企業併購之價值創造與風險之研究－以台積電併購德□與世大為例

Abstract

中文摘要 近年來，由於購併熱潮興盛，引發許多人相繼研究。綜效是企業購併價值創造的基本動力，然而以往論文之探討，皆單獨由作業面、研究購併程序、財務績效、股東財富、法律為主。鑑於未來產業購併將越來越頻繁的情況下，本研究試圖透過台積電併購德□（ASMC）與世大積體電路（WSMC）進行個案驗證時機與資源能力對價值創造的關係，於連續時間之追蹤紀錄，從價值與風險兩個構面探討所採行之決策對經營管理變數所產生之變化。本研究的結果顯示個案公司經由購併提高產能與滿足需求，並達成對客戶承諾，增加智慧財產庫與員工之無形資產。時間點取決受到環境變化影響很大，加上彼此文化衝擊造成人才流失，及整合效益不佳之風險。 藉由本研究之經驗，可幫助企業進行購併時利弊分析與後續價值與風險評估，以為日後經營決策者在購併評估階段之參考依據。

ABSTRACT Merger and acquisition (M&A) are prevalent recently. Major value creation from merger and acquisition is synergy. However most past research have started form the operational perspectives to explore, before/ after merger processes, financial performance, stockholder wealth and legal issues. Merger and acquisition undoubtedly will become more popular. The research attempts to explore the value creation from timing and competence by analyzing the case of TSMC acquiring ASMC and WSMC. The conclusion of this research shows that TSMC has increased the total capacity to fulfill demand and satisfactory customer’s commitment. The acquisition results in obtaining knowledged asset and valued employees. At the same time some of risk from the merger and acquisition, arises such as conflict of different culture, difficulty of keeping employees and lengthy integration process. The research findings suggest a corporate to take the value creation as well as risk consideration simultaneously into account before pursuing M&A activities.