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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/117464

    Title: 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
    Authors: 賴品中
    Contributors: 許牧彥
    Hsu, Mu-Yen
    Keywords: 動態競爭
    察覺 - 動機 - 能力觀點
    Dynamic competition
    Market commonality
    Resource similarity
    AMC theory
    Top management team
    Hostile takeover
    OSAT industry
    Date: 2018
    Issue Date: 2018-06-01 18:12:26 (UTC+8)
    Abstract: 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。


    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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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104364116
    Data Type: thesis
    Appears in Collections:[科技管理與智慧財產研究所] 學位論文

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