聯發科集團併購事件對台灣上市(櫃)IC設計公司股價表現之影響

隨著台灣的經濟發展，企業為追求營運成長、創新價值並且適應全球化競爭，企業往往選擇以大規模的併購策略來達到此目標。在企業併購的浪潮下，台灣IC設計產業也不可避免進行企業間的併購，併購是企業策略中，短時間內迅速擴張規模，最快速且具主控能力的成長方式。隨著國際情勢的競爭，全球各家半導體大廠紛紛透過併購進行水平整合，以期在創新能力上有所突破。本研究個案公司聯發科是台灣 IC 設計龍頭廠商，亦是全球第四大IC設計公司，其競爭力對於整體台灣產業競爭力具關鍵代表性，本研究以聯發科併購做為案例探討併購事件發生時，對IC設計產業股價行為造成的影響為研究主題，採事件研究法探討聯發科在併購宣告日前後，IC設計產業公司的普通股股票是否存在顯著異常之反應。經研究結果發現在事件日前後皆呈現較無規律性之顯著大於或小於零之平均異常報酬，若與聯發科異常報酬相較，本研究討論的四個併購案中均可發現IC設計股與聯發科出現相同方向價格變化，累積平均異常報酬亦可發現相同結果，IC設計股似乎受到聯發科併購宣告之利多訊息影響。

關鍵字

企業併購； IC設計；聯發科；事件研究法

並列摘要

With the development of economy in Taiwan, in order to pursue operational growth, and innovative value and to adapt to global competition, companies often choose to achieve these goals through large-scale merger and acquisition(M&A) strategies. In the wave of M&A corporate mergers and acquisitions, Taiwan's IC design industry is also inevitable to carry out M&A. M&A is the fastest strategy to enlarge corporate scale in a short period ,along with and main control capability. With the global competitions, major semiconductor manufacturers in the world have adopted horizontal integration through M&A, with an expectation to reach breakthroughs in innovation capabilities. This research aims on the MediaTek, the leading IC design company in Taiwan and the fourth largest IC design company in the world. Its competitiveness is a key representative of Taiwan’s industry. This study is to discuss the impacts on stock price of IC design industry from M&A events dominated by MediaTek.We utilize the Event Study to investigate whether there is a significant abnormal return in the common stock of the IC design industry company before and after the MediaTek’s M&A announcement dates. According to the research results,we found that there is an irregular average return that is significantly greater than or less than zero. If compared with MediaTek’s abnormal return,both MediaTek and IC design stock price changes in the same direction, and the similar results we observe toward the cumulative average abnormal returns.From these results, IC design stock prices seem to be affected by the profitable news announced by MediaTek.