台灣TFT-LCD產業購併前後之綜效分析研究-以「聯友光電」與「達□科技」合併為例

Abstract

本研究主要探討台灣TFT-LCD 產業進行合併時，其合併策略的考量因素為何？及透過合併的方式，是否在合併之後產生合併綜效。 為達成此一研究目的，本研究以個案探討方式，採用營運綜效（Operational Synergy）、市場綜效（Market Synergy）及財務綜效（Financial Synergy）等三項分析指標，針對「聯友光電」及「達□科技」合併前後之綜效變化進行研究，並比較合併前三年及合併後二年之綜效變化情況。 本研究結果顯示，台灣TFT-LCD 產業的競爭劣勢在於未掌握關鍵技術、產能規模有待擴充、生產設備與上游原材料來源尚未能完全自主、缺乏液晶悉關人才及對於筆記型電腦（notebook）與液晶顯示器品牌通路廠商的整合不足。其中，透過水平合併方式，可以改善「產能規模有待擴充」、「生產設備與上游原材料來源尚未能完全自主」等劣勢項目。而根據合併綜效之三項指標分析結果指出，合併之後的友達光電，在營運綜效的指標上，因透過大量採購降低原物料成本，營業毛利率提昇，而達成營運綜效；在市場綜效上，則因資產週轉率及市場佔有率的提昇，達成市場綜效；最後，在財務綜效上，合併後的友達財務結構沒有變差，且成功的募集100億台幣的可轉換公司債及發行5億股的ADR，為興建5代廠做準備，亦達成財務綜效。

The purpose of this research is to analyze the synergy on pre- Merger and after- Merger of Taiwan TFT-LCD Industry. The synergy analysis is conducted on three aspects -- Operating Synergy, Market Synergy, and Financial Synergy. The sample case study is the merger of ADT and Unipac Corp. The examined time zone is divided into two periods- three years before merged and two years after. Basically, Taiwan TFT-LCD industry has several competitive weakness, such as, lack of core-technology and know-how, not large enough production scale to reach production efficiencies, no full control over supplies of raw materials, short of human resources on LCD technology, and low degrees of integration on sales channels between notebooks and desktop LCD companies. To overcome these weakness, TFT-LCD industry should increase the market potential to improve the operating efficiency. This study shows that the merger between these two companies, ADT and Unipac , has accomplished the merger synergy. On the aspect of operating synergy, the merger reduced the purchasing cost of the row material. On the aspect of the market synergy, it improved the assets turnover and increased the market share. The last synergy from financial, we found the Merged company has a good financial structure and financing ability such that it raised 10 billion NT dollars CB and 0.5 billion US dollars ADR for the fifth-generation FAB. In word, the evidence shows the synergy is created from the first merge of Taiwan TFT-LCD industry.