學術產出-學位論文
文章檢視/開啟
書目匯出
-
題名 半導體產業硬體公司併購軟體公司之動機與策略意涵 - 以Broadcom併購VMware為例
Motivations and Strategic Implications of Hardware Companies in the Semiconductor Industry Acquiring Software Firms: A Case Study of Broadcom’s Acquisition of VMware作者 王建鈞 貢獻者 張元晨
王建鈞關鍵詞 半導體產業
企業併購
Broadcom
VMware
軟體轉型
商業模式
Semiconductor Industry
Mergers and Acquisitions
Broadcom
VMware
Software Transformation
Business Model日期 2025 上傳時間 4-八月-2025 13:28:30 (UTC+8) 摘要 近年來，隨著雲端運算與虛擬化技術的快速發展，半導體產業正面臨硬體成 長動能趨緩與商業模式轉型的挑戰。為因應此趨勢，越來越多硬體導向的半導 體公司開始透過併購軟體公司，拓展其產品價值鏈與提高營收穩定性。本研究 以 Broadcom 於 2022 年宣布併購虛擬化與雲端服務領導廠商 VMware 為研究案 例，探討半導體硬體企業併購軟體公司的主要動機與策略意涵。 透過次級資料分析與個案研究方法，本文歸納出 Broadcom 進行此項併購的 三大動機與策略意涵:一、透過軟體業務提高經常性收入與獲利能力;二、強 化企業客戶黏著度與交叉銷售機會;三、轉型為系統級整合供應商，掌握更大 市場主導權。研究亦指出，硬體公司併購軟體企業雖具成長潛力，惟在組織文 化整合與長期創新能量維持上仍面臨挑戰。
In recent years, the semiconductor industry has faced slowing hardware growth and increasing pressure to transform traditional business models. As cloud computing and virtualization technologies gain prominence, hardware-focused semiconductor companies are turning to software acquisitions to expand their value chains and enhance revenue stability. This study investigates the strategic motivations behind such mergers and acquisitions, using Broadcom’s 2022 announcement to acquire virtualization and cloud leader VMware as a case study. Through secondary data analysis and case study methodology, this research identifies three key drivers behind Broadcom’s acquisition: (1) increasing recurring revenue and profitability through software; (2) enhancing customer stickiness and cross-selling opportunities; and (3) evolving into a full-stack solution provider with greater market control. While the acquisition strategy presents strong growth potential, the study also highlights challenges in organizational integration and sustaining innovation in the long term.參考文獻 英文文獻 1. Creswell, J. W. (1998). Qualitative inquiry and research design: Choosing among five traditions :Sage Publications, Inc, 47-165 2. Robert K. Yin. (2014). Case Study Research Design and Methods: Sage Publications, Inc, 29-32&115-125 3. Bruner, R.F. (2004) .Applied Mergers and Acquisitions : Wiley, 547-564 4. George Stigler (1983). The Organization of Industry : University of Chicago Press , 80-110&270-300 5. Porter(1987). From Competitive Advantage to Corporate Strategy : Harvard Business Review, From the Magazine (May 1987) 6.Agrawal and Jaffe(2000). The Post-Merger Performance Puzzle : The Wharton School,University of Pennsylvania (Jan 2000 ) 7.Teece(1997). Dynamic capabilities and strategic management : Strategic Management Journal, Vol. 18, No. 7. 509-533 8. Buono, A.F. and Bowditch, J.L.(1989) .The Human Side of Mergers and Acquisitions: Managing Collisions between People and Organizations.: Beard Books, 24-59 9. Kotter, J.P. (1996).Change: How Organizations Achieve Hard-To-Imagine Results in Uncertain and Volatile Times : Wiley, 125-142 10. Sirower (1997).The Synergy Trap: How Companies Lose the Acquisition Game.: Free Press, 18-44 11. Hambrick, D. C., & Cannella, A. A. (1993). Relative standing: A framework for understanding departures of acquired executives. : Academy of Management Journal, 36(4), 733–762 中文文獻 1. 