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題名 半導體產業併購策略分析：以AMD併購Xilinx為例
M&A Strategy Analysis of Semiconductor Industry: AMD’s acquisition of Xilinx作者 林華泓
Lin, Hua-Hung貢獻者 吳啟銘
林華泓
Lin, Hua-Hung關鍵詞 併購
半導體
AI
資料中心
關聯性多角化
企業評價
事件研究法
M&A
Semiconductor
AI
Data center
Related diversification
Valuation
Event study method日期 2024 上傳時間 5-八月-2024 12:15:09 (UTC+8) 摘要 半導體產業隨AI應用的突破性發展與熱潮，成為炙手可熱的關鍵產業，各家微處理器廠商紛紛針對AI需求迭代優化自家產品性能，並在各主要市場完成產業佈局。其中作為AI應用奠基設施的資料中心尤為關鍵，資料中心利用集中設置的伺服器提供足夠算力讓AI能順利運行，因此伺服器中的晶片，成為各家廠商兵家必爭之地。本研究主併方AMD即為全球IC設計的領導廠商之一，主要佈局消費、遊戲、資料中心及嵌入式應用市場，其中資料中心市場成長尤為迅速。但面對Intel和NVIDIA的競爭壓力下，AMD決定採取關聯性多角化合併方式，選擇FPGA龍頭廠商Xilinx作為併購合作對象，期望透過Xilinx的FPGA、自適應SoC及優秀的軟體開發工具，來宣示資料中心優先的戰略目標，完善產品組合及解決方案，藉以擴大市場規模，延續競爭優勢。 透過分析主併AMD與被併Xilinx之交易特性、管理層行為、外部環境、內部策略動機，評估合併綜效來源，並以收益法及市場法計算企業評價，統整支付工具選擇及公司當下融資能量，評估交易出價合理性，最後以事件研究法來驗證市場反應對本個案交易之各項特性，與一般併購假說之預期是否相符，並歸納綜效是否實現。 本研究發現，儘管個案中採股票支付方式較具優勢，但仍易使市場短期產生負向異常報酬；在資源整合上，雖能快速獲得高技術性人才與研發資源，但由於高科技產業技術複雜，主併選擇給予高自主性之管理營運方式，保留被併管理層協助領導原業務，並藉管理層之聯繫促進企業人才與文化融合。主併採用之關聯性多角化併購策略，可為企業帶來明顯之成長綜效，但在獲利層面涉及企業間完成整合並提升營運效率，因此綜效實現仍待觀察。本研究可提供高科技產業進行併購案時，作為發展策略、綜效評估與整合規劃時之參考。
The booming field of artificial intelligence（AI）has propelled the semiconductor industry to the forefront of technological innovation. Microprocessor enterprises are in a constant race to optimize their products' performance in order to meet the ever-growing demands of AI applications. Data centers, the backbone of AI applications, are particularly critical. These facilities established centralized servers to deliver sufficient computing power for AI operations, making the chips a highly competitive area for industrial players. AMD, one of the leading global IC design companies, has strategically diversified its portfolio across consumer electronics, gaming, data centers, and embedded applications. However, facing competitive pressure from Intel and NVIDIA, AMD has adopted a related diversification and acquisition approach, choosing the FPGA leader Xilinx as a acquisition partner. Through Xilinx's FPGA, adaptive SoCs, and robust software development tools, AMD aims to reinforce its data center-first strategy, enhance product portfolio and solutions, expand market size, and sustain competitive advantage. The study analyzes the transaction characteristics, management behavior, PEST, and internal strategic motivations of the AMD-Xilinx acquisition to assess the synergy. The study then employs the income approach and market approach for enterprise valuation and evaluates the choice of payment and financing capacity. Finally, it verifies the market reaction and general M&A hypotheses alignment through the event study method and concludes whether the synergy has been realized. This study found that while stock payment has certain advantages, but still results in short-term negative abnormal returns. In terms of resource integration, while it allows for the quick acquisition of high-tech talent and R&D resources, the complexity of technology make the acquiring company to adopt a highly autonomy management and operational approach, facilitating talent and cultural integration. The related diversification M&A strategy can bring significant growth synergies, though profitability depends on successful integration and operational efficiency improvements. 