In a conventional reflective liquid crystal panel (liquid crystal panel)
using a semiconductor substrate, since storage capacitors are formed on
the surface of the substrate, with a small pixel size, a sufficient
storage capacitor (50 to 100 fF) cannot be ensured, and a voltage
necessary for driving a liquid crystal cannot be held. The reflective
electrode of each of pixels serves as a conductive layer of one of a pair
of electrodes which constitute a storage capacitor, and the other
conductive layer of the storage capacitor is formed below the reflective
electrode through an insulation film so that the other conductive layer is
fixed at the predetermined potential.