我國發光二極體上游廠商間合併後之綜效探討 – 以上市企業晶元與國聯為例

Abstract

併購活動的進行，基本上乃是企業基於整體短、中、長期的發展策略，衡量競爭環境的影響與挑戰，在內部成長及外部成長的總體考量下，選擇速度較快、風險程度亦較高的外部成長方式來達成企業發展上的目的。 自2005年初，為取得更佳的競爭優勢，我國LED發光二極體上游材料製造商的整併風既起，其中又以兩家上市的國聯與晶元之合併最引人注目。本論文之研究目的旨在嘗試從國聯與晶元的合併活動來研究其確實產生之綜效，期望能從研究中發現一些具有實證及理論基礎的論點，讓未來預備進行併購決策的台灣LED產業有更多的考量依據及更高的成功機率。 本論文共分為六章，第壹章緒論，敘述本研究之背景、動機、目的，與範圍。第二章文獻探討。第三章研究方法，建立本研究之架構、步驟、分析方法與限制。第四章發光二極體產業發展概述。第五章實證結果分析與探討，透過各項指標進行綜效之檢測。第六章結論，歸納研究結果與建議。本論文之探討結果整理如下： 1. 在營運綜效方面，新晶元在經營效能指標方面於合併後之表現明顯並未優於合併前之各家公司。在獲利能力方面，亦未能呈現明顯之效益。 2. 就財務綜效而言，新晶元表現明顯優於合併前之公司整體財務結構可謂更為安全穩固。 3. 在市場綜效的表現方面，合併後新晶元之市場綜效於短期間尚未浮現。但合併後之新晶元之股價大幅領先合併前個別公司之股價，並創下歷史高點，股票報酬之綜效明顯。

Basically, companies will choose M&A (Merger and Acquision) to be their external strategy for qrowing up after considering all directions upon their short-, mid-, and long-term expansion strategy. Since 2005, up-stream manufacturers of LED industries started to merge with each other in order to capture better competitive advantage. Among those cases, the merger of Epistar and UEC was the mose remarkable. The purpose of this thesis is trying to find out any valuable contention through the examination of pratical data. Hopefully, the LED-related companies will be benefited by this thesis while they are going to proceed M&A. This theis is composed of six charpters such as Introduction, Exploring of Technical Literature, Method of Research, Introduction of LED Industry, Analysis and Examination, and Conclusion. The conclustion of the thesis is shown as follows. 1. As to Operation Synergy, New Epistar does not perform better than former Epistar and UEC did. Moreover, the Pofitability of New Epistar is similar to previous companies without obvious difference. 2. In terms of Finance Synergy, New Epistar is significantly better than former Epistar and UEC. Furthermore, New Epistar’s financial structure is getting more and more strong. 3. Speaking to Market Synergy, it is not easy to be observed during the short time period. Nevertheless, New Epistar creates an enormous reward for its shareholders due to the stock price achieve the record high point.