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題名 半導體企業併購之個案研究分析– 以高通及恩智浦為例
A case study on semiconductor merger and acquisition: qualcomm to acquire NXP作者 張恬禎
Chang, Tian-Zhen貢獻者 吳文傑
Wu, Jack
張恬禎
Chang, Tian-Zhen關鍵詞 併購
策略計劃
半導體
反托拉斯
競爭優勢
Mergers and acquisitions
Strategic planning
Semiconductor
Antitrust
Competitive advantage日期 2018 上傳時間 23-Jan-2019 14:55:13 (UTC+8) 摘要 The worldwide smartphone market’s wild years have passed, while PC market continue todecline. On top of that, Moore’s Law is reaching its physical limits. At each node, process costsand complexity are skyrocketing. In addition, fewer foundry customers can afford to move toadvanced nodes. The semiconductor industry is undergoing massive transformation as thestrategies for next big IC growth in 5G, Internet of Things (IoT), Artificial Intelligence (AI),and automotive have become fundamental. Over the past three years, the global semiconductorindustry has been reshaped by historical waves of M&A. The combined value of thesetransactions in M&A agreements in the semiconductor industry reached a historical high in2015 and 2016. However, a combination of factors may hinder large transactions in thesemiconductor industry in the foreseeable future, including growing trade tensions, increasingscrutiny of investment from regulators, and rising protectionism among different countries. Inthis paper, a case study on Qualcomm to Acquire has been analyzed from different perspectives. 參考文獻 Birley, S., & Westhead, P. (1990). Growth and Performance Contrasts between Types of Small Firms. Strategic Management Journal, Vol. 11(7), pp. 535-557.Brews, P. J. and M. R. Hunt. (1999). Learning to Plan and Planning to Learn: Resolving the Planning School/Learning School Debate. Strategic Management Journal, Vol. 20(10): pp. 889 - 913.Gopinath, C. (2003). When acquisitions go awry: Pitfalls in Executing Corporate Strategy. The Journal of Business Strategy, Vol. 24, pp. 22–27Gürel, E., and Tat, M. (2017). SWOT analysis: A Theoretical Review. Journal of International Social Research, Vol. 10 (51). pp. 994-1006.Heinz Weihrich. (1982). The TOWS matrix: A Tool for Situational Analysis. Journal of Long Range Planning, Vol. 15(2) pp. 54-66Kaplinsky, Raphael and Morris, Mike. (2001). A Handbook for Value Chain Research. 113.KPMG (2017). Diversification, M&A, and Portfolio Management as Strategic Priorities.Laurent Fr´esard, Gerard Hoberg and Gordon Phillips. (2015). Innovation Activities and the Incentives for Vertical Acquisitions and Integration.Levinson, H. (1970). A Psychologist Diagnoses Merger Failures. Harvard Business Review, Vol. 48, pp. 139–147.Lynch, David S. (2016). U.S. Takes Tougher Stance on Deals under Obama. Financial Times.Mentzen, J., DeWitt, W., Keebler, J., Min, S., Nix, N., Smith, C., and Zachaira, Z. (2001). Defining Supply Chain Management. Journal of Business Logistics, Vol. 22(2), pp. 1-25Miller, C. C., & Cardinal, L. B. (1994). Strategic Planning and Firm Performance: A Synthesis of more than Two Decades of Research. The Academy of Management Journal, Vol. 37(6), pp. 1649-1665.Porter, M. E. (1979). How Competitive Forces Shape Strategy. Harvard Business Review, Vol. 57( 2), pp. 137-145Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press.Trautwein, F. (1990). Merger Motives and Merger Prescriptions. Strategic Management Journal, Vol. 11, pp. 283–295.Book References:DePamphilis, D. M. (2008). Mergers, Acquisitions, and Other Restructuring Activities. Los Angeles, California: Elsevier Inc.Galpin, T.J., and Herndon, M. (2000). The Complete Guide to Mergers and Acquisitions: Process Tools to Support M&A Integration at Every Level. San Francisco, Ca.: Jossey BassJohnson, G., Whittington, R., Scholes, K. (2011). Exploring Strategy Text & Cases (9th ed.). Harlow: Financial Times Prentice Hall.Picot, G. (2002). Handbook of International Mergers and Acquisitions: Preparation, Implementation, and Integration. Houndmills, Basingstoke, Hampshire: