TFT平面顯示器產業併購案例研究:對我國TFT產業併購策略的啟示

TFT Flat Panel Industry M&A Case Study Analysis:Implications for Taiwan TFT Industry M&A Strategy

林文山(Wen-Shan Lin)

指導教授 ： 鍾惠民

國立交通大學/管理學院/管理學院碩士在職專班財務金融組/碩士(2008年)

https://doi.org/10.6842/NCTU.2008.00074

摘要

半導體產業及TFT-LCD產業是目前台灣產值超過兆元的主要產業，半導體產業從引進到現在已近半世紀，花了很長的時間產值才破兆，然而TFT-LCD產業只花了十幾年就達到兆元的產值，同時產值超過最先商業化LCD產品的日本，並且於韓國爭奪第一的位置，但是從個別公司而言台灣的個別廠商規模相對較小，只有友達光電的規模排入世界第三名。

本研究探討友達光電從設立到透過不斷增資、併購等方法，逐漸超越奇美、華映等其他面板廠商，脫穎而出成為台灣的最大TFT-LCD的面板廠商，其中在併購廣達電子後，不但保持了在台灣的領導地位，同時躍升為世界第三名，排名在三星及LGD之後，才擁有與主要競爭對手，同時設立次世代面板廠的實力。

本研究認為友達光電不只是透過內部成長模式，同時善長於透過外部成長模式中的企業併購方式，於適當時機併購競爭對手，一方面減少競爭對手，同時又擴大市場占有率，不斷地超越台灣的其他競爭對手，本研究特別對友達光電對廣輝電子的併購，做詳細的併購前後的各項重要指標的比較，佐證其併購策略的成果，雖然友達光電已排名世界第三，希望能持續進步，成為世界第一，或者有更多台灣面板廠能進入世界前三名。

關鍵詞：TFT-LCD產業、內部成長、外部成長、購併、綜效

關鍵字

TFT-LCD產業 ； 內部成長 ； 外部成長 ； 購併 ； 綜效

並列摘要

IC industry and TFT-LCD industry are two of the most important industries in Taiwan. It took near half a century for IC industry to reach one trillion NT dollars production value, but it only took over a decade for TFT-LCD industry to reach one trillion NT dollars production value. The TFT-LCD industy of Taiwan has overpassed the Japan which was the first country to commercialize the TFT-LCD product and is competing the No.1 position with Korea. The scale of TFT-LCD companies of Taiwan is relatively small comparing with Korea and Japan except AOU which is ranking the third in the world.
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Our research studied how the AUO overpassed all the other competitors became the NO.1 TFT-LCD panel maker in Taiwan by means of continuously raising capital and M & A from startup. After the merger of Quanda Electronic the AUO not only kept the leadership position in Taiwan but also became the No.3 in the world.
Our research found out that AUO grew the company not only by means of organic growth but also by means of inorganic growth. AUO is good at using M &A stragey at right time. By the way of merging competitors it will reduce the number of the competitors and also increase the market share. We studied the case of merging of Quanda Electronic by AUO very carefully and compared the different important indexes before and after the merger to verify the M&A synergies. AOU is ranking the third in the world now, we wish that AUO could keep going with right strategis and become No.1 in the world. We also wish that more panel makers of Taiwan could rank within the top three companies in the world.
Key words: TFT-LCD Industry、Organic Growth、Inorganic Growth、M & A、Synergies

並列關鍵字

TFT-LCD Industry ； Organic Growth ； Inorganic Growth ； M & A ； Synergies

參考文獻

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