Research On The Value Capture Of WLCSP Stakeholders

Traditional enterprise value theory has long focused on how to maximize the interests of shareholders,but in recent years,stakeholder theory has raised objections to this,arguing that the long-term survival and development of enterprises depends on the joint action of multiple stakeholders.Therefore,the analysis of the value creation of the enterprise and the value capture ability of each stakeholder becomes very important.Using the value creation-capture model(VCA model)developed from cooperative game theory,and based on the financial statements and other data of China Wafer Level CSP Co.,Ltd.(WLCSP)in the past five years,this paper analyzes the value capture situation of its suppliers,customers,shareholders and employees,explores the impact of competitive advantage and bargaining power on the value capture of various stakeholders,and draws the following conclusions:First,from the overall data point of view,it is the shareholder who has the advantage of value capture,but this does not mean that the wealth of shareholders is maximized.Because the value capture of suppliers and customers happens to offset each other,the increase or decrease of enterprise value is reflected in the role of shareholders as stakeholders.However,it can be seen from the data of any year that all stakeholders influence each other and jointly create more value for the enterprise.Second,except for the influence of the core material suppliers in the early stage,WLCSP negotiation power is less than that of suppliers.After the successful research and development of new technologies in the later period,WLCSP got out of the predicament and did not rely on a certain supplier group,so its supplier group will be more substitutable,which means that as a supplier of WLCSP,its negotiation ability is weakened and its value acquisition ability is reduced.Third,the customer's value capture situation is just the opposite to that of the supplier.Because of the unique packaging technology of WLCSP,the customer's value capture ability is weak at first.But later,as the customer base began to become concentrated,its dependence on customers gradually increased,so the customer value capturing ability also began to gradually increase.Fourth,employees' value capture ability is weak but stable.This is because WLCSP as a manufacturing enterprise,has many front-line employees,who have a large base in China's labor market and fierce competition.This kind of competition will weaken the bargaining power of employees,thus making employees' value capturing ability weak.However,due to the supervision and control of national policies,its value capturing ability is weak but it has been very stable.This paper uses the VCA model to explore the impact of competitive advantage and bargaining power on the value capture of various stakeholders,and analyzes and interprets the profit and competitive advantage sources of WLCSP from the perspective of stakeholders,which has certain reference value for it and even the same type of manufacturing enterprises to deal with corporate stakeholder value capture to obtain competitive advantages.