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  • 學位論文

產業垂直購併組合模式之績效研究 —以TFT-LCD產業為例

The Investigation on Vertical Mergers and Acquisitions of the Financial Performance-A Perspective of Taiwanese TFT-LCD Industry

指導教授 : 胡為善

摘要


摘要 TFT-LCD為我國「兩兆雙星」產業計畫之一,也是繼半導體後帶動台灣經濟成長的重要產業。由於我國TFT-LCD產業發展起步較晚,許多關鍵性零組件、材料,如彩色濾光片的靶材、偏光板的增亮膜等皆掌握在美、日等少數大廠手中,造成我國產業日後發展的重要隱憂。 有鑒於此,本研究期望能針對台灣TFT-LCD產業進行探討,分析我國TFT-LCD產業關鍵性零組件、材料等價值鏈的強弱,經由台灣廠商之現況研究藉以整合現暫處於劣勢的我國產業價值鏈。 在購併策略的考量下,財務面與非財務面常為購併決策時評價衡量的要件,由於非財務面的因素常因產業及企業個體的特殊性,較難取得一致的取樣標準,因此本研究則專注在財務面的考量,藉由常被取用的財務比率(15項)為評價基礎,擇取16家上市上櫃及公開發行的TFT-LCD上、中游廠商為研究對象,採用主成份分析方法,以2家上游廠商與1家面板廠商合併為原則,目的在找出TFT-LCD產業中優質合併的組合。 本研究結果TFT-LCD廠商的優質合併如下: 1.就財務績效排名:國內最佳TFT-LCD廠商垂直合併組合是奇美、聯 詠、瑞儀三家的合併;其次是友達、聯詠、瑞儀三家的合併。 2.就整體合併對象:在合併組合排名前70組中,聯詠即佔有50個組合。 3.就個別合併對象:奇美的第一順位的組合對象為聯詠、瑞儀,其次是 聯詠、科橋;友達的第一順位的組合對象為聯詠、瑞儀,其次是聯詠、科橋。 整體而言,優質廠商的合併其呈現的績效亦較優,而各廠商的合併亦會以優質廠商為優先選擇的對象。

關鍵字

價值鏈 TFT-LCD 垂直購併

並列摘要


Abstract The TFT-LCD industry belongs to one of the “two trillion and double stars”industry plans which have been proposed by the government of Taiwan, R.O.C. during past three years. It is one of the most important industries that drive the economic development of Taiwan following the semiconductor industry for the past decade. Owing to the fact that the industrial development of Taiwan’s TFT-LCD industry is relatively late compare with the other major competitors, a lot of key components or materials, such as the targets for color filter, the brightness of the enhancement films for polarizes are controlled by a few of American and Japanese manufacturers. Because of the oligopoly exists prior to the entrance of Taiwanese TFT-LCD companies, it causes many potential problems for further development of Taiwanese TFT-LCD industry. This study attempts to examine and analyze the strength and weakness of the key components or materials value chain of Taiwanese TFT-LCD industry. Furthermore, this work investigates the possibility of the vertical integration of the TFT-LCD industry’s value chain in Taiwan. Regarding the mergers and acquisitions (M&A) strategy, each company needs to make its own decision based on their financial and non-financial factors. Since the non-financial factors depend on the uniqueness of the individual enterprises, it is hard to achieve the consensus sampling criteria, thus this study concentrates on the financial data only, and picks 15 financial ratios as the evaluation basis. This investigation chooses 16 publicly listed and issued companies of the up-stream and mid-stream manufacturers in the TFT-LCD industry as the target, and uses the Principal Component Analysis method to find the optimum vertical M&A’s combination of TFT-LCD industries in Taiwan. The empirical results are summarized as follows : 1. Regarding the rankings of the financial performance: The best vertical M&A’ combination of Taiwanese TFT-LCD manufacturers is Chi Mei、Novatek and Radiant Opto-Electronics. The second best combination is AU Optronics、Novatek and Radiant Opto-Electronics. 2. Concerning the aggregate M&A’s targets: The result shows that, among the top 70 combinations, Novatek is picked in 50 combinations, suggesting that Novatek is the best candidate for vertical M&A. 3. With regard to the M&A’s target for individual companies: Chi Mei's first priority for M&A’s target is the combination of Novatek and Radiant Opto-Electronics. Chi Mei’s second priority for M&A is the combination of Novatek and K-Bridge Electronics. Concerning the first priority for the M&A’s target of AU Optronics is also the combination of Novatek and Radiant Opto-Electronics, and the second best choice for AU Optronics is the combination of Novatek and K-Bridge Electronics. In summary, the findings indicate that the combination of high quality manufacturers outperformed the other combinations, and high quality companies will choose other high quality manufacturers as their targets for vertical M&A.

並列關鍵字

TFT-LCD Value Chain Vertical M&A.

參考文獻


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