近年來中國大陸的 IC 設計產業發展快速，而台灣則是累積了四十年以上的 努力，進而成就台灣 IC 設計產業的興盛。但中國大陸的 IC 設計產業，依靠著政 府扶植及國內市場需求等有利因素快速成長。中國大陸的產業成長，必然會壓迫 台灣的半導體業發展。尤其以 IC 設計產業影響最大，因其產業特性，為初期投入 成本低且附加價值高的因素。 本研究是以 2010 年至 2016 年，在台灣證券交易市場及中國大陸滬港深證券 交易市場的上市上櫃公司為研究對象。使用 Tobin’s Q 為公司價值的應變數;選 用的自變數分為四個部份:1. 與獲利能力相關的每股盈餘、營收成長率、營業毛 利率、營業毛利成長率及資產報酬率。2. 與經營費用相關的營業費用率及研發費 用。3. 評估其公司規模大小的員工人數及資本額。4.最後為公司的存續時間。總 計為十個自變數去做估計。 實證結果指出，台灣及中國大陸 IC 設計廠商的獲利能力、經營費用、公司規 模及公司的存續時間為影響公司市場價值的因素。其中以每股盈餘及營業毛利率 為評估廠商市場價值主要因素。中國大陸 IC 設計產業的技術能力在政府的支持 下迅速發展，供應鏈己完整佈局。台灣雖有人材及技術能力，但仍需要政府支持 才能維持產業競爭的優勢。;The integrated circuit (IC hereafter) design industry has been booming in China over the last decade while Taiwan gains its current position by keeping efforts for the past 40 years. China’s IC design industry grows with various advantages: Chinese government promotion policies, strong domestic demand, low enter barrier and high return on investment. Benefit from those factors, Chinese IC industry gains market share rapidly; and compresses the growth room of Taiwan’s semiconductor industry. This study aims to investigate the key factors which influence market value of public companies that listed on TWSE (Taiwan Stock Exchange) and SHKS (Shanghai- Hong Kong-Shenzhen Stock Exchange). Tobin’s Q is defined as dependent variable for company market value, while independent variables include the following four areas: 1. profitability: EPS (earning per share), revenue growth rate, gross profit ratio, margin growth ratio and ROA (return on assets) 2. operation: operating expense ratio and research and development expenses 3. number of employee and capital. 4. company age. Research results indicate that the four areas of independent variables significantly influence on company’s market values; and the key determinants are EPS and Gross profit ratio. Also, the technology capability and supply chain integration supported by Chinese government policies are increasingly benefit China’s IC design industry. Although Taiwan has the advantages on human resources and technological capabilities, it still needs stronger government support to sustain its leading position on semiconductor industry.
