- 學位論文
Nvidia 併購ARM的動態競爭研究
Dynamic Competition Analysis in M&A – A Case Study of Nvidia & ARM Merger
摘要
2021年全球半導體市場全年總銷售值達5559億美元，全球受新冠疫情影響，供應鏈短缺與在家工作需求量大增。此外受惠於全球5G快速發展與建置、車用市場復甦，相應的晶片需求也大量增加。全球半導體品牌大廠，包括英特爾(Intel)、美光(Micron)、超微(AMD)、輝達(Nvidia)等等皆是美系大廠，影響力超越50%，相關的一舉一動也被全球關注。 2020年9月IC 設計大廠Nvidia在市場投下了震撼彈，宣布將併購軟銀集團旗下的安謀控股公司(ARM Holdings plc.)。過去論文主要討論垂直併購績效與實質影響，但鮮少討論雙方在併購中動態競爭與互動的關係，因此本研究以動態競爭觀點，並納入各國政府對併購判決與調查，最終分析此次併購案。 本研究發現Nvidia與ARM在合併前具有不同終端市場，一方為圖形運算與AI計算產品，一方為手機與伺服器架構商品。隨著科技進步，Nvidia將事業版圖伸向CPU市場，希望能透過併購快速補足公司在CPU專利與技術上的不足，根據模型，合併後與競爭對手Intel資源相似性將大幅提高，能大幅追上。然而，隨著政府針對違反公平交易法的調查，美國、歐盟、英國與中國等等國家相繼出手阻止與調查，最終併購案並未通過。因此本研究最後以AMC分析法探討後續Nvidia是否會加入商業聯盟來入股ARM。本研究參考ASML的例子來探討上游供應商的持股問題，認為極有可能以此方式進行下步動作。
並列摘要
In 2021, the total annual sales value of the global semiconductor market reach 555.9 billion US dollars. Due to the COVID-19 virus infection, the global supply chain fell into chaos and the demand for working from home has greatly increased. In addition, the 5G infrastructure globally and the recovery of the automotive market, the corresponding demand for chips, has also increased significantly. Global semiconductor brand manufacturers, including Intel, Micron, AMD, Nvidia, etc. are all major US-based manufacturers, with an influence exceeding 50%, and related actions are also recognized by the world. In September 2020, Nvidia, a major IC design company, announced that it would acquire ARM Holdings., a subsidiary of SoftBank Group. In the past, papers mainly discussed the performance and substantive impact of vertical mergers and acquisitions, but rarely discussed the dynamic competition and interaction between the two parties in mergers and acquisitions. Therefore, this study takes the perspective of dynamic competition and incorporates the judgments and investigations of various governments on mergers and acquisitions, and finally analyzes this merger case. This study found that Nvidia and ARM had different end markets before the merger, one for graphics computing and AI computing products, and the other for mobile phones and server architecture products. With the advancement of technology, Nvidia has extended its business to the CPU market, hoping to quickly make up for the company's shortcomings in CPU patents and technologies through mergers and acquisitions. According to the model, after the merger, the resources similarity with its competitor Intel will be greatly improved, and it will be able to catch up significantly. However, following the government's investigation into violations of the Fair Trade Law, countries such as the United States, the European Union, the United Kingdom, and China have stepped in to block and investigate, and the merger case has not been approved in the end. Therefore, this study finally uses the AMC analysis method to explore whether Nvidia will join the business alliance to invest in ARM in the future.