| 摘要: | 企業併購是一直不斷在各產業間發生，企業為了持續不斷的成長或者進入新的產業領域，透過併購一直以來都是最快速的方式之一。近幾年來各產業間併購的金額持續創下新高，筆者所在的半導體產業也不斷的進行併購的商業模式，併購金額也持續不斷地創下新高，台灣在這場併購風潮下也無法置身事外，聯發科持續併購相關IC設計公司就是最好的例子之一。
台灣半導體產業對台灣的經濟一直有很大的貢獻，尤其是最近這幾年半導體產業對台灣的出口更加顯得重要，台積電市值超過了Intel也佔台灣股市權重的重要地位。不過半導體產業因為技術的不斷更新，也造成資金需求與人才需求的急迫性。
F公司與B公司都是身處競爭激烈的半導體產業，兩家公司營業項目並沒有重疊性，也各自在其領域持續的成長與茁壯，有鑒於半導體產業需要更多的資金投入相關新產品開發與大者恆大的因素，兩家公司於2015年4月經由相關單位核可進行了合併的動作，因為F公司為公開發行公司，所以選擇F公司為主體進行合併續存公司。另外紅色供應鏈的崛起，也造成兩家公司經營上更加的艱難，如何運用兩家公司本身優勢，發揮一大於二的效應，來搶攻大陸市場，也是本研究積極探討的研究方向之一。
本研究針對兩家公司於合併前與合併後，來進行相關的綜合效益評估。本研究是採用鄭漢鐔博士所研發之「8十事業模式」，來進行企業併購績效之評估。本研究分成F公司的事業模式、B公司事業模式與合併後新公司的事業模式，三種事業模式來探討合併前後之績效表現。績效表現是使用「8十會計模式」與股價上的相關數據來評估該合併案的綜合效益。
本研究也透過相關的資料來模擬審視F公司未來五年的「8十會計模式」並透過「8十SWOT」分析外部與內部之優勢、劣勢、機會、威脅與對策後，最後筆者給予新公司相關後續營運的建議，期待F公司有良性的後續發展。;Mergers and acquisitions (M & A) are happening among every industry and have become one of the fastest ways for corporations to keep growing or to enter a new industry. In recent years, the amount of money spent on mergers and acquisitions has reached a record high, and semiconductor industry, in which the author works, is no exception. Therefore, Taiwan cannot keep out of the affair. Media Tek Inc., which continues to merge and acquire relevant IC design houses, is the best example.
Taiwan’s Semiconductor Industry has contributed largely to its economy, and has appeared to be more important to Taiwan’s export in recent years. TSMC, the market value of which has exceeded that of Intel, plays an important role in Taiwan’s stock market. However, due to the continuous innovation of semiconductor technology, the urgent need of funding and talents has risen to the surface.
Company F and Company B are both belong to the competitive Semiconductor Industry. Their business items are not overlapped with one another’s. They continue to grow stronger in their own business. Since the industry needs more funding for the development of new products and they think that “the bigger the stronger,” two companies merge together legally in April, 2015. Company F is a public offering company and thus chosen as the “ Surviving Corporation “. Furthermore, the rise of red supply chain has caused difficulties on business operation of both companies. How to reach more than double effects and to snatch Chinese market through their own advantages is also the target of this research.
The research evaluates the comprehensive benefits before and after the merger of two companies based on Doctor Cheng’s (鄭漢鐔博士) “8十Business Model”.
It is divided into three categories—business model of company F, that of company B and that of the new company after merger—to evaluate the performance before and after the merger. Performance is evaluated by “8十Business Model” and by related shares prices also.
The research also examines“8十Business Model” of company F in future 5 years through relevant data, and uses “ 8十SWOT” to analyze the internal and external strengths, weaknesses, opportunities , threats and policy. In the end, the author offers advices regarding further operation to the new company with expecting positive development of company F. |
