以財務觀點分析台灣LED產業併購綜效–以L公司為例

Abstract

台灣LED產業近幾年來總是被戲謔成「四大慘業之一」，蒙受如此看待實在是因為期待與現實之間的確有段落差。歷經十年來的兵家必爭、百花齊放的時代，台灣LED產業伴隨著全球景氣回暖而在2009年至2011年達到近十年來的產業發展巔峰。在此三年間，台灣LED公司銷售額以及營業獲利屢創新高，擴廠、拓點以及成立子公司等諸多行為陸續出籠。惟好景不長，LED產業的餅雖被做大，分食的機會卻開始減少。由於產能過剩疑慮異常嚴重，LED產業在2011年第四季開始反轉，急轉直下的情節差可比擬好萊塢電影劇情，而台灣LED產業無可迴避地遭受巨大衝擊。 時至今日（2013年第一季），景氣仍未明顯好轉；但屢見不顯的是一宗宗併購案例。併購（Mergers & Acquisitions）確實是產業重整的好工具，不僅適用於繁榮時節，更是蕭條年代不可避免的手段。本研究以台灣唯一進行上下游供應鏈垂直整合的LED 廠L公司為個案，以財務分析觀點探討L公司為因應產業洗牌藉由併購（M&A）行為所致之併購綜效（Synergy），是否可做為併購案例之良好教材，進而作為產業界發展可考慮的方向。

The Taiwan LED (light-emitting diodes) industry has always been joked as one of the "Top Four Miserable industries in Taiwan” in recent years. The main reason is due to the tremendous gap between expectation and reality. After the past decade of battleground and flourishing era, Taiwan LED industry headed up to the peak of industrial development over years along with the recovery of the global economy from year 2009 to year 2011. During these three years, sales revenue as well as operating profit of Taiwan LED companies continually outdid the performance of history record. The plant expansion, sales channels extension as well as subsidiary development followed up constantly in the industry. The “Good Dream” did not last long, although the market of the LED industry became bigger, still the opportunities started to get less. The concern of over-capacity was so extraordinarily keen that LED industry began to reverse in the fourth quarter of year 2011. The nosedive in a rapid change might be compared with the Hollywood film plot. The Taiwan LED industry suffered from a huge blow unavoidably. The impact seemed to be the disaster on the industry. Nowadays (the first quarter of 2013), the economy has not obviously recovered; but many cases of Mergers and Acquisitions have been found repeatedly in daily life. Mergers & Acquisitions are indeed good choices and measures for the industry reforming, which are applied not only to the prosperity seasons but also to the depression era. This thesis aims to the case of L Company for study, which is the only company with integrated LED production from chips to lightings in Taiwan till now. On the point of view regarding Financial Analysis, we try to expose the synergy of Mergers and Acquisitions (M & A) on L Company in response to industry reshuffle. The thesis should be one of the good learning materials reference for M & A cases, as well as a guide for the development direction of the Taiwan LED industry to be considered.