台灣半導體產業如何透過併購策略，佈局全球

Abstract

科技的快速演進，造成市場的激烈競爭以及產業結構的調整，並促成市場趨於全球化；併購巳成為企業體經濟活動的常態，也是企業達成成長及獲利的重要策略工具之一。然而歷來相關研究文獻都指出併購失敗機率高達50%至75%之間，而跨國併購的難度更高。 本研究從兩方面展開；首先係就半導體產業總體面，分析整體產業的供應鏈、發展趨勢及台灣半導體的國際競爭力，並運用五力分析看全球半導體晶圓材料產業市場競爭形勢。其次，以個案G公司為實例，分析其公司背景、商業模式、邁向全球佈局的所面臨挑戰，透過檢視整個併購的過程來分析和探討歷次併購案成功的因果和其效益分析。 本研究發現G公司完成數起國際併購的關鍵，在於能夠結合思考策略雄心與成長策略，併購前審慎評估，精算現金流量，堅守財務紀律，並配合嚴謹的執行與快速的後續整合，透過制度，釋放被收購公司的潛能與能量，產生綜效，同時治理單位與執行團隊須有高度的策略溝通與整合，並要能夠建立當責制度，充分授權管理階層執行相關的併購策略。 最後，本研究建議，企業無論在進行國內併購或跨國併購前，都應先明白自身所需、確立目標、評估內外在環境、審慎考量本身的經營及財務能力、選擇能夠掌握的產業，並訂定可行方案，確實執行，千萬別單單僅因偶發機會或經由他人介紹即衝動進行併購，如此才能避免併購失敗。跨國併購更應注意文化差異的問題，適當的進行溝通、協調及文化交流，透過制度管理，才能達成預期綜效。同時建議主管機關對於國內公司進行跨國併購予以適當鼓勵與協助，給予銀行機構更多外匯放行授權與作業彈性，以增加國內企業在國際上的競爭力。

Responding to the fast changes of technology, fierce market competition has forced many enterprises to explore growth opportunities across the world. Under the wave of globalization, mergers and acquisitions turn to be one of the most important strategies for enterprises to achieve their growth ambitions. However, 50–75 percent of historical mergers have failed, many companies have faced obstacle to successful integration, particularly for global mergers. From the in-depth understanding of macro economic development of semiconductor industry, the connection of entire supply chain, Taiwan semiconductors’ competitiveness amongest worldwide players and Porter five forces analysis for silicon material suppliers, this research aims to provide enterprises the key decision factors influencing “Company G”’s successful pursuit of business globalization and expansion. Based on the findings, recommendations pertaining to pre-planning, post-intergration including cultural compatibility were put forth in order to contribute to the decision-making of enterprises and to accelerate the realization of merger synergies. Suggestions concerning tax treaty and control over foreign currency exchange are also highlighted for government’s reference to assist Taiwan’s enenterprises enhancing competitiveness and moving towards global stage.