摘要
2015年8月21日，台灣證券交易指數創下十年以來的新低點，一宗封裝與測試產業內的併購案也應時而生。長年以優良經營績效著稱的矽品精密工業，受景氣衰退影響，股價對比於上半年最高均價54.61元，跌到每股剩下33.5元；而矽品的最大競爭者－日月光半導體，便抓緊良機，對外宣告將在2015年8月24日至9月22日止，目標收購矽品股份約24.99％，企圖成為矽品的最大股東。由於矽品指出日月光事前未與他們進行協商，此投資計畫背後的動機令人懷疑，實屬一場「敵意併購」。 本研究針對矽品遭遇日月光提出股權收購一案進行分析，以矽品的角度探討日月光投資的動機與目的，藉由收集各類型的次集資料，包含雜誌與新聞共約14,000筆，整理並釐清該事件發展的始末。首先，了解矽品與日月光各自的歷史與經營風格，接續分析半導體封測產業的特色和近年趨勢，最後，以陳述矽品提出的反敵意併購策略－White Knight並未成功做結論。這場兩大封測公司間的併購案，隨著雙方的攻防不斷，勢必還會持續一段時間，建議未來可以針對該案件的後續發展做追蹤探討。
並列摘要
On August 21, 2015, there was a merger and acquisition (M&A) case in Taiwan’s semiconductor industry. When TAIEX index took a nosedive even fell below the lowest record of the past decade, Advanced Semiconductor Engineering (ASE), the world-leading packaging and testing industry firm launched an offer to acquire nearly 25 percent stake of competitor Siliconware Precision Industries Co. Ltd. (SPIL) whose annual output value is the third-ranked in the world. If the M&A program is successfully completed, the result will enable ASE become a majority shareholder of SPIL. Since SPIL claimed they knew nothing about the M&A plan beforehand, they issued a statement accusing ASE of conducting a “hostile takeover”. The research is conducted by collecting and collating multiple sub-data which the total number of articles are about 14,000, and identifies the motivation and related effect of the M&A case from SPIL’s point of view. First of all, understanding the history and management style of SPIL and ASE separately. Second, discussing the characteristics of the semiconductor packaging industry and analyzing its trends in recent years. Finally, because the attack and defense between them do not stop in a short time, it is suggested that this M&A case about ASE and SPIL is worthy of attention in the future.
參考文獻
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