企業併購之關鍵成功因素;Key Successful Factors of Mergers and Acquisition －The Case of Semiconductor Industry

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题名:	企業併購之關鍵成功因素;Key Successful Factors of Mergers and Acquisition －The Case of Semiconductor Industry
作者:	陳相如;Chen, Hsiang-Ju
贡献者:	企業管理學系在職專班
关键词:	企業併購;半導體產業;企業合意程度;決策實驗室分析法;Mergers and Acquisitions of enterprises;Semiconductor industry;Corporate willingness;Decision Making Trial and Evaluation Laboratory analysis
日期:	2019-01-21
上传时间:	2019-04-02 14:26:16 (UTC+8)
出版者:	國立中央大學
摘要:	在全球化與市場的驅動下，企業的併購是自然而然且不可逆的趨勢，在近幾年特別是半導體IC領域的大型併購案無疑是受到全球科技產業與投資人注目的焦點。併購案的成功與否、是否帶來預期綜效的結果抑或是衰退的開始，這中間的角力過程與併購雙方的決策方向都考驗著高階經理人的智慧與手段。企業併購案最終的成功要素包含了併購前的多方市場分析調查與併購後兩兆雙方的各方系統整合，使以完整呈現全新的面貌。本研究以半導體業CPU龍頭廠商Intel併購FPGA領導廠商Altera的水平併購案為例，說明兩家企業何以成功的達成協議完成併購的行為；透過併購案考量到的四大構面因素¬-環境構面、市場構面、組織構面、財務構面作為研究的依據。調查方式採取專家級問卷的填答，包含四大構面與第二層多項準則的探討，對象一共是10位在各領域擔任高階經理人與部門主管的職務。本研究以決策實驗室分析法找出各個因素構面的關聯性，篩選評估出影響企業併購案的關鍵成功因素。本研究結果歸顯示出企業雙方在併購前的合意程度是最基本的要素，透過其它構面準則的交互影響，方能結論出主併方與被併方在併購過程中最密切需要了解的方向與準則，希望透過此研究的結果能夠讓不管是有經驗或沒有經驗的企業經理人做為未來企業併購的依據規章。 ;According to the market driven and globalization, mergers and acquisitions of enterprises are a natural and inevitable trend. Mergers and acquisitions are undoubtedly focused by global technology industry and investors especially in the field of large scale of IC semiconductor recent years. Whether the success of the merge, the result of expected synergy or the beginning of recession, the process of negotiation and the direction of decision making are relied on chief management’s wisdom and their strategy. The ultimate success factor of the enterprise merger and acquisition includes the market analysis before merging and system integration of two companies after merging, so the new appearance comes out. The study takes parallel merge case by Intel, the leading CPU Company and Altera, the strong FPGA Company as an example, to investigate how these two companies succeeded in reaching an agreement to complete the merger and acquisition. By considering four critical structures through the merger and acquisition – environmental, market, organizational and financial structure as research criteria; the methodology was completed by an expert-level questionnaire, which included four major facets and a second level of multiple criteria. Targeting was total of 10 high level management and heads of department in various fields. This study uses Decision Making Trial and Evaluation Laboratory analysis to find out the relevance of each factor′s facet, screening out the key success factors that affect corporate mergers and acquisitions. The result of study shows that the wiliness between two companies is the most basic factor. Through the interaction of other facet criteria, we can conclude that the right direction and criteria must be followed. With the guidelines, hope that the result of the research will enable chief officer for future corporate mergers and acquisitions no matter experienced or inexperienced.
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