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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/71959

    Title: 以8十事業模式架構分析日月光收購矽品之綜合效益;Using 8-Cross Business Model to Analyze the Synergy of ASE’s Tender offer
    Authors: 鄭廷竹;Cheng,Ting-Chu
    Contributors: 會計研究所
    Keywords: 8十事業模式;半導體封測產業;敵意併購;8-Cross Business model;IC packaging and testing;hostile take-over
    Date: 2016-06-23
    Issue Date: 2016-10-13 14:09:06 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 全球最大半導體封測廠日月光在2015年8月21日時宣布將公開收購矽品公司,收購價格以每股普通股新台幣45元作為對價收購,收購數量約當於矽品公司已發行普通股股份總數之25%,成功收購後日月光公司即成為矽品公司最大股東。但矽品公司對此公開收購一案,事前完全毫不知情,故日月光公司公開收購一案:被認為是台灣近十多年來,最大宗之敵意併購案件。而在日月光併購矽品後,所產生之綜效及對事業模式的改變,勢必將會影響日月光未來的獲利模式。
    ;ASE, the largest semiconductor IC packaging and testing plant, announced a tender offer of SPIL, acquired approximately 25% of outstanding shares of SPIL by NT$45 per share as the tender offer consideration, and ASE will be the greatest shareholder of SPIL. However, this tender offer is considered as the largest hostile takeover in the wake of the SPIL’s unconsciousness of the tender offer. Under the arising of the red chain and the global merging trend blew up throughout the semiconductor industry make the “big ones get bigger” situation increases obviously. The changing on the business model and the synergy generated after the combination of SPIL must be a great impact on the profit model of ASE in the near future.
    In this study, we use the 8-cross business model to analyze the business operating models and the profit models of ASE and SPIL before combination. Then using the national business model and the industrial development model in 8-cross business model to analyze the external opportunity and the threat which semiconductor and IC packaging and testing industry faced with. Finally, we will analyze ASE which changes some parts of the business models after merging SPIL. Using the impact from changing business models and the external environment on ASE to estimate future profit model.
    After combining SPIL, there are some difference following for ASE’s business model: becoming the decision-maker of the price by huge market share, facing with the problems about out flowing of professional and technology owing to the combination, the order-diverted effect caused by the International Procurement Acts, the advanced technology of packaging and testing to promote the abilities of R&D of the Internal of things strategy by merging, the problems of staying and loyalty of SPIL’s employees, and using standardized production to achieve the cost reduction by integrating production lines, plants, labors, and resources. We used the positive and negative changes from above difference and the impacts of external environment related to the semiconductor and IC packaging and testing industry to estimate ASE’s future profit model: the operating profit margin is 13.04%, the turnover of capital is 141.54%, the return on invested capital is 18.46%, and the compound growth rate from 2011 to 2016 is 12.42%.
    Appears in Collections:[會計研究所 ] 博碩士論文

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