企業併購與績效評估個案分析-以日月光為例

本研究以日月光半導體製造股份有限公司作為個案分析主要對象，進行探討，並且針對該公司於 2015年宣佈併購矽品精密工業股份有限公司之情形作更深入的的分析。首先，學術上將企業利用併購策略來達到迅速擴張規模、競爭力以及掌握先進技術與管理制度產生合併的綜效，來達到企業追求不斷成長的目標，最近這幾年國際併購的規模不斷攀高，在全球化下，併購的潮流是一種發展的趨勢。本研究以個案研究法針對日月光公司從其企業外部成長加上產業外在環境的歷史與地理角度出發，探討其企業併購的策略，包括併購的動機為何、如何尋找併購的對象、併購對象的評估與執行方式、以及併購前的財務規劃與分析，再進一步，探討其策略上的考量，以及併購後財務績效的推測，做進一步的分析與探討，最後，整理歸納出併購成功的關鍵因素為何。　　針對日月光併購的描述與分析，本研究認為日月光併購成功的因素包括：併購策略的選擇是促成併購成功最大的原因之一、併購後可以提升股東報酬率並且降低成本，彼此分享企業內部資源增加綜效，才能夠達到併購前預期的綜效與結果。

關鍵字

企業併購策略；併購動機；併購績效

並列摘要

In this study, I use Advanced Semiconductor Engineering, Inc. as the main research firm to proceed all the analyses. In particular, this study focuses on analyses of ASE’s acquisition of SPIL in 2015. First, theory points out most of firms use mergers and acquisitions strategy to achieve rapid expansion of the scale, aiming to increase competitiveness, advanced technology and management system to obtain synergies. In recent years, the scale of international mergers and acquisitions continues to rise. In this study, I examine ASE’s growth strategy as a whole from the external growth of its enterprises and the historical and geographical aspects of the industrial environment in order to further explore the M&A strategies used by ASE. The issues to be examined, including the motivations behind M&A, the way how ASE identifies the object of M&A, the implementation of M&A strategy, as well as the pre-merger financial planning and analysis. Furthermore, I also explore ASE’s strategic considerations, as well as the financial performance of mergers and acquisitions speculation. Finally, I sort out the key factors of mergers and acquisitions success. To sum up, I conclude the success factors of ASE’s expansion as follows: M&A strategy is one of the major reasons for the success of scale expansion. In addition, M&A also improves shareholder's return, reduces the cost, and increases efficiency by utilizing internal resources of the enterprise.