A light modulator having a reduced parasitic static capacitance includes a semiconductor substrate having a mesa section and a bonding pad section. A primary insulating film on the substrate continuously covers the mesa section and the bonding pad section. After a mask has been formed on a portion of the primary insulating film opposite the bonding pad section, the remaining portion of the primary insulating film is etched, followed by removal of the mask. After the removal of the mask, a second insulating film is formed continuously covering the primary insulating film opposite the bonding pad section and the mesa section so that a relatively thick insulating layer is present only opposite the bonding pad section.