半導體是數位時代中不可或缺的資源，也是科技發展的基石，台灣擁有完整的半導體產業鏈，並且在全球半導體製造領域中具有重要地位。全球半導體產業近兩、三年快速發展，可歸因於5G手機、物聯網、電動車和高速運算等終端需求強勁，加上2020年全球受到新冠疫情衝擊，居家辦公需求增加，以及供應鏈問題所造成的漲價效應，帶動了半導體銷售額大幅增加，然而在需求成長背後，國內半導體製造業者仍面臨兩大隱憂，首先為短期週期性風險，其次為中長期各國扶植本土半導體供應鏈的挑戰，前者為供需兩端資訊不對稱下產生的庫存波動，後者為中美貿易戰與疫情後各國的國家戰略調整，因此審慎、有效評估自身資源運用效率，儼然成為半導體製造業者面對未來挑戰的重要的課題。
本文將以半導體製造產業為研究對象，研究22家台灣上市櫃半導體製造公司於2016年至2020年的經營效率，透過Two-stage Dynamic RDM DDF model，解決每股盈餘可能為負值資料的問題，並在生產階段產出項中採用無形資產，在既有文獻衡量專利產出的基礎上，多衡量企業在商譽上的產出。總結來說，本研究的結果如下：
1.台灣半導體製造業研究期間平均整體效率值為0.60，並呈現降低趨勢。在個別公司上，台積電與環球晶效率值為1，為效率前緣公司。
2.台灣半導體製造業研究期間生產階段平均效率值為0.74，市場階段平均效率值為0.48，並且根據Wilcoxon等級和檢定結果，半導體製造業在生產階段效率顯著高於市場階段效率。
3.生產階段上，員工人數是最需要改善的部分，平均而言建議減少12%，而市場階段上，每股盈餘和年均股價分別建議應提升35%和36%。

Taiwan has a complete semiconductor industry chain and has the most production value in the semiconductor manufacturing industry in the world. However, semiconductor manufacturers still face short-term cyclical risks and the challenge that various countries begin to establish their semiconductor supply chains in the long run. Therefore, the evaluation of resource utilization has become a critical management issue for semiconductor manufacturers. In this study, the semiconductor manufacturing industry is the research subject. Through the Two-stage Dynamic RDM DDF model to study the operating efficiency of 22 Taiwan semiconductor manufacturers from 2016 to 2020. The results show that (1). Taiwan's semiconductor manufacturing industry's overall efficiency value was 0.60 and showed a downward trend during the research period. (2). Companies like TSMC and Globalwafers have the highest efficiency levels. (3). In the production stage, the efficiency value is 0.74, while in the market stage, it is 0.48. According to the Wilcoxon sum rank test results, the efficiency of the production stage is significantly better than that of the market stage. (4). The number of employees in the production stage needs to be improved the most. On average, it should be reduced by 12%. For the market stage, both the EPS and stock price should be increased by 35% and 36%, respectively. In conclusion, Taiwan's semiconductor manufacturing companies need to improve their human resource management and focus on profitability. More importantly, companies should properly plan long-term business strategies to build market confidence.

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