台灣在全球半導體供應鏈上扮演先進製造的角色，由於高階晶片的戰略價值，因此成為美國對中國科技鎖喉的重要節點。企業被迫面臨艱難的地緣政治處境，但台灣也因此得到西方國家的戰略支持。本研究透過經濟部工業產銷存動態調查資料庫和台灣半導體製造業廠商的歷年財務報表，從產業面和廠商行為面探究地緣政治風險和經濟政策不確定性如何影響台灣半導體產業。研究結果發現，台灣半導體製造業的景氣復甦伴隨著地緣政治風險，或可支持矽盾背後關於台灣半導體產業國際重要性的基本論述，而經濟政策不確定性則對台灣半導體產業有負面影響。此外，半導體製造業下屬的積體電路製造業、分離式元件製造業和半導體封測業各有產業特性，其中競爭市場的分離式元件製造業與矽盾較不相關。

Taiwan serves as an exceptional chip maker on the global semiconductor supply chain. As advanced chips possess militarily strategic value, Taiwan has become a key technology choke point for US tech war against China. On one hand, corporates were forced to face difficult geopolitical situations; on the other hand, the situations bring Taiwan considerable strategic support from the Western countries. Making use of Industrial Production Statistics database run by Ministry of Economic Affairs and financial statements from Taiwan's semiconductor manufacturing companies, I survey how geopolitical risk and economic policy uncertainty affect Taiwan's semiconductor industry, from both industry-wide viewpoint and corporates' decision-making perspective. Empirical result shows that upswings of Taiwan's semiconductor industry are associated with geopolitical risk and therefore serve as a backbone for Silicon Shield theory. However, economic policy uncertainty can have adverse impact on it. Additionally, the three sectors of semiconductor manufacturing industry, including integrated circuit manufacturing industry, discrete device manufacturing industry, and semiconductor packaging & testing industry, may possess unique characteristics. Among the three sectors, discrete device manufacturing industry may have less to do with the Silicon Shield.

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