IC設計產業之全球策略性合併擴張及綜效分析－以聯發科技為例

Abstract

隨著2015年全世界併購交易價值創下歷史新高，相較於前波2007高點更是上升了17個百分點。但2015年對半導體產業來說，以營收成長率來說卻都是下修的，也印證全球經濟成長趤緩的事實。相關晶片製造大廠因為三星及蘋果等大廠的壓力下，獲利空間萎縮，正掀起一波整併風潮。從上半年的荷蘭恩智浦半導體收購飛思卡爾（freescale），英特爾收購ALTERA、新加坡安華高（AVAGO）收購美國對手博通（BROADCOM）、到最後壓軸上場IT史上最大的併購案戴爾合併EMC等。都可以輕易觀察出來2015是風起雲湧、群雄競購的一年。 透過個案研究，在這波併購浪潮中，台灣Fabless IC大廠聯發科技當然也沒有缺席。先後在2015年中透過聯發科及轉投資的子公司等，一連投資收購了曜鵬、常憶、奕力、立錡，深耕技術並佈局未來的明星產業。本文中會針對聯發科技歷年來的併購案例做策略意義的討論，並藉由探討聯發科併購晨星之策略決定及綜效分析，來說明聯發科技如何調兵遣將，整併相關的手機及電視晶片部門。成功全面主導全球電視晶片市場，提高在市場上的議價能力等。 從發展長期目標看，透過營收處於低位，正是聯發科技制訂策略通過併購領先競爭者的最佳時機。而歷年以來的併購案中探討，如何能和未來的明星產業物聯網做聯結、並與重要推手的作業系統廠商如Google及通路商如北美亞馬遜、中國阿里巴巴等做策略性的合作，並延伸既有在智慧手持裝置產業鏈中的優勢，搶佔物聯網發展的關鍵地位，也將會是未來需要關注的一大重點。

As the mergers and acquisition values hit a record high in 2015, which is 17% percent higher than the previous peak in 2007. However worldwide semiconductor revenue decreased 1.9 percent in 2014 revenue and entered a phase of slow growth. Facing the fierce competition and shrinking profit, semiconductor companies have found it must evolve and go for horizontal integration to increase the economy of scales and strength technology innovation. In 2015, the key highlight would be Dell's buying EMC for $67 billion in October 2015 the biggest tech deal ever. Followed by Avago Technologies absorbed Broadcom and Western Digital bought SanDisk. Definitely the semiconductor industry is entering the consolidation era. In this study, we analyzed the Taiwanese fabless IC design industry and took Mediatek as a case to discuss their global strategy through horizontal integration. Followed the global wave, MediaTek has also acquired Alpha Imaging Technology, Chingis Technology, Ilitek and Richtek Technology through its subsidiaries in a strategic way. The most representative example in Mediatek M&A history would be the acquisition of MStar in 2012 enabled MediaTek to strengthen their competitiveness in smartphone and TV market, enhance technology level and increase business scale to compete in this global competition. In the long run, an interesting finding Mediatek chose to invest more during recessions and seek the momentum for the next wave technology. With all the ingredients ready, how to leverage the existing mobile strength, get global partnership with eco-system provider Google and strategically work with biggest retailer like Amazon in US and Alibaba in China would be the key milestones in the near future.