非合意併購之個案研究_以日月光併購矽品為例

Abstract

本研究選擇全球排名第一及第三之上市封測公司為併購個案研究對象，研究以個案形式深入探討台灣封測產業在面臨中國紅色供應鏈的壓力下，影響產業鏈結構發展情形，以及併購過程中兩造產生非合意併購原因，本個案主要採用公開資訊次級資料等搜集來研究併購併動機、併購對象之選擇、併購預計達成綜效，以及公司治理角度，分析合併過程中矽品面臨企業經營權危機原因及後續處理效益，並以事件研究法市場模型分析公司購併宣告綜效股價是否是否有異常報酬之發生？進而歸納出影響併購成效的可能因素及產業策略性建議。

In this study, the topic is focus on corporate merger and acquisition (M&A). There is a listed company in the IC packaging and testing industry , which is also No.3 in the world's top-ranked, for M&A case study. The main purpose of the study is to discuss the impact and movement of IC packaging and testing industry with facing an increasing threat from China's emerging “red supply chain”, and to find out the reasons for non consensual during the process of M&A. The literatures used in the study is mainly from public information and other secondary data. The purpose is to define the motivation of M&A, the selection criteria of targeted company, and the synergies to be achieved as well as the coperate governance after M&A. The study also analyzes how SPIL company to deal with operation crisis and impact during M&A. In the other hand, via event study analysis, we can find how to identify the market effect especially on stock price and, if there is any abnormal returns after declaration of merger synergies. It is to sum up the factors affecting M&A’s performance, and strategic advices for corporate who will process M&A..