被動元件產業以併購策略建立競爭優勢之研究-以國巨公司為例

Abstract

本研究以國巨公司併購飛利浦被動元件事業部的個案為研究對象，從Hills & Jones(2007)的策略規劃角度出發，評估該併購策略的效益，並探討被動元件產業併購案之成功關鍵因素。本研究的分析流程包括：外部競爭環境分析、內部管理環境分析、SWOT策略的選擇，及關鍵成功因素的定義。研究結果發現： 1. 外部的產業環境方面，被動元件產業為一進入障礙低的產業，廠商家數多，產品標準化程度高。當景氣循環發生，下游的應用產品需求與產業內的供給不對稱時，有殺價競爭的情況發生。長期間只有能夠調節存貨的大廠，以及站穩利基市場的小廠得以生存。 2. 內部的管理環境方面，國巨從過去經驗中，累積了技術開發的資源，也帶來了成本控制的優勢。在這次的併購案中，國巨追求飛利浦的技術開發能力與鋪貨通路，找尋其市場利基，以建立進入障礙。 3. 從Piercy & Giles(1989)的SWOT策略觀之，國巨併購飛利浦被動元件事業部，為一強化策略(WO策略)，亦即最小化自身弱勢，以掌握外在環境的機會。 4. 本併購案之關鍵成功因素有：(1)雙方併購目標明確；(2)主併者過去有國際併購之成功經驗；(3)主併者的整體策略方向正確；(4)併購案整合其供應鏈體系；(5)主併者擁有完整的生產管理能力。 根據本研究的發現，本研究建議被動元件產業中的管理者，應從策略規劃著手，找出適合自身的策略方向，並依照此策略來進行企業成長，以進而提升組織的整體營運效能。

Taking the case of Yageo’s Acquisition of Philips Passive Component Division as the research object, this study intends to evaluate the effectiveness of this acquisition strategy from Hills & Jones(2007)’s strategic planning perspective and explore the key success factors of the acquisitions in the passive component industry. Base on the existing literature, this study includes 4 analysis processes: external analysis, internal analysis, SWOT strategy, and the definition of key success factors. The main findings are as follows: 1. Regarding the external competitive environment, the barriers to entry in the passive component industry is low, and numbers of firms exist. The degree of product standardization is high. While the business cycle occurs, and the demand and supply cannot match, price war happens. Therefore, in the long-term, only big firms which can adjust the stock and small firms which have its own niche market would survive. 2. With respect to the internal managerial environment, Yageo accumulated resources of technology development from the past experiences, which also brought the advantages of cost control. In this acquisition cases, Yageo aimed for Philips ‘development skill and distribution channels to explore its market niche, in order to create the barriers to entry. 3. From Piercy & Giles(1989)’s SWOT strategic view, this acquisition is the strengthen strategy(WO strategy), which minimizes their weakness in order to grasp the opportunity of the external environment. 4. The key success factors of this acquisition cases are: (1) the both goals of parties in this acquisition case are clear; (2) Yageo has successful acquisition experiences in the past; (3) Yageo’s overall strategy is in the right direction; (4)this acquisitions builds its integrated supply chain system; (5)Yageo has complete production management skill According to the research finding, this study suggests that managers in the passive component industry, should develop their own strategic direction first, and expand their business on this path, in order to enhance their overall performance.