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Abstract ▼ AI-Helper

This study is non-parametric fundamental analysis of comparative profitability and marketability of global semiconductor suppliers for fiscal year 2007~2010. In order to link financial data and firm/industry specific information to stock market price of certain firms in consideration of causal rel...

This study is non-parametric fundamental analysis of comparative profitability and marketability of global semiconductor suppliers for fiscal year 2007~2010. In order to link financial data and firm/industry specific information to stock market price of certain firms in consideration of causal relation, we employ 2 step DEA, estimate stepwise efficiency and calculate overall efficiency in total production process. In the first step, we select front-end capacity of semiconductor manufacturing, CAPEX and R&D investment as inputs; sales revenue and gross profit margin as outputs for the estimation of profitability. In the second step, we employ projected revenue and gross profit to efficiency frontier, the intermediary products as inputs; market capitalisation and PER as outputs for the estimation of marketability. Analysis results in many suppliers overally close to efficiency frontier of profitability function and few suppliers get reach to efficiency frontier of marketability function. For managerial implications, we categorise DMUs into several groups per scale of front-end capacity. In results, small capacity suppliers are close to both profitability and marketability frontier. Unlike preceding researches, we clearly construe intermediary products, the projected values to efficiency frontier as normatively ideal level of achievement, expectedvalue in the future and link them to stock price of firms in consideration. Through this approach, we are able to propose non-parametric fundamental analysis using DEA as a promising candidate for valuation of stock price.

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