智慧資本之併購綜效分析-以IC設計產業為例

Synergy of Mergers and Acquisitions for Intellectual Capital - Case Study of Fabless IC Design Houses

林佩怡(Pei-Yi Lin)

指導教授 ： 邱顯比

國立臺灣大學/管理學院/財務金融組/碩士(2018年)

https://doi.org/10.6342/NTU201800170

摘要

近年來台灣IC設計之併購行動不斷隨著公司成長策略、產品演化需求、取得關鍵人才及技術等目的，產生一波波併購風潮。然而IC設計以人為本，以創新技術為根，於併購過程中是否產生綜效以及如何衡量綜效，為本研究之目的。
本研究探討併購流程自策略擬訂、預期綜效，篩選文獻中適合於IC設計產業之智慧資本四大構面及財務資本之指標，透過三個個案研究其併購前後智慧資本是否存在，並且以智慧資本及財務資本衡量綜效；以及研究併購後是否獲得關鍵資源、關鍵流程、顧客價值及利潤公式之併購四要素，最後綜合個案之併購綜效類別歸納關鍵成功及失敗因素。
本研究發現IC設計產業之併購關鍵成功因素係提升客戶價值為導向，現有之技術及產品為核心，藉由併購標的整合前、後端之技術開發創新產品，以具體且快速為併購整合之最佳行動方案，方可走向併購成功之路；然而關鍵失敗因素則可能因不具體之併購目標且僅以短期成長為目的而支付高昂之併購價格，種下失敗之果。

關鍵字

智慧資本(intellectual capital) ； 併購(M&A) ； 綜效(synergy) ； IC設計(fabless IC design houses)

並列摘要

In recent years, companies’ growth strategies, product evolution requirements, and pursuit of key talents and technologies have led to constant mergers and acquisitions (M&A) among Taiwan’s fabless integrated circuit (IC) design houses. Therefore, this study investigated whether the M&A process creates synergy in fabless IC design houses which are based on people and innovative technologies and identified how to measure such synergy .
This study explored the M&A process using the aspects of strategy plan and expected synergy. In addition, four elements of intellectual capital and financial capital indicators that could be effectively used to evaluate the fabless IC design houses were selected from the literature. Subsequently, this study examined whether intellectual capital existed before and after M&A for the three case companies selected, measured synergy using intellectual and financial capitals, and determined whether key resources, key processes, customer value, and profit formula were obtained after M&A. Finally, key factors of success and failure of the case companies’ post-M&A synergy were categorized and summarized.
The study results showed that for the fabless IC design houses, the key success factors of M&A are elevating customer value, maintaining favorable technologies and products, developing innovative products by referring to M&A objectives and integrating front- and back-end technologies accordingly, and devising optimal M&A action plans in a specific and prompt manner. By contrast, the key failure factors are possibly unspecified M&A objectives and excessive investments of high M&A costs to achieve short-term growth.

並列關鍵字

intellectual capital ； mergers and acquisitions (M&A) ； synergy ； fabless IC design houses

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