Title

企業併購之經營綜效分析-以日月光併購矽品為例

Translated Titles

General Analysis of Business Merger and Acquisition-A Case Study of ASE-SPIL Merger

Authors

葉美伶

Key Words

併購 ; 綜效 ; 日月光 ; 矽品 ; Mergers Acquisitions (M A) ; Comprehensive effect ; Advanced Semiconductor Engineering Inc. (ASE) ; Siliconware Precision Industries Co., Ltd (SPIL)

PublicationName

淡江大學財務金融學系碩士在職專班學位論文

Volume or Term/Year and Month of Publication

2022年

Academic Degree Category

碩士

Advisor

邱建良

Content Language

繁體中文

Chinese Abstract

2015年受全球總體經濟表現不佳影響,終端產品需求不如預期,半導體產業景氣開高走低,全年產值約3348億美元,其中中國佔比29%、美洲21%、歐洲10%、日本9%及其他31%;展望2016年,美國升息及中國經濟成長放緩,及終端消費市場如TV、NB、通訊IC缺乏殺手級產品帶動成長,WSTS(世界半導體貿易統計組織)預估2016年全球半導體產業較2015年只略為成長1.4%,其主要來自物聯網、大數據、及車用電子等領域。近年來半導體業吹起「企業併購,讓未來多一種可能」之風潮,企業期望併購能帶來一加一大於二之張力,透過規模經濟的綜效,開發新市場或降低成本。本研究將以多維度視角,透過非合意併購之經典案例-日月光與矽品併購案,揭開併購(mergers)背後之韜略與機謀、博弈與利益、交鋒與合作所帶來之利弊得失與綜效分析,及對全球封測產業所造成之影響。在半導體中下游界線愈來愈不分明之變化下,合併為目前業界之趨勢。本研究發現日月光為了增加公司市佔率及專利權,與鴻海及紫光兩位白馬騎士爭奪矽品經營權,以溢價約36%購入矽品股權,合併初期也因營收皆受影響而侵蝕盈餘,致無法產生1+1>2之合併綜效。以企業價值分析、個案研究法發現ROA、稅後純益率、EPS三者合併後數值皆低於合併前數值,表合併後二年因時間尚短,未能展現合併營運預期效果。以事件研究法發現,合併事件發生前一個月雙方CAR皆為負且數值相近,可能當時大盤正在修正整理區,股票無超額報酬;合併事件發生後一個月,雙方數值皆為負代表市場以負面態度看日月光與矽品之併購案,市場認為合併後因日月光溢價收購矽品,短期對矽品有較多一點的正面利益,而日月光因初期須支付併購案之現金及未來須支付銀行利息,合併綜效無法立即顯示效果,因此對日月光短期評價較為負面。收購是短期特效藥具加速作用,企業內部成長趕不上市場變化速度及時間壓力,長期還是需靠企業本業持續努力「成長」大於併購「獲利」才為長久之計。

English Abstract

In 2015, impacted by the weak global economic performance, the demand for end products fell short of expectations, and the prosperity of the semiconductor industry started with good performance but ended unsuccessfully. The annual output value was about 334.8 billion US dollars, of which China accounted for 29%, America 21%, Europe 10%, Japan 9% and others 31%. Furthermore, in 2016, the interest rate raise in the US and China's economic growth slowdown, as well as the lack of killer products in the end consumer markets such as TV, NB and communication IC. Compared with 2015, WSTS (World Semiconductor Trade Statistics Organization) estimates that the global semiconductor industry will only grow slightly by 1.4% in 2016, which mainly comes from the Internet of Things(IoT), Big data, automotive electronics and other related fields. In recent years, the trend of " Mergers Acquisitions (M A) of enterprises makes the future more possible" has been blowing in the semiconductor industry. Enterprises expect M A to bring the tension of “one plus one greater than two” and develop new markets or reduce costs by the comprehensive effect of economies of scale. From a multi-dimensional perspective, this study will reveal the advantages and disadvantages, gains and losses, and comprehensive effect analysis brought by strategy and stratagem, bargain and interests, confrontation and cooperation behind mergers and acquisitions, and its influence on the global sealing and testing industry through the classic case of non-consensual mergers and acquisitions, Advanced Semiconductor Engineering Inc(ASE) and Siliconware Precision Industries Co., Ltd(SPIL) as the change of increasingly unclear vendor boundary, merger is the current trend of the industry. This study found that, by increase the company's market share and patent rights, Advanced Semiconductor Engineering Inc(ASE) competed with Hon Hai Group and Tsinghua UnisPlendour Group(UNIS), for the right to operate Siliconware Precision Industries Co., Ltd(SPIL), and bought its equity at a premium of about 36%. At the initial stage of the merger, the revenue was affected, which eroded the surplus, resulting in the inability to produce the expected combined effect. By means of enterprise value analysis and case study, it is found that the combined values of ROA, after-tax net profit rate and EPS are lower than those before the merger, and failed to present their expected effect, due to the short time of merger, just two years. With the method of event study, it is found that the CAR of both parties was negative, and the values were similar one month before the merger event, and it may be that the market was revising the consolidation area at that time, and there was no excess return for stocks. One month after the merger, the negative values of both parties represent that the market takes a negative attitude towards their merger. The market assumes that during the short-term, there will be some benefits for Siliconware Precision Industries Co., Ltd(SPIL), as Advanced Semiconductor Engineering Inc(ASE) purchased it with a premium value. While ASE Group will have to pay the cash of the merger at the initial stage and the bank interest in the future, and the comprehensive effect of the merger cannot show the effect immediately, thus the short-term evaluation of ASE Group is relatively negative. Acquisition is just short-term strategy to accelerate the development of enterprises, which internal growth can't keep up with the market change and time pressure. However, in the long run, it is still necessary to rely on the continuous efforts of enterprises to "develop" more than "gain" from mergers and acquisitions. Key words: Mergers Acquisitions (M A); Comprehensive effect; Advanced Semiconductor Engineering Inc. (ASE); Siliconware Precision Industries Co., Ltd (SPIL) * According to our personal data management standard, all personal data in this form are only used for business processing, which will be destroyed when the storage period expires.

Topic Category 商管學院 > 財務金融學系碩士在職專班
社會科學 > 財金及會計學
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