被動元件產業併購策略及財務策略之探討 - 國巨公司之個案研究

Abstract

面對全球經濟環境驟變，企業為永續生存，除依靠內部成長方式外，也會採用併購、策略聯盟等外部成長方式來快速取得成長動能，並達到成長之目標。近三十年來，愈來愈多企業以併購策略做為其主要之成長與競爭策略，尤其對產業變動迅速的高科技產業而言，藉著併購活動得以快速取得市場通路、擴大營運規模、降低生產成本、進行產業垂直或水平整合、達成營運綜效、加速全球化佈局，提升國際競爭力。被動元件產業亦然，在產業競爭環境加劇，關鍵技術研發能力與美日大廠仍有一段距離，為了追求快速成長，國巨公司多年來透過併購策略，加上靈活的財務策略協同運作，讓公司營收規模與市場份額大幅成長，從台灣區域型的被動元件業者，躍升為全球前三大的被動元件領導廠商。 本研究以縱向面與橫向面之研究方式，來分析探討國巨公司成長歷程中之併購歷程、併購策略、及財務策略，瞭解其在成長期與創新轉型期之併購動機、策略邏輯、併購目的、併購效益及協作的財務策略，歸納彙整出國巨公司在兩個不同成長時期，因應當時所處的產業環境，並衡諸自身具備的資源能力，所採取相應之併購策略與財務策略，及檢視財務策略如何與併購策略結合，讓企業資源能力發揮最大綜效，達成企業持續成長的目標，其成功的經驗，值得尋求轉型及追求成長的台灣企業，做為參考的借鏡。

In the face of rapid changes in the global economic environment, enterprises not only rely on internal growth methods but also adopt external growth methods, such as M&A and strategic alliances, to survive and achieve fast growth goals. In the past three decades, more and more companies have adopted M&A strategy as their main growth and competition strategy. Especially for high-tech industries with rapid industry changes, M&A activities have enabled them to quickly enter into target market, expand product line, integrate vertical or horizontal of the industry, achieve operational synergies and enhance international competitiveness. In the passive component industry, Yageo Corporation has also adopted M&A strategy and financial strategy in their two growth periods to pursue rapid growth as well as enlarging market share. Eventually, Yageo has become the world's top three passive component leaders from local passive component manufacturer. This study uses vertical and horizontal research methods to analyze the M&A strategy and financial strategy and summarize the research result of Yageo in two different growth periods. Hopefully Yageo’s successful experience will be a useful reference for other Taiwanese enterprises who are seeking transformation and pursuing growth.