以個案分析觀點探討國巨併購飛利浦零件事業部之綜效與成本效益

Abstract

本研究以國巨併購飛利浦零件事業部的個案來探討本併購案對國巨營收成長及市場地位提昇的綜效。國巨有效地利用本併購案取得MLCC BME的製程技術，透過原飛利浦的行銷通路及客戶基礎一舉由台灣的區域性零組件公司成為全球性的被動元件領導廠商之一，並藉由此併購案進一步帶動營收成長，使國巨從1997年至2004年的複合平均成長率高於國內同業平均更遠高於日本的主要同業平均。

併購作為企業快速成長的策略固然有其速度和正面的效果，但有時併購案牽涉的金額相當龐大，如本案國巨即支付出6億5千萬歐元的代價，加上跨國併購牽涉到不同的經營理念、管理系統，以及企業文化，後續的整合都需要時間經驗和努力來克服，本研究亦透過後續時間序列如2000年至2004年的期後分析來探討本併購案對國巨財務結構與總體績效的影響，同時本研究也透過與主要競爭同業的比較來分析本併購案的成本效益。

This thesis, based on the case study of Yageo's acquisition of Philips passive component Division, to evaluate the synergy effect on Yageo's sales growth and marked position enhancement. Yageo has successfully developed MLCC Base Mental Electrode technology through this acquisition. With ex-Philips’ customer base and sales channel. Yageo has upgraded itself from regional component supplier to be one of the global market leader in passive component industry. The acquisition facilitates Yageo’s continuous growth and makes its compound Averaged Growth Rate from 1997 to 2004, higher than local industry average, and much higher than major Japanese rivals.

Acquisition, to be adopted as corporate fast growing strategy, has its speed and positive synergy. However, some acquisitions consumes huge amount of cash resource, such as 650 million Euros in Yageo case, and multinational acquisition also involves different management philosophy, operational systems and corporate cultures. All will take tremendous time, experiences and management efforts to overcome and integrate the difference. This thesis, also through post acquisition (2000~2004) analysis to evaluate its impact on Yageo financial structure and overall performance. At last we analyze the cost benefit of this acquisition to compare with local major competitor who pursue growth with different strategy.