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題名 企業併購的動態競爭分析 ─ 以台灣半導體封測廠商日月光與矽品合併為例
Dynamic Competition Analysis in M&A – A Case Study of ASE-SPIL Merger
作者 賴品中
貢獻者 許牧彥
Hsu, Mu-Yen
賴品中
關鍵詞 動態競爭
市場共同性
資源相似性
察覺 - 動機 - 能力觀點
高階經營團隊
非合意併購
封測產業
Dynamic competition
Market commonality
Resource similarity
AMC theory
Top management team
Hostile takeover
OSAT industry
日期 2018
上傳時間 1-Jun-2018 18:12:26 (UTC+8)
摘要 2016年全球半導體產值約 3,270 億美元，台灣半導體產值佔全球的23%，繼續蟬聯全球第二大半導體產業大國，排行僅次於美國。此外，台灣以出口為導向，根據我國財政部統計，2017上半年積體電路出口金額占整體出口總值的27.6%，是我國最主要的出口產品，可見半導體產業對台灣的影響力不言而喻。

近年來半導體併購浪潮興起，台灣廠商也無法置身事外，最受矚目非日月光與矽品的非合意併購案莫屬。一般學術論文對於非合意併購案的探討，著重於併購前的動機與併購後的綜效，鮮少討論雙方在併購過程中的攻防。故本研究欲以動態競爭觀點，並考量政府對併購成敗的影響，來找出矽品最後同意日月光共組控股公司之提案的原因，並分析此合併案對全球封測產業所造成的影響。

本研究發現雙方在合併前，應用產品及地區的市場共同性，分別呈現上升及下降趨勢，透過收購矽品，日月光不僅能追趕其主要競爭對手在車用電子的領先地位，更可以降低營收過度集中於北美的風險。另外，雙方在台灣及中國的專利申請數量有下降趨勢，但在美國專利的申請數有明顯增加且資源相似性也呈上升趨勢，故推論日月光收購矽品可鞏固其在北美市場的領導地位。總而言之，雖然日矽合併案被外界視為雙贏結果，但客戶轉單、中國商務部的限制條件及收購溢價偏高可能使得此合併綜效有限。在面對中國封測產商崛起、封測產業的市場集中度上升及半導體產業中下游界限越來越不明確的情況下，雙方合併為必然之勢。
The worldwide semiconductor market grew 1.1% in 2016 to $338.9 billion USD, in which Taiwan accounts for 23% of the total output. Taiwan continues to rank as the world`s second largest semiconductor industry, with the first being America. Taiwan is export oriented, and from the statistical data provided by the Ministry of Finance, the shipment of integrated circuit exports accounted for 27.6% of gross export value in the first two quarters of 2017. This indicates that integrated circuit is an important export product and that the semiconductor industry is of great importance to Taiwan.

The recent and unprecedented M&A waves in the semiconductor industry caused major changes and created impact on Taiwanese semiconductor firm. The recent case that drew most attention is the M&A between ASE (Advanced Semiconductor Engineering, Inc.) and SPIL (Siliconware Precision Industries Co., Ltd). While most academic theses focus on the acquiring firm’s motive and post-M&A synergy, the offense and defense strategies during the M&A process are rarely explored. This research aims to focus on reasons why SPIL agreed on ASE’s proposal to form a joint venture holding company and the impact on the global OSAT (Outsourced Semiconductor Assembly and Test) industry after this M&A. This thesis utilized the dynamic competitive perspective and identifies government’s impact on M&A.

The study finds that before the merger, the commonality of product shows an upward trend while the commonality of region market presents a downward direction. This merger not only assists ASE to catch up with its leading competitors in the automotive electronics sectors, but also reduce the revenue concentration risk, given that its major sales is in North America. In addition, the number of patents filed by both companies in Taiwan and China has declined, but the number in the United States has increased significantly along with an escalating resource similarity. Therefore, the research concludes that the acquisition of SPIL can consolidate ASE’s leading position in the North American market. To sum up, the merger of ASE and SPIL is regarded as win-win outcome. However, the M&A has risks, such as customer attrition, restriction from The Ministry of Commerce of the People`s Republic of China (MOFCOM) and merger overpayment. Such uncertainties may reduce synergy. Nevertheless, in the face of the rise of China`s OSAT business, the market concentration of OSAT industry, and the increasingly unclear boundary between the middle and downstream firms, the merger of the two firms is inevitable.
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描述 碩士
國立政治大學
科技管理與智慧財產研究所
104364116
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104364116
資料類型 thesis
dc.contributor.advisor 許牧彥zh_TW
dc.contributor.advisor Hsu, Mu-Yenen_US
dc.contributor.author (Authors) 賴品中zh_TW
dc.creator (作者) 賴品中zh_TW
dc.date (日期) 2018en_US
dc.date.accessioned 1-Jun-2018 18:12:26 (UTC+8)-
dc.date.available 1-Jun-2018 18:12:26 (UTC+8)-
dc.date.issued (上傳時間) 1-Jun-2018 18:12:26 (UTC+8)-
dc.identifier (Other Identifiers) G0104364116en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/117464-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 科技管理與智慧財產研究所zh_TW
dc.description (描述) 104364116zh_TW
dc.description.abstract (摘要) 2016年全球半導體產值約 3,270 億美元，台灣半導體產值佔全球的23%，繼續蟬聯全球第二大半導體產業大國，排行僅次於美國。此外，台灣以出口為導向，根據我國財政部統計，2017上半年積體電路出口金額占整體出口總值的27.6%，是我國最主要的出口產品，可見半導體產業對台灣的影響力不言而喻。

