- 學位論文
Managing Merger and Acquisition: A Study of an International Semiconductor Equipment Supplier Firm
Managing Merger and Acquisition: A Study of an International Semiconductor Equipment Supplier Firm
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摘要
Enterprises have faced with the challenges in the rise of trade liberalization, globalization of technology, and market homogeneity. This is especially true for the semiconductor industry. Consequently, top managers are facing a severe war of survival and growth with their competitors. Reducing company over-head, enhancing core competence, and creating customer value become imperative for most companies to succeed. Among the strategies, it has emerged a common strategy to grow by undertaking business mergers and acquisitions (M&A) within and across industries. However, the failure rate of M&A is extremely high. Especially, the M&A deal involved in foreign companies. The semiconductor industry is an excellent example. Overwhelmingly, M&A began in the USA, moved then to Japan, Korea, Europe, and finally to Taiwan and Singapore. Currently, Mainland China has now joined the market and pushed the semiconductor equipment industry to integrate and expand to meet the local and global market. Based on a comprehensive literature review, the study proposes a normative model of M&A process, called the stage-gate model. The model consists of three main stages (pre-M&A stage, Transition stage, and post M&A stage) and two gates (“Make a deal?” gate and “Crisis Manager” gate). The research deployed the proposed model to analyze a merger and an acquisition undertaken by Mattson Technology for last five years. The case studies shown that the stage-gate model is useful for explaining the success/failure of M&A process. Finally, some conclusions and further research are also provided.
並列摘要
Enterprises have faced with the challenges in the rise of trade liberalization, globalization of technology, and market homogeneity. This is especially true for the semiconductor industry. Consequently, top managers are facing a severe war of survival and growth with their competitors. Reducing company over-head, enhancing core competence, and creating customer value become imperative for most companies to succeed. Among the strategies, it has emerged a common strategy to grow by undertaking business mergers and acquisitions (M&A) within and across industries. However, the failure rate of M&A is extremely high. Especially, the M&A deal involved in foreign companies. The semiconductor industry is an excellent example. Overwhelmingly, M&A began in the USA, moved then to Japan, Korea, Europe, and finally to Taiwan and Singapore. Currently, Mainland China has now joined the market and pushed the semiconductor equipment industry to integrate and expand to meet the local and global market. Based on a comprehensive literature review, the study proposes a normative model of M&A process, called the stage-gate model. The model consists of three main stages (pre-M&A stage, Transition stage, and post M&A stage) and two gates (“Make a deal?” gate and “Crisis Manager” gate). The research deployed the proposed model to analyze a merger and an acquisition undertaken by Mattson Technology for last five years. The case studies shown that the stage-gate model is useful for explaining the success/failure of M&A process. Finally, some conclusions and further research are also provided.
參考文獻
Multinational Business Review, 9, 1, pp.77-87.
Ashkenas, R.N. DeMonaco, L.J. and Francis, S.C (1998) “ Making the deal real: How GE capital integrates Acquisitions” Harvard Business Review, Feb, pp.149-180.
Davidson, K. (1985-1986). ”Strategic investment theories.” Journal of Business
SolidState Technology. (January 2004). The International Magazine for Semiconductor Manufacturing, pp. 30 —34.
International (April 2004), pp. 51-52.