Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/76169
|
| Title: | 企業併購個案研究與績效分析：以聯發科併購晨星為例
Mergers and Acquisitions Case Study and Performance Analysis through MediaTek’s Acquisition of MStar |
| Authors: | 羋大涵 |
| Contributors: | 陳威光
林靖庭
Chen, Wei Kuang
Lin, Ching Ting
羋大涵 |
| Keywords: | 併購
聯發科
晨星
IC設計
現金流量折現 |
| Date: | 2014 |
| Issue Date: | 2015-07-01 14:44:49 (UTC+8) |
| Abstract: | 併購是企業策略中，短時間內迅速擴張規模，最快速且具主控能力的成長方式。隨著國際情勢的改變，全球各家半導體大廠紛紛透過併購進行水平整合，以期在創新能力上有所突破。本研究目的為以聯發科併購晨星一案為例，探討台灣半導體IC設計產業概況、併購動機、併購過程及未來策略發展，並分別以現金流量折現、類似企業比價、資產價值評價作為企業評價方法以分析財務績效。
透過個案研究，瞭解全球與台灣半導體IC設計產業因總體經濟情勢未來發展而趨緩、智慧型手機快速發展及面臨大陸IC設計廠商崛起，佐以過去數年台灣半導體產業發生的重大交易案件，發現具水平整合趨勢。因此聯發科併購晨星可結合手機與電視晶片市場，擴大3C市場競爭力，同時整合雙方研發技術，強化產品競爭性，並擴大企業規模以因應國際化競爭。策略角度而言，更能夠節省產品線研發的重覆投入成本、建立進入門檻及滿足更多客戶需求。
績效分析結果顯示，在現金流量折現法的部分，無論是聯發科單獨存在的企業價值或晨星單獨存在的企業價值，換算成每股內含價值後皆超過現有的股價。而在類似企業比較法的部分，由於業務性質差異，換算股價時較現金流量折現法產生價格低。而資產價值評價法的部分，由於採用清算價值法，出發點為會計之評價方法，但未考慮公司的未來獲利能與現金流量，且按清算價值計算時容易低估企業價值；同時對商譽、專利與或有負債對公司價值的影響不易正確評價。
M&A (Merger and Acquisition) is undoubtedly the fastest enterprise growth strategy to grow business scale with controllability. As international industry changes, most of semiconductor enterprises began their horizontal integration though M&A to cope with their innovation difficulty. In this study, we analyzed Taiwanese IC design industry, the M&A intention and transaction process and future strategy development through MediaTek’s acquisition of MStar, and evaluated financial performance with enterprise valuation methods such as discounted cash flow (DCF), comparable enterprises and asset valuation.
Though case study, we realized the slowdown of global and Taiwanese IC design industry, fast-growing smartphone demand and the rise of Chinese IC design firms, and also found the trend of horizontal integration in Taiwanese semiconductor industry by reviewing major cases past years. Therefore, the acquisition of MStar enabled MediaTek to strengthen their competitiveness in smartphone and TV IC market, enhance technology level and increase business scale to compete in this global competition. From the perspective of strategy analysis, it also saved research cost, built up entry barrier and fulfilled more clients’ need.
The results of performance analyses in this study are as follows: in DCF, MediaTek’s or MStar’s standalone implied share price both exceed stock prices. In comparable enterprises, both of them are lower than the ones with DCF method due to different companies are valued differently based on their business portfolio and client base. In asset valuation, we used liquidation value as proxy, where it takes total amount of assets and liabilities into account but future profitability and cash flow. Intangible assets, such as goodwill and intellectual property, and contingent liabilities should be also considered. Hence the liquidation share price is likely to be underestimated. |
| Reference: | Ernst and Young, (1994), Corporate Finance in New York, Mergers and Acquisitions: Back to Basics Techniques for the `90s, 2nd ed., New York: John Wiley and Sons, Inc.
Fishman, M. J. (1989, March), "Preemptive Bidding & the Role of the Medium of Exchange in Acquisitions." Journal of Finance, 44, pp. 41-57.
Franks, J., Harris, R. and Titman, S. (1991), "The Postmerger Share-Price Performance of Acquiring Firms." Journal of Financial Economics, 29, pp. 81-96.
Hansen, R. G. (1987, Spring), "A Theory for the Choice of Exchange Medium in Mergers and Acquisitions." Journal of Business, 60, pp. 75-95.
Iqbal, Z. and Shetty, S. (1995, Spring), "The Impact of Merger Outcome, Bid Order, Payment Method, and Managerial Resistance on Stock Returns to Bidders in Multiple-Bidder Merger Contests."International Review of Economics and Finance, 4, pp. 57-67.
Luehrman, Timothy, (1997a), "Ageneral Manager`s Guide to Valuation." Harvard Business Review, pp. 132-142.
Luehrman, Timothy, (1997b), "Using APV: A Better Tool for Valuing Operations." Harvard Business Review, pp. 132-142.
Peterson, D. R. and Peterson, P. P. (1991), "The Medium of Exchange in Mergers and Acquisitions." Journal of Banking and Finance, 15, pp. 383-405.
Smith, A. and Bizzell (1991), Business Strategy and Policy, 3rd ed., Boston: Houghton Mifflin.
Steven N. Kaplan and Richard S. Ruback, The Valuation of Cash Flow Forecasts: an Empirical Analysis, The Journal of Finance, September, 1995.
Trifts, J. W. (1991, Autumn), "Corporate Takeover Bids, Methods of Payment and the Effects of Leverage," Quarterly Journal of Business and Economics, 30, pp. 33-47.
Whittington, R. (1995), What is Strategy and Does it Matter, 3rd ed., New York: Routledge.
伍忠賢（2000），《企業購併─理論與實務》，台北：新陸書局。
林嬋娟、吳安妮（1992），「台灣企業併購綜效及績效之實證研究」，會計評論，第26期。
姚蕙芸（2001），「企業併購類型、評價方法、及綜效之探討」，國立臺北商業技術學院學報，期刊論文。
鄭帝允（2007），「併購動機之實證研究—以美國上市上櫃公司為例」，國立政治大學國際貿易學系碩士學位論文。
半導體學院推動辦公室（2011），「半導體學院計畫」。
洪春暉（2011），「半導體產業前瞻暨趨勢分析」，產業情報研究所（MIC），財團法人資訊工業策進會。
半導體研究團隊（2011），「2011下半年半導體產業前瞻暨趨勢分析」，產業情報研究所（MIC），財團法人資訊工業策進會。
謝劍平（2013），《財務管理：新觀念與本土化》，台北：智勝文化事業有限公司。
台灣併購與私募股權協會（2013），「中美晶收購Covalent Materials Cop.」。
台灣併購與私募股權協會（2014），「台積電參股ASML」。
台灣併購與私募股權協會（2014），「美光科技併購爾必達」。
台灣併購與私募股權協會（2014），「聯發科收購晨星半導體」。
樓永堅、林進富、方嘉麟（2015），《企業併購個案研究（七）》，元照出版有限公司。
尹慧中（2012），「台積電投資ASML 310億元，取得5%股權」，鉅亨網。
尹慧中（2012），「危機入市！台積電入股ASML，圖謀18吋晶圓霸業」，鉅亨網。 |
| Description: | 碩士
國立政治大學
金融研究所
102352002
103 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0102352002 |
| Data Type: | thesis |
| Appears in Collections: | [金融學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 629 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