Palgrave/Macmillan.Website References:Andrew L. Foster. (2018). China’s Antitrust Regime: Retooled, Retrenched and (Potentially) Ready for Battle, Available at: https://www.skadden.com/insights/publications/2018/06/quarterly-insights/chinas-antitrust-regime-retooledAutomotive and IoT Will Drive IC Growth Through 2021, Available at:http://www.icinsights.com/news/bulletins/automotive-and-iot-will-drive-ic-growth-through-2021/Big Trouble At 3nm, Available at:https://semiengineering.com/big-trouble-at-3nm/Cashing in with Chips: Improving Efficiency in Semiconductor R&D, Available at:https://legacy.alixpartners.com/en/Publications/AllArticles/tabid/635/articleType/ArticleView/articleId/941/Cashing-in-with-Chips.aspxChad Bown and Melinda Korp. (2018). Trump’s Trade War Timeline, Peterson Institute for International Economics, Available at:https://piie.com/blogs/trade-investment-policy-watch/trump-trade-war-china-date-guideChad Bown and Melinda Korp. (2018). Trump’s Trade War Timeline, Peterson Institute for International Economics, Available at:https://piie.com/blogs/trade-investment-policy-watch/trump-trade-war-china-date-guideChina’s Top 10 Imports, Available at:http://www.worldstopexports.com/chinas-top-10-imports/Christopher Thomas (2015). A new world under construction: China and semiconductors, Available at:https://www.mckinsey.com/featured-insights/asia-pacific/a-new-world-under-construction-china-and-semiconductorsEssays, UK. (2013). Limitations of Porter’s Five Forces Economics Essay, Available at: https://www.ukessays.com/essays/economics/limitations-of-porters-five-forces-economics-essay.php?vref=1Fabless IC Company Sales Top $100 Billion for First Time Ever, Available at:http://www.icinsights.com/news/bulletins/Fabless-IC-Company-Sales-Top-100-Billion-For-First-Time-Ever/Henderson, Bruce D. (1970). The Product Portfolio, Available at: https://www.bcg.com/publications/1970/strategy-the-product-portfolio.aspxIntel Corporation (2016). FORM 10-K (Annual Report), Available at: https://s21.q4cdn.com/600692695/files/doc_financials/2016/annual/Intel_2016_Annual_Report.pdfNXP Semiconductors. (2018). NXP Historic Financial Model, Available at:http://investors.nxp.com/phoenix.zhtml?c=209114&p=irol-financialPWC (2017). China’s Impact on the Semiconductor Industry, Available at:https://www.pwc.com/gx/en/technology/chinas-impact-on-semiconductor-industry/assets/china-impact-of-the-semiconductor-industry-2016-update.pdfQualcomm INC/DE. (2017). FORM 10-K (Annual Report), Available at: http://investor.qualcomm.com/secfiling.cfm?filingID=1234452-17-190&CIK=804328SEMICON West Preview: Autonomous Automotive Market Drives Change in the Semiconductor Supply Chain, Available at:http://blog.semi.org/semi-news/semicon-west-preview-autonomous-automotive-market-drives-change-in-the-semiconductor-supply-chainSemiconductor Consumption Market Share Worldwide, from 2003 to 2019, by Region, Available at:https://www.statista.com/statistics/238228/global-semiconductor-market-share-by-region/Semiconductor Sales Revenue Worldwide from 1987 to 2019, Available at:https://www.statista.com/statistics/266973/global-semiconductor-sales-since-1988/Semiconductors: Chinese IC Design Enterprises 1990-2014, Available at:https://www.statista.com/statistics/548606/china-semiconductor-industry-integrated-circuit-design-enterprises/Seven Top-15 1H18 Semi Suppliers Register ≥20% Gains, Available at:http://www.icinsights.com/news/bulletins/Seven-Top15-1H18-Semi-Suppliers-Register-20-Gains-/Top 10 Semiconductor R&D Spenders Increase Outlays 6% in 2017, Available at:http://www.icinsights.com/news/bulletins/Top-10-Semiconductor-RD-Spenders-Increase-Outlays-6-In-2017/TSMC, Intel, Samsung Join Hands on 450mm Shift, Available at:https://wiki.nus.edu.sg/display/cs1105groupreports/TSMC%2C+Intel%2C+Samsung+join+hands+on+450mm+shiftU.S. Trade in Goods with China, Available at:https://www.census.gov/foreign-trade/balance/c5700.htmlValue