電子製造服務產業之策略性併購: 立訊精密案例研究

Abstract

電子製造服務產業專注於提供電子零件製造與服務。其商業模式以大規模營業收入、低利潤率為主。因為其特殊的產業特性，使得電子製造服務公司需持續透過併購的方式擴大其生產線與營收規模，以創造出規模經濟的效益，提升其競爭優勢。早期電子製造服務產業以歐美地區為主，爾後因低人工成本優勢，其產業重心逐漸轉移至亞洲地區。近幾年隨著中美貿易戰之政經情勢變化，電子製造服務公司實施併購的目的開始有了變化，不再單純以提升營收規模為主，還加入了許多其他考量因素。 本篇研究是以中國電子製造服務公司立訊精密併購臺灣電子製造服務公司緯創昆山廠為主要研究案例，透過資料蒐集及訪談分析發現，立訊精密並非該併購案的源頭，立訊精密與緯創的共同客戶蘋果公司才是主導者，其目的主要為分散生產基地風險。由於電子製造服務產業的客戶擁有較高的決策權，此趨勢將持續改變電子製造服務產業發展，而受影響的電子製造服務公司因應此趨勢，也開始進行企業轉型。

The electronic manufacturing services (EMS) industry focuses on product manufacturing and supporting services. The business model of the EMS industry is to generate a large sales volume with a low-profit margin. Thus, EMS companies seek low production costs, large economies of scale, and competitive advantage in order to grow and survive in such a competitive industry. In the early days, EMS companies are popular in the European and North American region, and then the developing focus of the EMS industry moves to the Asian-Pacific region due to the low cost of the workforce. At this very time of intensified U.S.-China trade war nowadays, the purpose for M A activity among EMS companies changes day by day, and business scale-up is not the primary purpose but also other consideration. The case study is based on the Luxshare ICT taking over Wistron (Kunshan). Through literature review and case interview, we find that Luxshare ICT is not the one to lead the M A, but their common customer Apple Inc. The purpose of the M A is to mitigate the production risk by diversifying the production base. Due to the EMS’s customer holding the bargaining power over the manufacturer, the trend keeps shaping the development of the EMS industry. Meanwhile, the affected EMS companies begin to conduct enterprise transformation to respond to an inexorable trend.