台灣晶元光電併購活動與經營績效之個案研究

Abstract

本研究主旨在探討台灣LED晶粒產業併購活動與經營績效之相關性，企業透過合併及收購來達成規模性的成長，但在激烈競爭條件下，並非藉由不斷的併購，即能達成永續經營的目的，從歷史經驗來看，有相當多的併購案大都是以失敗收場。但台灣LED晶粒產業卻能在國際LED主要大廠的專利壁壘、市場規模過小及大陸殺價競爭的情形下，持續突圍求生，另我們發現主併公司-晶元光電更是以合併及收購來快速達成規模經濟，成為全球LED主要晶粒製造商。故本研究以台灣LED晶粒廠前三大互為比較對象，探討晶元光電及比較對象在歷年晶元光電併購活動期間經營績效的變化。 從財務數據分析發現晶元光電相較比較對象，在營業收入上有大幅度成長；在負債佔資產比例未有顯著增加及歷年每股盈餘大致較高。從長期市場股價反應表現，晶電光電有顯著提升，以上可以知道台灣LED晶粒產業藉由合併及收購活動與提升經營績效有顯著相關。

This study aims to investigate the relevance in Taiwan’s LED chip industry between M & A activity and business operating performance. Industry enterprises hope to achieve scale and growth through mergers and acquisitions, but under fierce competitive conditions, companies relying on constant mergers and acquisitions are unable to achieve sustainable long term businesses. Historically, majority of mergers and acquisition deals are deemed to be failures. However, Taiwan’s LED chip industry is able to overcome multiple obstacles including patent barriers set up by major international manufacturers, lack of market size and price competition from mainland Chinese companies and thrive in the market. Specifically we observe the acquiring company, Epistar, utilizing mergers and acquisitions to quickly reach market economies of scale. This study attempts to analyze the top three Taiwan LED chip manufacturers and explore and compare the change in operating performance of Epistar and the other two subject companies during the period of Epistar’s merger and acquisition activity.

Financial data analysis indicates that compared to the other two subject companies, Epistar experienced significant growth in operating income, meanwhile maintaining similar debt to assets ratio and substantially higher earnings per share over periods of significant M&A growth. Long-term stock price analysis indicates that Epistar has demonstrated superior returns and reflects that Taiwan's LED chip industry can indeed improve operating performance through merger and acquisition activities.