企業成長是指企業內在素質提升、外部價值網路優化，憑藉有效的商業模式、企業戰略及策略等贏得市場競爭優勢，進而實現企業業績增長的過程。企業成長具有複雜性、成長模式的多樣性、以及高度不確定性，是策略管理領域的一項重要研究議題，本文以U公司進行案例分析。
U公司是一家半導體設備供應商，主要生產與銷售三種產品線，分別為半導體製程後段的LT產品線、半導體製程前段的LP產品線、以及新推出的SF產品線。該公司的主力產品是LT產品線，應用於半導體製程後段利基市場，市占率已擴展到75%，成長空間有限，而且正在面臨後進競爭者的蠶食。其次，應用於半導體製程前段的LP產品線，目前遇到先進製程應用上的挑戰，訂單大幅下滑，是公司營收下滑的主因。而新開發的SF產品線仍處於客戶評估驗證的階段，目前對公司營收助益不大。
本文以財務分析、市場分析、核心競爭力、以及競爭分析，探討該公司該選擇何種最佳成長策略。

The firm growth is to enhance the quality of internal resources and optimize values of external network. It is the process of achieving corporate earnings growth through efficient business model and strategy in order to take competitive advantage in the market. The firm growth has characteristics including complexity, diverse growth models, and a high degree of uncertainty. It’s one of the important topics within strategy management research. U Company is the target of this case study.
U Company is a publicly traded international company which offers LT product line in bend end of line of semiconductor industry, LP product line in front end of line of semiconductor industry, and new inspection SF product line. The most challenging problem of the company is to recover from continuous losing money for six quarters. This is because that its LT product line has 75% market share but with limited growth potential while the LP product line is struggling in advance technology nodes and new SF product line is still under evaluation phase.
This study will discuss the best growth strategy of the company through multiple perspectives including financial, market, core competency, and competitiveness analysis.

TABLE OF CONTENTS
摘要 I
Abstract II
致謝 III
LIST OF FIGURES VI
LIST OF TABLES VII
Chapter 1 Introduction 1
1.1. U Company Introduction 1
1.2. Product Portfolio 5
1.2.1. LT Product Line 5
1.2.2. LP Product Line 5
1.2.3. SF Product Line 6
1.3. Research Purpose 7
Chapter 2 Literature Review 8
2.1. Growth Model 8
2.2. BCG Matrix 9
2.3. Ansoff Matrix 11
2.4. SWOT Analysis 12
Chapter 3 The analysis of U company 13
3.1. Financial Analysis of U Company 13
3.2. Markets Analysis of U Company 15
3.2.1. Advanced Packaging Market 15
3.2.2. Millisecond Annealing Market 19
3.3. Core Competency Analysis of U Company 22
3.4. Competitiveness Analysis of U Company 29
Chapter 4 Conclusion 34
Reference 37
Appendix A Income Statement 2011-2014 39
Appendix B Balance Sheet 2011-2014 41
Appendix C Cash Flow 2010-2013 43

I.Chinese:
1.洪世章、譚丹琪、廖曉青，2007，「企業成長、策略選擇與策略改變」，中山管理評論，第十五卷第一期，頁：11-35
2.周海濤、李永賢、張蘅 譯，2009，Robert K. Yin著，個案研究設計與方法，五南圖書出版股份有限公司。
3.姚國慶，2013，成長策略分析-中國砂輪公司個案研究，清華大學科技管理研究所碩士論文
4.孫效文，2011，半導體設備廠商成長策略分析- 以個案公司為例，清華大學科技管理研究所碩士論文
5.陸藍珠，2004，探討半導體“A”公司之企業成長策略，交通大學高階主管管理學程碩士論文
6.楊文菱，2014，IC設計公司在後PC時代之成長策略: 以X公司為例，交通大學高階主管管理科學碩士論文
7.蘇金種，2005，企業成長策略之探討-以TFT-LCD設備業廠商AKT為個案研究，清華大學科技管理研究所碩士論文
II.English:
1. Ansoff, I., Sep-Oct 1957, Strategies for Diversification, Harvard Business Review, Vol. 35, Issue 5, pp. 113-124.
2. Applied Material, 2014, Intergrating Millisecond and Spike Anneals, Nanochip Technology Journal, Volume 12, Issue 1.
3. Capron, L., 1999, The long-term performance of horizontal acquisition, Strategic Management Journal, 29(11): 987-1018.
4. Michael E. Porter, March 1979, How Competitive Forces Shape Strategy, Harvard Business Review.
5. Penrose, E. T. 1959, The Theory of the Growth of the Firm, New York, W Wiley.
6. Seunghyuk C., Christopher T., Florian W., 2014, Advanced-packaging technologies: The implications for first movers and fast followers, McKinsey
7. U Company, 2010-2014, Annual Reports