華碩與和碩之分割減資歷程

本論文探討華碩電腦股份有限公司，於2009年12月宣佈，與和碩聯合科技股份有限公司進行股權實質切割的個案，該案以2010年6月1日為基準日，華碩分割75%之和碩控股權，以每千股換150股華碩股票及404股和碩股票的計算方式轉由股東持有。本個案宣佈後引起市場極大的反應，華碩的股票連續兩天以跌停收市。本文首先討論華碩電腦的成長背景，進而分析其經營優勢與核心能力，並描述其面臨的品牌與代工衝突之困境，本文配以教學手冊，以此分割減資的實例，引導學生探討企業經營策略與財務管理上的互動，包括企業減資的目的與意義，以及品牌與代工的決策分析，同時示範研究方法之中，事件研究法之原理與應用。

關鍵字

減資；品牌與代工；華碩；事件研究法；和碩

並列摘要

This article studies the case of split between ASUS and Pegatron where ASUS officially announced the split in December, 2009. The split was practically carried out on June 1, 2010 with each 1,000 share holder of ASUS stock will then hold 150 and 404 shares of stock for ASUS and Pegatron, respectively. Such case of split/capital restructuring puzzled the market participants and the stock price of ASUS dropped to the trading floor two days in a row after the announcement. This paper first introduces the rise of ASUS and its core compentences, and then the issue between branding and OEM (original equipment manufacturer) for ASUS is discussed. Using this case as example, the teaching note of this paper leads students through the analyses of capital structure decision and business stragegy. Specific issues of focus includes why business choose to deduct their levels of capital and how to differenciate a business between OBM (own branding & manufacturing) and OEM. The teaching note also demonstrates the use of event study to quantify the stock market impact of the case.