台湾模拟芯片设计公司之绩效分析

The Performance Analysis of Analog Chip Design Companies in Taiwan

摘要: 本研究目的在建立一多投入与多产出的绩效衡量模式，透过客观的数据分析，提供相关结论作为业界在提升经营绩效时的参考，并期望能找出经营效率佳的厂商所具有的共同特质，提供模拟芯片设计厂商在企业资源投入分配上改进之建议，同时研究经营效率对于后续公司绩效的影响。本研究使用的研究数据为2008~2010年台湾芯片设计上市(柜)公司之公开信息，其指针包括投入面为研发费用及员工人数；产出面为税前净利率及每股盈余。并以数据报络分析法(Data Envelopment Analysis，DEA)衡量台湾上市(柜)模拟芯片设计公司的相对经营效率，注重投入与产出关系，利用数学规划模式求取决策单位之相对效率，并找出生产效率前缘。藉此探讨整体效率、技术效率以及规模效率分析等经营效率，并进一步检视2011~2012年的公司绩效指标：每股盈余、资产报酬率以及净值报酬率。从实证结果发现，2008~2010年经营效率较高的公司，其在后续2011~2012年公司的绩效也相对比较好。本研究的贡献是从经营效率对后续公司绩效的影响提供一个实证上的研究结果。

Abstract: This study aims to establish a multi-input and multiple output performance measuring model through objective data analysis and to identify the common characteristics of the operational effi-ciency of best manufacturers, thus providing suggestions to the chip designers. On the other hand, this study explores the influence of operational efficiency on the follow-up performance. The in-dicators include R & D expenses and investment, the number of workers, pre-tax net profit margin and earnings per share. By “Data Envelopment Analysis”, we measure relative operating efficiency of the analog chip design company from 2008-2010. The research method focuses on input and output relations and uses mathematical programming models to explore the relative efficiency of decision-making unit to identify the efficient frontier of productivity. The empirical research ana-lyzes the overall efficiency, technical efficiency, and scale efficiency analysis. Further, this study explores performance indicators, including EPS, ROA and ROE of the companies in the following two years (2011-2012). This contribution of this study is the empirical result relates operational efficiency to the follow-up financial performance. The result indicates that companies that have relatively higher operational efficiency in 2008-2010 will have better performance in 2011-2012.