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題名 個案研究-聯華電子與大陸和艦
Case study- UMC & HeJian
作者 黃珈瑜
貢獻者 周行一
黃珈瑜
關鍵詞 聯電
和艦
國際投資
公司治理
UMC
HeJian
International Investment
Corporate Governance
日期 2010
上傳時間 9-Sep-2013 11:29:13 (UTC+8)
摘要 2001年聯華電子公司協助大陸和艦科技公司成立，此案揭露台灣法規與企業追求成長的衝突，於2005年爆發，歷經五年才無罪定讞，最後導致聯電榮譽董事長曹興誠入籍新加坡。本論文主要探討國際投資決策與公司治理兩大議題。
本論文從總體經濟、產業分析、聯電公司基本面分析，進行同業比較：在2001年全球IC產能與人員閒置，因此各國廠商前往最具發展潛力的中國大陸，產生許多競爭對手。台灣IC產業為維持研發技術領先，需尋找廣大市場來支持研究發展支出。台灣晶圓第二的聯電之研發技術未能領先於晶圓龍頭—台積電，因此相較於台積電，更需積極評估聯電前往大陸佈局的利與弊。因中國大陸強大內需市場、牽制大陸IC廠商、站穩全球IC供給鏈一環、比較利益、多元化經營的利益，使得聯電決定以間接方式協助大陸和艦，降低法律風險。
然而因無法公開協助和艦，使得公司治理問題浮現：股權結構、董事會職能、股東權益的保障、資訊透明度等，本文利用臨床測試法（Clinical Test），實證資料顯示，在市場傳出聯電投資和艦的消息後，產生負的累積異常報酬。
The case, UMC assisted HeJian in 2001, revealed the conflict between regulation and investment decision of company. It was sued in 2005, and finally became inno-cent in 2010. This essay focuses on two issues, international investment and corporate governance.
International investment started from the top-down analysis: from microeco-nomic analysis to industry to company fundamental analysis, then also the competitor analysis. Although the global IC industry had suffered recession in 2001, IC demand from China had increased. Therefore, many foreign investors transferred their know-ledge and facilities to assist China’s IC market, and then many potential competitors showed up. Meanwhile, IC enterprises in Taiwan needed large market to support R&D expense to maintain competitive advantage. As one of IC manufacturers in Taiwan, UMC didn’t have the leading technology as TSMC did, therefore, with the benefit of the high demand IC market in China, remaining competitive advantage, comparative advantage, and so on. UMC decided to assist HeJian in privately.
The problem of corporate governance emerged because of private assistance. It was doubted that the ownership structure, function of board, the interest of shareholders and transparency could work well. Therefore, when investors knew the information of UMC assisted HeJian, there was negative cumulative abnormal return by event study.
參考文獻 英文參考文獻
Corrado, C. J., 2011. Event studies: A methodology review. Accounting and Finance 51: 207–234.
Claessens, S., Djankov, S., Lang, L.H.P., 2000. The separation of ownership and con-trol in East Asian corporations. Journal of Financial Economics 58: 81-112.
Claessens, S., Djankov, S., Fan, J.P.H., Lang, L.H.P., 2002. Disentangling the incen-tive and entrenchment effects of large shareholdings. Journal of Finance 57: 2741-2771.
Gul F. A., Kim J. B., Qiu A. A., 2009. Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity- Evidence from China. Journal of Financial Economics 95: 425-442.
Almeida H., Park S. Y., Subrahmanyam M. G., Wolfenzon D., 2011. The structure and formation of business groups: Evidence from Korean chaebols. Journal of Finan-cial Economics 99: 447-475.
Harford J., Jenter D., Li K., 2010. Institutional cross-holdings and their effect on ac-quisition decisions. Journal of Financial Economics 99: 27-39.
Fan J. P. H., Wei K.C. John, Xu X., 2011. Corporate finance and governance in emerging markets: A selective review and an agenda for future research. Journal of Corporate Finance 17: 207-214.
Cubbin J., Leech D., 1983. The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement. The Economic Journal 93: 351-369.
La porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., 1999b. Corporate owner-ship around the world. J. Finance 54: 471-517
Porter M. E., 1979. The Structure within Industries and Companies’ Performance. The Review of Economics and Statistics 61, No. 2: 214-227.
Porter M. E., 1983. Note on the Structural Analysis of Industries. Harvard Business School 9-376-054.
Porter M. E., 1981. The Contributions of Industrial Organization to Strategic Man-agement. The Academy of Management Review 6, No. 4: 609-620.
Desai M. A., Veblen M. F., 2003. The Refinancing of Shanghai General Motors (A). Harvard Business School 9-204-031.
Desai M. A., Veblen M. F., 2003. The Refinancing of Shanghai General Motors (B). Harvard Business School 9-204-025.
Modigliani, F., Miller, M. H. 1958. The cost of capital, corporation finance, and the theory of investment. The American Economic Review 48: 261-297.
Stein, J., 2003. Agency, information and corporate investment. In: Constantinides, G.M., Harris, M., Stulz, R. (Eds.), Handbook of the Economics of Finance. North-Holland, Amsterdam, The Netherlands.
