論「地緣政治」對半導體產業跨國併購的影響：以環球晶圓與世創併購案為例

Abstract

1945年世界第二次世界大戰結束，自此全球貿易開放指數（Trade Openness Index）開始急遽上升，由開始的10%一路快速上升到61%，並在2010年達到頂峰。2010年後，因開始失去繼續全球化的動能，全球貿易開放指數開始衰退。2010年中國成為世界上最大的商品輸出國；2013年中國的進出口貿易總額政是超越美國，成為全球最大商品貿易國；同時，美國對中國的逆差也不斷在拉大。2017年，中美貿易戰正式揭開序幕。如果說之前的反全球化是週期性因素，那從貿易戰起，就是將反全球化作為口號與策略端上檯面。而這樣的情勢，也使地緣政治的議題重要性節節攀升。在首當其衝的跨國併購中，地緣政治因素更是成為凌駕於經濟層面的首要考量。 本研究旨在探討地緣政治對於跨國併購案之影響。有鑑於半導體業在臺灣的重要指標性地位，因此本研究將以半導體產業做為研究領域，探討地緣政治對於半導體產業內跨國併購的影響。透過以今（2022）年剛宣告失敗的環球晶圓與世創之併購案作為主軸，佐以近年全球重點半導體併購案，以個案研究之方式解析跨國併購可能之影響因素，並對以上因素提出可能之解方。希冀透過此研究之結果，可以提供未來半導體產業內企業進行跨國併購時，作為一項參考依據。

After World War II ended in 1945, the Trade Openness Index began to increase significantly, from 10% all the way to the peak of 61% in 2010. After 2010, the Trade Openness Index began to decline due to the loss of momentum to continue globalization. In 2010, China became the world's largest exporter of goods. In 2013, China's total import and export trade even surpassed that of the United States, becoming the world's largest merchandise trading nation. Meanwhile, as the trading gap between the U.S. and China continued to widen, the U.S.-China trade war officially began in 2017. If the previous anti-globalization was a cyclical factor, then from the trade war onwards, anti-globalization was introduced as a slogan and strategy to the world. This situation also increased the importance of the geopolitical issue. Cross-border mergers and acquisitions （M&As） have become one of the most sensitive matters under these circumstances, geopolitical factors have become the primary considerations that override the economy. The purpose of this research is to examine the impact of geopolitics on cross-border M&As. Considering the unwaveringly iconic status of the semiconductor industry in Taiwan, the case studies in this research will be mainly focusing on the semiconductor industry. By reviewing some of the recent critical deals in the semiconductor industry in general and focusing on the failed M&A of Siltronic by GlobalWafer in particular, we analyze the critical geopolitical factors that would influence the completion of cross-border M&As from case studies, and propose possible solutions to these challenges. It is hoped that the findings from this study will provide implications for companies in the semiconductor industry when conducting cross-border M&As in the future.