IC產業併購個案研究_以敦泰和旭曜為例

Abstract

本研究選擇首宗海外來臺第一上市觸控控制IC設計公司和國內LCD驅動IC設計公司併購個案為研究對象，研究以個案研究形式深入探討觸控面板控制IC的技術與產業鏈結構發展，採用公開資訊次級資料等搜集來研究併購併動機、併購對象之選擇、併購預計達成綜效，並專訪企業內部人士探討購併購活動，策略選擇及公司未來的經營方向，且以事件研究法市場模型再用Eviews和虛擬變數進行回歸分析來評估公司購併宣告綜效股價是否是否有異常報酬之發生？進而歸納出影響併購成效的可能因素及產業策略性建議。

本研究發現併購是企業追求外部成長、佈局技術、降低行銷與多角化風險主要策略之一；其動機為達到提升市場佔有率、營運規模擴大、增強對供應商之議價能力、降低成本，藉由併購所產生之綜效為股東創造財富；主併公司在購併標的考量與選擇以提升競爭力的技術與終端客戶互補為購併主要標的；租稅賦稅多寡，購併資本利得ˋ與品牌形象會影響主併公司在交易過程中購併策略選擇；併購勞動條件與員工限制與員工認股權證可以消除員工對新組織疑慮，及鞏固併購後核心技術與人力資源。主併公司在購併宣告前有顯著的正異常報酬及正累積異常報酬，併購宣告後有顯著的負異常報酬，目標公司則在宣告後有顯著負異常報酬；此外，綜觀本併購案提出個案公司及產業策略建議。

This paper illustrates Merge and Acquisition (M&A) case study of Taiwan IC industry, a Foreign Issuers listing on TWSE & leading touch controller IC solution provider, and a well-known smart handheld LCD driver IC Chip maker, announced a merge operations under the name Focal co., It researches in the form of case studies, discovers touch panel control IC technology and the structure of Industry supply chain, exam motivation of M&A、acquisition firm selection and target of synergy by collecting and analysis second base data, meanwhile, discuss on corporate insiders about acquisitions strategy and the company's future business planning. Finally uses event study methodology to dimension the Cumulative / Abnormal Returns (CAR/AR) of stock prices of the bidder and target firm’s in event windows.

As result of this thesis, the Enterprise triggered external growth and mitigate the risky of product diversifications implement strategies through mergers and acquisitions (M&A). Motivations not only achieve economies of scale and scope (operational synergy), financial synergy, market power but also shareholders wealth creation. Technologically complementary and scale of asset effect target firm selection on M&A operation, moreover, Tax incentive, capital gains and Brand image contribute to transaction of M&A strategy and performance. Scheme of Employee terms and share options could encourage employee loyalty, retention and also consolidate a new organization by M&A agreement. The share pricing of bidding firm reacts positively with a significant abnormal return in pre-event windows, a negative abnormal return correlate with bidder and target firms after post-event, furthermore, formulates industry strategies and recommendations.