IC 設計公司購併目標之選擇---以策略與效率角度分析

Abstract

處在全球化競爭激烈的變革時代，使用購併方式達成企業外部成長目的，已成為企業常見的策略手段。對一個以技術為根本之產業，許多公司欲實現其企業藍圖是以優先採取購併策略，取得技術為主要手段。 本研究的目的是針對IC 設計公司執行購併時如何作目標選擇，提出一份評估的模式。 在評估購併目標時，本研究不以傳統角度，如規模經濟、節稅、降低經營風險等角度來衡量，而以未來衍生的綜效(synergy)作為評估的重點，如策略目標的互補性、新技術的掌握、新市場的開發、產品創新、營運能力等。 本文所提出評估模式的主要精神可以總結為：「以實現公司的策略藍圖為出發，創造綜效為目的，輔以效率評估為手段。」。模式主要核心包括釐訂購併策略、以資料包絡分析法(DEA)分析所有候選公司的效率、以策略與效率角度尋找標的公司、以DEA分析購併後新公司的預期經營效率。同時，本研究以個案研究方式，運用本文所提出評估模式作實際演繹。所舉之個案--K公司，是一個專注於無線區域網路(Wireless Local Area Networks; WLAN) 晶片組之IC設計公司；它如何以被購併(Acquired)之方式達到其策略意圖。 本研究所得到的結論為： 1. IC設計公司的效率，並不受制於公司的規模；深入研究後可發現產品策略往往決定了一大半，因此購併目標之選擇應以實現公司的策略藍圖為出發點。 2. 以技術取得為主要之目的時，購併活動已不單純只由買方公司進行主導，對於擁有技術之賣方而言，亦可以賣給哪個公司、如何賣來實現公司的策略藍圖。 3. 利用DEA 之差額變數分析、規模報酬分析、虛擬乘數分析，提出對專業IC 設計產業在管理經營面上，進行適當的資源分配及整合。

In the era of dramatic changing and globalization, merger & acquisition (M & A) has become a common way for external expansion taking by enterprise. For the industry based on technology innovation, many of companies take prior use of M & A to catch up the pace of technology demand to carry out their business plan. The purpose of this thesis is to proposes a feasible evaluation model for selecting the M& A targets of fabless IC design houses. During the targets evaluation, traditional aspects, such as economy of scale, tax reduction, risk reduction, etc, are by-passed, but more attention is paid to the future derivative synergy, such as new technology control, the complementarity of strategic targets, new product innovation, new market creation and operation capability, etc. The main spirit in this thesis can be concluded with starting from the realization of strategic plan, targeting for synergy creation, and evaluating through the aid of DEA analysis. The core plots and steps depicted in this thesis are “define merger & acquisition strategy”, “analyze the candidates’ efficiency by DEA”, “pick up the suitable targets from the aspects of strategy and efficiency”, “analyze the expected efficiency of new company after M & A by DEA”. Meanwhile, this thesis also takes a case study as an example to demonstrate the evaluation model. The example, K company, is a start-up fabless IC design house, focusing on Wireless LAN chipset.; this thesis would demonstrate how to carry out the strategic intents by the way of being acquired. The conclusions in this thesis are summarized as follows: 1. The efficiency of IC design house is not confined to the scale. After studying in details, it is concluded that key part of efficiency is mainly determined by product strategy. Therefore, the target selection for IC design house M & A should be starting from the realization of strategic plan. 2. For the plot of acquiring technology, M & A activity is not simply a action dominated by buyer company. For the technology owners, they also can realizing their strategic plan by choosing buyers and business model of selling. 3. The slack variable analysis, virtual multiplier analysis and return to scale analysis in DEA can be used in executing resource allocation and integration for the management aspects of IC design houses.