of Semiconductor Industry M&A Deals Slows Dramatically in 2017, Available at:http://www.icinsights.com/news/bulletins/Value-Of-Semiconductor-Industry-MA-Deals-Slows-Dramatically-In-2017/Wikipedia (2018). Strategic planning, Available at:https://en.wikipedia.org/wiki/Strategic_planningHumphrey, Albert. (2005). SWOT Analysis for Management Consulting. SRI Alumni Newsletter. SRI International, Available at: https://www.sri.com/sites/default/files/brochures/dec-05.pdf50 Years of Moore`s Law, Available at:https://www.intel.com/content/www/us/en/silicon-innovations/moores-law-technology.html 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
105933014資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105933014 資料類型 thesis dc.contributor.advisor 吳文傑 zh_TW dc.contributor.advisor Wu, Jack en_US dc.contributor.author (Authors) 張恬禎 zh_TW dc.contributor.author (Authors) Chang, Tian-Zhen en_US dc.creator (作者) 張恬禎 zh_TW dc.creator (作者) Chang, Tian-Zhen en_US dc.date (日期) 2018 en_US dc.date.accessioned 23-Jan-2019 14:55:13 (UTC+8) - dc.date.available 23-Jan-2019 14:55:13 (UTC+8) - dc.date.issued (上傳時間) 23-Jan-2019 14:55:13 (UTC+8) - dc.identifier (Other Identifiers) G0105933014 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/122131 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 105933014 zh_TW dc.description.abstract (摘要) The worldwide smartphone market’s wild years have passed, while PC market continue todecline. On top of that, Moore’s Law is reaching its physical limits. At each node, process costsand complexity are skyrocketing. In addition, fewer foundry customers can afford to move toadvanced nodes. The semiconductor industry is undergoing massive transformation as thestrategies for next big IC growth in 5G, Internet of Things (IoT), Artificial Intelligence (AI),and automotive have become fundamental. Over the past three years, the global semiconductorindustry has been reshaped by historical waves of M&A. The combined value of thesetransactions in M&A agreements in the semiconductor industry reached a historical high in2015 and 2016. However, a combination of factors may hinder large transactions in thesemiconductor industry in the foreseeable future, including growing trade tensions, increasingscrutiny of investment from regulators, and rising protectionism among different countries. Inthis paper, a case study on Qualcomm to Acquire has been analyzed from different perspectives. en_US dc.description.tableofcontents 1. Introduction 11.1. Background and Motivation for the Study 11.2. Methodology of the Study 31.3. Limitations of the Study 31.4. Framework of the Study 42. Literature Review 52.1. Strategic Planning 52.1.1. BCG Matrix 52.1.2. Porter’s Five Forces Analysis 72.1.3. SWOT Analysis 92.2. Value Chain and Competitive Advantage 92.3. Motives Behind M&A 102.4. M&A Process 112.5. Vertical Merger 122.6. Antitrust Law 133. Analysis of the Semiconductor Industry 143.1. Semiconductor Business Model 153.1.1. Foundry Business Models 153.1.2. Integrated Device Manufacturer Model 163.1.3. Fabless Model 163.2. Value Chain and Supply Chain 173.2.1. Value Chain 173.2.2. Supply Chain 193.3. Challenges for the Semiconductor Industry 213.3.1. The Changing Demand for the New Applications 213.3.2. Increasing R&D Cost 223.3.3. The Limits of Moore’s Law 243.3.4. The Rise of China 263.3.5. U.S.-China Trade War 283.4. Semiconductor M&A Deals and Trends 314. The Case of Qualcomm to Acquire NXP 334.1. Introduction of Qualcomm 334.1.1. Company Overview 334.1.2. Business Segment 334.1.3. Business Analysis 344.1.4. Key Competitors 354.1.5. SWOT Analysis 364.2. Introduction of NXP 374.2.1. Company Overview 374.2.2. Business Segment 384.2.3. Key Competitors 384.2.4. Business Analysis 394.2.5. SWOT Analysis 404.3. Qualcomm-NXP Deal 424.3.1. Why Did Qualcomm Decide to Acquire NXP? 424.3.2. Why Did NXP agree to be acquired? 