||Financial Effect of Supply Chain Partnership
||Department of Transportation & Communication Management Science
supply chain management
Supply chains integrate and link companies together—supplier’s suppliers to the customer’s customers—to effectively and efficiently respond to consumer end users at the right time, right place, and right cost. These companies, and organizations as whole, are not always linked directly and are becoming more expansive and virtual in their influence. Unfortunately, supply chains are frequently managed from the perspective of a single supplier-customer relationship; however, suppliers provide value to many different supply chains in their role as suppliers. Customers utilize and participate in multiple supply chains. As a result, it becomes increasingly difficult to optimize the effectiveness and efficiencies of supply chains - direct and indirect. We divided two segments in this thesis bellow statement:
PartⅠ: A participating member may have requirements placed upon them by one member that contradicts another member. This section aims at testing whether technology innovations (TI) influence company’s return on stock price (SR), partners of all supply chain and the changes of different supply chain in integrated circuit (IC) industry in Taiwan. The result shows that there is a significant financial effect correlation and TI influences for organizations in each supply chain.
Part II: The purpose of this chapter is to examine the interrelationships in stock price between automotive components industry and assembling industry by using time series techniques of cointegration and vector autoregression (VAR). And the short-run dynamic equilibrium relationship not only can give automotive industry to select their partners is their supply chain network but also be a reference in investment portfolios.
誌 謝 III
LIST OF TABLES VI
LIST OF FIGURES VII
CHAPTER 1 INTRODUCTION 1
1.1. MOTIVATION AND OBJECTIVES 1
1.1.1 The importance of supply chain 1
1.1.2 The importance of financial effect on supply chain 2
1.2. PURPOSE 4
1.3. SCOPE OF THE STUDY 5
1.4. STRUCTURE OF THESIS 6
CHAPTER 2 LITERATURE REVIEW 8
2.1. SUPPLY CHAIN 8
2.2.1 Definitions 8
2.2.2 Supply chain management 8
2.2. SUPPLY CHAIN RELATIONSHIP 11
2.2.1 Supply chain relationship 11
2.2.2 Strategic alliance 12
2.2.3 Supply network 13
2.3. PERFORMANCE MEASUREMENT OF SUPPLY CHAIN MANAGEMENT 15
2.4. SUMMARY 18
CHAPTER 3 INFLUENCE OF TECHNOLOGICAL INNOVATIONS ON SUPPLY CHAINS 20
3.1. INNOVATION 21
3.1.1 Definitions 21
3.1.2 Innovation and financial effects 22
3.1.3 Innovation of supply chain on financial effects 23
3.2. RESEARCH DESIGN, HYPOTHESIS AND DATA SETTING 23
3.2.1 Financial effect indicator 24
3.2.2 Research hypotheses 24
3.2.3 Data collection and 0.13-Micron Process 27
3.3. GLOBAL SEMICONDUCTOR SECTOR AND TAIWAN’S IC INDUSTRY 31
3.3.1 Global semiconductor sector 31
3.3.2 Taiwan’s IC industry 33
3.4. METHODOLOGY 35
3.4.1 Pearson’s correlation 35
3.4.2 ANOVA to test 35
3.4.3 Regression analysis 35
3.5. RESULTS 36
3.5.1 Supply chain correlation 36
3.5.2 The impacts of innovation on innovative foundries (TSMC and UMC) 37
3.5.3 The impacts of technology on foundry supply chain (TSMC Chain and UMC Chain) 42
3.5.4 Time effects 44
3.5.1 Regression analysis 46
3.6. SUMMARY 48
CHAPTER 4 EFFECT OF RELATIONSHIPS IN SUPPLY NETWORKS 50
4.1. NETWORK AND LONG-TERM RELATIONSHIP 51
4.1.1 Define network 51
4.1.2 Long-term relationship 52
4.2. RESEARCH PROPOSITION AND DATA SETTING 53
4.2.1 Research proposition 53
4.2.2 Data setting 58
4.3. TAIWAN’S AUTOMOTIVE INDUSTRY 60
4.4. METHODOLOGY 62
4.4.1 Unit root test 63
4.4.2 Cointegration analysis 64
4.4.3 Error correction analysis 66
4.5. RESULTS 67
4.5.1 Unit-root test 68
4.5.2 Cointegration analysis 69
4.5.3 Estimation of the vector error correction model 71
4.6. DISCUSSION 73
4.6.1 Cointegration in the supply network relationships 73
4.6.2 Estimates of adjustment behavior 74
4.7. SUMMARY 75
CHAPTER 5 SUMMARY AND CONCLUSION 78
5.1. CONCLUSIONS 78
5.2. SUMMARY OF CONTRIBUTIONS 80
5.3. FURTHER RESEARCH 82
CURRICULUM VITAE 100
List of Tables
Table 3.1 Up and down-streams of the SCs for IC industry 29
Table 3.2 The technology composition of IC manufacturing companies in 2002 30
Table 3.3 The technology composition of DRAM in 2003 and 2004 31
Table 3.4 The global semiconductor sector 32
Table 3.5 The segmental value of IC products in Taiwan 33
Table 3.6 Correlation analysis of SR prior to the innovation 37
Table 3.7 Correlation analysis of SR by monthly 38
Table 3.8 Correlation analysis of SR by quarterly 41
Table 3.9 Correlation analysis of SR among three time interval 43
Table 3.10 Correlation analysis of SR after the innovations 44
Table 3.11 T-test and ANOVA test in SR in different time interval 45
Table 3.12 ARMA model estimate for the TSMC chain 47
Table 3.13 ARMA model estimate for the UMC chain 48
Table 4.1 Overview of the automotive component manufacturers 59
Table 4.2 Product value of Taiwan’s automotive component and assembly industry 61
Table 4.3 Cluster analysis of automotive component manufacturers 68
Table 4.4 Tests for the order of integration based on the Dickey-Fuller test 69
Table 4.5 Determination of cointegration rank in the presence of a linear trend and a quadratic trend 70
Table 4.6 Error correction model 72
Table 4.7 The production value of TY and Juili in the aftermarket 75
List of Figures
Figure 1.1 Structure of thesis 7
Figure 2.1 Multi-Enterprise supply chains 9
Figure 2.2 Different supply chain configurations 10
Figure 2.3 The type of chain 14
Figure 3.1 Logic IC development timeline 30
Figure 3.2 Structure of the Taiwan IC industry 34
Figure 4.1 Supply network of the automotive industry 59
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