台灣企業跨國併購之個案研究：以環球晶併購SunEdison Semiconductor為例

Abstract

2016年12月，環球晶圓股份有限公司（下稱「環球晶圓」）透過百分之百持有之子公司GWafers Singapore Pte Ltd.以現金6.83億美元收購了美國企業SunEdison Semiconductor全部流通在外普通股（包括SunEdison Semiconductor現有淨債務），完成了台灣併購史上少有以小博大的跨國併購成功案例。 本研究採個案研究法，利用過去研究作為分析此次併購案的工具，深入探討環球晶圓收購SunEdison Semiconductor的收購前準備、收購過程、與收購後的整併，嚴謹的整理出與過去研究相吻合的四個關鍵成功因素：（1）長期關注對手與產業狀況、（2）管理團隊豐富的併購經驗、（3）高度互補性的水平併購、以及（4）併購後快速且強硬的整合，最後觀察環球晶圓在收購案後的財務報表得知其收購績效相當良好。 冀求台灣企業日後遇到動盪之國際環境與激烈競爭、必須走向世界跨國發展時，能套用此四個成功關鍵因素作為跨國併購的成功模式，提早做好跨國併購之準備。

In December 2016, Global Wafer Corporation ('Global Wafer'), through its 100% owned subsidiary GWafers Singapore Pte Ltd. acquired all of the outstanding common shares (including SunEdison Semiconductor's existing net debt) of U.S. enterprise SunEdison Semiconductor for US$683 million in cash, completing one of the few successful cross-border M A cases in the history of Taiwan M A. This study adopts a case study approach and uses past research as a tool to analyze this M A case, and thoroughly investigates the pre-acquisition preparation, acquisition process, and post-acquisition consolidation by Global Wafer, and rigorously compiles four key success factors that coincide with past research: (1) long-term focus on conditions of competitors and industry, (2) management team's rich M A experience, (3) highly complementary horizontal M A, and (4) rapid and strong post-acquisition integration. It is hoped that Taiwanese companies will apply these four key success factors as a successful model for cross-border M A in the future and prepare for cross-border M A in advance when they encounter a turbulent international environment and fierce competition.