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| 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
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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
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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
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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)
107363075 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107363075 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000731 |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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