LED產業併購的綜效分析-以晶元光電為例

Abstract

LED晶粒產業經過多年蓬勃發展，產業成長已經開始放緩，再遇上整體經濟內外交困，過去產業高速成長期，如今逐步走向被戲謔成「四大慘業之一」，再加上中國政府積極扶持該產業，並持續給予大陸廠家補助款的影響下，使原本已產能過剩及價格崩壞的狀況更顯嚴重。以避免在這場整併浪中淘汰出局，致使許多企業選擇以最快速的成長模式—併購，以此做為成長動能的方式來加強企業本身競爭力，以達成企業快速成長及增加股東價值的目標。

本論文之研究目的旨在嘗試從晶元光電與璨圓的合併活動來研究其確實產生之綜效，期望能從研究中發現一些具有實證及理論基礎的論點，讓未來預備進行併購決策的台灣LED產業有更多的考量依據及更高的成功機率。

故本研究以台灣LED晶粒廠前三大互為比較對象，探討晶元光電及比較對象在歷年晶元光電併購活動期間經營績效的變化。

After years of vigorous and flourishing growth in LED (light-emitting diodes) chip industry, the market growth has started to slow down in recent years. Due to the slow growth on the market and the global economic downturn, the LED industry is now joked as one of the “Top Four Miserable industries in Taiwan.”On top of that, the Chinese government has proactively supported its LED industry by subsidizing its LED-related companies. With the financial supports from the Chinese government, the excess production problem has gotten even worse and has a damaging effect on the price of LED products and the global market. In order to survive from the predicament and thrive in the market, Mergers and Acquisitions (M&A) have been utilized repeatedly by enterprises as a means to quickly enhance its competitiveness and to reach its goals of continuously growing and value increasing.

Among those cases, the merger of Epistar and Forepi was the most remarkable one. The purpose of this thesis is trying to find out any valuable contention through the examination of practical data. Hopefully, the LED-related companies will be benefited by this thesis while they proceed M&A.

This thesis attempts to analyze the top three Taiwan LED chip manufacturers and explore and compare the changes in operating performance of Epistar and the other two subject companies during the period of Epistar’s M&A activity.