企業併購之個案研究 - 以半導體產業之W公司併購D公司為例

A Case Study on Mergers and Acquisitions - The Case of Company W Merge Company D in Semiconductor Industry

王志成(Chih-Cheng Wang)

指導教授 ： 吳青松

國立臺灣大學/管理學院/國際企業管理組/碩士(2012年)

https://doi.org/10.6342/NTU.2012.00551

摘要

企業併購的風潮，主要源自於歐美等先進國家，儘管國內公司併購的案例並不像歐美國家那麼多見，但不少併購案造就了許多成功的典範，而使得企業併購在台灣亦逐漸蔚為風潮，成為公司成長的一個重要工具。

國內半導體產業在過去幾年間，也發生了多起的併購案，例如2000年聯電、聯誠、聯瑞、聯嘉以及合泰的五合一合併案，以及之後的台積電合併德碁半導體及世大積體電路等等。

本研究以W公司與D公司於2008年初進行之合併案為研究個案，其中W公司屬於半導體後段的IC封測業，而D公司屬於半導體前段的晶圓製造業，本個案屬於垂直併購，與一般半導體產業較常見的水平併購不同。此併購案評估之初，原來的目的在於透過併購的方式取得目標公司的資產，以解決W公司廠房空間不足而影響企業成長的問題。後來一度考慮藉由併購的方式，一併取得目標公司的營運項目，並透過上下游的垂直整合，擴大營運規模，達到企業成長的目的。但是深入分析目標公司的產業結構與競爭態勢，並且對目標公司的企業價值與併購風險進行評估後，最終決定放棄目標公司的營運，轉而成為純粹的資產併購。

本研究深入探討此個案的併購過程與併購策略，以五力分析法探討個案公司所處的產業結構，並針對是否要擴大垂直整合發展成為IDM廠，也進行了策略性評估，並且分別以現金流量折現法與清算價值法，評估目標公司的合理價值。由於目標公司尚處於虧損狀態，營運風險為非常重要的考量，因此再針對現金流量折現法的結果進行敏感度分析，探討總資產週轉率、毛利率與資金成本的變化，對於企業價值的影響程度。同時將評價得到的結果，與企業實際的併購價格作比較，探討實際併購價格是否合理，並探討企業價值與營運風險對於併購動機的影響。

期望本研究提出的研究結論與相關建議，可以提供給日後業界在發展併購以及學界在研究相關議題時的參考。

關鍵字

併購 ； 半導體產業 ； 現金流量折現法 ； 敏感度分析 ； 清算價值法 ； 五力分析

並列摘要

M&A is originated from Europe and the United States. The number of M&A cases in Taiwan is less than Europe and the United States, but many cases are very successful. This makes M&A popular in Taiwan and become an important method of corporate growth.

In the past few years, there are many M&A cases in semiconductor industry in Taiwan. For example, UMC 5 to 1 merger in 2000, and later TSMC Acquiring ASMC and WSMC.

The case of this study is the merger of company W and company D in 2008. The major business of Company W is IC testing and packaging in semiconductor backend field. The major business of Company D is wafer fabrication in semiconductor frontend field. This is a case of vertical merger, different from normal cases of horizontal merger in semiconductor industry. The original goal of this case is to get the asset of target company by merger. This can solve the lack of space issue that impact Company W’s corporate growth. Later, the goal becomes to get the asset and operation of target company by merger. This can make corporate growth by vertical integration. But after analyze the industry structure, evaluate the target company and evaluate the risk of merger, company W gave up the operation of target company and decided to merge the asset of the target company only.

The merger procedure and merger strategy will be analyzed in this study. Industrial structure will be analyzed by using five-force model. The strategic evaluation of whether develop the merged company as an IDM vendor by vertical integration will be done also. Both Discounted Cash Flow method and Liquidation Value Method will be used to evaluate the target company. Because company D was a loss company, operation risk is a very important consideration. Sensitivity Analysis will also be used to analyze how total asset turnover rate, growth margin and cost of capital can affect corporate value. The result of evaluation will be compared to the actual merger price. The rationality of the actual merger price will be verified. How corporate value and operation risk can affect the motivation of M&A will be studied also.

Hope the result and suggestion of this study can be useful for companies they want to do M&A and those who want to study M&A.

並列關鍵字

M&A ； Semiconductor Industry ； Discounted Cash Flow ； Sensitivity Analysis ； Liquidation Value Method ； Five-force Model

參考文獻

邱烺民(2007)，「台灣電子業之評價實證研究」，中興大學高階經理人碩士在職專班碩士論文，2007年

Porter, Michael E.(1998)，周旭華譯，「競爭策略(Competitive Strategy)，天下遠見，1998年

Porter, Michael E.(1999)，李明軒、邱如美譯，「競爭優勢(Competitive Advantage)」，天下遠見，1999年

Broutners, K. D., Hastenbury, P. V. and Ven, J. V. D., “IF most mergers fail why are they so popular?,” Long Range Planning, vol.31, pp.347-353, 1998

Eisenhardt, Katheleen M.(1989), “Building Theories from Case Study Research,” Academy of Management Review, 14 (4), pp. 532-550, 1989