半導體產業之併購策略分析——以環球晶為例

Abstract

本文以併購流程為核心，從學術文獻、實務資料與教科書等面向來拆解併購交易中不同階段的關鍵活動，並歸納出在併購流程中能夠提升併購成功機率之架構。同時，我們利用全球第三大矽晶圓廠商環球晶作為個案來深入探討。 環球晶能在高失敗率且高風險的跨國併購案中多次得勝，主要是因為在歷來併購案各項流程中，皆有清楚地規劃與掌控，本研究也認為環球晶在併購前策略規劃、併購中執行與溝通、併購後整合各有以下的關鍵成功因素。 1. 併購前: (1)併購目的明確，且併購目的與企業發展策略一致 (2)公司並沒有實證研究上連續併購及 CEO 過度自信之情形 (3)標的選擇多為相關產業且互補性強的公司 (4)長時間觀察與接觸標的，對被併公司之資訊有足夠的掌握，或曾經合作過，得以取得對方第一手資訊 2. 併購中: (1)對產業及公司有深入觀察，擅於挑選併購時機，因此能避免過高溢價 (2)併購案公開後有長期機構投資人監測案子之合理性 3. 併購後: (1)交易完成前便建立整合團隊，並在交易完成後立即進行整合活動 (2)進行企業文化與人力資源等整合的過程中有充分溝通

This research focuses on M&A process, using academic literatures, practitioners' experiences, and textbooks as a tool to analyze key activities during each phases of M&A process, and we finally summarize a structure that can increase the odds of M&A success. Also, we adopt GlobalWafers Co., Ltd. (hereinafter referred to as GlobalWafers), the well-known silicon wafer material suppliers, as case study. The main successful factor for GlobalWafers to complete several cross-border M&A deals is it always clearly planned and well controlled over each stages of M&A process. We find that GlobalWafers’ successful deal performance is affected by key determinants during pre-deal preparation phase, in-deal acquisition phase, and post-deal consolidation phase, including following factors. 1. pre-deal phase (1) the company has clear M&A motives, which is in line with the corporate strategy (2) deals are not serial acquisitions led by overconfident CEOs (3) targets are related and highly complementary (4) the company has an informational advantage for targets result in better decision making and better target selection 2. in-deal phase (1) the company is good at choosing takeover time to prevent overpayment by its long- term focusing on conditions of competitors and industry (2) deals are monitoring by long-term institutional investors 3. post-deal phase (1) the company builds the integration team at early stage and has rapid and strong post-acquisition integration (2) the company effectively communicates with targets concerning cultural and human resources integration