欣興電子三合一策略對企業價值的影響

Abstract

台灣印刷電路板產業的發展已有超過三十年的歷史，整體廠商向來以規模量產、低價競爭、交期迅速、靈敏回應客戶需求而聞名，在國際上具有相當之競爭力。依據工研院IEK統計，2008年台灣印刷電路板廠商的產值已達全球四分之一，僅次於日本。而欣興電子是台灣排名第一、全球排名第二的印刷電路板公司，在業界占有舉足輕重的地位。該公司的崛起，從產品技術導向到產品線的擴充，進行相關多角化逐步開展公司規模，再藉著併購進行水平整合，透過策略聯盟來提高市占率，最後成為一家世界級的公司。其成長的軌跡與進程、所經歷的轉折與運用的策略，足以做為相關業者的標竿與借鏡。 本研究以欣興電子為個案研究公司，以審視其企業經營成長策略為重點，首先透過產業分析以了解產業競爭發展狀況；接著進行個案分析，探討欣興電子實施併購案的動機、策略考量及後續的影響；最後以Ohlson評價模型為基礎，運用計量經濟的方法，針對欣興電子的成長策略進行實證分析。 實證結果顯示，欣興電子的三合一併購策略及公司規模的擴增確實提升了該公司的企業價值；然而過高的負債比率及中國大陸的法規限制，則會對欣興電子的企業價值造成減損。

The printed circuit board (PCB) industry in Taiwan has been developing over thirty years. The PCB suppliers are best known for their mass production, low cost, fast delivery and quick response to customers' demand. According to ITRI's statistical report, Taiwan's PCB suppliers contributed to one fourth of global PCB production value in 2008, second only to Japanese suppliers. Unimicron Technology Corporation is the largest PCB maker in Taiwan and the world's second-largest PCB supplier in terms of sales revenue in 2008. Over the past years, Unimicron increased its production and gained market share through M&A, horizontal integration, and joint ventures. Unimicron's growth strategies, enabling the firm to become a world-leading PCB maker, could be the benchmark for its PCB peers. This study first analyzed the PCB industry to understand the industry development and competitive status, and then explored Unimicron's M&A strategy in motive, purpose and influence. Based on Ohlson(1995) model, econometric method finally was applied in this research to investigate the impact of Unimicron's growth strategies on the enterprise value. Empirical results show that both Unimicron's 3-in-1 strategy and the increase of company scale have positive effects on the enterprise value, but Unimicron's higher debt ratio and China's environmental policies negatively affect its enterprise value.