企業併購成敗之探討 – 以跨國半導體企業併購台灣小型IC設計公司為例

Abstract

在競爭激烈且日益趨向國際化和全球化的市場上，企業追求成長的壓力不斷的增加，而併購是企業追求成長的重要方式之一。企業併購的目標都是希望日後能達到預期的企業綜效，但所有的併購案是否都為企業創造如預期的價值呢？根據研究報告顯示，大約有一半的併購案是失敗的。因此了解併購的關鍵失敗因素和了解關鍵成功因素是同等重要，因為它可以幫助企業在未來的併購避免同樣的錯誤發生，以提高成功率。 本研究以跨國半導體企業併購台灣小型IC設計公司為例，採取個案研究的方法，主要採用公司內部文件、直接觀察、和參與觀察等資料來源，透過檢視整個併購的過程來分析和探討此併購案失敗的因果和其效益分析。本研究並歸納出此併購個案會失敗的關鍵因素，以作為日後企業在進行相關併購案時的參考，相信可以提高併購的成功率。

Due to more business competition occurring on the international and global market, the pressure of an enterprise to pursue business growth is consistently increasing. To keep business growing, the M&A (Mergers and Acquisitions) has become one of the important approaches to an enterprise. The goal of all acquisitions to an enterprise is projecting to achieve corporate synergy. However, do all acquisition cases really create value as projected for the company? According to the research reports, about 50% of acquisition cases fail. Therefore, understanding the key failure factors of acquisitions is as important as understanding key success factors, because it can help prevent a company from making the same mistakes when they pursue acquisitions in the future.

This thesis adopts the case study of a small sized Taiwanese IC design house acquired by a multinational semiconductor company. This thesis adopts information from company internal documents, direct observation, and participation observation. This thesis goes through the M&A activities to analyze the causes why such case eventually failed, as well as evaluates the gains and losses which the acquiring company gets from this M&A. At the end of this thesis, few key failure factors, which caused the acquisition case failed, are identified. This analysis can be good lessons to be learned and as good reference to other enterprises when they pursue next M&A cases in the future.