半導體產業購併策略之實證研究

The Mergers and Acquisitions Strategies in Semiconductor Industry: An Empirical Study

蔡靜美

指導教授 ： 林博文

國立清華大學/科技管理學院/高階主管經營管理碩士在職專班/碩士(2006年)

摘要

本研究以分析半導體企業購併趨勢、策略目的及探討各個購併傾向對半導體企業財務績效表現的影響作為研究主軸。趨勢分析的資料取自Thomson ONE Banker 資料庫，以1982~2005年全球半導體企業完成購併的案件作為分析樣本，計24年，共2,600筆。另外整合Thomson ONE Banker及Compustat兩個資料庫中關於半導體產業的購倂與財務資料771筆作為實證研究樣本。透過整合資料庫的複迴歸分析，主要研究結論如下：
1.在半導體產業中，資產規模愈大者，獲利能力愈佳，但資產管理能力卻較差。
2.半導體產業公司在ㄧ年度內若進行多次購併，則對獲利能力有不利的影響。但是值得注意的是當主併公司擁有自由現金流量則購併次數對獲利能力不再是負向影響，而是產生顯著且正向的影響；也就是說半導體產業公司擁有現金流量愈多，透過購併工程提升獲利能力是屬於理性行為。
3.購併經驗與自由現金流量對半導體公司的財務績效有正向影響。
4.在購併地區的實證結果，對五個應變數均不顯著，但加入自由現金流量的交互作用，實證結果對獲利能力呈現顯著且負向的影響。這可能的解釋原因為半導體企業如果擁有自由現金流量進行跨國購併時，較容易產生決策不夠謹慎及跨地區整合上的困難，故對獲利能力產生不利的影響。

關鍵字

半導體產業 ； 購倂 ； 財務績效 ； 獲利能力 ； 資產管理能力 ； 自由現金流量

並列摘要

Mergers and acquisitions are one of the most important strategies for firms in the semiconductor industry to gain access to valuable technology resources and new markets. This study researches how M&A orientation of the semiconductor firms influence their financial performance. Data were gathered from two sources, Thomson ONE Banker and Compustat. Multiple-regression- analysis was used to conduct statistical analysis. The empirical results are as follows：
1. Among the semiconductor industry, scales are significant positively associated with profitability, but significant negatively associated with the asset turnover.
2. Undergoing multiple M&As within one year time frame is negatively associated with profitability, while the numbers of M&A combined with free cash flow are no longer negatively associated with its profitability .
3. Acquiring experience and FCF variables are positively associated with semiconductor firms financial performance.
4. The transnational M&As are insignificant as to financial performance, but become significantly negatively associated with their profitability when FCF variable interaction effect is added; this might be due to trans-area integration difficulties and a tendency to non-prudent decision making.

並列關鍵字

semiconductor ； mergers and acquisition ； financial performance ； profitability ； asset turnover ； free cash flow

參考文獻

Ahuja, G. and Katila, A. (2001), “Technological Acquisitions and the Innovation Performance of Acquiring Firms: A Longitudinal Study”, Strategy Management Journal, 22(3): 197-220.

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Bradley, M., Desai, A., and Kim, E.H. (1983), “Synergistic Gains from Corporate Acquisitions and their Division between the Stockholders of Target and Acquiring Firms”, Journal of Financial Economics, 21: 3-40.

Franks, J., Harris, R., and Titman, S. (1991),“The Post merger Share-Price Performance of Acquiring Firms”, Journal of Financial Economics, 29: 81-96.

Ghosh, A. (2001), “Does Operating Performance Really Improve Following. Corporate Acquistions”, Journal of Corporate Finance, 7: 151-178.