被動元件企業併購綜效之研究 －以台灣上市公司為例

A Study of the Synergies of Merger and Acquisition – the case of Public Company in Taiwan

葉澤光(TSE-KUANG YEH)

指導教授 ： 余霆 ； 張慧珊

中原大學/商學院/會計研究所/碩士(2009年)

https://doi.org/10.6840/cycu200901212

摘要

被動元件產業是目前台灣極少數企業本身擁有自我研發能力且能與國際級大廠競爭的產業，經過十餘年的努力，目前我國的被動元件產業已自原本全數仰賴日本進口到變成可以與日本廠商競爭的地位，這當中，領導廠商國巨及華新科藉由「併購」來加速成長乃其必要採行的策略。本研究採用文獻探索法及資料分析法探討國巨及華新科透過不斷併購等方法，逐漸趕上韓國三星、日本太陽誘電等其他MLCC廠商，脫穎而出躍升為世界前五大MLCC製造廠商的行列。

研究發現，國巨有效地利用併購案取得MLCC BME的製程技術，透過原飛利浦的行銷通路及客戶基礎一舉由台灣的區域性零組件公司成為全球性的被動元件領導廠商之一，並藉由此併購案進一步帶動營收成長；而華新科歷來的併購案例中則以併購日本釜屋電機(Kamaya)對其集團版圖的擴充最具突破性意義，除使其銷售區域自原本集中在大中華市場進而轉為在日本及北美區域的銷售比重提升，使受單一市場的影響明顯降低外，在產品應用方面亦因增加釜屋電機(Kamaya)的高階電阻及晶片保險絲產品，使其自原本集中在3C市場領域的情況，可以逐步轉型至其他工業用及汽車電子產業，受到單一產品景氣循環的影響減小，使華新科的電阻產品市場佔有率提升，產品朝向高附加價值的方向邁進一大步。

本研究建議，以目前韓國三星集團在MLCC領域大幅擴充的氣勢觀之，其想一舉拉下TDK成為僅次於Murata(日本村田)的用意相當明顯，我國業者在彼此競爭的同時似乎更應該思考如何合作，甚或是類似晶圓產業聯日抗韓一般，如此可使能量集中，以此來對應此波數世紀來最大的經濟海嘯風險應是較有助益的。

關鍵字

併購 ； 財務分析 ； 被動元件產業 ； 綜效 ； 財務五力

並列摘要

Passive component industry is one of the few industries that Taiwan is capable of owning a complete self-sufficient chain consisting of research and development, production, marketing, sales, and distribution; it is also one of the few that can compete with international brand names. Over the past decade, the current status of Taiwan’s passive component industry has transformed from completely relying on imports from Japan to being able to compete with Japan manufacturers, amongst them, YAGEO Corporation and WALSIN Technology Corporation both use the strategy of mergers and acquisitions to accelerate their own growth. This study is conducted by literature reviews as well as data analysis, trying to examine how YAGEO Corporation and WALSIN Technology Corporation have managed to catch up with Korean Samsung, Japanese Taiyo Yuden and other MLCC manufacturers through mergers and acquisitions, and therefore becoming one of the top five MLCC manufacturers.

The research has found that YAGEO Corporation has effectively used the case of merging PHILLIPS to successfully acquire MLCC BME manufacturing technology, and through the existing sales channels as well as customer base of PHILLIPS turning itself around from a local Taiwan component supplier company, to one of the worldwide leading passive component manufacturers. Also, through this merger, further increasing YAGEO’s profit return; whilst throughout WALSIN’s history of mergers, the merger with Japan Kamaya is the most significant in its expanding, it allowed WALSIN’s market to expand from originally focusing on the Greater China area towards increasing sales in Japan and Northern American, in addition to easing the influence one single area has on its profit returns, the product application range also expanded due to the additional Kamaya advanced electric resistant and micro chip fuse products, allowing it to transform from focusing on the Computer/Communication market to steadily involved in other industries and automobile electronic industries, lessening the effect of single product range being affected by the economy, and thus improving the market occupancy of WALSIN’s electric resistant, and their products stepping towards high added value products.

In view of Samsung’s active pursuance of expansion in t6he MLCC field, it is obvious that Samsung is looking to overtake TDK to become the second after Japan Murata in the field. This study suggests that Taiwan’s passive component manufacturers should consider cooperating with one another, fully utilising competitive-cooperative strategies to achieve a win-win situation, or consider the strategies used by silicon wafer manufactures and cooperate with the Japanese to stand against the Koreans, thus focusing the strength and jointly adapting to the largest economical tsunami in decades, such strategy is more beneficial towards Taiwan’s passive component industry development.

並列關鍵字

Mergers and Acquisitions ； Financial Indicators ； Synergy ； Passive component industry ； Five Financial indicators

參考文獻

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