| 摘要: | 由於IC製造業特性為技術密集度高、資金需求龐大、產品生命週期短、價格競爭激烈、市場應用領域廣、市場變動快也風險性高、研發需求強以及國際化競爭程度高，因此大廠紛紛投入最大的人力、財力在資本支出上，顯示資本支出集中於國際大廠，呈現大者恆大的發展趨勢，也打造出高資本壁壘之產業。IC製造業，如果不能持續在技術與產品上與時俱進，遲早會被市場淘汰，因此資本支出需求就會比其他產業之公司高，突顯融資之重要性。
本研究探討15家臺灣IC製造業上市櫃公司之資金來源與資金運用，本研究期間為1998年至2014年，在123件增資案中，依資金用途主要分為四類：充實營運資金、資本支出、償債以及一般目的。
1. IC製造業公司的主要資金來源為現金增資，約為總資金來源的42.0%，其次為海外存託憑證與可轉換公司債的27.4%，最後為員工認股的3.2%。
2. IC製造業的主要籌資目的為資本支出，其比例為71.7%，接著依序為充實營運資金的14.6%，償債的6.5%，以及一般目的的7.2%。
3. IC製造業公司以資本支出為籌資目的比例為最高。在現金增資為籌資方式下，資本支出為資金用途的比例為56.0%；在發行海外存託憑證為籌資方式下，資本支出為資金用途的比例高達91.0%；在發行可轉換公司債為籌資方式下，資本支出為資金用途的比例為76.5%。
4. IC製造產業的資金來源中內部盈餘佔總資產的百分比為10.2%，其次為現金增資佔總資產的百分比為4.1%，最後為債券佔總資產的百分比為1.9%；主要的資金去處為資本支出，其次為淨營運資金，最後才是償債。;The characteristics of IC fabrication business are technology-intensive, large capital needs, product life cycle is short, intense price competition, market wide application areas, the market changes fast and highly risk, strong research and development needs and high level international competition, so manufacturers have invested the greatest human and financial resources on capital expenditures. The international companies are focused on capital expenditures, so the big ones get bigger, but it also create the high capital barriers of the industry. If IC fabrication business cannot keep pace with the times to the technology and products, sooner or later, they will be eliminated by the tide. Hence, the demand for capital expenditures will be stronger than other industries, and it also highlights the importance of financing.
This study is investigated the sources of funds and the use of proceeds of 15 of Taiwan′s IC fabrication business and the study period is from 1998 to 2014, in 123 cases, according to the use of proceeds are defined to four categories: increasing working capital, investing of capital, retiring debt and general corporate purposes. The results are as follows:
1. The sources of funds of IC fabrication business are Seasoned Equity Offering which is 42.0% of total funding sources, followed by 27.4% of GDR and convertible bonds, and finally for 3.2% of the employee stock.
2. The use of proceeds of IC fabrication business are investing of capital which is 71.7%, followed by 14.6% of increasing working capital, 6.5% of retiring debt and 7.2% of general corporate purposes.
3. The main purpose of use of proceeds is investing of capital. In the Seasoned Equity Offering for the financing, the investing of capital for the use of funds ratio is 56.0%; in the GDR for the financing, the investing of capital for the use of funds ratio is 91.0%; in the issuance of convertible bonds for the financing, the investing of capital for the use of funds ratio is 76.5%.
4. The percentage of the internally generated cash flow from the firm’s continuing operations in total assets is 10.2%, followed by the percentage of SEO in total assets is 4.1%, and finally as a percentage of the bond in total assets is 1.9% of total assets. The main use of proceeds is investing of capital, followed by increasing working capital, and finally retiring debt. |