黃偉峰，(2002)，併購實務的第一本書:商周出版 2. 王志誠，(2020)，企業併購法實戰守則:新學林出版 3. 伍忠賢，(2009)，企業併購理論與實務-跨世紀全球投資觀點:新路出版 4. 張芹芸，(2022)，論地緣政治對半導體產業跨國併購的影響:以環球晶圓 與世創併購案為例，國立臺灣大學管理學院國際企業學系碩士論文 5. 蔡鈴鈴，(2016)，企業併購效益評估之個案研究-以聯發科集團之企業併 購策略為例，國立中正大學會計資訊與法律數位學習碩士論文 6. 王志成，(2012)，企業併購之個案研究-以半導體產業W公司併購D公司 為例，國立臺灣大學管理學院碩士在職專班國際企業管理組碩士論文 英文新聞資訊 1.Total M&A market dropped to $3.2 trillion in 2023, leaving a backlog of deals that will shape the 2024 M&A agenda,2024/01/30, https://www.bain.com/about/media- center/press-releases/2024/total-ma-market-dropped-to-$3.2-trillion-in-2023-leaving- a-backlog-of-deals-that-will-shape-the-2024-ma-agenda/ 2.Top M&A trends in 2024: Blueprint for success in the next wave of deals,2024/02/20,https://www.mckinsey.com/capabilities/m-and-a/our-insights/top-m- and-a-trends-in-2024-blueprint-for-success-in-the-next-wave-of-deals 3.Broadcom-VMware $69bn merger to close after China approves deal,2023/11/20 https://www.ft.com/content/59737953-de4c-4513-aece-567a0031f38e 4.Analyzing the 2023 Technology, Media, and Telecom (TMT) M&A Deals: Top Themes by Sector and Region, and Predictions for Future Acquisitions,2024/05/03 https://finance.yahoo.com/news/analyzing-2023-technology-media-telecom- 113200006.html 5. Nvidia Quietly Prepares to Abandon $40 Billion Arm Bid,2022/01/25 https://www.bloomberg.com/news/articles/2022-01-25/nvidia-is-said-to-quietly- prepare-to-abandon-takeover-of-arm 6.Broadcom Inc (AVGO) Q4 2024 Earnings Call Highlights: Record Revenue and AI Growth Propel ,2024/12/13 https://finance.yahoo.com/news/broadcom-inc-avgo-q4-2024-070127323.html 7.Advanced industries: New technologies and supply chain shifts are driving key portfolio and investment decisions,2025/02/19 https://www.mckinsey.com/capabilities/m-and-a/our-insights/advanced-industries- new-technologies-and-supply-chain-shifts-are-driving-key-portfolio-and-investment- decisions 中文新聞資訊 1. FINDIT,【M&A 動向觀測】2023 上半年科技巨頭收購些什麼?生成式 AI 軍備競賽的收購先行者有誰?，2023/07/18 https://findit.org.tw/researchPageV2.aspx?pageId=2261 2. PWC, 《2023 全球併購市場暨產業趨勢分析報告》,2023/02/17 https://www.pwc.tw/zh/news/press-release/press-20230217.html 3. The News Lens 關鍵評論網,2022 年全球高科技產業併購高度集中軟體業，未來海量數據發展 AI 成為趨勢,2023/04/13 https://www.thenewslens.com/article/183954 4. TrendForce,2024 年全球前十大 IC 設計業者營收合計年增 49%，NVIDIA 囊括半數占比,2025/03/17 https://www.trendforce.com.tw/presscenter/news/20250317-12517.html 5. 工商時報,半導體景氣浮現正向循環訊號,2024/03/14 https://www.tier.org.tw/comment/pec1010.aspx?GUID=2e755ac5-85d4-4b3a-acf3- e13c9a29f8dd 6. KPMG,《2024 全球半導體產業大調查》,2025/04/26 https://kpmg.com/tw/zh/home/media/press-releases/2024/04/kpmg-released-2024-global-semiconductor-industry-outlook.html 7. 鉅亨,博通買 VMware 引英國監管機構調查,2022/11/21 89 https://news.cnyes.com/news/id/5015711 8. Digitimes,監管趨嚴，博通與 VMware 併購案延後 90 天,2023/02/18 https://www.digitimes.com.tw/tech/dt/n/shwnws.asp?id=0000657258_Q1G3SO6C4CIGKQ9HAXA7B 9. 數位時代,晶片業的併購狂 Broadcom 買下 VMWare,2022/05/26 https://www.bnext.com.tw/topic/view/645 10. iThome,博通收購 VMware 不滿一個月!VMware 宣布全面終止永久授權的銷 售改為訂閱制,2023/12/20 https://www.ithome.com.tw/news/160441 網站資訊 1.Bain & company https://www.bain.com 2. McKinsey & company https://www.mckinsey.com 3. Bloomberg https://www.bloomberg.com/asia 4.