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    政大典藏 > College of Commerce > MBA Program > Theses >  Item 140.119/131354


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/131354


    Title: 企業併購案例分析：Renesas併購IDT
    MERGER AND ACQUISITION CASE STUDY: RENASAS’S ACQUISITION OF IDT
    Authors: 吳詠文
    Wu, Yung-Wen
    Contributors: 湛可南
    Chan, Konan
    吳詠文
    Wu, Yung-Wen
    Keywords: 車用半導體產業
    混合併購
    瑞薩電子
    併購個案與實務
    Automotive semiconductor industry
    Conglomerate merger
    Renesas Electronics
    IDT
    Mergers and acquisitions cases and practices
    Date: 2020
    Issue Date: 2020-08-03 18:43:26 (UTC+8)
    Abstract: 隨著科技與網路發展，聯網逐漸在各個面向實現，改變了人類的生活型態。原先引領著科技業潮流的重要廠商，如半導體業者，也開始朝向此領域投資，取得數據與服務的關鍵技術，與自身硬體優勢結合，進軍工業、醫療、家用、車用等不同場域的市場。以汽車業為例，先進駕駛輔助系統、自動駕駛、車聯網是未來趨勢，這之中的技術與配件是車用廠商們近幾年發展的方向。
    本研究的主角為在此潮流下做出併購決策的瑞薩電子（Renesas），其收購同業Integrated Device Technology（IDT），幫助完成其在車用、工業等市場的布局，拓展產品版圖於各類應用上。研究內容將分析事前兩方的合併原因與綜效來源、計算收購價與瑞薩電子的支付能力，以及購後的市場反應與瑞薩電子的整合動作。藉由此個案，了解現在汽車產業的發展趨勢、環境因素對企業帶來的影響，半導體業者透過投資或收購擴大自身規模，提高其他競爭者的進入門檻，進行同業間與水平併購的決策與評估。
    With technology and Internet developing, IoT has been realized in all aspects, changing human’s lifestyle. Manufacturers who led the trend of the technology industry, such as the semiconductor supplier, have begun to invest and acquire key technique in data and services and combined their own hardware advantages to enter different fields such as industrial, healthcare, smart home and automotive fields. For example, self-driving, advanced driver assistance system and Internet of Vehicle are the future trends in automobile industry and the direction that car manufacturers are proactively developing in recent years.
    In this thesis, Renesas has made the decision under this trend and acquired Integrated Device Technology in the same industry to complete its arrangement in automotive and industrial markets and expand product combination for various applications. The content of the study will analyze the reasons of the two parties to merge and the synergy, calculate the purchase price and Renesas’ payment capacity, as well as the market response and the integration actions. Through this case, we could understand current automobile industry development and how environment impacts the semiconductors to expand its scale through investment or acquisition and raise the entry threshold of other competitors, thus evaluate the benefits and make the decision to acquire the company in the same industry.
    Reference: 1. 翁鶯娟、張紹基（2017），併購與策略聯盟在公司理財文獻之回顧與展望：亞洲市場之研究，台大管理論叢，第 27 卷第 3 期：163-214。DOI:10.6226/NTUMR.2017.NOV.25104-003
    2. 陳振遠、王健聰與洪世偉（2013），公司治理可以減輕併購宣告之資訊洩漏嗎 ?，管理學報，30 卷 3 期：191-213。Doi: 10.6504/JOM.2013.30.03.01
    3. 吳啟銘（2011）。企業評價-個案實證分析。台北市：智勝文化事業
    4. 日經中文網，日本制定方針：自動駕駛車事故由車主賠償，檢自：https://zh.cn.nikkei.com/politicsaeconomy/politicsasociety/29878-2018-04-02-10-15-32.html
    5. 股感 StockFeel ，搞懂 ADAS 先進駕駛輔助系統與自動駕駛等級，檢自：https://www.stockfeel.com.tw/%E8%87%AA%E5%8B%95%E9%A7%95%E9%A7%9B%E8%88%87%E9%A7%95%E9%A7%9B%E8%BC%94%E5%8A%A9/
    6. 財團法人車輛研究測試中心，車輛產業（汽車電子、電動車與自駕車） 發展契機與展望，檢自：https://www.twse.com.tw/staticFiles/news/event/ff8080816ccc95f8016cccc4a6420009.pdf
    7. 財團法人車輛研究測試中心，智慧車電夯 淺談車用半導體產業概況，檢自：https://www.artc.org.tw/chinese/03_service/03_02detail.aspx?pid=3174
    8. 勤業眾信聯合會計師事務所，2020 年汽車產業趨勢與展望，檢自：https://www2.deloitte.com/tw/tc/pages/consumer-business/articles/RP20200213-automotive-report.html#
    9. 經濟部標準檢驗局
    10. 資誠聯合會計師事務所，2018 全球汽車產業未來趨勢報告，檢自：https://www.pwc.com/gx/en/industries/automotive/publications/eascy.html
    11. 鉅亨Anue，中美需求下滑 日本出口兩年來首次負增長，檢自：https://news.cnyes.com/news/id/4220400
    12. 數位時代，特斯拉全員降薪、放無薪假，電動車一哥在疫情下的斷尾求生，檢自：https://www.bnext.com.tw/article/57248/tesla-pay-cut-coronavirus
    13. Masulis, R. W., Wang, C., and Xie, F. 2007. Corporate governance and acquirer returns. The Journal of Finance, 62 （4）: 1851-1889. doi: 10.1111/j.1540-6261.2007.01259.xMorgan Stanley, What’s behind Japan’s record-breaking M&A boom, from: https://www.morganstanley.com/ideas/japan-mergers-acquisitions-boom
