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  • 學位論文

企業併購效益評估之個案研究 —以聯發科集團之企業併購策略為例—

A Benefit Assessment Case Study on Business Merge and Acquisition: Focusing on the MediaTek Group-Case

指導教授 : 王志誠
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摘要


電子業的產品生命週期非常的短暫,IC設計業由為嚴重,產品還沒上市,就開始要思考下一代的產品,若是研發技術跟不上市場的變化,很容易就被淘汱出局,為了不被市場淘汱,企業除了自行研發外,就是向外購買技術,最快速的方式是利用併購,取得目標公司現成的技術,是提升產品、企業價值最有效率的方式。 本研究以聯發科做為案例,探討企業併購後的效益是否達到預期之綜效,以聯發科的例子,由於IC設計產業特性,聯發科的每一次併購案都是為取得目標公司的技術,提高產品的附加價值為目的,由於技術是無法量化的資產,故IC設計業的併購綜效不只要從財報上的經營成果來判斷,還須要將研發人才及無形資產納入考量,這兩者的效益無法立即顯現,須要投入時間、人力及資金,在新產品新技術被市場接受後才能顯現併購的效益。 以聯發科而言,每一次的併購案的完成都讓聯發科的研發技術更精進,帶動新一代新產品的衍生。成功的併購案例,讓聯發科將併購的經驗內化為內部的知識,讓聯發科從保守經營的態度,轉變為積極尋找投資併購標的,繼雷凌及開曼晨星的併購之後,去年聯發科斥資新台幣500億購入四家IC設計公司,整合各目標公司的技術,企圖為聯發科在物聯網的晶片市場中仍佔有一席之地。

並列摘要


The product life span in the electronics industry is very short, particularly the IC design industry. Manufacturers need to start next-generation products before the present one is released. They will easily be eliminated if they cannot keep pace with technological advancements. Besides independent research and development, purchasing technology from others or even acquisitions or mergers are the fastest to acquire the ready-for-use technology from the target company. Therefore, acquisitions or mergers are the most efficient way to raise product or corporate value. This research investigated the expected synergy of acquisitions or mergers through a case study on MediaTek. Due to the characteristics of the IC design industry, the subject acquires or merges with another company solely to acquire the technology of the target to increase the product’s added values. While technology is an unquantifiable asset, besides judging the synergy of acquisitions/mergers in the IC design industry from the business performance in the financial statement, R&D personnel and intangible assets need to be considered. As their effectiveness cannot be seen instantaneously and the investment of time, labor, and capital are needed, true effectiveness will only emerge when new technology is accepted by the market. As each acquisition or merger enables the subject to advance technology and release new-generation products, it has internalized these successful experiences into internal know-how. Moreover, this know-how has turned the subject from a conservative company into an aggressive acquirer, seeking targets everywhere. After acquiring Ralink Technology and MStar Semiconductor, the subject acquired another four IC design houses with NT$50 billion last year in order to take the initiative in the IoT market by integrating the technology to these companies.

並列關鍵字

Acquisition Merger IC Design MediaTek Target Company

參考文獻


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