LCD產業的競爭與購併策略之探討─以A公司合併Q公司為例

Abstract

近年來，台灣已成為全球液晶顯示器(LCD)產品主要供應國之ㄧ，由於TFT-LCD產業具有規模經濟、資本密集、高技術專利及景氣週期循環明顯之特性，為了在此競爭市場生存，整合是許多廠商經營手段之一，本研究採用個案研究法，探討友達光電合併廣輝電子之合併動機、過程與策略考量，並檢視合併前後企業績效的變化性。「友達光電」目前為全球第三大的TFT-LCD廠，為了縮小與韓國面板雙雄的顯著差距，評估其他台灣廠商後，於2006年4月份宣佈合併廣輝電子，預估的市場占有率將大幅提昇。在合併的策略執行上，友達於尚未正式合併前即開始從事人員組織、生產線、供應商、與市場客戶等方面之整合，以降低組織合併所產生的衝突。本研究從三個構面來分析企業合併的綜效變化，分別為營運綜效、市場綜效與財務綜效，並將個案公司與競爭對手相互比較，以瞭解合併案的效果是否已產生。然而，由於合併時點至今過於短暫，本研究發現三項構面中僅市場綜效中的市場占有率有明顯提升，其他指標受到外部經濟環境、下游終端產品需求量與面板價格波動的影響，整體合併綜效並不明顯。但若從員工生產力層面觀察，納入廣輝產能後，單位員工的面板生產數量明顯增加，再加上市佔率的大幅提升，友達已解決與面板大廠差距過大的問題，未來將擁有更多實力在市場中競爭。

In recent years, Taiwan has become one of the main countries in the world which supply TFT-LCD products. The economic scale, capital intensiveness, patent issues and cyclical nature characterize the global TFT-LCD industry. In order to survive in this industry, merger is one of common strategies that many firms have adopted. The research utilizes the event of AUO merging with QDI as the case study subject to thoroughly investigate the merger motives, processes, and synergies. AUO is one of the top three manufacturers of large-sized TFT-LCD panels in the world. In order to shrink its distance with two Korean competitors, AUO merged with QDI in April 2006 to increase its market share. Prior to the formal integration, the differences of organizations, employees, production systems, suppliers and customers between these two companies were taken into account to avoid later potential conflicts. The synergies of the integration would be evaluated from operating, market and financial aspects. Due to the short observational period, only the raise of production per employee and the increase of market share are resulted. It will take longer time to conclude the synergies of this merger.