第五章 結論與建議

第二節 建議

根據本研究實證結果,對後續研究,投資人及IC 設計產業提出以下建議:

一、由於 IC 設計為半導體產業的一環,與上游(晶圓製造)及下游(封裝、測試)有密不可分的 關係,上游晶圓製造針對晶圓製程的技術演進及資本支出,影響IC 設計在新產品規劃及 設計決策使用何種製程,下游封裝測試則是肩負著IC 最後成品的整體效能展現。本研究 針對台灣 IC 設計之上市櫃董事長做分析,建議後續研究可擴及晶圓製造及封裝測試企 業,將其納入分析。

二、 IC 設計公司的重大決策多數為公司內部高階主管共同討論後決議,因此,後續研究可納 入總經理或是研發團隊之高階主管特質作不同模型之分析。

三、 本研究之過度自信的定義以董事長三年內至少兩年增加持股作為定義,後續研究者可嘗 試不同過度自信衡量方式,檢驗董事長過度自信特質對企業購併及研發投入之影響。

四、 投資人在選擇投資 IC 設計公司作為投資標的時,建議除財報資料之外,投資人可參考董 事長是否具理工背景、是否具有國外學歷、工作年資及過度自信程度,作為衡量企業是 否可能進行併購及對未來發展作較多的研發投入。

五、 IC 設計公司最重要的是持續投入研發支出發展新技術及新產品,雖可透過短時間併購取 得資源及技術,加速新產品推出,長期而言,持續大量的研發投入是維持競爭力的根本。

而具理工背景董事長對併購決策與研發支出相對保守,因此,建議經營團隊中必須要有 具有商管背景之高階管理階層,透過團隊的共同討論及決策模式,將可能過於保守的策 略稍作平衡。

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六、 由於董事長的年資愈長,對 IC 設計公司持續投入研發支出發展新技術及新產品較不積 極,本研究建議若董事長年資長的IC 設計公司,其高階經營團隊應協助進行研發支出之 決策。

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在文檔中 董事長特徵對購併及研發支出影響之探究:以IC設計業為例 (頁 66-74)

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