企業併購策略與效益評估之案例研究 -以聯發科併購案為例

Abstract

聯發科董事長蔡明介接連發動快手併購，以行動證明「不怕紅色供應鏈」的豪語，他自三年前宣布併購晨星半導體後，積極進入大陸市場，今年連續收購幾家公司，又再宣布收購IC設計業者立錡科技，未來「聯發科王國」將能提供更完整之整合方案，與大陸手機晶片對手正面對決，蔡明介今年透過聯發科及轉投資的子公司、孫公司，一連投資、收購了曜鵬、常憶、奕力、立錡，看準的是中國大陸市場蓬勃發展，讓蔡明介在意的，是近年大陸手機晶片廠商激烈快速的競爭和併購，大陸本地晶片業者積極興起，例如紫光集團強勢收購展訊和銳迪科，聯芯科技積極爭取4G晶片市場，甚至可能收購美國無線晶片大廠邁威爾(MARVELL). 全球第二大電信網路設備業者華為發展海思半導體，也透過華為手機成為新興業者，國際大廠在大陸市場落敗，讓聯發科看到機會，但大陸晶片業者兼併聯盟，聯發科當然也看到威脅，加上目前英特爾、三星、蘋果還在研發自己的晶片，聯發科仍不能輕易鬆懈，聯發科在二○一二年併購晨星科技，也被視為蔡明介的代表作之一。 聯發科買進晨星後，雖因反托拉斯條款不能立即正式合併，但蔡明介調兵遣將，讓晨星全面主導電視晶片市場，拿下全球主要市占率，而聯發科則整合了晨星的手機晶片部門，這項併購戰略意義是讓聯發科專心對外，也能因為產品整併，提高在市場上的議價能力，成為不少管理學的個案教材。

MediaTek chairman Tsai Ming-Kai launched a series of acquisitions, action-proof rhetoric of "Do not be afraid of the red supply chain".Since three years ago, he announced the acquisition of MStar Semiconductoractively enter the China market this year. After continuous acquisition of several companies,he announced the acquisition an IC design company of Richtek Technology again. “MediaTek Kingdom" will be able to provide a more complete integrated solution with the China mobile phone chips rivals clash in the future. In this year, Mr. Tsaithrough reinvestment its subsidiaries and MediaTek, continuous acquisition of Alpha Imaging Technology Corp., Chingis Technology Corp., ILI Technology Corp., Richtek Technology Corp. We spotted the booming Chinese market. What Mr.Tsai care is not only the China mobile phone chips market intense fast competition,but also mergers and acquisitions in China local chips makers actively rise in recent years,for example, Tsinghua-Unigroup strong intention to acquire Spreadtrum Communications and RDA Microelectronics.Leadcore Tech actively seeks 4G chips markets, and may even acquire U.S. wireless chips maker Marvell. The world's second-largest telecommunications network equipment industry development Huawei Hass, has become a new Societe Generale through Huawei cell phone.MediaTek found an opportunity when international companies losethe Chinese market. But the China chips industry mergers and alliances, MediaTek certainly saw the threat. Intel, Samsung, Apple is also developing its own wafers, MediaTek still cannot easily relax. MediaTekacquisition of MStar is also considered one of the masterpieces of Mr.Tsai. MediaTek after buying MStar, although Antitrust Litigationstill cannot mergerimmediately. Mr. Tsai let MStar comprehensive leading TV chipsmarket and winning a major global market share. MediaTek integrates MStar’s mobile phone chips sector, the strategic significance of this acquisition is to concentrate on the external environment.Because of the products integration increase the bargaining power in the markets,it has become a lot of textbook case of management.