法規限制對企業價值的影響及企業的因應之道：以Carlyle集團收購日月光半導體公司為例

Impact of Legal Constraints on Corporate Value and Responsive Measures of the Corporate World: Taking for Example Merger of Advanced Semiconductor Engineering Inc. by Carlyle

吳修生(Hsiu-sheng Wu)

指導教授 ： 鄭漢鐔

國立中央大學/管理學院/財務金融學系碩士在職專班/碩士(2007年)

摘要

中國大陸擁有低廉的勞動人口和廣大的內銷市場，加上中國政府有計畫地利用多項外資投資優惠措施，以吸引大量的外資企業登陸投資，使大陸成為最具爆發潛力的經濟體之一。隨著我國加入世界貿易組織，國內資本市場日趨國際化；另一方面，我國的企業隨著經濟全球化、分工化的趨勢下，經濟發展已面臨轉型的階段，許多企業為提升競爭力、獲取更高的利潤，紛紛將企業經營的重心轉移至大陸。然而兩岸之間敏感的政治因素，政府對於投資上限、技術及資本市場的相關限制，也使部分台商在全球佈局上無法將資源做最有效的分配，國外私募基金更是嗅到兩岸政策的限制讓企業價值無法充分呈現，在有利可圖的情況下，近年來國際私募基金大舉購併國內企業。
本研究希望從企業經營策略及價值創造的角度，藉由Carlyle集團收購日月光半導體公司的案例，將日月光所採取的策略，融入價值驅動因子，透過自由現金流量模型來評價投資法令的限制是否會對公司的價值產生影響。
研究結果如下：
1.在投資法令的限制下，影響公司的競爭力，面臨競爭優勢的喪失，將使自由現金流量的流入減少，以及邊際利潤率的降低，這不利於企業價值的創造，企業價值明顯被低估。
2.在企業永續經營及經濟誘因的考量下，投資大陸限制無法有效阻擋企業前進大陸，企業願花費成本來規避法令限制。
3.台灣應儘快開放企業投資大陸的限制，如此將有助於兩岸經貿，吸引台商回台投資，至少會帶動台灣的金融服務業及相關服務產業的發展，甚至作其他全球佈局的活動。

關鍵字

企業價值 ； 法規限制 ； Carlyle ； 日月光

並列摘要

Mainland China is known for its cheap labor and vast domestic market, which in conjunction with the Chinese government’s meticulous effort to attract foreign investment via various incentives has made Mainland China one of the most promising economic bodies in the world. With Taiwan’s accession to the WTO, domestic capital market is progressively internationalized. Meanwhile, globalized economic development and collaborations have made it necessary for Taiwan’s economy to transform, and many corporations for the purpose of enhancing competitiveness and profitability are relocating their operational focuses to China. Sensitive political issues between two sides of Taiwan Strait, as well as the investment caps and technology/capital market constraints established by the Taiwanese government, prevent some of the Taiwan-based corporations from effective distribution of resources for global maneuver. Sensing the fact that Taiwan’s cross-strait policies have compromised corporate value, international private funds in recent years have been aggressively taking over local companies with their eyes on the unrealized profit potential they see.
From the perspective of corporate operation strategies and value creation, this study scrutinizes the merger of Advanced Semiconductor Engineering Inc. (ASE Inc.) by Carlyle and incorporates the strategies of ASE Inc. into value-driven factors in an attempt to evaluate the impact of investment law constraints on corporate value the free cash flow discounted model.
Research outcomes are as follows:
1.Legal constraints on investment will affect corporate competitiveness and cause a company to lose its competition edge. The fact that the limitation tends to reduce the free cash flow and lower the profit margin works against creation of corporate value and cause corporate value to be significantly underestimated.
2.Mainland investment limitations cannot effectively prevent Taiwanese companies from investing in Mainland China. In view of the economic incentives and the need for sustainable operation, Taiwanese companies are willing to pay the price for evading legal constraints.
3.Taiwan should lift its regulations that limit on Taiwanese companies’ investment in Mainland China. The action will help boost cross-strait trade activities and attract Taiwanese companies to invest in Taiwan. It will at least stimulate development of Taiwan’s financial industry and related service industries and may even encourage them to participate in global activities.

並列關鍵字

ASE Inc. ； Carlyle ； Corporate Value ； Legal Constraints

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