台灣TFT LCD面板廠合併之綜效預估分析

Abstract

近年來，全球TFT LCD 製造的競爭聚集於日本、臺灣及韓國。TFT LCD的量產及技術由日本濫觴，多數TFT LCD相關之核心技術及設備目前也仍在日本之掌握，但基於成本競爭以及發展時機的考慮，目前日商除SHARP外，多數LCD廠商將其策略轉向高階、中小型尺寸之應用。韓國及臺灣傾力投資於TFT LCD製造產能，執世界之牛耳。由於產業競爭劇烈及退出門檻高，臺灣及韓國在TFT LCD產能上的投資騎虎難下。而中國TFT LCD產業仍處於起步階段，上下游的群聚效益尚未成形。 併購係一項策略工具。企業可以藉由併購來提昇企業綜效（Synergy）、獲取市場占有率及擴大企業營運規模。併購案的成功，是從併購活動一連串的程序管理上所獲致，而併購程序中的每一個步驟都隱含著影響併購成敗的因素，因此雙方在進行企業併購時需要有完善的併購策略規劃、明確的併購目標及周延之併購執行程序與計畫。 本研究的目的在於希望藉由分析目前國內幾家TFT LCD廠之背景、產品、產能、技術、顧客及財務實力，參酌關於M&A之相關文獻，以多面向觀點分析其合併可能產生之預期綜效，以及合併後於產業中之競爭力，以提供決策之參考觀點。分析的主要廠商在一線廠為友達光電與奇美電子，而二線廠則包括中華映管與廣輝電子兩家。

There has been high expectation of global demand of TFT LCD displays, which drove huge investments in this industry. The core technologies and mass production of TFT LCD started in Japan. But now, except SHARP, most Japanese TFT LCD companies have focused in the market of high-fidelity, high-resolution and small and medium-size displays. The TFT LCD companies in Taiwan and Korea compete fiercely in expansion of manufacturing facilities in an attempt to become the world’s leading TFT LCD provider. The race is on a path of no return. Merger and acquisition are commonly used strategic tools. Enterprises can raise synergies, seize market share and expand the economies of scale by means of M&A. The success of M&A relies on careful management of every step in the process. This study analyzed the costs and benefits of M&A between Taiwanese TFT LCD companies. Four companies were considered as candidates for M&A: two first-tier companies are AUO and CMO, and the two second-tier companies are CPT and QDI. The critical areas of investigation included the potential M&A target’s background, technical strength, product lines, production capacity, financial strength, customer relationship and so on. The pros and cons of each M&A scenarios were discussed.