半導體製造業公司併購研究－以S公司合併外商U公司為例

Abstract

本研究以S公司併購U公司及其子公司T之案例作為探討主軸，分析併購動機、整合策略與整併後對營運績效及組織文化之影響。S公司透過此項策略性併購，成功強化其在記憶體與邏輯測試領域的技術佈局，並藉由導入自動化設備與流程再設計，大幅提升生產效率與營收成長潛力。 研究發現，S公司在併購後針對事業群進行BCG矩陣分類，調整資源配置，聚焦於高成長、高佔有率之明星事業群（如MSLP平台），同時降低對成熟但成長性有限之事業單位（如Memory）的資源投入。透過此一策略性再定位，不僅加速了企業的轉型腳步，也強化了對外競爭力。 在組織管理面，S公司採取文化重塑策略，重新定義企業價值觀，導入「SGUT」文化(Superiority、Genuineness、Ultimate、Teamwork)，有效凝聚併購後雙方人員之向心力。並透過內部溝通強化認同、推動成本控管與管理機制再設計，達成整體營運效益之最大化。 本研究不僅提供半導體產業併購整合之實證分析，亦對企業在面對併購後之整合挑戰提供具體參考，強調策略選擇、文化整合與營運效率提升為成功關鍵。

This study centers on the case of Company S’s acquisition of Company U and its subsidiary T, aiming to analyze the motivations behind the merger, post-merger integration strategies, and the resulting impacts on operational performance and organizational culture. Through this strategic acquisition, Company S effectively strengthened its technological footprint in both memory and logic testing segments. Moreover, the introduction of automation systems and process reengineering significantly enhanced production efficiency and revenue growth potential. The findings reveal that following the acquisition, Company S adopted the BCG matrix framework to reassess its business portfolio and reallocate resources. By prioritizing high-growth and high-market-share business units—such as the MSLP platform—as “Stars,” while reducing investment in more mature but low-growth segments—such as the Memory business—Company S achieved a more focused strategic direction. This portfolio realignment not only accelerated the company's transformation but also reinforced its competitive positioning in the industry. From an organizational management perspective, Company S implemented a cultural restructuring initiative by redefining its core values under the “SGUT” framework, which stands for Superiority, Genuineness, Ultimate, and Teamwork. This cultural integration approach effectively fostered cohesion between the merging entities, while continuous internal communication helped strengthen employee identification with the company. Furthermore, cost control measures and a redesign of managerial mechanisms were executed to optimize operational effectiveness. Overall, this research offers an empirical analysis of post-merger integration within the semiconductor industry, providing practical insights into the challenges and success factors of corporate acquisitions. It underscores that strategic focus, cultural integration, and operational enhancement are critical determinants of merger success.