424.3.3. M&A as a Growth Strategy 434.3.4. M&A Synergies 444.3.5. Pure Fabless to Asset IDM 454.3.6. Antitrust Approval and Geopolitical Risks 464.3.7. Lessons Learned 484.3.8. Alternatives 495. Conclusion and Recommended Path Forward 53Reference 54 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105933014 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 策略計劃 zh_TW dc.subject (關鍵詞) 半導體 zh_TW dc.subject (關鍵詞) 反托拉斯 zh_TW dc.subject (關鍵詞) 競爭優勢 zh_TW dc.subject (關鍵詞) Mergers and acquisitions en_US dc.subject (關鍵詞) Strategic planning en_US dc.subject (關鍵詞) Semiconductor en_US dc.subject (關鍵詞) Antitrust en_US dc.subject (關鍵詞) Competitive advantage en_US dc.title (題名) 半導體企業併購之個案研究分析– 以高通及恩智浦為例 zh_TW dc.title (題名) A case study on semiconductor merger and acquisition: qualcomm to acquire NXP en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Birley, S., & Westhead, P. (1990). Growth and Performance Contrasts between Types of Small Firms. Strategic Management Journal, Vol. 11(7), pp. 535-557.Brews, P. J. and M. R. Hunt. (1999). Learning to Plan and Planning to Learn: Resolving the Planning School/Learning School Debate. Strategic Management Journal, Vol. 20(10): pp. 889 - 913.Gopinath, C. (2003). When acquisitions go awry: Pitfalls in Executing Corporate Strategy. The Journal of Business Strategy, Vol. 24, pp. 22–27Gürel, E., and Tat, M. (2017). SWOT analysis: A Theoretical Review. Journal of International Social Research, Vol. 10 (51). pp. 994-1006.Heinz Weihrich. (1982). The TOWS matrix: A Tool for Situational Analysis. Journal of Long Range Planning, Vol. 15(2) pp. 54-66Kaplinsky, Raphael and Morris, Mike. (2001). A Handbook for Value Chain Research. 113.KPMG (2017). Diversification, M&A, and Portfolio Management as Strategic Priorities.Laurent Fr´esard, Gerard Hoberg and Gordon Phillips. (2015). Innovation Activities and the Incentives for Vertical Acquisitions and Integration.Levinson, H. (1970). A Psychologist Diagnoses Merger Failures. Harvard Business Review, Vol. 48, pp. 139–147.Lynch, David S. (2016). U.S. Takes Tougher Stance on Deals under Obama. Financial Times.Mentzen, J., DeWitt, W., Keebler, J., Min, S., Nix, N., Smith, C., and Zachaira, Z. (2001). Defining Supply Chain Management. Journal of Business Logistics, Vol. 22(2), pp. 1-25Miller, C. C., & Cardinal, L. B. (1994). Strategic Planning and Firm Performance: A Synthesis of more than Two Decades of Research. The Academy of Management Journal, Vol. 37(6), pp. 1649-1665.Porter, M. E. (1979). How Competitive Forces Shape Strategy. Harvard Business Review, Vol. 57( 2), pp. 137-145Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press.Trautwein, F. (1990). Merger Motives and Merger Prescriptions. Strategic Management Journal, Vol. 11, pp. 283–295.Book References:DePamphilis, D. M. (2008). Mergers, Acquisitions, and Other Restructuring Activities. Los Angeles, California: Elsevier Inc.Galpin, T.J., and Herndon, M. (2000). The Complete Guide to Mergers and Acquisitions: Process Tools to Support M&A Integration at Every Level. San Francisco, Ca.: Jossey BassJohnson, G., Whittington, R., Scholes, K. (2011). Exploring Strategy Text & Cases (9th ed.). Harlow: Financial Times Prentice Hall.Picot, G. (2002). Handbook of International Mergers and Acquisitions: Preparation, Implementation, and Integration. Houndmills, Basingstoke, Hampshire: Palgrave/Macmillan.Website References:Andrew L. Foster. (2018). China’s Antitrust Regime: Retooled, Retrenched and (Potentially) Ready for Battle, Available at: https://www.skadden.com/insights/publications/2018/06/quarterly-insights/chinas-antitrust-regime-retooledAutomotive and IoT Will Drive IC Growth Through 2021, Available at:http://www.icinsights.com/news/bulletins/automotive-and-iot-will-drive-ic-growth-through-2021/Big Trouble At 3nm, Available at:https://semiengineering.com/big-trouble-at-3nm/Cashing in with Chips: Improving Efficiency in Semiconductor R&D, Available at:https://legacy.alixpartners.com/en/Publications/AllArticles/tabid/635/articleType/ArticleView/articleId/941/Cashing-in-with-Chips.aspxChad