EDA產業併購訂價-以美商新思科技併購台灣思源科技為例

Acquisition Valuation in EDA Industry: A Case Study of SpringSoft Acquisition by Synopsys

侯碧雲(Pi-Yun Hou)

指導教授 ： 林哲群

國立清華大學/科技管理學院/經營管理碩士在職專班/碩士(2014年)

摘要

本研究探討EDA產業頻繁併購之緣由及美商新思科技(Synopsys)併購台灣思源科技(SpringSoft)之併購價格。EDA 代表電子設計自動化軟體(Electronic Design Automation)。EDA產業三大特性: 創新為經營之本，人才之高度需求，以及高市場開發成本促使併購活動之興盛。本研究並採用兩種最常運用之企業評價方法，類似公司比較法(Comparable Company Approach)及自由現金流量折現法(Discounted Cash Flow Approach)推算併購價格。研究結果顯示，自由現金流量折現法反應對被併購公司未來之期許，而配合敏感度分析(Sensitive Analysis)，則提供合理且彈性之價格區間。實際併購交易價格亦落在此區間中，由此可證在衡量併購價格時，自由現金流量折現法為最實用之評價方法。

關鍵字

EDA ； 電子設計自動化軟體 ； 新思科技 ； 思源科技 ； 企業評價 ； 類似公司比較法 ； 自由現金流量折現法

並列摘要

This study looks into the reasons behind frequent acquisitions in EDA industry and analyzes acquisition price of SpringSoft by Synopsys. EDA stands for Electronic Design Automation. Three industry features are concluded to explain the frequent acquisitions, including innovation is the basic element to survive, high demand on intelligent human capital, and high market development cost. For acquisition price analysis, two of the most common valuation approaches, Comparable Company Approach and Discounted Cash Flow Approach, were applied to generate the reasonable range of per share equity value. This study found that Discounted Cash Flow Approach reflects the forward-looking expectation of the acquirers. With the addition of sensitive analysis, Discounted Cash Flow Approach provides a flexible and reasonable range where the executed acquition price falls into. It is concluded that Discounted Cash Flow Approach is a practical way to evaluate the subject company under acquisitions.

並列關鍵字

EDA ； Electronic Design Automation ； Synopsys ； SpringSoft ； Acquisition Valuation ； Comparable Company Approach ； Discounted Cash Flow Approach

參考文獻

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