全國法規資料庫 https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=J0080041 5.Deloitte 企業白皮書 https://www2.deloitte.com/us/en/insights.html?icid=top_https:%2F%2Fwww2.deloitt e.com%2Fus%2Fen%2Finsights.html 6. Financial Times https://www.ft.com 7.The Economist https://www.economist.com/topics/finance-and-economics 8. TrendForce https://www.trendforce.com 9. IC Insight https://www.semi.org/zh/semi-news/topic/ic-insights 10.資策會 https://www.iii.org.tw/zh-TW 11.KPMG https://kpmg.com/tw/zh/home.html 12.產業價值鏈資訊平台 https://ic.tpex.org.tw 13. Yahoo Finance https://finance.yahoo.com 14.Broadcom 官網 https://www.broadcom.com 15.VMware 官網 https://www.vmware.com 16. The Official Board https://www.theofficialboard.com 17. 美國證券交易委員會 https://www.sec.gov 18. Taiwan Economic Journal Co., Ltd https://schplus.tej.com.tw 描述 碩士
國立政治大學
國際金融碩士學位學程
112ZB1027資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112ZB1027 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.author (作者) 王建鈞 zh_TW dc.creator (作者) 王建鈞 zh_TW dc.date (日期) 2025 en_US dc.date.accessioned 4-八月-2025 13:28:30 (UTC+8) - dc.date.available 4-八月-2025 13:28:30 (UTC+8) - dc.date.issued (上傳時間) 4-八月-2025 13:28:30 (UTC+8) - dc.identifier (其他 識別碼) G0112ZB1027 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158378 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際金融碩士學位學程 zh_TW dc.description (描述) 112ZB1027 zh_TW dc.description.abstract (摘要) 近年來，隨著雲端運算與虛擬化技術的快速發展，半導體產業正面臨硬體成 長動能趨緩與商業模式轉型的挑戰。為因應此趨勢，越來越多硬體導向的半導 體公司開始透過併購軟體公司，拓展其產品價值鏈與提高營收穩定性。本研究 以 Broadcom 於 2022 年宣布併購虛擬化與雲端服務領導廠商 VMware 為研究案 例，探討半導體硬體企業併購軟體公司的主要動機與策略意涵。 透過次級資料分析與個案研究方法，本文歸納出 Broadcom 進行此項併購的 三大動機與策略意涵:一、透過軟體業務提高經常性收入與獲利能力;二、強 化企業客戶黏著度與交叉銷售機會;三、轉型為系統級整合供應商，掌握更大 市場主導權。研究亦指出，硬體公司併購軟體企業雖具成長潛力，惟在組織文 化整合與長期創新能量維持上仍面臨挑戰。 zh_TW dc.description.abstract (摘要) In recent years, the semiconductor industry has faced slowing hardware growth and increasing pressure to transform traditional business models. As cloud computing and virtualization technologies gain prominence, hardware-focused semiconductor companies are turning to software acquisitions to expand their value chains and enhance revenue stability. This study investigates the strategic motivations behind such mergers and acquisitions, using Broadcom’s 2022 announcement to acquire virtualization and cloud leader VMware as a case study. Through secondary data analysis and case study methodology, this research identifies three key drivers behind Broadcom’s acquisition: (1) increasing recurring revenue and profitability through software; (2) enhancing customer stickiness and cross-selling opportunities; and (3) evolving into a full-stack solution provider with greater market control. While the acquisition strategy presents strong growth potential, the study also highlights challenges in organizational integration and sustaining innovation in the long term. en_US dc.description.tableofcontents 第一章 緒論 6 第一節 研究背景與動機 6 第二節 研究目的 9 第三節 研究方法 12 第四節 研究流程與架構 13 第二章 文獻回顧 16 第一節 併購的定義 16 第二節 併購的類型 19 第三節 企業併購策略運用 21 第四節 企業併購整合 24 第三章 半導體產業現況和併購趨勢 27 第一節 半導體產業分析 27 第二節 半導體產業之併購分析 34 第四章 個案:BROADCOM 併購 VMWARE 44 第一節 併購背景 44 第二節 併購動機與目的 