台灣面板產業併購策略與綜效分析 –以友達與奇美為例

Abstract

本論文主要是利用波特的五力分析架構與價值網，研究TFT-LCD產業的產業生態，探討我國TFT-LCD產業的生態，以了解產業的競爭態勢及各種競爭力量的強度。同時，以個案分析的方式，經由暸解我國主要兩大領導TFT-LCD廠商，其公司的發展現況、發展歷程、經營績效及獲利能力，並藉此歸納出TFT-LCD產業之共同關鍵成功因素與產業特性。透過動態競爭理論分析國主要兩大領導TFT-LCD廠商併購之動機與使用企業評價模式理論模擬分析TFT-LCD廠商藉由併購增強競爭力，所產生的綜效與合理的換股比率及依奇異資融的併購導航模型嘗試提出合併過程可能遭遇的困難與風險的建議解決方法。 本研究可獲致以下幾點結論：﹝一﹞TFT-LCD產業的競爭強度，最主要來自同業間的競爭激烈、對供應商與客戶的議價能力低和潛在競爭者威脅所致，並主宰整個產業的競爭態勢。其次才是替代品的威脅，目前並不顯著。﹝二﹞TFT-LCD產業產業特性有三，包括資本密集度高、技術門檻高和產品供需具有週期性 其關鍵成功因素為產品良率、品質與尺寸和產業結構的完整性。﹝三﹞大者恆大之經濟規模與掌握關鍵零組件不僅可提昇競爭力，更是增加利潤的重要因素。模擬分析我國主要兩大領導TFT-LCD廠商如何透過合併產生的綜效，抵抗外在環境之變化。

The following thesis used Porter's theory of Five Forces Analysis and value system to study the TFT-LCD industry and to discuss the ecology of the TFT-LCD industry in Taiwan. In combination, we understand the competitive of the industry and the intensity of competitive forces. At the same time, through the case analysis of Taiwan’s two major TFT-LCD manufacturers - company's development, development process, operating performance and profitability, and to sum up the TFT-LCD industry – we conclude the key success factors and industrial properties. Through theoretical analysis of dynamic competition, we found out the motivation behind mergers and acquisition among these two major players and we use simulation analysis to understand the competitiveness through mergers and acquisitions. By using corporate mergers and acquisitions evaluation model theory, we simulate how TFT-LCD manufacturers can enhance their competitiveness through mergers and acquisitions, what is the synergies and reasoning behind stock exchange ratio. In accordance with the acquisition of GE Pathfinder model, we also proposed solutions for possibility difficulties and risks we may encounter during MA process.

This study may be addressed to the following conclusions: (1) In TFT-LCD industry, the intense competition mainly comes out of peers: regarding to negotiation skills between suppliers and customers, threat from potential competitors, and how to dominate the entire industry from the competitive situation. Second, the threat of substitutes is currently not significant. (2) TFT-LCD industry, there are three industrial properties, including the high degree of capital-intensity, high entry barrier on technology and the supply of product cycles. The success factors are concluded to be yield rate, quality, size and the industry integration... (3) Big to get bigger economy size and control of key components supplies would likely to enhance competitiveness, also an important factor to increase profits. Simulation of the two leaders of Taiwan's major TFT-LCD makers produces synergies through merger and resistance to changes in the external environment.