Chen S., Sun Z., Tang S., Wu D., 2011. Government intervention and investment effi-ciency: Evidence from China. Journal of Corporate Finance 17: 259-271.
Tobin, J., 1969. A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking 1: 15-29.
Shih W., Wang J. C., 2009. Upgrading the Economy: Industrial Policy and Taiwan’s Semiconductor Industry. Harvard Business School 9-609-089.

中文參考文獻
尹啟銘，2006，斷鏈—前瞻台灣經濟新未來，初版，40、180-214，台北市：天下雜誌。
天下編輯，1999，曹興誠-聯電的霸業傳奇，初版，台北市：天下雜誌。
史欽泰，2001，我國IC產業的發展史與未來展望，科技發展與政策報導。
吳怡萱，2007.11.05，商業週刊。
洪秀芬、陳貴端，交叉持股對公司治理的影響，2004年6月，財金論文叢刊，2004年6月，第一期：63-83
張順教，2011，高科技產業與策略分析，初版，1-70、353-375，台北市：華泰。
黃世聰等人，2008，股市萬用手冊-產業百科全書，台北市，財金文化。
鄭燕芬等人，2006，由和艦案看兩岸IC 產業之發展與佈局－以台積電、聯電與中芯為例，第九屆兩岸中華文化與經營管理學術研討會。
謝東合，2002，大陸發展IC產業對台灣的衝擊，台北市，工業技術研究院
鍾惠民、吳壽山、周賓凰、范懷文，2006，財金計量，修訂版，280-315。台北市：雙葉書廊。
描述 碩士
國立政治大學
財務管理研究所
98357013
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098357013
資料類型 thesis
dc.contributor.advisor 周行一zh_TW
dc.contributor.author (Authors) 黃珈瑜zh_TW
dc.creator (作者) 黃珈瑜zh_TW
dc.date (日期) 2010en_US
dc.date.accessioned 9-Sep-2013 11:29:13 (UTC+8)-
dc.date.available 9-Sep-2013 11:29:13 (UTC+8)-
dc.date.issued (上傳時間) 9-Sep-2013 11:29:13 (UTC+8)-
dc.identifier (Other Identifiers) G0098357013en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/60633-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 98357013zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要) 2001年聯華電子公司協助大陸和艦科技公司成立，此案揭露台灣法規與企業追求成長的衝突，於2005年爆發，歷經五年才無罪定讞，最後導致聯電榮譽董事長曹興誠入籍新加坡。本論文主要探討國際投資決策與公司治理兩大議題。
本論文從總體經濟、產業分析、聯電公司基本面分析，進行同業比較：在2001年全球IC產能與人員閒置，因此各國廠商前往最具發展潛力的中國大陸，產生許多競爭對手。台灣IC產業為維持研發技術領先，需尋找廣大市場來支持研究發展支出。台灣晶圓第二的聯電之研發技術未能領先於晶圓龍頭—台積電，因此相較於台積電，更需積極評估聯電前往大陸佈局的利與弊。因中國大陸強大內需市場、牽制大陸IC廠商、站穩全球IC供給鏈一環、比較利益、多元化經營的利益，使得聯電決定以間接方式協助大陸和艦，降低法律風險。
然而因無法公開協助和艦，使得公司治理問題浮現：股權結構、董事會職能、股東權益的保障、資訊透明度等，本文利用臨床測試法（Clinical Test），實證資料顯示，在市場傳出聯電投資和艦的消息後，產生負的累積異常報酬。		zh_TW
dc.description.abstract (摘要) The case, UMC assisted HeJian in 2001, revealed the conflict between regulation and investment decision of company. It was sued in 2005, and finally became inno-cent in 2010. This essay focuses on two issues, international investment and corporate governance.
International investment started from the top-down analysis: from microeco-nomic analysis to industry to company fundamental analysis, then also the competitor analysis. Although the global IC industry had suffered recession in 2001, IC demand from China had increased. Therefore, many foreign investors transferred their know-ledge and facilities to assist China’s IC market, and then many potential competitors showed up. Meanwhile, IC enterprises in Taiwan needed large market to support R&D expense to maintain competitive advantage. As one of IC manufacturers in Taiwan, UMC didn’t have the leading technology as TSMC did, therefore, with the benefit of the high demand IC market in China, remaining competitive advantage, comparative advantage, and so on. UMC decided to assist HeJian in privately.
