台灣首宗太陽能產業併購案之研究

Abstract

依再生及永續的角度來看，太陽光能應是能被廣泛發展應用並進而取代核能的發電技術之一，其市場之潛力無窮。但短期來看，因為整個太陽能產業的生產成本在未到達市電同價(Grid Parity)以前，是無法在市場上自由競爭的，所以，太陽能產業是一個必須靠各國能源政策的推廣和政策補貼來維持其需求的產業。 本個案研究針對購併後之存續公司新日光進行短期市場績效與財務績效之分析。根據研究結果發現，主併公司與標的公司之短期市場績效表現皆呈現正的累積異常報酬。以營業收入成長率、毛利率、營業費用率、營業利益率、每股盈餘以及新日光股價表現等財務指標來對合併後新日光進行研究，其結果顯示對其營運獲利性而言有顯著之綜效產生。 此外，本個案研究之關鏈成功因素在於台達電允諾協助新日光整合旺能之業務及將繼續支持新日光現任經營團隊，以及對於未來合併後新公司之籌資活動，另提供一固定金額來強化新公司之財務結構，形成雙贏之局面。

From a renewable and sustainable future perspective, solar energy should be a widely adopted technology with high possibility amongst others to replaces nuclear energy. There exists many opportunities in the solar energy market. However, because the current production costs of solar energy sources have yet to reach grid parity costs, thus solar energy has been unable to effectively compete with traditional energy sources. Therefore, the solar industry requires continued support from national governments for renewable energy friendly policies as well as subsidies for continued operations. This case study focuses on the short term market and finance performance of a post merger surviving company, Neo Solar Power Corporation. Study results have shown that both the surviving company as well as the acquired company both enjoy short term success in financial markets as well as positive cumulative abnormal returns. Using financial indicators such as revenue growth, gross margin, operating expense ratio, operating margin, earnings per share and Neo Solar Power’s stock price performance, the study analyzes Neo Solar Power’s performance postmerger and concludes that Neo Solar Power benefited from significant synergies in terms of operating profits. Additionally, a key success factor for this transaction was Delta Electronics’ promise to support DelSolar and Neo Solar’s efforts in integrating their businesses and retaining the existing management team as well as supporting upcoming postmerger fundraising efforts, including a minimum injection of new funds to strengthen the new company’s financial structure thus achieving a win-win situation for all parties involved.