IC設計公司併購之反壟斷問題與產業影響－以聯發科併購晨星為例

Abstract

聯發科技是全球IC設計領導廠商，專注於無線通訊及數位媒體等技術領域，晨星半導體為專注於消費電子及影像處理晶片產品的世界級ASIC供應廠商。2012年6月22日聯發科宣布，將以公開收購方式收購晨星，此項併購案震驚了整個晶片市場。

分析2012年前後手機晶片市場以及電視晶片市場的概況，探討到聯發科與晨星分別在這兩個市場扮演著怎麼樣的地位、互相帶來的衝擊，以及探討在手機晶片市場和電視晶片市場這兩個領域的競爭著所帶來的影響，進而去思考對於此次併購案的動機、影響以及合併案衍生的反壟斷問題，而因為此次合併案牽涉到反壟斷問題，所以本論文將探討到中國商務利用限制條款來減少合併對於市場競爭的不利影響。

本論文的主軸將探討到此次合併案的綜效影響，分析此次的併購策略後，觀察併購後的股價以及營收成效，以及對於競爭者的影響。企業併購是否真的有利於公司價值的提升以及增加股東財富？而合併其他公司的事業，是否真的能夠發揮預期綜效呢？隨著規模擴大，以及兩家企業不同文化的融合，是否會帶來文化的衝擊或是其他負面影響？都是本論文所探討的重點。

MediaTek is one of the global IC design leader, specializes in technology of wireless communications and digital media. Mstar is the world-class ASIC supplier of consumer electronics and image processing chip products. The merger and acquisition announced by MediaTek in June 22,2012 shocked the entire chip market.

First , analyzing the status of mobile phone chip market and the TV chip market in 2012.Discussing the role that MediaTek and Mstar play in these two markets ,the mutual impacts between two companies and competitors’ effects. And then thinking about the motivations of the merger and acquisition and the antitrust issues. Because this merger and acquisition involves antitrust issues, this paper is going to analyze that Chinese Ministry of Commerce takes advantage of restrictions to reduce merge effects on competition in the market.

This paper emphasizes on the synergy of this merger and acquisition. Analyzing the M & A strategy , share price and revenue results. Dose mergers and acquisitions really enhance the company's value and increase shareholder wealth? Dose mergers and acquisitions exert the expected synergy? Will the integration of two companies in different cultures with the scale brings the culture shock and negative effect? These are the emphasis of this paper that we are going to analyze.