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WSTS semiconductor market forecast spring 2024. Retrieved June 10, 2024, from https://www.wsts.org/76/Recent-News-Release EnerTuition. (2020). AMD-Xilinx acquisition: AMD investor perspective. *Seeking Alpha*. Retrieved June 10, 2024, from https://seekingalpha.com/article/4384630-amd-xilinx-acquisition-amd-investor-perspective 資料庫 SDC Platinum Database 企業內部文件 Advanced Micro Devices, Inc. (2016-2023). Form 10-K [Annual Report]. U.S. Securities and Exchange Commission. Advanced Micro Devices, Inc. (2020, October 26). Form 8-K [Current Report]. U.S. Securities and Exchange Commission. Advanced Micro Devices, Inc. (2021, February 24). Form S-4 [Current Report]. U.S. Securities and Exchange Commission. Advanced Micro Devices, Inc. (2021, March 5). Prospectus filed pursuant to Rule 424(b)(3) Advanced Micro Devices, Inc. (2021, April 7). Form 8-K [Current Report]. U.S. Securities and Exchange Commission. Advanced Micro Devices, Inc. (2021, June 29). Form 8-K [Current Report]. U.S. Securities and Exchange Commission. Advanced Micro Devices, Inc. (2022, January 27). Form 8-K [Current Report]. U.S. Securities and Exchange Commission. Advanced Micro Devices, Inc. (2022, February 14). Form 8-K [Current Report]. U.S. Securities and Exchange Commission. Advanced Micro Devices, Inc. (2022, February 14). AMD Acquires Xilinx. Investor presentation Advanced Micro Devices, Inc. (2024). Form 10-Q [Quaterly Report]. U.S. Securities and Exchange Commission. Xilinx Inc. (2016-2021). Form 10-K [Annual Report]. U.S. Securities and Exchange Commission. 描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
111363088資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111363088 資料類型 thesis dc.contributor.advisor 吳啟銘 zh_TW dc.contributor.author (作者) 林華泓 zh_TW dc.contributor.author (作者) Lin, Hua-Hung en_US dc.creator (作者) 林華泓 zh_TW dc.creator (作者) Lin, Hua-Hung en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-八月-2024 12:15:09 (UTC+8) - dc.date.available 5-八月-2024 12:15:09 (UTC+8) - dc.date.issued (上傳時間) 5-八月-2024 12:15:09 (UTC+8) - dc.identifier (其他 識別碼) G0111363088 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152454 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 企業管理研究所(MBA學位學程) zh_TW dc.description (描述) 111363088 zh_TW dc.description.abstract (摘要) 半導體產業隨AI應用的突破性發展與熱潮，成為炙手可熱的關鍵產業，各家微處理器廠商紛紛針對AI需求迭代優化自家產品性能，並在各主要市場完成產業佈局。其中作為AI應用奠基設施的資料中心尤為關鍵，資料中心利用集中設置的伺服器提供足夠算力讓AI能順利運行，因此伺服器中的晶片，成為各家廠商兵家必爭之地。本研究主併方AMD即為全球IC設計的領導廠商之一，主要佈局消費、遊戲、資料中心及嵌入式應用市場，其中資料中心市場成長尤為迅速。但面對Intel和NVIDIA的競爭壓力下，AMD決定採取關聯性多角化合併方式，選擇FPGA龍頭廠商Xilinx作為併購合作對象，期望透過Xilinx的FPGA、自適應SoC及優秀的軟體開發工具，來宣示資料中心優先的戰略目標，完善產品組合及解決方案，藉以擴大市場規模，延續競爭優勢。 透過分析主併AMD與被併Xilinx之交易特性、管理層行為、外部環境、內部策略動機，評估合併綜效來源，並以收益法及市場法計算企業評價，統整支付工具選擇及公司當下融資能量，評估交易出價合理性，最後以事件研究法來驗證市場反應對本個案交易之各項特性，與一般併購假說之預期是否相符，並歸納綜效是否實現。 本研究發現，儘管個案中採股票支付方式較具優勢，但仍易使市場短期產生負向異常報酬；在資源整合上，雖能快速獲得高技術性人才與研發資源，但由於高科技產業技術複雜，主併選擇給予高自主性之管理營運方式，保留被併管理層協助領導原業務，並藉管理層之聯繫促進企業人才與文化融合。主併採用之關聯性多角化併購策略，可為企業帶來明顯之成長綜效，但在獲利層面涉及企業間完成整合並提升營運效率，因此綜效實現仍待觀察。本研究可提供高科技產業進行併購案時，作為發展策略、綜效評估與整合規劃時之參考。 zh_TW dc.description.abstract (摘要) The booming field of artificial intelligence（AI）has propelled the semiconductor industry to the forefront of technological innovation. Microprocessor enterprises are in a constant race to optimize their products' performance in order to meet the ever-growing demands of AI applications. Data centers, the backbone of AI applications, are particularly critical. These facilities established centralized servers to deliver sufficient computing power for AI operations, making the chips a highly competitive area for industrial players. AMD, one of the leading global IC design