58 第三節 併購過程 61 第四節 併購結果分析 62 第五章 BROADCOM併購策略之效益評估 64 第一節 VMWARE 營運概況 64 第二節 BROADCOM 營運概況 67 第三節 BROADCOM 併購後的成長分析 71 第六章 結論與建議 81 第一節 併購個案分析總結 81 第二節 未來我國半導體產業併購案之建議 82 參考文獻 87 zh_TW dc.format.extent 3470023 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112ZB1027 en_US dc.subject (關鍵詞) 半導體產業 zh_TW dc.subject (關鍵詞) 企業併購 zh_TW dc.subject (關鍵詞) Broadcom zh_TW dc.subject (關鍵詞) VMware zh_TW dc.subject (關鍵詞) 軟體轉型 zh_TW dc.subject (關鍵詞) 商業模式 zh_TW dc.subject (關鍵詞) Semiconductor Industry en_US dc.subject (關鍵詞) Mergers and Acquisitions en_US dc.subject (關鍵詞) Broadcom en_US dc.subject (關鍵詞) VMware en_US dc.subject (關鍵詞) Software Transformation en_US dc.subject (關鍵詞) Business Model en_US dc.title (題名) 半導體產業硬體公司併購軟體公司之動機與策略意涵 - 以Broadcom併購VMware為例 zh_TW dc.title (題名) Motivations and Strategic Implications of Hardware Companies in the Semiconductor Industry Acquiring Software Firms: A Case Study of Broadcom’s Acquisition of VMware en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 英文文獻 1. Creswell, J. W. (1998). Qualitative inquiry and research design: Choosing among five traditions :Sage Publications, Inc, 47-165 2. Robert K. Yin. (2014). Case Study Research Design and Methods: Sage Publications, Inc, 29-32&115-125 3. Bruner, R.F. (2004) .Applied Mergers and Acquisitions : Wiley, 547-564 4. George Stigler (1983). The Organization of Industry : University of Chicago Press , 80-110&270-300 5. Porter(1987). From Competitive Advantage to Corporate Strategy : Harvard Business Review, From the Magazine (May 1987) 6.Agrawal and Jaffe(2000). The Post-Merger Performance Puzzle : The Wharton School,University of Pennsylvania (Jan 2000 ) 7.Teece(1997). Dynamic capabilities and strategic management : Strategic Management Journal, Vol. 18, No. 7. 509-533 8. Buono, A.F. and Bowditch, J.L.(1989) .The Human Side of Mergers and Acquisitions: Managing Collisions between People and Organizations.: Beard Books, 24-59 9. Kotter, J.P. (1996).Change: How Organizations Achieve Hard-To-Imagine Results in Uncertain and Volatile Times : Wiley, 125-142 10. Sirower (1997).The Synergy Trap: How Companies Lose the Acquisition Game.: Free Press, 18-44 11. Hambrick, D. C., & Cannella, A. A. (1993). Relative standing: A framework for understanding departures of acquired executives. : Academy of Management Journal, 36(4), 733–762 中文文獻 1. 黃偉峰，(2002)，併購實務的第一本書:商周出版 2. 王志誠，(2020)，企業併購法實戰守則:新學林出版 3. 伍忠賢，(2009)，企業併購理論與實務-跨世紀全球投資觀點:新路出版 4. 張芹芸，(2022)，論地緣政治對半導體產業跨國併購的影響:以環球晶圓 與世創併購案為例，國立臺灣大學管理學院國際企業學系碩士論文 5. 蔡鈴鈴，(2016)，企業併購效益評估之個案研究-以聯發科集團之企業併 購策略為例，國立中正大學會計資訊與法律數位學習碩士論文 6. 王志成，(2012)，企業併購之個案研究-以半導體產業W公司併購D公司 為例，國立臺灣大學管理學院碩士在職專班國際企業管理組碩士論文 英文新聞資訊 1.Total M&A market dropped to $3.2 trillion in 2023, leaving a backlog of deals that will shape the 2024 M&A agenda,2024/01/30, https://www.bain.com/about/media- center/press-releases/2024/total-ma-market-dropped-to-$3.2-trillion-in-2023-leaving- a-backlog-of-deals-that-will-shape-the-2024-ma-agenda/ 2.Top M&A trends in 2024: Blueprint for success in the next wave of deals,2024/02/20,https://www.mckinsey.com/capabilities/m-and-a/our-insights/top-m- and-a-trends-in-2024-blueprint-for-success-in-the-next-wave-of-deals 