台灣IC產業購併案例之研究 - 台灣茂矽電子股份有限公司與美國華智公司之購併

Abstract

摘 要 購併潮流從以前到現在，幾乎天天上演，不論國內外，從來沒有間斷過，尤其景氣走下坡時其趨勢更是明顯。 購併之個案中，成功與失敗的案例幾乎是一半一半，其成功、失敗因素常基於購併之個案特質而有所不同，必須深入解析方能了解其關鍵因素。台灣目前由於景氣之持續低迷，加以今年加入WTO之內外壓力，購併之案件將會愈來愈多，而且愈來愈不可避免，茲如前年之台積/德□世大合併，近日之台銀/土銀/中信銀，聯友/達□，東元/聲寶…等等。 本論文之個案研究在於探討台灣茂矽電子與美國華智公司之購併個案研究，此個案是發生於10年前之台灣IC設計公司，於景氣低迷時瀕臨瓶頸的兩家公司所進行的購併個案，經由當時之產業分析及此兩家公司之背景、營業狀況、產品線、財務報告，並配合SWOT分析探討出購併動機及其購併方式，說明整個購併之過程，最後再從購併後的10年中，分別從人力資源成長效益、營運制度化之購併效益、組織結構的重整效益、產品研發發展效益、營業收入效益、股本成長效益、每股盈餘效益及經營版圖的擴充效益上之指標成長做一比較分析，進而研判其購併成功之關鍵因素，以作為往後購併個案之參考。

ABSTRACT Merger is a trend happens repetitively regardless of national boundary. This trend is highly apparent in recession. The odds of winning is 50-50 among all merging companies. Usually, the factors of success and failure in individual case are depending on its uniqueness. The consequences must be deeply analyzed in order to understand. Because of the uniqueness of individual case, the factors of success or failure of each case must be closely studied in order to understand the consequences. Due to consecutive down turn of Taiwanese economy in addition to the pressure on WTO participation in this year, more and more merger will occur in the near future, and it will be unavoidable. For instance, the merger of TSMC, TIAcer and WSMC； the merger of Bank of Taiwan, Land Bank and China trust Bank；the merger of UNIPAC and AcerADTI；the merger of TECO and SAMPO□och.etc. This thesis is a case study of the merger of MVI and Vitelic USA, which two IC design companies merged together at the time when the two companies having problem to sustain competition advantages during recession period 10 years ago. This study will illustrate the whole merger process and results by, first, conducting industry analysis as well as the background , operation results, product lines and financial capabilities of the two companies, then applying SWOT analysis to discuss the rational and structure of the merger, and finally, (1)analyzing the results, 10 years after the merger, in terms of human resources, operations, organization, research and development, sales, common stock capital, earnings per share and expansion of business (2) discussing the critical factors to the success of a merger and acquisition deal, which can be used as the reference for the future.