Bown and Melinda Korp. (2018). Trump’s Trade War Timeline, Peterson Institute for International Economics, Available at:https://piie.com/blogs/trade-investment-policy-watch/trump-trade-war-china-date-guideChad Bown and Melinda Korp. (2018). Trump’s Trade War Timeline, Peterson Institute for International Economics, Available at:https://piie.com/blogs/trade-investment-policy-watch/trump-trade-war-china-date-guideChina’s Top 10 Imports, Available at:http://www.worldstopexports.com/chinas-top-10-imports/Christopher Thomas (2015). A new world under construction: China and semiconductors, Available at:https://www.mckinsey.com/featured-insights/asia-pacific/a-new-world-under-construction-china-and-semiconductorsEssays, UK. (2013). Limitations of Porter’s Five Forces Economics Essay, Available at: https://www.ukessays.com/essays/economics/limitations-of-porters-five-forces-economics-essay.php?vref=1Fabless IC Company Sales Top $100 Billion for First Time Ever, Available at:http://www.icinsights.com/news/bulletins/Fabless-IC-Company-Sales-Top-100-Billion-For-First-Time-Ever/Henderson, Bruce D. (1970). The Product Portfolio, Available at: https://www.bcg.com/publications/1970/strategy-the-product-portfolio.aspxIntel Corporation (2016). FORM 10-K (Annual Report), Available at: https://s21.q4cdn.com/600692695/files/doc_financials/2016/annual/Intel_2016_Annual_Report.pdfNXP Semiconductors. (2018). NXP Historic Financial Model, Available at:http://investors.nxp.com/phoenix.zhtml?c=209114&p=irol-financialPWC (2017). China’s Impact on the Semiconductor Industry, Available at:https://www.pwc.com/gx/en/technology/chinas-impact-on-semiconductor-industry/assets/china-impact-of-the-semiconductor-industry-2016-update.pdfQualcomm INC/DE. (2017). FORM 10-K (Annual Report), Available at: http://investor.qualcomm.com/secfiling.cfm?filingID=1234452-17-190&CIK=804328SEMICON West Preview: Autonomous Automotive Market Drives Change in the Semiconductor Supply Chain, Available at:http://blog.semi.org/semi-news/semicon-west-preview-autonomous-automotive-market-drives-change-in-the-semiconductor-supply-chainSemiconductor Consumption Market Share Worldwide, from 2003 to 2019, by Region, Available at:https://www.statista.com/statistics/238228/global-semiconductor-market-share-by-region/Semiconductor Sales Revenue Worldwide from 1987 to 2019, Available at:https://www.statista.com/statistics/266973/global-semiconductor-sales-since-1988/Semiconductors: Chinese IC Design Enterprises 1990-2014, Available at:https://www.statista.com/statistics/548606/china-semiconductor-industry-integrated-circuit-design-enterprises/Seven Top-15 1H18 Semi Suppliers Register ≥20% Gains, Available at:http://www.icinsights.com/news/bulletins/Seven-Top15-1H18-Semi-Suppliers-Register-20-Gains-/Top 10 Semiconductor R&D Spenders Increase Outlays 6% in 2017, Available at:http://www.icinsights.com/news/bulletins/Top-10-Semiconductor-RD-Spenders-Increase-Outlays-6-In-2017/TSMC, Intel, Samsung Join Hands on 450mm Shift, Available at:https://wiki.nus.edu.sg/display/cs1105groupreports/TSMC%2C+Intel%2C+Samsung+join+hands+on+450mm+shiftU.S. Trade in Goods with China, Available at:https://www.census.gov/foreign-trade/balance/c5700.htmlValue of Semiconductor Industry M&A Deals Slows Dramatically in 2017, Available at:http://www.icinsights.com/news/bulletins/Value-Of-Semiconductor-Industry-MA-Deals-Slows-Dramatically-In-2017/Wikipedia (2018). Strategic planning, Available at:https://en.wikipedia.org/wiki/Strategic_planningHumphrey, Albert. (2005). SWOT Analysis for Management Consulting. SRI Alumni Newsletter. SRI International, Available at: https://www.sri.com/sites/default/files/brochures/dec-05.pdf50 Years of Moore`s Law, Available at:https://www.intel.com/content/www/us/en/silicon-innovations/moores-law-technology.html zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.IMBA.001.2019.F08 en_US
