台灣面板產業企業併購之個案研究－以H和S公司為例

Abstract

2016年04月，H集團與S集團在日本大阪堺市，雙方舉行策略聯盟簽約儀式，並由H集團董事長、其集團副總裁與當時之S集團社長共同簽約完成。 本併購案之H集團與董事長個人，投資取得S集團過半數之普通股股權，此次總投資金額將近4000億日圓，並於2016年08月完成注資S集團，當時之S集團社長卸任，改由H集團副總裁接任，而日本的瑞穗和三菱東京銀行也提供3,000億日圓貸款額度。 由於H集團與S集團兩家公司的規模極為龐大，且在產業中具有舉足輕重的地位，客戶面和供應鏈的牽涉都極廣，合併案影響層面相當巨大，所以本文目的即在嘗試對於此合併案，對於H集團與S集團以及整體產業的影響做一概要分析。 而本論文的貢獻有兩點，第一，對S集團策略失敗導致財務危機的質性研究與分析探討；第二，H集團購併S集團的股東財富效果包括其競爭者之分析。 而本研究將以虛擬變數事件研究法、企業五管，了解面板產業的發展與特性、關鍵零組件、及台灣產業鍊的群聚效應，藉以研究該購併事件是否有綜效的產生，以及其併購後未來之發展。

April 2016, H company and S company held signing ceremony about their strategic alliance which was complete by H group chairman, H group vice president, and S group president in Sakai City, Osaka, Japan. Both of the companies are huge and play significant roles in the industry, which makes the merge even more powerful and influential. The paper aims to analyze the impact the merge has on H group, S group and on the whole LCD industry. The contribution of this paper has two aspects. First, the qualitative research and analysis of the financial crisis caused by the failure of S group's strategy. Second, the acquisition of H group and S group's shareholder wealth analysis. With the method of Dummy Variable, Event Study, Business Five Management, the research studies the development and trait of panel industry, key parts as well as Clustering effect of Taiwan industry chains in order to know if the merge will result in multiple effects and future development after its acquisition.