3.Broadcom-VMware $69bn merger to close after China approves deal,2023/11/20 https://www.ft.com/content/59737953-de4c-4513-aece-567a0031f38e 4.Analyzing the 2023 Technology, Media, and Telecom (TMT) M&A Deals: Top Themes by Sector and Region, and Predictions for Future Acquisitions,2024/05/03 https://finance.yahoo.com/news/analyzing-2023-technology-media-telecom- 113200006.html 5. Nvidia Quietly Prepares to Abandon $40 Billion Arm Bid,2022/01/25 https://www.bloomberg.com/news/articles/2022-01-25/nvidia-is-said-to-quietly- prepare-to-abandon-takeover-of-arm 6.Broadcom Inc (AVGO) Q4 2024 Earnings Call Highlights: Record Revenue and AI Growth Propel ,2024/12/13 https://finance.yahoo.com/news/broadcom-inc-avgo-q4-2024-070127323.html 7.Advanced industries: New technologies and supply chain shifts are driving key portfolio and investment decisions,2025/02/19 https://www.mckinsey.com/capabilities/m-and-a/our-insights/advanced-industries- new-technologies-and-supply-chain-shifts-are-driving-key-portfolio-and-investment- decisions 中文新聞資訊 1. FINDIT,【M&A 動向觀測】2023 上半年科技巨頭收購些什麼?生成式 AI 軍備競賽的收購先行者有誰?，2023/07/18 https://findit.org.tw/researchPageV2.aspx?pageId=2261 2. PWC, 《2023 全球併購市場暨產業趨勢分析報告》,2023/02/17 https://www.pwc.tw/zh/news/press-release/press-20230217.html 3. The News Lens 關鍵評論網,2022 年全球高科技產業併購高度集中軟體業，未來海量數據發展 AI 成為趨勢,2023/04/13 https://www.thenewslens.com/article/183954 4. TrendForce,2024 年全球前十大 IC 設計業者營收合計年增 49%，NVIDIA 囊括半數占比,2025/03/17 https://www.trendforce.com.tw/presscenter/news/20250317-12517.html 5. 工商時報,半導體景氣浮現正向循環訊號,2024/03/14 https://www.tier.org.tw/comment/pec1010.aspx?GUID=2e755ac5-85d4-4b3a-acf3- e13c9a29f8dd 6. KPMG,《2024 全球半導體產業大調查》,2025/04/26 https://kpmg.com/tw/zh/home/media/press-releases/2024/04/kpmg-released-2024-global-semiconductor-industry-outlook.html 7. 鉅亨,博通買 VMware 引英國監管機構調查,2022/11/21 89 https://news.cnyes.com/news/id/5015711 8. Digitimes,監管趨嚴，博通與 VMware 併購案延後 90 天,2023/02/18 https://www.digitimes.com.tw/tech/dt/n/shwnws.asp?id=0000657258_Q1G3SO6C4CIGKQ9HAXA7B 9. 數位時代,晶片業的併購狂 Broadcom 買下 VMWare,2022/05/26 https://www.bnext.com.tw/topic/view/645 10. iThome,博通收購 VMware 不滿一個月!VMware 宣布全面終止永久授權的銷 售改為訂閱制,2023/12/20 https://www.ithome.com.tw/news/160441 網站資訊 1.Bain & company https://www.bain.com 2. McKinsey & company https://www.mckinsey.com 3. Bloomberg https://www.bloomberg.com/asia 4.全國法規資料庫 https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=J0080041 5.Deloitte 企業白皮書 https://www2.deloitte.com/us/en/insights.html?icid=top_https:%2F%2Fwww2.deloitt e.com%2Fus%2Fen%2Finsights.html 6. Financial Times https://www.ft.com 7.The Economist https://www.economist.com/topics/finance-and-economics 8. TrendForce https://www.trendforce.com 9. IC Insight https://www.semi.org/zh/semi-news/topic/ic-insights 10.資策會 https://www.iii.org.tw/zh-TW 11.KPMG https://kpmg.com/tw/zh/home.html 12.產業價值鏈資訊平台 https://ic.tpex.org.tw 13. Yahoo Finance https://finance.yahoo.com 14.Broadcom 官網 https://www.broadcom.com 15.VMware 官網 https://www.vmware.com 16. The Official Board https://www.theofficialboard.com 17. 美國證券交易委員會 https://www.sec.gov 18. Taiwan Economic Journal Co., Ltd https://schplus.tej.com.tw zh_TW