    14. CSRHUB, Corporate Social Responsibility （CSR） & Environment, Social, Governance （ESG） Metrics, from: https://www.csrhub.com/CSR_and_sustainability_information/Renesas-Electronics-Corporation
    15. Global Market Insights, Automotive Electronics Market Growth, 2019-2030 Report, from: https://www.gminsights.com/industry-analysis/automotive-electronics-market
    16. Higgins, H. N., and Beckman, J. 2006. Abnormal returns of Japanese acquisition bidders– Impact of pro-M&A legislation in the 1990s. Pacific-Basin Finance Journal, 14 （3）: 250-268. doi: 10.1016/j.pacfin.2005.10.003
    17. Integrated Device Technology （2018）, Schedule 14A
    18. Integrated Device Technology, Form 10-K
    19. JATO, 2018 Full Year Global Sales Release, from：https://www.jato.com/wp-content/uploads/2019/02/2018-Full-Year-Global-Sales-Release-Final.pdf
    20. Renesas Electronic, Renesas to Acquire Integrated Device Technology, to Enhance Global Leadership in Embedded Solutions, from: https://www.renesas.com/us/en/about/press-center/news/2018/news20180911a.html
    21. Renesas Electronics, Automotive Strategy, from: https://www.renesas.com/about/ir/event/pdf/fy2020/automotive-strategy.pdf
    22. Renesas Electronics, Business Breakdown, from: https://www.renesas.com/cn/zh/about/ir/individual/about.html
    23. Renesas Electronics, Notice Regarding Issuance of Stock Acquisition Rights as Stock Options, from: https://www.renesas.com/tw/zh/about/press-center/news/2019/news20190325b.html
    24. Renesas Electronics, Renesas Electronics Announces Company Name Change of Consolidated Subsidiary, from: https://www.renesas.com/us/en/about/press-center/news/2017/news20171027.html
    25. Renesas Electronics, Renesas mid-term growth strategy, from: https://www.renesas.com/about/ir/event/pdf/fy201612/2016-12-q2-strategy.pdf
    26. Renesas Electronics, Renesas Names CFO Hidetoshi Shibata Next CEO, from: https://www.renesas.com/tw/en/about/press-center/news/2019/news20190625b.html
    27. Reuters, Japan`s economy faces rising risks from U.S.-China trade war: Reuters poll, from: https://www.reuters.com/article/us-japan-economy-poll/japans-economy-faces-rising-risks-from-u-s-china-trade-war-reuters-poll-idUSKCN1NI0BV
    28. S&P Global Market Intelligence, S&P places Renesas on CreditWatch negative over $6.7B deal for IDT, from: https://www.spglobal.com/marketintelligence/en/news-insights/trending/fwr-eschtczdv_796gykcq2
    29. SAE International, SAE International Releases Updated Visual Chart for Its “Levels of Driving Automation” Standard for Self-Driving Vehicles, from: https://www.sae.org/news/press-room/2018/12/sae-international-releases-updated-visual-chart-for-its-%E2%80%9Clevels-of-driving-automation%E2%80%9D-standard-for-self-driving-vehicles
    30. TechCrunch, Ford partners with Postmates on self-driving delivery pilot, from: https://techcrunch.com/2018/01/09/ford-partners-with-postmates-on-self-driving-delivery-pilot/
    31. TechCrunch, Intel sets the stage for new ‘Level 2+’ automated driving, from: https://techcrunch.com/2018/01/08/intel-sets-the-stage-for-new-level-2-automated-driving/
    32. TechCrunch, Toyota’s mobility business shifts into high gear at CES, from: https://techcrunch.com/2018/01/08/toyotas-mobility-business-shifts-into-high-gear-at-ces/
    33. U.S. Department of Transportation, Preparing for the Future of Transportation: Automated Vehicles 3.0 （AV 3.0）, from: https://www.transportation.gov/av/3/preparing-future-transportation-automated-vehicles-3
    34. Wikipedia, Tire-pressure monitoring system, from: https://en.wikipedia.org/wiki/Tire-pressure_monitoring_system
    Description: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    107363075
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107363075
    Data Type: thesis
    DOI: 10.6814/NCCU202000731
    Appears in Collections:[MBA Program] Theses

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