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| Title: | 半導體產業併購策略分析：以AMD併購Xilinx為例
M&A Strategy Analysis of Semiconductor Industry: AMD’s acquisition of Xilinx |
| Authors: | 林華泓
Lin, Hua-Hung |
| Contributors: | 吳啟銘
林華泓
Lin, Hua-Hung |
| Keywords: | 併購
半導體
AI
資料中心
關聯性多角化
企業評價
事件研究法
M&A
Semiconductor
AI
Data center
Related diversification
Valuation
Event study method |
| Date: | 2024 |
| Issue Date: | 2024-08-05 12:15:09 (UTC+8) |
| Abstract: | 半導體產業隨AI應用的突破性發展與熱潮，成為炙手可熱的關鍵產業，各家微處理器廠商紛紛針對AI需求迭代優化自家產品性能，並在各主要市場完成產業佈局。其中作為AI應用奠基設施的資料中心尤為關鍵，資料中心利用集中設置的伺服器提供足夠算力讓AI能順利運行，因此伺服器中的晶片，成為各家廠商兵家必爭之地。本研究主併方AMD即為全球IC設計的領導廠商之一，主要佈局消費、遊戲、資料中心及嵌入式應用市場，其中資料中心市場成長尤為迅速。但面對Intel和NVIDIA的競爭壓力下，AMD決定採取關聯性多角化合併方式，選擇FPGA龍頭廠商Xilinx作為併購合作對象，期望透過Xilinx的FPGA、自適應SoC及優秀的軟體開發工具，來宣示資料中心優先的戰略目標，完善產品組合及解決方案，藉以擴大市場規模，延續競爭優勢。
透過分析主併AMD與被併Xilinx之交易特性、管理層行為、外部環境、內部策略動機，評估合併綜效來源，並以收益法及市場法計算企業評價，統整支付工具選擇及公司當下融資能量，評估交易出價合理性，最後以事件研究法來驗證市場反應對本個案交易之各項特性，與一般併購假說之預期是否相符，並歸納綜效是否實現。
本研究發現，儘管個案中採股票支付方式較具優勢，但仍易使市場短期產生負向異常報酬；在資源整合上，雖能快速獲得高技術性人才與研發資源，但由於高科技產業技術複雜，主併選擇給予高自主性之管理營運方式，保留被併管理層協助領導原業務，並藉管理層之聯繫促進企業人才與文化融合。主併採用之關聯性多角化併購策略，可為企業帶來明顯之成長綜效，但在獲利層面涉及企業間完成整合並提升營運效率，因此綜效實現仍待觀察。本研究可提供高科技產業進行併購案時，作為發展策略、綜效評估與整合規劃時之參考。
The booming field of artificial intelligence（AI）has propelled the semiconductor industry to the forefront of technological innovation. Microprocessor enterprises are in a constant race to optimize their products' performance in order to meet the ever-growing demands of AI applications. Data centers, the backbone of AI applications, are particularly critical. These facilities established centralized servers to deliver sufficient computing power for AI operations, making the chips a highly competitive area for industrial players. AMD, one of the leading global IC design companies, has strategically diversified its portfolio across consumer electronics, gaming, data centers, and embedded applications. However, facing competitive pressure from Intel and NVIDIA, AMD has adopted a related diversification and acquisition approach, choosing the FPGA leader Xilinx as a acquisition partner. Through Xilinx's FPGA, adaptive SoCs, and robust software development tools, AMD aims to reinforce its data center-first strategy, enhance product portfolio and solutions, expand market size, and sustain competitive advantage.
The study analyzes the transaction characteristics, management behavior, PEST, and internal strategic motivations of the AMD-Xilinx acquisition to assess the synergy. The study then employs the income approach and market approach for enterprise valuation and evaluates the choice of payment and financing capacity. Finally, it verifies the market reaction and general M&A hypotheses alignment through the event study method and concludes whether the synergy has been realized.
This study found that while stock payment has certain advantages, but still results in short-term negative abnormal returns. In terms of resource integration, while it allows for the quick acquisition of high-tech talent and R&D resources, the complexity of technology make the acquiring company to adopt a highly autonomy management and operational approach, facilitating talent and cultural integration. The related diversification M&A strategy can bring significant growth synergies, though profitability depends on successful integration and operational efficiency improvements. This study provides a reference for strategy development, synergy evaluation, and integration planning in high-tech industry M&A. |
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| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
111363088 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111363088 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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