以購併為企業成長策略-以友達光電為例

Abstract

近年來由於平面顯示器的輕、薄、體積小等特性，再加上技術演進與發展，產品產生了替代性革命演變(如LCD TV & Monitor 取代了過去笨重的CRT螢幕)及新增的應用需求(如智慧型手機、穿戴式裝置、公共訊息顯示器)等，帶動了各國面板製造商的投入及其相關上下游產業的蓬勃發展；各國面板業者為持續規模優勢、下一世代的研發技術投入，相繼進行購併、合資、策略聯盟等方式以維持其產業競爭力。 本研究將透過蒐集之資料了解TFT-LCD 產業競爭態勢；並藉由個案公司相關購併案例，進行案例分析與探討，了解購併為公司在成長策略及多角化發展下所應考慮的因素為何。 本研究認為友達光電過去不只是透過內部成長模式，同時擅長於透過外部成長模式中的企業併購方式，於適當時機併購競爭對手，規模迅速成長位居全球前三大面板廠，提供其未來成長發展的有利條件；在多角化事業發展下也選擇透過購併及合資方式，期能快速達到規模及居於領先地位。可以看出購併在公司成長階段不管是在本業間的結合效益或在多角化成長思維下，均扮演著快速建立規模經濟、多角化發展下掌握關鍵技術與進入市場的重要關鍵角色。 最後將對個案公司所面對的產業競爭提出建議，未來除了要持續面對來自既有的日本、韓國的廠商競爭外；同時在大陸各地方政府積極的擴充產能下，供需失衡的隱憂一直加劇；在此狀況下，友達光電如何利用過去購併的經驗來維持成長，並在未來的市場上維持其產業競爭力。

Due to the evolution and development of the flat display technology, the demand continued to grow in the replacement needs and new application requirements. Attracting many panel makers and their related upstream and downstream manufacturers into this industry. In order to maintain scale advantages and R&D investment of next generation, panel makers try to keep their industrial competitiveness through mergers and acquisitions、joint ventures and strategic alliances. This study will understand the competitive of TFT-LCD industry and by analyzing the related M&A cases of AUO, we may know what should be considered when companies take M&A as growth strategy and development of diversified business. AUO grew the company not only by means of organic growth but also by means of inorganic growth and that can quickly reach the scale and leadership position. M&A strategy provides its favorable conditions for the future growth. In new business also proceed the same approach to seek the success. We can see that M&A plays an important role in establishing economies of scale and the growth of new business. In this study, we will make recommendations on the competition of this industry. In the future, AUO will continue to face the competition not only from the existing players but also the aggressive expansion of capacity in China. In this situation, It’s important that how AUO use the experience of M&A to maintain growth, and its industrial competitiveness.