A Study of Operational Performance and Capital Structure in Semiconductor Assembly and Test Industry

• Main Authors: Ting-Ting Chuang, 莊婷婷
• Other Authors: Cher -Min Fong
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/jqk9me

碩士 === 國立中山大學 === 高階經營碩士班 === 103 === In recent years, semiconductor assembly and test industry has transformed from a traditional foundry to a professional manufacturing partner. The industry has invested intensively in order to support new trend and technologies developed from market and customers t; as the result the industry has higher debt ratio. To maintain adequate capital structure and to maximize company''s value has been top management''s priority. By using multiple regression analysis, this study examines the relationship between operational performance and capital structure in top 20 semiconductor assembly and test companies over the period of 2008 to 2013. This research also performs qualitative research to review semiconductor industry past development and current market conditions in order to nationalize different findings in the quantitative study and past published literature. This study result show long term debt ratio is greater than short term debt ratio as well as long term debt ratio is more volatile than short term and total debt ratio in semiconductor assembly and test industry. This study has found the following findings: 1) Revenue growth ratio and working capital growth ratio have negative correlation with long term debt ratio. 2) Inventory growth ratio and long term debt ratio has positive correlation. 3) There is only one independent variable fixed asset growth ratio has positive correlation with short term debt ratio. This study also found total debt ratio has no correlation with any independent variable. There are four possible reasons to explain the findings: semiconductor assembly and test industry has entered into a new generation; Taiwan government lifts the restriction for semiconductor investing and manufacturing in China and the selection of sample and sample period.