半導體IDM公司跨國併購競爭策略分析-以Renesas、Infineon為例

Cross-border M&A Competitive Strategy Analysis of Semiconductor IDM Companies - Case Studies of Renesas and Infineon

姚如宣(Ru-Xuan Yao)

指導教授 ： 連勇智

國立臺灣大學/管理學院/國際企業學系/碩士(2023年)

https://doi.org/10.6342/NTU202301103

摘要

本研究探討半導體垂直整合製造商 (以下稱半導體IDM公司) 的跨國併購策略，以Renesas併購Dialog以及Infineon併購International Rectifier兩件併購案為例來探討。半導體產業在全球科技產業中擔當重要角色，而半導體IDM公司，其商業模式涵蓋半導體的上中下游，也在全球市場上越發重要。隨著市場競爭激烈，許多半導體IDM公司透過跨國併購以提升市場地位和技術實力。然而，這同時也帶來許多困難和挑戰，如需要大量的研發和生產投入、必須應對市場的快速變化等。本研究將透過文獻研究和案例分析，深入探討這些公司的跨國併購動機、目的、影響因素，以及實施過程中的困難和挑戰。最後分析這些併購是否有達成綜效，分別會分析其有無達到規模經濟、產品組合多元化、和切入外國市場這三個層面在綜效上的表現，以衡量該併購使否對企業有所助益。讓台灣半導體IDM公司從中借鑒成功的跨國併購案例，為公司的策略制定和實施提供參考。

關鍵字

跨國併購 ； 企業併購 ； 半導體產業 ； 瑞薩 ； 英飛凌

並列摘要

This study examines the cross-border acquisition strategies of Integrated Device Manufacturers (IDM) in the semiconductor industry, focusing on the acquisitions of Dialog by Renesas and International Rectifier by Infineon. The semiconductor industry plays a significant role in the global tech industry, and IDMs, with their business models encompassing all aspects of semiconductor production, are increasingly important in the global market. In the face of intense market competition, many IDMs have turned to cross-border acquisitions to enhance their market position and technical capabilities. However, this also brings many challenges, such as the need for substantial R&D and production investments and the necessity to respond to rapid market changes. This research will delve into the motivations, goals, influencing factors, difficulties, and challenges of these companies' cross-border acquisitions through literature research and case study analysis. It will analyze whether these acquisitions have achieved synergies in terms of economies of scale, product portfolio diversification, and market penetration.
In addition, this study will also pay attention to the current status and prospects of Taiwanese semiconductor IDM companies, further discussing their competitive positions, advantages, and development directions in the semiconductor industry. By drawing lessons from successful cross-border acquisition cases, suggestions for Taiwanese semiconductor IDM companies are proposed, providing references for the strategic planning and implementation of semiconductor IDM companies.

並列關鍵字

Cross-Border Acquisitions ； Corporate Acquisitions ； Semiconductor Industry ； Renesas ； Infineon

參考文獻

一、 中文部分

1. 郭敏華. (2001) . 財務報表分析, 智勝文化.

2. 林進富, 樓永堅, 方嘉麟, 周振鋒, 朱德芳. (2021) . 企業併購理論與實務, 元照出版

二、 英文部分

1. Ahuja, G., & Katila, R. (2001) . Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal, 22 (3) , 197-220.