【摘要】 台积电的投资布局将对全球半导体制造格局产生深远影响。本文基于机会窗口理论,系统回顾了台积电的追赶历程,分析了其通过市场、技术和制度三重机会窗口进行相应的战略回应,实现后发赶超。研究发现,制度窗口为企业初创和后发赶超提供支撑作用;台积电对机会窗口的战略回应由技术机会窗口到技术和市场机会窗口并重,再到以市场机会窗口驱动为主,企业战略由差异化战略回应转向纵深化战略回应,再转向多元化战略回应。中国大陆应以制度改革为支撑,以促进内需和技术提升两条主线进行突围;企业在后发追赶过程中应以技术追赶为主线,并持续捕捉变化的市场机会;晶圆制造企业应强化与上游半导体设备、材料企业的协同研发,以提升产业链自主可控能力。更多还原

【Abstract】 TSMC’s investment strategy will have a profound impact on the global semiconductor manufacturing landscape. Drawing on opportunity window theory, this article systematically reviews TSMC’s catch-up trajectory and analyzes how it achieved latecomer catch-up through strategic responses to three types of opportunity windows: market, technological, and institutional. This study finds that institutional windows provide foundational support for firm start-up and latecomer catchup. TSMC’s strategic responses evolved from a primary reliance on technological opportunity windows, to a combined emphasis on technological and market opportunity windows, and eventually to a market-driven opportunity window as the main force. Correspondingly, the firm’s strategy shifted from differentiated strategic responses to vertical deepening strategy responses, and later to diversified strategy responses. The findings suggest that Chinese mainland should rely on institutional reform as a key support, pursuing breakthroughs along two main paths: expanding domestic demand and upgrading technological capabilities. During the latecomer catch-up process, firms should focus on technological catch-up while continuously capturing changing market opportunities. In addition,wafer manufacturing companies should strengthen collaborative R&D with upstream semiconductor equipment and material suppliers to enhance the self-sufficiency and controllability of the industrial chain.更多还原