales growth rate, profitability and EVA. National Chung Cheng University. Unpublished thesis. Damodaran, A. 2012. Equity risk premiums (ERP): determinants, estimation and implications – the 2012 edition. Working paper, New York University Stern School of Business. Fabozzi, F. 2008. Handbook of Finance: Valuation, Financial Modeling, and Quantitative Tools. John Wiley & Sons. Garvey, G., and T. Milbourn. 2000. EVA versus earnings: Does it matter which is more highly correlated with stock returns? Journal of Accounting Research, 38(3), 209-245. Green, W. 2003. Econometric Analysis. Upper Saddle River, New Jersey: Prentice Hall. Grant, J. L. 1996. Foundations of EVA for investment managers. Journal of Portfolio Management, 23(1), 41-48. Heck, S., S.Kaza, and D.Pinner. 2011. Creating value in the semiconductor industry. McKinsey Global Institute. Hsu,R., J.J.Park, C.Chou, R. Chadha. 2010. Foundries and OSAT Constructive growth. JPMorgan. Koller, T., M. Geodhart, and D. Wessels. 2010. Valuation: measuring and managing the value of companies, 5th edition. Willy. Kramer, J. K., and J. R. Peters. 2001. An interindustry analysis of economic value added as a proxy for market value added. Journal of Applied Finance, 11(1), 41-49. Liao, K.L. 2011. A study of relationship between EVA and value drivers—the case of networking product companies in Taiwan. National Chiao Tung University. Unpublished thesis. Liou, E. 2009. A case study of collaborative commerce in the semiconductor industry from the transaction cost perspective. National Chengchi University. Unpublished thesis. Lu, D., and L. Hu. 2012. TSMC: The best is yet to come. Goldman Sachs Research. Lu, A., S.C. Bae, and S. Hu. 2012. Raise PT after rethinking book value in this in-depth report. Barclays. Machuga, S. M., R. J. Pfeiffer, and K.Verma. 2002. Economic value added, future accounting earnings, and financial analyst’s earnings per share forecasts. Review of Quantitative Finance and Accounting, 18, 59-73. Mahoney, R.L. 2011. EVA momentum as a performance measure in the United States lodging industry. Iowa State University. Unpublished thesis. Neil, L. F., L. R. Gorman, and M. S. Wilkins. 2001. “Timely Industry Information as an Assurance Service – Evidence on the Information Content of the Book-to-Bill Ratio,” Auditing 17: 109-123. O’Byrne, S. F. 1996. EVA and market value. Journal of Applied Corporate Finance, 9,116-125. Paulo, S. 2002. Operating income, residual income, and EVA: Which metric is more value relevant: A comment. Journal of Managerial Issues, 14(4), 500-506. Pu, I.J. Taiwan IC Design Industry’s ability of value creation Analysis. National Sun Yat-sen University. Unpublished thesis. Rajan, M. V. 2000. Discussion of EVA versus earning: Does it matter which is more highly correlated with stock returns? Journal of Accounting Research, 38, 247-254. Ross, S. A., R.W. Westerfield, and J. Jaffe. 2005. Corporate Finance, 7th edition, McGraw Hill. Schafer, R., J. Rechel, and S. Simmons. 2010. Semiconductors Technology and Market. Oppenheimer & Co. Su,J., D. Tang, B. Chiang, and D. Thong. 2012. Taking advantage of ARM ecosystem. Macquarie Equities Research. Tsuji, C. 2006. Does EVA beat earnings and cash flow in Japan? Applied Financial Economics, 16, 1199-1216. Tully, S. 1993. The real key to creating wealth. Fortune, 128(6), 38-45. Weaver, S. C. 2001. Measuring economic value added: A survey of the practices of EVA® proponents. Journal of Applied Finance, 11, 50-60. White, H. 1980. A Heteroskedasticity-Cosistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica, 48(4), 817-838. Wu, C.M. 2011. Business Valuation: Cases Studies Analysis, 2nd edition, Bestwise. Zaima, J. K. 2008. Portfolio investing with EVA. Journal of Portfolio Management, 34(3), 34-40. Zenner, M., T. Berkovitz, and J. Clark. 2009. Creating value through best in class capital allocation. Journal of Applied Corporate Finance, 21, 89-96. zh_TW
