半導體產業主要有三種經營模式，整合元件製造(Integrated Device Manufacturer, IDM)、無晶圓廠(fabless)及晶圓代工(foundry)。整合元件製造公司提供了從設計到製造的整合服務，無晶圓廠則是專注於晶圓設計，而晶圓代工提供了專業的晶圓代工服務。隨著科技持續的發展，半導體產業也逐步從過往的垂直整合（Vertical Integration）轉向垂直分工（Vertical Specialization），在2003年時，世界10大半導體業者皆為整合元件製造，到了2022年，前10大半導體業者中就有5家為無晶圓廠。明顯得垂直分工在半導體產業中逐漸取得了優勢。本研究以A公司為例，對其轉型的經營效率進行了詳細的分析。A公司過往曾是整合元件製造商IDM，後來逐漸的轉型為無晶圓廠Fabless。通過對這一轉型的案例研究，本研究發現：首先，Fabless模式可以幫助A公司專注於產品研發和設計，減少了生產和製造上的壓力，提升了公司的市場競爭力；其次，Fabless模式的採用，使得A公司可以靈活地調整其生產規模和成本結構，增強公司的可持續發展能力；最後，通過與合作夥伴的緊密協作，A公司可以更快地推向市場，擴大其市場份額，有效地降低了公司的開發成本和風險，並且更好地滿足了客戶需求。

The semiconductor industry primarily encompasses three distinct business models: Integrated Device Manufacturer (IDM), fabless, and foundry. Integrated Device Manufacturers provide end-to-end services encompassing design and manufacturing, fabless companies focus solely on chip design, and foundries specialize in professional wafer fabrication services. As technology continues to advance, the semiconductor industry has experienced a shift from vertical integration to vertical specialization. In 2003, all of the top 10 semiconductor companies were Integrated Device Manufacturers; however, by 2022, five of the top 10 companies had transitioned into fabless entities. This indicates a clear advantage gained by vertical specialization in the semiconductor industry. This study takes Company A as an example to analyze its operational efficiency during the transformation process. Company A was previously an IDM, but gradually transformed into a fabless company. Through a detailed analysis of this transformation case, the study found the following: Firstly, the adoption of the fabless model helped Company A focus on product research and design, reducing pressures on production and manufacturing and enhancing the company's market competitiveness. Secondly, the fabless model allowed Company A to flexibly adjust its production scale and cost structure, strengthening the company's sustainable development capabilities. Finally, through close collaboration with partners, Company A could expedite its time-to-market, expand its market share, effectively reduce development costs and risks, and better meet customer demands.

目錄
摘 要 i
Abstract ii
誌 謝 辭 iii
目 錄 iv
圖目錄 vi
表目錄 vi
第一章 緒 論 1
第一節 研究背景與動機 1
第二節 研究目的與研究問題 3
第二章 文獻探討 4
第一節 IDM模式受到的挑戰及轉型需求 4
第二節 解體(Disintegration)與專業化(Specialization) 5
第三章 研究方法 7
第一節 研究設計 7
第二節 個案研究 9
第三節 資料蒐集與分析 9
第四章 個案研究 10
第一節 個案背景 10
第二節 個案分析 10
第三節 個案討論 21
第五章 結論與建議 23
參考文獻 25
圖目錄
圖 1模式：1. IDM；2. FABLESS；3. PURE-PLAY FOUNDRY 2
圖 2半導體產業競合關係矩陣圖 2
圖 3 半導體產業發展 6
圖 4研究流程圖 8
圖 5破壞式創新模型 11
圖 6 資本支出圖(2009~2020) 14
圖 7總資產週轉率圖(2009~2020) 15
圖 8資產報酬率圖(2009~2020) 16
圖 9投資報酬率圖(2009~2020) 17
圖 10 ROIC圖(2009~2020) 17
圖 11淨利潤率圖(2009~2020) 18
圖 12每股盈餘圖(2009~2020) 19
圖 13 EBITDA圖(2009~2020) 20
圖 14自由現金流量圖(2009~2020) 21
圖 15銷售和管理費用圖(2009~2020 24
表目錄
表 1文獻資料蒐集 9

中文文獻
邱育智（2017）, 半導體產業垂直整合與垂直分工營運模式競爭分析, 國立交通大學工業工程與管理學系博士論文
彭國柱（2010），IDM公司轉型下半導體產業生態變動加劇，經濟部技術處IT IS計畫成果，工研院IEK電子分項出版
英文文獻
Rahul Kapoor, (2013) Persistence of Integration in the Face of Specialization: How Firms Navigated the Winds of Disintegration and Shaped the Architecture of the Semiconductor Industry. Organization Science 24(4):1195-1213.

"What Is the Difference Between Fabless and IDM Companies?" by Scott Alger, Investopedia, August 2020.

"IDM vs. Fabless Semiconductor Companies," by Akshay Sharma, Business-Software.com, June 2016.

"Why Fabless Semiconductor Companies Like AMD, Qualcomm, and Nvidia Outperform Their IDM Peers," by Wayne Lam, EE Times, July 2018.

“Persistence of Integration in the Face of Specialization: How Firms Navigated the Winds of Disintegration and Shaped the Architecture of the Semiconductor Industry” by Rahul Kapoor, informs, Feb 2013.

“Disruption, disintegration and the dissipation of differentiability” by Clayton M. Christensen, Matt Verlinden and George Westerman, 2002
網路資源
Icinsights.com（無日期）。檢自：https://www.icinsights.com/wp-content/uploads/pdf/October2010_MarketWatch.pdf
SIA SEMICONDUCTOR INDUSTRY ASSOCIATION（無日期）。檢自：https://www.semiconductors.org/wp-content/uploads/2020/03/WSTS-End-Market-Demand-Summary-2019-December.pdf
Icinsights.com（無日期）。檢自：https://www.icinsights.com/services/mcclean-report/
SEMI（無日期）。檢自：https://www.semi.org/
Macrotrends：https://www.macrotrends.net/, 搜尋日期: 2022/06/01
Roic.ai: https://roic.ai/company/AMD, 搜尋日期: 2022/06/01