台灣科技集團之併購整合實踐： 佳世達「大艦隊策略」個案研究

Abstract

本研究旨在探討佳世達科技（Qisda Corporation）自2010年代以來所推動之策略性併購行動。在透過集團化整合模式實現「大艦隊策略」的同時，分析其對子公司發展、產業鏈整合與集團整體競爭力之實際成效。隨著數位轉型、AIoT、智慧製造等產業趨勢加速發展，佳世達不僅由單一電子製造商轉型為控股型企業，更積極佈局多元子公司，成為以智慧解決方案為核心之集團企業。

本論文採用個案研究法，選取六宗具代表性之併購案作為研究標的，分別為：友通資訊、其陽科技、矽瑪科技、明泰科技、羅昇企業與聚碩科技。透過次級資料蒐集、公開資訊分析與新聞報導交叉比對，歸納出佳世達在各個個案中的投資動機、併購方式、治理架構與整合綜效。研究發現，佳世達普遍採行策略性控股並保留原經營團隊的「低干預、高授權」治理模式，有效維持子公司營運彈性，並透過集團資源與平台機制促進子公司間之合作效益。

本研究指出，佳世達「大艦隊策略」下的集團結構已具備橫向資源整合與縱向價值鏈滲透能力，除了能提升個別子公司之營收與獲利表現，也更進一步擴大集團在智慧製造、資通訊整合、網安與綠能等領域之市場佔有率。最後，本研究亦對台灣科技產業在推動控股型企業治理、策略性併購與場域整合等方面具有明確啟示與相關建議。

This study investigates the strategic merger and acquisition (M&A) practices of Qisda Corporation over the past decade, focusing on the implementation and outcomes of its "Fleet Strategy"—a large-scale platform approach to group expansion. Against the backdrop of accelerating industrial trends such as digital transformation, AIoT, and smart manufacturing, Qisda has evolved from a traditional electronics manufacturer into a holding-based technology conglomerate. By systematically acquiring and integrating a network of mid-sized enterprises, Qisda has developed a comprehensive solution-oriented group structure.

Adopting a multiple case study methodology, this research examines six representative M&A cases: DFI Inc., AEWIN Technologies, Simula Technology, Alpha Networks, AIC Inc., and SYSTEX Corporation. Through secondary data analysis and triangulation with public disclosures and media reports, the study explores Qisda’s acquisition motives, governance mechanisms, integration strategies, and post-acquisition synergies. The findings reveal that Qisda typically employs a strategic control model characterized by majority shareholding and low managerial intervention, allowing subsidiaries to retain operational autonomy while leveraging shared group resources.

The study concludes that Qisda's "Fleet Strategy" has enabled cross-subsidiary collaboration and vertical integration across the ICT, industrial automation, cybersecurity, and green energy sectors. It has not only enhanced the operational performance of individual subsidiaries but also strengthened the group’s competitiveness and ecosystem presence in the Taiwanese technology industry. This research offers practical insights into strategic consolidation and holding governance for Taiwanese firms seeking sustainable expansion.