併購後綜效分析研究—以半導體電子零組件通路商增你強為例

Abstract

面對企業全球化的潮流，電子科技產業鏈發展也愈加快速，而通路業之間的競爭也隨著產業的發展而更加激烈。半導體電子零組件通路商必須不停的提升競爭力，並積極的尋找自己在整個產業中的定位，為了能夠持續成長，提高自己在產業中的獨特性，並尋找能夠相互提升的合作夥伴更是重要。 併購作為企業提升成長動能的重要手段，在近幾年競爭激烈的全球市場之下，企業執行併購的趨勢愈發蓬勃發展。然而併購並不保證能達到一加一大於二的效果，併購案執行的過程以及兩家企業的營運狀況與財務表現都是影響併購案成功與否的關鍵因素。 本文透過分析台灣半導體電子零組件通路商產業整體的營運模式及目前發展現況，找出在經營上所面臨的挑戰與威脅提出因應的相關策略；另外根據財務指標分析以及深入訪談來探討個案公司增你強於2005年對CD國際併購案的併購績效，檢視合併後個案公司在市場上的競爭能力，進一步提出對半導體電子零組件通路商在併購策略之建議。

With the globalization of world economies, the development pace of electronic industry has accelerated, and as a result the competition between IC distributors has intensified. IC distributors need to improve its competitiveness on a continual basis. In order to remain competitive within the industry, and at the same time driving further growth, IC distributor need to differentiate itself among competitors and look for partners that can provide a mutual benefit for itself and its partner. Since mergers and acquisition (M&A) is a way to improve an enterprise’s growth, we are witnessing an increasing amount of M&A deals in recent years for companies to maintain growth under an increasing competitive global market atmosphere. However, not all M&A deals are successful in realizing the dividend of corporate synergy; key factors such as the execution of the M&A deals, the operation and financial conditions of the two merging parties can have a big impact on the success of the M&A deal. Through analyzing the business models and current development status of Taiwan IC component distributors, this paper identifies the challenges and risks confronted by Taiwan IC component distributors and provides strategies to deal with those challenges and risks. Moreover, by analyzing the financial indicators and in-depth interviews, we explore the mergers between Zenitron and CD company in 2005. In particular, the paper will review and examine the competitiveness of the company after the merger and put forward a suggestion on the M&A strategy for the IC component distributor.