companies, has strategically diversified its portfolio across consumer electronics, gaming, data centers, and embedded applications. However, facing competitive pressure from Intel and NVIDIA, AMD has adopted a related diversification and acquisition approach, choosing the FPGA leader Xilinx as a acquisition partner. Through Xilinx's FPGA, adaptive SoCs, and robust software development tools, AMD aims to reinforce its data center-first strategy, enhance product portfolio and solutions, expand market size, and sustain competitive advantage. The study analyzes the transaction characteristics, management behavior, PEST, and internal strategic motivations of the AMD-Xilinx acquisition to assess the synergy. The study then employs the income approach and market approach for enterprise valuation and evaluates the choice of payment and financing capacity. Finally, it verifies the market reaction and general M&A hypotheses alignment through the event study method and concludes whether the synergy has been realized. This study found that while stock payment has certain advantages, but still results in short-term negative abnormal returns. In terms of resource integration, while it allows for the quick acquisition of high-tech talent and R&D resources, the complexity of technology make the acquiring company to adopt a highly autonomy management and operational approach, facilitating talent and cultural integration. The related diversification M&A strategy can bring significant growth synergies, though profitability depends on successful integration and operational efficiency improvements. This study provides a reference for strategy development, synergy evaluation, and integration planning in high-tech industry M&A. en_US dc.description.tableofcontents 謝辭 i 摘要 ii Abstract iii 目次 iv 表次 vi 圖次 viii 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究方法 3 第二章 文獻回顧 4 第一節 併購策略分析 4 第二節 併購動機分析 6 第三節 公司特性對併購交易之影響 8 第四節 交易特性與併購績效關聯性 9 第五節 評價方法 12 第三章 交易事前分析 14 第一節 交易簡介 14 第二節 AMD簡介 15 第三節 Xilinx簡介 19 第四節 併購動機 23 第五節 預期綜效 32 第四章 交易事中分析 35 第一節 交易特性 35 第二節 企業評價與交易價格合理性 40 第三節 支付工具 54 第五章 交易事後分析 58 第一節 市場反應 58 第二節 綜效管理 64 第六章 結論與建議 70 第一節 研究結果 70 第二節 研究建議與限制 76 參考文獻 77 zh_TW dc.format.extent 3228980 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111363088 en_US dc.subject (關鍵詞) 併購 zh_TW dc.subject (關鍵詞) 半導體 zh_TW dc.subject (關鍵詞) AI zh_TW dc.subject (關鍵詞) 資料中心 zh_TW dc.subject (關鍵詞) 關聯性多角化 zh_TW dc.subject (關鍵詞) 企業評價 zh_TW dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) M&A en_US dc.subject (關鍵詞) Semiconductor en_US dc.subject (關鍵詞) AI en_US dc.subject (關鍵詞) Data center en_US dc.subject (關鍵詞) Related diversification en_US dc.subject (關鍵詞) Valuation en_US dc.subject (關鍵詞) Event study method en_US dc.title (題名) 半導體產業併購策略分析：以AMD併購Xilinx為例 zh_TW dc.title (題名) M&A Strategy Analysis of Semiconductor Industry: AMD’s acquisition of Xilinx en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻 吳啟銘，(2010)，企業評價：個案實證分析。 黃雪雯，(2002)，累積異常報酬率計算方式對實證結果之影響，未出版之碩士論文，國立成功大學會計學研究所。 黃則霖，(2018)，異構運算之主要硬體加速技術之探討與伺服器硬體廠商的機會，未出版之碩士論文，國立臺灣科技大學高階科技研發碩士學位學程。 楊清溪，王茂昌，(2006)，「企業財務政策、經濟附加價值與現金附加價值之研究-以中國鋼鐵公司為例」，東吳經濟商學學報，54，頁27-64。 游明德，(2016)，企業併購策略與最佳實務(第三版)，財團法人資誠教育基金會。 游博仰，(2023)，資料中心GPU廠商發展策略分析：以輝達為例，未出版之碩士論文，國立臺灣大學商學研究所。 劉芷宜，(2021)，簡析Google的反壟斷行為－從美國司法部向Google提起反壟斷訴訟以及2000年Microsoft反壟斷一案看起，科技法律透析第33卷第7期。 翁鶯娟、張紹基(2017)，併購與策略聯盟在公司理財文獻之回顧與展望：亞洲市場之研究，臺大管理論叢第27卷第3期，頁163-214。 英文文獻 Aktas, N., de Bodt, E., & Roll, R. 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