A Study of Fund Raising Strategy for Assembly and Testing of Semiconductor Industries: The Case of SPIL, ASE and Amkor

• Main Authors: Wei-Li Wang, 王韋力
• Other Authors: Chun-Ho Chen
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/2qursy

碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 102 === Semiconductor industry is the foundation of Taiwan''s industrial development and assembly and testing industry plays the important role in semiconductor industry. Recently, assembly and testing industry develops copper wire bonding and advanced packaging technology, thus capital expenditures increase significantly. If cash generated from operations is not enough, these companies must raise funds through banks or capital markets. Cash raising strategy can often determine whether this financing is timely and effective. Furthermore, a good cash raising strategy can improve the capital structure and reducing the risk of ownership dilution. The principal objectives of this thesis is to compare and analyze the funding strategies, selecting three key indicators, of the world''s top three assembly and testing company in 2008 to 2012 as the case firms for cash raising in assembly and testing industries. The key conclusions of this thesis are as follows: 1. The cash raising purposes: ASE and Amkor''s cash raising purposes usually is working capital or refunding, but SPIL use capital expenditures as cash raising purposes. 2.The timing of cash raising: Financial structure and interest rate makes significant influences to these case companies, but stock price makes less influence since most of the cash raised by loan. 3.The instruments of cash raising: Scale, capital structure and ownership dilution makes significant influences to these case companies instead of cash raising cost.