LED上游企業併購之財務評價探討─以晶元光電併購元砷為例

Abstract

本研究分別以自由現金流量折現法與市場比較法來估算2006年晶元光電併購元砷的合理價格，分析晶元電是否是以合理的價格取得元砷的經營權。評價結果顯示︰根據現金流量折現法的評價方式，所計算出之元砷合理價格為35.72元；另外，以市場比較法的評價方式，所計算出元砷合理股價為27.38元，若將兩者結果加以平均，得出之平均合理股價為31.55元。 對照晶元電實際在併購元砷時所付出的價格為每股34.4元，與本研究所計算之價格約有9.03%的溢價空間，整體而言晶元光電所付之價格尚稱合理。 由於晶元電居於國內LED磊晶產業的龍頭，財務實力、產能規模、研發技術、生產良率皆居業界領先地位，因此具有比較高的議價空間；反觀元砷則因為先前併購聯銓，造成良率下滑，獲利衰退，及人員流失，公司仍屬於調整階段，相對居於弱勢，不過，元砷的併購價格較市價溢價達9.03%。顯然晶元電併購元砷並非只著眼於未來元砷的獲利能力，尚有許多管理面及策略面的考量。 本文試從效率理論中所指的三大綜效，營運綜效、市場綜效及財務綜效的三個面向，來分析其合併後未來可能綜效。我們認為這國內前二大廠商的合併，屬於夢幻級的兩強相結合，除確立晶元電全球前四大廠的地位，其擴大產能規模有助於未來新晶電的競爭力，這也是晶元電願意以較高溢價去併購元砷的原因。

This research was focused on the calculation of reasonable merger prices for one Taiwanese LED company Epitech, which was merged by another company Epistar which was also in the same LED industry. This study used two different financial calculation methods, Free Cash Flow Discount (FCF) method and Market Multiple Method, to evaluate the reasonable merger prices. The results of calculation showed that the reasonable merger prices were NT 35.72 by the FCF method and NT 27.38 by the Market Multiple method, respectively. The average price from these two methods was NT 31.55. Comparison with the real merger price, NT 34.40, there was a littlt premium by 9.03%. The Epistar company , the largest LED Epi-wafer company in Taiwan, has strong financial condition, good R&D ability, high production yield and advance technology, but the Epistar still provided the higher price with about 9% premium to merge the relatively weaker company Epitech.We explained the reasons why Epistar paid the higher price to merge the Epitech by three different dimensions of synergy. In conclusion, we think the merger price is reasonable, and the Epistar can get some benefits from this M&A, and we believe this M&A is helpful for Epistar to create more competitive and prospective future.