企業併購與市場競爭力提升： 欣興電子合併旭德科技之個案研究

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Title:	企業併購與市場競爭力提升：欣興電子合併旭德科技之個案研究
Authors:	習煥忠;Chung, His Huan
Contributors:	高階主管企管碩士班
Keywords:	策略性併購;印刷電路板;封裝載板;光通訊模組;強弱危機分析;用停達禦模型;強弱危機策略矩陣;Strategic Acquisition;PCB;IC Substrate;Optical Communication Module (OCM);SWOT Analysis;USED Model;TOWS Matrix
Date:	2025-04-30
Issue Date:	2025-10-17 12:06:40 (UTC+8)
Publisher:	國立中央大學
Abstract:	在高科技製造業持續升級與產業趨勢快速變動之下，印刷電路板（Printed Circuit Board, PCB）與積體電路載板（IC Substrate）產業正面臨應用市場轉型、高階製程技術演進與供應鏈重組等多重挑戰。尤其在人工智慧（AI）、高速運算（HPC）、5G、光通訊模組（Optical Communication Module, OCM）等新興應用崛起後，對高頻高速傳輸、異質整合與散熱設計等製程能力的需求日益迫切，推動企業必須加速資源整合與策略調整。本研究以欣興電子股份有限公司併購旭德科技股份有限公司為個案，探討企業如何透過策略性併購強化其技術平台與市場佈局，進而提升在OCM等高階應用市場之競爭優勢。研究採取質性個案研究法，透過產業資料蒐集、公司公開資訊分析、策略工具運用（包括五力分析、SWOT分析、USED模型與TOWS策略矩陣），系統性解析欣興電子在內外部環境下之併購動機、技術補強需求與整合綜效。研究結果顯示，欣興電子雖具備ABF、BT載板與HDI等先進製程與量產優勢，但在高速模組應用所需之LCP/MPI高頻材料加工、內埋元件與散熱結構設計等能力尚存落差。旭德科技則於上述利基製程與模組應用領域深耕多年，具備技術自主性與應用驗證實績。雙方於製程節點、應用市場與客戶平台上具有高度互補性。本研究進一步提出欣興電子應運用自身強項、停止內部限制、把握外部機會並抵禦產業威脅，透過策略性併購進行「平台延伸」與「模組轉型」佈局，以深化在AI伺服器、資料中心、光通訊模組等市場之競爭地位。研究亦對高階PCB與IC載板產業的發展趨勢、企業管理者之併購決策與策略整合提出實務建議。;Amid the ongoing transformation of high-tech manufacturing industries, the printed circuit board (PCB) and integrated circuit (IC) substrate sectors are facing increasing challenges related to advanced process technologies, market realignment, and supply chain restructuring. With the rise of emerging applications such as artificial intelligence (AI), high-performance computing (HPC), 5G communications, and optical communication modules (OCMs), the demand for high-frequency signal transmission, heterogeneous integration, and thermal management has accelerated, prompting firms to pursue strategic repositioning and resource consolidation. This study investigates the case of Unimicron Technology Corp.’s strategic acquisition of Subtron Technology Co., Ltd., aiming to explore how the acquiring firm leveraged the merger to enhance its technology portfolio and competitiveness in the OCM and high-end application markets. Adopting a qualitative case study methodology, the research integrates secondary data analysis and applies multiple strategic tools—including Porter’s Five Forces, SWOT analysis, the USED model, and the TOWS matrix—to systematically assess the motivations, synergies, and strategic logic behind the merger. The findings indicate that while Unimicron possesses a strong advantage in ABF/BT substrates and high-density interconnect (HDI) production, it lacks the specialized capabilities required in high-frequency material processing, embedded components, and thermal design for next-generation optical modules. Subtron, by contrast, has accumulated expertise in these areas and has a solid track record of supplying OCM and packaging modules to AI server and data center applications. The two companies demonstrate strong complementarities in process technologies, application markets, and customer portfolios. Based on the USED and TOWS frameworks, this study proposes strategic approaches for Unimicron to leverage its internal strengths, overcome existing weaknesses, capitalize on external opportunities, and defend against environmental threats. Through this strategic acquisition, Unimicron is expected to accelerate its transformation into a system-level solution provider and expand its footprint in high-value application segments such as co-packaged optics (CPO), AI acceleration, and high-speed interconnects. The study concludes with managerial implications for strategic M&A planning and integration within the advanced PCB and substrate industry
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