台灣晶圓代工產業併購綜效之研究--- 因應兩岸產業競爭態勢

Abstract

本研究主要探討台灣晶圓代工產業在面臨大陸晶圓代工廠產能陸續開出與IDM廠轉進從事晶圓代工業務等兩大嚴峻的挑戰下，台灣晶圓代工產業競爭力分析與其合併策略的考量因素為何？及透過合併的方式，是否能在合併之後產生合併綜效？ 為達到此一研究目的，本研究除針對「台積電」及「聯電」在製程技術、客戶服務與產能供需層面及合併適法性問題作一探討外，亦提出合併後公司所具備的競爭優勢，與在財務面所產生的綜效變化。 本研究結果顯示，台灣晶圓代工產業面對競爭者的威脅，若能透過水平合併方式，台積電併購聯電，除了可立即解決台積電目前八吋晶圓產能不足問題外，提高聯電晶圓廠產能利用率，並藉由台積電管理模式之導入和規模經濟效益，將增加聯電在本業獲利能力，提昇聯電每況愈下的營業毛利率，達成營運綜效；在市場綜效上，則因產能擴充滿足業務接單需求與聯電在掌握亞太市場客戶優勢上的互補作用將使合併後公司產生一加一大於二的結果，造成市場佔有率的提昇，而達成市場綜效；最後，合併後之公司因集中資源、分工合作研發高階製程新產品，使得研發人力、時間與材料成本避免重覆投入，進而可在較短時間內開發出較低成本的高階新產品，創造較高的利潤。此外，在掌控全球晶圓代工市場近七、八成的產能下，擁有絕對的價格主導能力，可以阻止其他競爭者發動惡意的價格戰，以確保每年穩定且大於合併前各自的股東權益報酬率(ROE)，達成財務綜效。

The purpose of this research is to analyze the competitiveness and synergy on merger and acquisition of Taiwan wafer foundry industry faces challenges between rapid growth of mainland China wafer foundry industry and IDM conducts foundry sales. The synergy analysis is conducted on both operating Synergy and Financial Synergy on pre-Merger and after-Merger of Taiwan Semiconductor Manufacturing Company(TSMC) and United Microelectronics Corporation(UMC), even legal discussion in this M&A case. In addition, we propose the competitive advantage of this new company. The study shows that the merger between TSMC and UMC, will accomplish the merger synergy and overcome the threat of competitors. On the aspect of operation synergy, the merger will provide more 8 inch wafer capacity from UMC fab to solve the tsmc capacity shortage issue and improve the UMC gross profit with tsmc management style and economy of scale. On the aspect of market synergy, with enough capacity for sales and strength of UMC in Asia market, it will increase the market share. The last financial synergy, we find that the new company owns almost 75% wafer foundry market share and has absolute control right in price setting, in the other hand, develops the latest and high-level products with the economic cost. These benefits are good for the return of equity and is more than pre-merger.