半導體矽晶圓產業企業併購之綜效分析 ：以環球晶圓為例

Abstract

併購是企業快速獲得新技術或是擴大產能及營業額甚至是進入全新產業領域的一個相當有效率的方式。既使是併購成功的機率根據一般的文獻說明只有三成左右的機率，但是企業除了轉型、獲取新技術、提高市占率或是營收仍究會持續利用併購來達成其策略目標，因為併購是企業成長茁壯的捷徑。 台灣的企業併購風氣在近年也越來越興盛，鴻海、聯發科、大聯大、友嘉集團、晶電、中美矽晶與環球晶圓等等都是併購的老手，企業完成併購之後通常會透過併購綜效的評估用來評斷企業透過併購所增加的企業價值。 文獻上提及企業併購綜效可以分成營運綜效、市場綜效與財務綜效等三種，近年來開始有文獻討論技術綜效。本研究針對環球晶圓在半導體矽晶圓產業中的四個合併綜效分別去評量其四種併購綜效。研究方法與結果可以作為日後企業執行併購之後綜效評估之參考。

Mergers and acquisitions (M & A) is a quite efficient way for enterprises to quickly acquire new technologies or to expand capacity and turnover, and evenly enter a brand new industries. Even if the successe rate in M & A, based on general literatures, is only about 30% , In addition to transformation, accessing new technologies and increasing market share or revenue, enterprises will continue to use M & A to achieve its strategic objectives because it is a shortcut for the growth of coperate. M&A become more and more prosperous in Taiwan in recent years, for example, Foxconn Technology Group, MediaTek Inc., WPG Holdings, Fair Friend Group, Epistar, Sino-American Silicon Products Inc. and GlobalWafers, they all are veterans of M&A. After the completion of M & A, enterprises usually make use of the evaluation of M&A synergy to examine how much corporate value will be increased after M&A. Literatures referred to the M & A synergy can be divided into three parts, operation synergy, market synergy and financial synergy. In recent years, literatures began to discuss the technical synergy. This study focused on how GlobalWafers in semiconductor silicon wafer industry assess its M & A synergies through a series of M &A. We hope the study can be used as a reference for other company who like evaluate the synergy of M & A.