電子通路購併趨勢與綜效分析-以大聯大購併友尚個案為例

M & A trends and synergy of electronic channel-Take WPG Holdings M&A with Yosun Group for example.

楊永立(Yung-Li Yang)

指導教授 ： 古永嘉

國立臺北大學/商學院/企業管理學系/碩士(2011年)

摘要

論文提要內容：
企業間競爭日益激烈的情況下，目前策略聯盟及企業購併已成為企業經營的一項新利器，不僅有助於企業競爭力的提昇，透過綜效達成的乘數效果，對於國家整體的競爭力，亦有所助益。
而近年來，國內電子零件通路商亦吹起購併風潮，主要都是水平的橫向購併。借由橫向的水平式購併來增加其代理的產品線及擴大企業營業規模，提昇企業競爭力。本論文以個案研究法和次集資料法，探討2010年國內電子零件通路商最大的購案-大聯大集團與友尚集團購併案，來深度探討以下目的:
一、電子零件通路商的購併趨勢
二、綜效:資源互補、內部資源整合、全球佈局、財務績效。
結果顯示，電子零件通路商為了提昇自身的價值，必須在半導體零件製造商研發前及電子產品(系統)製造商產品開發前、電子產品製造商採用生產料件使用時和生產後的後端服務扮演重要角色。為了扮演好各階段的角色，電子通路商的購併會有明顯的購併趨勢：股東經營理念要契合、要能擴大整體營業規模及產生財務綜效、能增加產品線及客戶群的完整性、能提高產品的互補性、能有助企業全球佈局、企業文化要能相容、能最大化股東權益和員工權利能合理保障
在股價方面，若符合上述購併趨勢，主併公司與目標公司股價皆會有正效果，且目標公司報酬率較主併公司大。越接近購併基準日時，主併公司與目標公司股價皆有正報酬，但是漲幅趨小。而在市值方面，購併後的市值會大於購併前兩家公司之合。

關鍵字: 台灣電子零件通路商的購併趨勢、綜效

關鍵字

台灣電子零件通路商的購併趨勢,綜效

並列摘要

M & A trends and synergy of electronic channel-Take WPG Holdings’ M&A with Yosun Group for example.
by
Yang, Yung-Li
JUNE 2011
ADVISOR(S): Dr.GOO,YEONG-JIA
DEPARTMENT: GRADUATE SCHOOL OF BUSINESS ADMINSTRATION
MAJOR：BUSINESS ADMINSTRATION
DEGREE : MASTER OF BUSINESS ADMINSTRATION

Under circumstances of increasingly fierce competition among enterprises, atpresent strategic alliance and enterprise M&A have become new ways for enterprise management, not only help enterprise to compete through synergy to accomplish multiplier performance but also promote national competitiveness.
Recently, native electronic component channels also involve M&A, mainly adopt level of horizontal M&A. We use such way to add proxy product lines and expand our enterprise scale, promoting our overall competitiveness. This paper mainly uses the case of WPG Holdings’ M&A for Yosun Group which was the most famous electronic components channel’s M&A in 2010 to discuss the targets below:
1. The M&A trend of electronic components channel.
2. Synergy:
complementary resources.
integration of internal resources
global arrangement
financial performance.
The result showed that for the purpose of promoting the value, the electronic component distributor must play an important role before semiconductor component manufacturer’s and electronic product (or system) manufacturer’s R&D, in the electronic product manufacturer’s adopting component to use, and in the back-end service after production. In order to play a good role in each stage, the electronic distributors had obvious tendency to merge: philosophy to fit the shareholders, being able to expand the size of the overall operation and production of financial synergy, improving product lines and customer base of integrity, increasing the complementarity of products to help companies globally, corporating culture compatibility and maximizing shareholder equity reasonable protection of employee rights.
In stock terms, if they meet the M & A trend, both the main and the target company's share price will have positive effect, the target company’s return is better than the main company’s. Close to the base date of acquisition, both the main and the target company have positive returns but grow not too much. In the market, the market value is better after M&A.

Key word: Taiwanese electronic components channel trend,synergy

並列關鍵字

Taiwanese electronic components channel trend,synergy

參考文獻

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一、中文部分