企業併購之經營綜效分析-以日月光併購矽品為例

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企業併購之經營綜效分析-以日月光併購矽品為例

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

葉美伶 , Masters　　Advisor：邱建良　　Co-advisor ：張鼎煥

繁體中文

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)

Abstract │ Reference (57)

Abstract 〈TOP〉

Parallel Abstract 〈TOP〉

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)

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Reference ( 57 ) 〈TOP〉

中文文獻
1.方順逸(2016，3)。台灣IC設計產業成長趨緩。貨幣觀測與信用評等。
2.方嘉麟、林進富、樓永堅、周振鋒、朱德芳(2020)。企業併購理論與實務 Merger and Acquisition：Theory and Practices。元照出版公司。
3.王志誠、李書孝、彭惠筠、黃文昭、李宗哲、許苑(2020)。企業併購法實戰守則Practice Principles for Business Mergers Acquisitions Act。新學林出版股份有限公司。
4.司徒達賢(2005)。策略管理新論-觀念架構與分析方法。智勝文化出版社。

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