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

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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。本研究先運用8十事業模式分析日月光及矽品在其合併之前的營運模式及獲利模式，再運用8十事業法則中國家營運模式及產業發產模式來分析半導體封測產業所處之外部環境的機會與威脅。最後在分析併購矽品後改變部分營運模式的日月光，利用改變營運模式及外部環境的影響來推估日月光未來的獲利模式。另外在2016年5月26日日月光及矽品合意籌組產業控股公司之部分補充在6-3及6-4章節，探討在合意籌組產業控股公司後，改變之營運模式及獲利模式為何。在日月光購併矽品之後，對於其營運模式有以下之改變：藉由龐大的市占率來成為價格的決定者、須面臨因為合併而造成人才技術出走的問題、因國際採購法則造成顧客有轉單效應發生、藉由合併來提升其研發能力布局物聯網所需之高階封測技術、矽品員工及經營團隊忠誠度及續留問題、藉由整合資源及整併生產線、廠房及人力之情況下，以標準化之生產方式來降低生產成本。而藉由上述對營運模式之正、負向改變及相關半導體封測產業之外部環境影響推估出未來日月光的獲利模式：營業利益率為13.04%、投入資本週轉率為141.54%、投入資本報酬率為18.46%，及2011-2016的複合營收成長率為12.42%。另外在在合意籌組產業控股公司推估之獲利模式：為營業利益率為15.83%、投入資本週轉率為138.93%、投入資本報酬率為21.99%，及2011-2016的複合營收成長率為15.42%。 ;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%.
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