半導體產業之策略性合併綜效-以高通與恩智浦半導體合併案為例

Abstract

隨著智慧型手機市場成長趨緩，半導體公司也面臨成長上的壓力。為了維持獲利率以及擴展新市場，許多半導體公司開始考慮利用購併或策略聯盟的方式去彌補市場停滯的困境。在2015和2016年，半導體企業併購的交易值達到歷史新高。有別於過去幾次的合併潮，這次的併購金額變成更為巨大，而且在選擇併購對象方面也變成夠為大膽。在這些交易的背後，交易者不單單是為了提升規模經濟或著是取得新的科技領先。他們開始利用異界結合產生出新的競爭優勢。在本篇研究當中，我們對Qualcomm和NXP的併購案進行分析。他們利用互補的產品結合以及與下游的軟體公司進行策略聯盟已產生新的產業生態。這新的平台不單單是幫助他們的客戶產生新的產品價值，也幫Qualcomm墊高市場進入門檻和擴大他的市場範疇。長期而言，純半導體業者將慢慢地失去其競爭優勢，而異界競爭將會變得越來越強烈並且越來越難預測。

As the growth rate of smartphone market has gone flat, semiconductor companies seem losing their momentum. To defense their profit margin and explore a new growth driver, semiconductor companies started considering inorganic growth to compensate for the stagnation of industry. In 2015 and 2016, the value of mergers and acquisitions in agreement in the semiconductor industry reached a historical high. Compared to previous waves of M&A in the semiconductor industry, deals during this period are larger and bolder. The strategies behind these deals are more than reaching economy of scales and acquiring new technology. In this work, the study on Qualcomm to acquire NXP has been analyzed. By completing its product portfolio and establishing an alliance with cloud provider, a new ecosystem for IoT industry can be built up and Qualcomm’s customers could use this platform to easily differentiate their product and shorten their development cycle. For Qualcomm, the achievement could not only increase the entry barrier but also expand its business scope. In the long run, the pure semiconductor players will leave their competitive advantage and the competition between different industries will become fierce and unpredictable.