台商電子製造業併購案例研究

A Study on M&A Cases of Taiwan Electronics Manufacturing Service Industry

陳季良(Chi-Liang Chen)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融組/碩士(2010年)

https://doi.org/10.6342/NTU.2010.10339

摘要

以NB/DT PC 為主力產品的台商電子產品下游系統組裝的製造大廠，因為全球 PC 產業的高度成長與高產值而壯大成為台灣電子製造業的龍頭，然因持續成長的需求，這些大廠挾其龐大的資源在內部進行持續性的再投資，並加上外部併購、JV、策略聯盟等成長策略，設法拉大競爭對手的差距，形成的規模經濟效應已是其他中小型廠商無法匹敵。這些大廠跨界進入非PC的產品領域，同時也積極從事向上游的垂直整合，因此一些在非PC類單一產品領域的績優企業，或與一線品牌大廠有業務往來的中上游供應商，均成為這些大廠併購、合資、策略合作的對象。
我們嘗試利用五力分析、鑽石模型分析來檢視台灣電子產業的發展，並探討電子製造業的成長策略，另外也藉由一些個案分析來探索中小型電子業製造廠商面對客戶成長壓力、產業高度競爭、PC大廠虎視眈眈等情況下，所能採取的對應之策。我們認為當中小型廠商已無力在有限資源下維持高度成長時，大廠的策略合作邀約(併購、JV..)就成了最佳解藥，而來自於品牌大廠對於中小型廠商營運規模必須快速提昇的壓力就成了加速這些整併策略合作的催化劑；或是說，「高成長」所衍生而來的持續性「再投資風險」，也是逼迫中小型企業主必須審慎思考與大廠做更近一步策略合作的重要決策因素之一！
台商電子製造業朝集中化、集團化方向發展，這樣的結果也與我們經由五力分析、鑽石模型分析所得到的電子產業成長策略相符合。而且，因台商電子製造業已形成高度「群聚效應」的進入障礙，集團化的發展更是深化此效應特性，可以讓全球相關電子組裝製造產業多數為台商所掌握，對台商的電子製造業也是正向發展！

關鍵字

併購 ； 合資 ； 五力分析 ； 鑽石模型分析 ； 群聚效應

並列摘要

Owing to the high growth rate and revenue of global PC market, Electronics Manufacturing Service (EMS) enterprises in PC related (Notebook and Desktop) products become the major players in electronics manufacturing downstream industry in Taiwan. However, due to the demand to continue the growth, those main large EMS enterprises need not only to proceed successive interior investment, but also attempt to begin exterior growth strategies such as Merger and Acquisition(M&A), Joint Venture(JV) or strategy alliance. The purpose is for them to enlarge the gap among competitors, which the “economics scale” are formed and became a barrier for small and middle enterprises (SME). Those large EMS enterprises cross the border and enter the field of non-PC related products, and aggressively build up a vertical integration of the upstream supply chain. Therefore, superior enterprises which belong to the industry of non-PC related singular products, or SME supply chains that have business relations with first tier brand companies will be the target partner for large EMS in terms of M&A, JV or strategy alliance.
We implement five force model and diamond model to analyze the development of electronics manufacturing downstream industry in Taiwan, and to discuss the strategy of growth towards those enterprises. Besides, we also probe into SME’s pressure while facing customers’ requests, intense industrial competition and aggressive potential competitors such as large EMS. Based on the above case study, we then adopt the corresponding policies. We believe that with limited resources, SME have failed to sustain high growth in order to meet customers’ demands. Under the circumstance, M&A and JV are maybe the best solution for SME. In other words, the successive “reinvestment risk” derives from “high growth” turns out to be one of the key factors to force SME executives for a more detailed consideration about cooperating with large EMS.
We also found conformity with the development strategies of Taiwan electronics manufacturing downstream industry, and the result of our five-force analysis and diamond model analysis. In addition, due to the fact that Taiwan electronics manufacturing downstream industry have formed a highly entry barrier of “industry cluster”, the development of collectivization would deepen its characteristics. In this case, the global electronics manufacturing business could be mastered by most Taiwanese businessmen and become a positive encouragement for Taiwan electronics manufacturing downstream industry.

並列關鍵字

Merger and Acquisition ； Joint Venture ； Five force model ； Diamond model ； industry cluster

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