企業併購成功條件之研究：以硬碟產業中的Western Digital 與 Seagate為例

Abstract

一個企業在競爭市場如何存活是企業每天都在尋找的答案，對內從企業本身的實力著手，增加自我的技術能力或降低生產成本等；對外則實施低價競爭策略或與其他廠商策略聯盟等。當然一些企業為了快速成長而加大經濟規模優勢，通常會採用併購的手段來擴張規模。但併購這項策略並不一定是成功必勝之道，產業中併購失敗的例子比比皆是。本研究將著手收集產業併購資訊，分析歷年來的併購範例，當企業進行併購時，將如何面對產業前後衝擊，並保有長期獲利能力，分析並尋找其所必備的成功條件。 本研究將以硬碟產業作為主要研究案例，其中以市佔率前兩大的Western Digital及Seagate作個案分析，從歷年來的硬碟產業併購，逐漸演變成現有的寡占市場，Western Digital及Seagate兩家如何透過併購及利用其市場策略來增進自身的競爭實力，藉由收集這兩家的市場資訊及現象，並與經濟學理論模型及文獻研討，其是否有相符之處，來佐證產業整併若要成功時，其所需的必要條件。最後再提出產業建議，當面對市場變化時，企業要如何運用有效策略，以追求長期獲利及永續經營的目的。

Enterprises are continuously searching for the answer to one topic: How to survive in the competitive market? Internally, they can leverage self-strength to increase technology capability or decrease production cost. Externally,, it is common to take low pricing strategy or cooperate with others. In order to grow faster and expand economics of scale, some enterprises tend to merge those who are strategically valuable. However, merging is not always the right way to success. Failures of merging strategy are all around in every industry. Therefore, this paper collects and analyzes different merging examples. We’ll try to find out the necessary factors of a successful merger, including how to deal with the impact after merging as well as retain long-term capability of profiting.

This paper takes HDD industry as the research target. Western Digital and Seagate will be the two cases for analyzing. From a highly-merging environment to the recent oligopoly market, how Western Digital and Seagate enhance themselves by merging and improve their market strategy? To answer this question, we’ll collect their market information and then analyze based on economics theoretical model. We expect to figure out the necessary factors of industry merging. Finally, we hope enterprises can refer to our research findings for decision making when the market is changing.