The problem of corporate governance emerged because of private assistance. It was doubted that the ownership structure, function of board, the interest of shareholders and transparency could work well. Therefore, when investors knew the information of UMC assisted HeJian, there was negative cumulative abnormal return by event study.		en_US
dc.description.tableofcontents 第一章 導論 1
第一節 研究動機與目的 1
第二節 研究架構 2
第二章 IC產業 7
第一節 全球IC市場 10
第二節 台灣的IC產業 13
第三節 中國大陸的IC市場 17
第三章 聯華電子之分析 22
第一節 歷史發展 22
第二節 公司產品 23
第三節 競爭對手分析 25
第四章 國際投資決策面 33
第一節 投資利益 33
第二節 投資風險 41
第三節 國際投資決策 42
第五章 公司治理問題 45
第一節 和艦公司成立及資金來源 45
第二節 聯電給予和艦的協助 46
第三節 聯電與和艦之間的合約 48
第四節 公司治理問題 49
第五節 股東反應—異常報酬分析 59
第六章 結論 65
附錄 66
第一節 訴訟案結果 66
第二節 在大陸地區投資晶圓廠審查及監督作業要點 70
第三節 必要控制持股 71
參考文獻 73		zh_TW
dc.format.extent 1573984 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098357013en_US
dc.subject (關鍵詞) 聯電zh_TW
dc.subject (關鍵詞) 和艦zh_TW
dc.subject (關鍵詞) 國際投資zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) UMCen_US
dc.subject (關鍵詞) HeJianen_US
dc.subject (關鍵詞) International Investmenten_US
dc.subject (關鍵詞) Corporate Governanceen_US
dc.title (題名) 個案研究-聯華電子與大陸和艦zh_TW
dc.title (題名) Case study- UMC & HeJianen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 英文參考文獻
Corrado, C. J., 2011. Event studies: A methodology review. Accounting and Finance 51: 207–234.
Claessens, S., Djankov, S., Lang, L.H.P., 2000. The separation of ownership and con-trol in East Asian corporations. Journal of Financial Economics 58: 81-112.
Claessens, S., Djankov, S., Fan, J.P.H., Lang, L.H.P., 2002. Disentangling the incen-tive and entrenchment effects of large shareholdings. Journal of Finance 57: 2741-2771.
Gul F. A., Kim J. B., Qiu A. A., 2009. Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity- Evidence from China. Journal of Financial Economics 95: 425-442.
Almeida H., Park S. Y., Subrahmanyam M. G., Wolfenzon D., 2011. The structure and formation of business groups: Evidence from Korean chaebols. Journal of Finan-cial Economics 99: 447-475.
Harford J., Jenter D., Li K., 2010. Institutional cross-holdings and their effect on ac-quisition decisions. Journal of Financial Economics 99: 27-39.
Fan J. P. H., Wei K.C. John, Xu X., 2011. Corporate finance and governance in emerging markets: A selective review and an agenda for future research. Journal of Corporate Finance 17: 207-214.
Cubbin J., Leech D., 1983. The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement. The Economic Journal 93: 351-369.
La porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., 1999b. Corporate owner-ship around the world. J. Finance 54: 471-517
Porter M. E., 1979. The Structure within Industries and Companies’ Performance. The Review of Economics and Statistics 61, No. 2: 214-227.
Porter M. E., 1983. Note on the Structural Analysis of Industries. Harvard Business School 9-376-054.
Porter M. E., 1981. The Contributions of Industrial Organization to Strategic Man-agement. The Academy of Management Review 6, No. 4: 609-620.
Desai M. A., Veblen M. F., 2003. The Refinancing of Shanghai General Motors (A). Harvard Business School 9-204-031.
Desai M. A., Veblen M. F., 2003. The Refinancing of Shanghai General Motors (B). Harvard Business School 9-204-025.
Modigliani, F., Miller, M. H. 1958. The cost of capital, corporation finance, and the theory of investment. The American Economic Review 48: 261-297.
Stein, J., 2003. Agency, information and corporate investment. In: Constantinides, G.M., Harris, M., Stulz, R. (Eds.), Handbook of the Economics of Finance. North-Holland, Amsterdam, The Netherlands.
Chen S., Sun Z., Tang S., Wu D., 2011. Government intervention and investment effi-ciency: Evidence from China. Journal of Corporate Finance 17: 259-271.
Tobin, J., 1969. A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking 1: 15-29.
Shih W., Wang J. C., 2009. Upgrading the Economy: Industrial Policy and Taiwan’s Semiconductor Industry. Harvard Business School 9-609-089.

中文參考文獻
尹啟銘，2006，斷鏈—前瞻台灣經濟新未來，初版，40、180-214，台北市：天下雜誌。
天下編輯，1999，曹興誠-聯電的霸業傳奇，初版，台北市：天下雜誌。
史欽泰，2001，我國IC產業的發展史與未來展望，科技發展與政策報導。
吳怡萱，2007.11.05，商業週刊。
洪秀芬、陳貴端，交叉持股對公司治理的影響，2004年6月，財金論文叢刊，2004年6月，第一期：63-83
張順教，2011，高科技產業與策略分析，初版，1-70、353-375，台北市：華泰。
黃世聰等人，2008，股市萬用手冊-產業百科全書，台北市，財金文化。
鄭燕芬等人，2006，由和艦案看兩岸IC 產業之發展與佈局－以台積電、聯電與中芯為例，第九屆兩岸中華文化與經營管理學術研討會。
謝東合，2002，大陸發展IC產業對台灣的衝擊，台北市，工業技術研究院
鍾惠民、吳壽山、周賓凰、范懷文，2006，財金計量，修訂版，280-315。台北市：雙葉書廊。		zh_TW