|dc.description.abstract||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%.||en_US|