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| Title: | 個案研究-聯華電子與大陸和艦
Case study- UMC & HeJian |
| Authors: | 黃珈瑜 |
| Contributors: | 周行一
黃珈瑜 |
| Keywords: | 聯電
和艦
國際投資
公司治理
UMC
HeJian
International Investment
Corporate Governance |
| Date: | 2010 |
| Issue Date: | 2013-09-09 11:29:13 (UTC+8) |
| Abstract: | 2001年聯華電子公司協助大陸和艦科技公司成立，此案揭露台灣法規與企業追求成長的衝突，於2005年爆發，歷經五年才無罪定讞，最後導致聯電榮譽董事長曹興誠入籍新加坡。本論文主要探討國際投資決策與公司治理兩大議題。
本論文從總體經濟、產業分析、聯電公司基本面分析，進行同業比較：在2001年全球IC產能與人員閒置，因此各國廠商前往最具發展潛力的中國大陸，產生許多競爭對手。台灣IC產業為維持研發技術領先，需尋找廣大市場來支持研究發展支出。台灣晶圓第二的聯電之研發技術未能領先於晶圓龍頭—台積電，因此相較於台積電，更需積極評估聯電前往大陸佈局的利與弊。因中國大陸強大內需市場、牽制大陸IC廠商、站穩全球IC供給鏈一環、比較利益、多元化經營的利益，使得聯電決定以間接方式協助大陸和艦，降低法律風險。
然而因無法公開協助和艦，使得公司治理問題浮現：股權結構、董事會職能、股東權益的保障、資訊透明度等，本文利用臨床測試法（Clinical Test），實證資料顯示，在市場傳出聯電投資和艦的消息後，產生負的累積異常報酬。
The case, UMC assisted HeJian in 2001, revealed the conflict between regulation and investment decision of company. It was sued in 2005, and finally became inno-cent in 2010. This essay focuses on two issues, international investment and corporate governance.
International investment started from the top-down analysis: from microeco-nomic analysis to industry to company fundamental analysis, then also the competitor analysis. Although the global IC industry had suffered recession in 2001, IC demand from China had increased. Therefore, many foreign investors transferred their know-ledge and facilities to assist China’s IC market, and then many potential competitors showed up. Meanwhile, IC enterprises in Taiwan needed large market to support R&D expense to maintain competitive advantage. As one of IC manufacturers in Taiwan, UMC didn’t have the leading technology as TSMC did, therefore, with the benefit of the high demand IC market in China, remaining competitive advantage, comparative advantage, and so on. UMC decided to assist HeJian in privately.
The problem of corporate governance emerged because of private assistance. It was doubted that the ownership structure, function of board, the interest of shareholders and transparency could work well. Therefore, when investors knew the information of UMC assisted HeJian, there was negative cumulative abnormal return by event study. |
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| Description: | 碩士
國立政治大學
財務管理研究所
98357013
99 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0098357013 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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