近年來半導體併購浪潮興起，台灣廠商也無法置身事外，最受矚目非日月光與矽品的非合意併購案莫屬。一般學術論文對於非合意併購案的探討，著重於併購前的動機與併購後的綜效，鮮少討論雙方在併購過程中的攻防。故本研究欲以動態競爭觀點，並考量政府對併購成敗的影響，來找出矽品最後同意日月光共組控股公司之提案的原因，並分析此合併案對全球封測產業所造成的影響。

本研究發現雙方在合併前，應用產品及地區的市場共同性，分別呈現上升及下降趨勢，透過收購矽品，日月光不僅能追趕其主要競爭對手在車用電子的領先地位，更可以降低營收過度集中於北美的風險。另外，雙方在台灣及中國的專利申請數量有下降趨勢，但在美國專利的申請數有明顯增加且資源相似性也呈上升趨勢，故推論日月光收購矽品可鞏固其在北美市場的領導地位。總而言之，雖然日矽合併案被外界視為雙贏結果，但客戶轉單、中國商務部的限制條件及收購溢價偏高可能使得此合併綜效有限。在面對中國封測產商崛起、封測產業的市場集中度上升及半導體產業中下游界限越來越不明確的情況下，雙方合併為必然之勢。		zh_TW
dc.description.abstract (摘要) The worldwide semiconductor market grew 1.1% in 2016 to $338.9 billion USD, in which Taiwan accounts for 23% of the total output. Taiwan continues to rank as the world`s second largest semiconductor industry, with the first being America. Taiwan is export oriented, and from the statistical data provided by the Ministry of Finance, the shipment of integrated circuit exports accounted for 27.6% of gross export value in the first two quarters of 2017. This indicates that integrated circuit is an important export product and that the semiconductor industry is of great importance to Taiwan.

The recent and unprecedented M&A waves in the semiconductor industry caused major changes and created impact on Taiwanese semiconductor firm. The recent case that drew most attention is the M&A between ASE (Advanced Semiconductor Engineering, Inc.) and SPIL (Siliconware Precision Industries Co., Ltd). While most academic theses focus on the acquiring firm’s motive and post-M&A synergy, the offense and defense strategies during the M&A process are rarely explored. This research aims to focus on reasons why SPIL agreed on ASE’s proposal to form a joint venture holding company and the impact on the global OSAT (Outsourced Semiconductor Assembly and Test) industry after this M&A. This thesis utilized the dynamic competitive perspective and identifies government’s impact on M&A.

The study finds that before the merger, the commonality of product shows an upward trend while the commonality of region market presents a downward direction. This merger not only assists ASE to catch up with its leading competitors in the automotive electronics sectors, but also reduce the revenue concentration risk, given that its major sales is in North America. In addition, the number of patents filed by both companies in Taiwan and China has declined, but the number in the United States has increased significantly along with an escalating resource similarity. Therefore, the research concludes that the acquisition of SPIL can consolidate ASE’s leading position in the North American market. To sum up, the merger of ASE and SPIL is regarded as win-win outcome. However, the M&A has risks, such as customer attrition, restriction from The Ministry of Commerce of the People`s Republic of China (MOFCOM) and merger overpayment. Such uncertainties may reduce synergy. Nevertheless, in the face of the rise of China`s OSAT business, the market concentration of OSAT industry, and the increasingly unclear boundary between the middle and downstream firms, the merger of the two firms is inevitable.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究定位及內容 2
第二章 文獻探討 5
第一節 企業併購 5
第二節 動態競爭 15
第三節 高階經營團隊 23
第三章 研究方法 26
第一節 研究架構 26
第二節 資料蒐集方法 28
第三節 變數定義與分析公式 29
第四章 產業分析 33
第一節 半導體產業概況 33
第二節 封測產業概況 38
第三節 封測相關技術簡介 42
第五章 研究分析 45
第一節 併購前的競爭者分析 45
第二節 雙方併購過程中的攻防 54
第三節 競爭行為的驅動因子 61
第四節 各國政府機關對競爭結果的影響 79
第六章 結論與建議 84
第一節 研究發現 84
第二節 研究限制 90
第三節 後續研究建議 91
參考文獻 92
附錄一：市場共同性計算過程 110
附錄二：資源相似性計算過程 112
附錄三：矽品公司合理股價計算過程 118		zh_TW
dc.format.extent 3224040 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104364116en_US
dc.subject (關鍵詞) 動態競爭zh_TW
dc.subject (關鍵詞) 市場共同性zh_TW
dc.subject (關鍵詞) 資源相似性zh_TW
dc.subject (關鍵詞) 察覺 - 動機 - 能力觀點zh_TW
dc.subject (關鍵詞) 高階經營團隊zh_TW
dc.subject (關鍵詞) 非合意併購zh_TW
dc.subject (關鍵詞) 封測產業zh_TW
dc.subject (關鍵詞) Dynamic competitionen_US
dc.subject (關鍵詞) Market commonalityen_US
dc.subject (關鍵詞) Resource similarityen_US
dc.subject (關鍵詞) AMC theoryen_US
dc.subject (關鍵詞) Top management teamen_US
dc.subject (關鍵詞) Hostile takeoveren_US
dc.subject (關鍵詞) OSAT industryen_US
dc.title (題名) 企業併購的動態競爭分析 ─ 以台灣半導體封測廠商日月光與矽品合併為例zh_TW
dc.title (題名) Dynamic Competition Analysis in M&A – A Case Study of ASE-SPIL Mergeren_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 英文文獻
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