IC設計產業之公司併購宣告效果與產業影響 －以聯發科併購晨星為例

Abstract

企業成長策略中，併購（Merger and Acquisition，M&A）無疑是最快速且具有主控能力的成長方式。本研究藉由瞭解半導體產業與IC設計產業現況及發展趨勢，再以看似無相關模型（Seemingly Unrelated Regression）來分析聯發科併購晨星一案的併購宣告日與併購相關事件之宣告效果，並作相關的探討。實證結果顯示，於併購宣告日，兩公司股價皆未有顯著的異常報酬，反而是當公平會審核併購案通過時方正向有顯著的異常報酬（Abnormal Returns）。若於併購期間遭逢影響併購進度的事件，對目標公司所造成的影響與傷害會較大。

When it comes to enterprise growth strategy, M&A (Merger and Acquisition) is undoubtedly the fastest way to grow with controllability. In this study, we would realize current situation and development trend of semiconductor industry and IC design industry. Then we use Seemingly Unrelated Regression(SUR) to analyze the announcement effect and impact by the case of MediaTek mergered with MStar. The empirical study shows that there is no significant abnormal returns for both firms on the M & A announcement day. Whereas there is significant abnormal returns when the Taiwan's Fair Trade Commission(FTC) approve the M&A deal. We also found that there is much more damaging to the acquired firms than acquiring firm when M&A events failed or procrastinated.