| Summary: | 碩士 === 國立交通大學 === 管理科學系所 === 95 === Shih developed a new perspective of firms' competitive advantage based on an extensive analysis of the industry's value-chain. Shih (2004) found that the value chain of Taiwan semiconductor industry had gradually shifted to the bottom in a U-shaped curve. Hence, this study will be in accordance with Shih's (1996) “Smiling Curve” hypothesis and test the value chain of Taiwan semiconductor industry. In order to test Shih announced the Smiling Curve of Taiwan semiconductor industry, the research selected Taiwan semiconductor firms in 2000-2005 for conducing empirical studies and we used the intellectual capital valuation methods as a proxy of value added.
We used panel data regression analysis to understand what factors affect firm's profit rate and value added. We find that Taiwan semiconductor industry is affected by business circle and has high business risk. The fabless industry has higher value added more than manufacturing industry or packaging and testing industry, because the fabless industry is engaged in design and marketing. For this reason, the value chain of Taiwan semiconductor industry is a U-shape curve.
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