近年美中科技競爭持續升溫，使半導體產業過去以效率為核心的全球分工模式逐漸改變。隨著出口管制措施趨嚴與國家安全意識升高，半導體企業開始面臨更複雜的合規壓力，也需要重新評估供應鏈佈局與營運風險管理。既有關於地緣政治風險與半導體產業之研究，多從國家政策、整體產業發展或台積電、聯發科等大型指標性企業角度切入，對於資源相對有限且缺乏製造資產之中小型無晶圓廠 IC 設計公司，如何因應地緣政治風險，仍較少進行深入探討。基於此，本研究以美系中小型無晶圓廠 IC 設計公司S公司為個案，分析其在2018年至 2025 年間，面對美中科技競爭、出口管制與市場需求變化時，如何建構其策略回應。
本研究採質性個案研究法，並透過次級資料與半結構式深度訪談進行資料蒐集。分析架構則以Teece（2007）之動態能力理論為基礎，分別從感知能力、把握能力與重組能力三個構面探討S公司之因應過程。研究發現，S公司在感知能力上，主要透過政策制度變化、供應鏈風險與市場需求變動等訊號，辨識外部環境的潛在威脅；在把握能力上，則透過合規決策、出貨控管、經銷商管理與供應鏈資源調度，將外部壓力轉化為具體的營運行動。相較之下，S公司之重組能力並非體現在大規模組織改造，而是透過既有流程調整、外部供應商協調、供應商知識累積，以及產品與市場策略等的逐步修正，進而形成營運韌性。

In recent years, the intensifying technological competition between the United States and China has gradually changed the way the semiconductor industry is organized globally. As export controls have become stricter and national security concerns have increased, semiconductor firms face more complex compliance pressures and must reassess their supply chain layout and operational risk management. Existing studies on geopolitical risks and the semiconductor industry have mainly focused on national policies, overall industry development, or leading firms such as TSMC and MediaTek. However, less attention has been paid to how small and medium-sized fabless IC design companies respond to geopolitical risks. Therefore, this study takes a U.S.-based small and medium-sized fabless IC design company, Company S, as the case and analyzes how it developed strategic responses from 2018 to 2025.
This study adopts a qualitative case study approach and collects data through secondary sources and semi-structured interviews. Based on Teece’s (2007) dynamic capabilities framework, this study examines Company S’s responses through three dimensions: sensing, seizing, and reconfiguring. The findings show that Company S senses external threats through policy changes, supply chain risks, and shifts in market demand. In terms of seizing capability, Company S translates these pressures into operational actions through compliance decision-making, shipment control, distributor management, and supply chain coordination. Its reconfiguring capability is not reflected in large-scale organizational restructuring, but in adjustments to existing processes, coordination with external suppliers, accumulation of supplier-related knowledge, and revisions to product and market strategies. Through these actions, Company S gradually strengthens its operational resilience.

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