企業併購與台灣太陽能電池產業

Abstract

自2008年，台灣太陽能電池產業經歷金融海嘯所帶來的全球經濟衰退，各國政府對再生能源電價躉購制度(Feed-in Tariffs, FITs)修正與整體產能供過於求，使得全球太陽能價格持續下降，以及中國廠商挾政府補助與垂直整合達到經濟規模所進行的低價競爭，讓整個產業面臨到嚴峻挑戰，本研究將探討台灣太陽能電池產業突破困境與永續經營可能的途徑。

企業併購一直被認為是企業利用外部成長的策略之一，能使兩個以上的組織經併購後產生綜效(Synergy)，本研究藉由探討台灣太陽能電池產業的競爭優勢，利用內部成長與外部成長的優缺點，以及台灣三宗太陽能電池合併案(新日光併購旺能、中美晶併購旭泓、茂迪併購聯景)的成長效益分析，最終做出建議認為企業併購將是台灣太陽能電池產業追求永續經營成長當前最為重要的途徑。

Since 2008, Taiwanese Solar Cell Industry experienced global economic slump resulted from the financial crisis, the downward adjustment of Feed-in Tariffs (FITs) policies of many government and the overall the capacity over-supply in the industry have driven down global solar energy prices. Chinese solar companies took the advantages of their government subsidy and its vertical integration by increasing the economy-of-scale have resulted to low price competition and face severe challenges for the industry. This research focused on the possible approaches on how Taiwanese Solar Cell Industry can make a breakthrough over the crises and to achieve sustainable operation.

Merger and Acquisition (M&A) have long been used as one of the strategies to achieve inorganic growth. M&A can also be used to drive two or more companies to generate synergy through consolidation. This research have come to the recommendation that M&A is currently the most important inorganic growth to achieve sustainable operation through exploring Taiwanese Solar Cell Industries' competitive advantages, pros and cons of organic and inorganic growth, and the growth and efficiency analysis for the top 3 Solar Cell Companies M&A cases in Taiwan (DelSolar merged into NeoSolar Power, Sunrise merged into Sino-American Silicon, Topcell Solar merged into Motech).