透過企業併購達成實質減資效果之研究－以日月光矽品為例

企業成立初期必然不斷追求成長，以期達到經濟規模並建構進入障礙及增強市場地位，當產業進入企業循環週期的成熟衰退期，或是高原期的停滯狀態，微利時代來臨且獲利不再成長，過去快速累積膨脹的股本，轉而讓經營者面對股東對於股東權益報酬率及每股盈餘期待的壓力日增。近年來台灣上市櫃公司實施現金減資的公司家數與日俱增，究竟其主要目的是否因為缺乏成長動能而直接退還現金給股東？或是公司對產業的未來發展有足夠的願景而願意辦理減資？本研究試圖透過日月光與矽品案件的分析，了解在面臨產業的快速且嚴峻的變化下，除了現金減資這種消極式的財務操作外，還有什麼方式可以突破困境？自2015年日月光發起併購矽品一案，期間紛紛擾擾，隨著日月光控股股份有限公司於2018年4月30日掛牌上市而告一段落，對於其最終結果，似乎是圓滿落幕，其間涉及的企業攻防，法律交鋒，實為近年來企業併購史上的一個重要案例，藉由成立產業控股公司進行資本瘦身，不但完成產業整合，並同時達成實質減資效果。本研究認為，如果沒有全盤考量佐以產業整併，僅係運用財務手法，完成數學式中減少分母的減資手段而無法確保分子的穩定或成長，則減資無異是飲鴆止渴，無法提高股東之實質權益，市場亦不會給予高度的肯定。

關鍵字

日月光；矽品；日月光投控；產業整併；減資

並列摘要

At the beginning of the establishment of the enterprise, it will inevitably continue to pursue growth to reach the scale of the economy and establish barriers and enhance its market position. When the industry enters the mature or recession period of corporate cycle, or the stagnation of the plateau period, the micro-profit era will come and the profit will no longer grow. The rapid accumulation of the equity in the past has led the management team to face the increasing pressure of ROE (Return on equity) and EPS expectations from shareholders. In recent years, the number of TWSE-listed and OTC-listed companies which implement reduction of capitals has increased day by day. What is the main purpose of these companies' capital reductions? Return cash directly to shareholders for lack of growth, or because of great prospect? In addition to the passive financial operation of capital reduction, this study attempts to find out other ways to overcome the predicament under rapid and tough changes in the industry through the analysis of the merger case of ASE and SPIL in 2018. Since 2015, the case that SPIL was merged by ASE met a lot of problems. With the end of the listing of ASE Holdings Co., Ltd. on April 30, 2018, the final result seems to have a successful conclusion. The legal confrontation and the offense and defense between the companies involved in the merger are indeed an important case in the history of corporate mergers and acquisitions in recent years. By establishing an industry holding company to reduce capital, not only completed industry integration, but also achieved a reduction in capital at the same time. The study shows the capital reduction is unlikely to be effective in enhancing stockholders interests and positive return on market shares without overall considering with M&As . It is a moment’s relief or pleasure which can bring endless suffering to come if capital reduction is implemented as reducing denominator without business growing continually to numerator.