DRAM產業併購案之探討-以美光併購爾必達為例

企業併購一直以來都是企業界的熱門話題。從1897年開始發生全球第一次併購浪潮以來，已經歷了七次大規模的併購浪潮，每次的併購在不同的時代背景下各自呈現出不同的特點，分別為橫向併購、縱向併購、橫縱向混合併購、戰略併購、強強聯合併購、服務業橫向併購以及銀行業的倒閉與併購等。美光併購爾必達為半導體產業的一次跨國併購活動，其金額雖不如發生在1999年英國沃達豐空中通信公司（Vodafone Air Touch PLC）以超過2000億美元規模併購德國曼內斯曼公司(Mannesmann AG)那樣令人矚目，卻也是在半導體產業中相當大的事件。美光為美國唯一製造動態隨機存取記憶體（DRAM）晶片的財富500強公司，同時爾必達也是日本唯一生產DRAM晶片的製造商，兩家公司在DRAM領域分別以11.6%和13.5%的市佔率分列在第四名與第三名，緊隨著韓系廠商海力士（23%）與三星（41%）之後。兩家公司合併之後以25.1%的市場佔有率排名第二，與海力士、三星形成三強鼎立的局面，達到相互制衡以降低DRAM價格劇烈波動的情形。本文將分六章對美光科技併購爾必達的案例做分析研究。第一章為緒論部分，其主要在於描述研究背景、動機、範圍與架構安排；第二章針對併購與分析的理論作相應的介紹；第三章為針對半導體產業背景，以及記憶體產業與DRAM的簡介；第四章為案例研究，包含有意併購者的背景介紹，並對被競購的公司背景做說明；第五章為問題討論，包含併購策略分析，其中就併購方與被併購方做分析研究，以及有意向公司之策略分析，同時包含案例中轉折點的分析探討；第六章為結論，主要針對美光併購爾必達案做相對應的總結，以及未來DRAM產業發展趨勢探討，結論出未來應該學習美光之合縱聯合策略，亦即採取併購與結盟才能讓台灣DRAM產業續保盈泰，屹立於世界的挑戰而不倒。

關鍵字

併購；案例研究；記憶體；動態隨機記憶體； SWOT分析

並列摘要

Meger and acquisition is always a hit topic of enterpriss. Since the fisrt M&A wave started in 1897, following there were 7 waves of larger scale M&A, each show different feathures based on different background characteristic of times. Which are horizontal、vertical、combination of horizontal and vertical、strategic、strengthen、service horizantal and bank collapse M&A respectively. Micron acquires Elpida is a transnational M&A activity in semiconductor industry, the M&A amount is not as high as 200B USD and impressive M&A of Vodafone Air Touch PLC and Mannesmann AG in 1999, but also a pretty big issue in semiconductor industry. Micron is the only DRAM manufacturer of Fortune Global top 500 company in United State, and meanwhile Elpida is the only DRAM manufacturer in Janpan as well, the market share and ranking are 11.6% ranking 4 and 13.5% ranking 3 respectively, just right behind Korean DRAM companies SK-Hynix(23% ranking 2) and Samsung(41% ranking 1). The market share becomes 25.1% ranking 2 after M&A happens, and undergoes three stands like the three legs of a tripod with Samsung and Sk-Hynix, which is supressed on DRAM price huge fluctuation in certain ways. The subject of study will focus on M&A case of Micron and Elpida in 6 chaters. Chapter 1 is an introduction of study background、motivation、coverage and structure arrangement; chapter 2 is for introduction of M&A and anlysis theories；chapther 3 is for introduction of industries of semiconductor and DRAM；chapter 4 includes case study, background introduction of intentionally merger companies and acquired company；chapter 5 is questions and discussions, includes M&A strategies anlysis of merger companies and acquired company, and the turning points are also discussed；chapter 6 is conclusions, the case study summary will be shown and also discussion of DRAM industry tendancy, the most important parts are the lesson learnt from this case study and future strategies for next step of DRAM industry.