成功大學博碩士論文系統

簡易檢索 / 詳目顯示

回結果列表

研究生：	黃明鐘 Huang, Ming-Chung
論文名稱：	台灣IC通路商的競爭分析與併購策略之探討-以大聯大控股公司為例 A Study of the M&A’s Strategy and Competitive Analysis of Taiwan IC Distributor Industry. -A Case Study on WPG Holdings.
指導教授：	胡聯國 Hu, Len-Kuo
學位類別：	碩士 Master
系所名稱：	管理學院 - 高階管理碩士在職專班(EMBA) Executive Master of Business Administration (EMBA)
論文出版年：	2013
畢業學年度：	101
語文別：	中文
論文頁數：	150
中文關鍵詞：	IC通路商、策略、併購、綜效
外文關鍵詞：	IC distributor, strategy, mergers and acquisitions, synergy
相關次數：	點閱：98 下載：13
分享至:	分享至facebook 分享至twitter

查詢本校圖書館目錄查詢臺灣博碩士論文知識加值系統勘誤回報

併購就企業經營角度言，具有提升產業技術及增進效率之功能，對於競爭日趨激烈的市場，併購已成為二十一世紀企業競爭與合作策略的主要方式。它也是企業常態性的經濟活動與成長策略。然而歷來研究併購事件的文獻都指出併購失敗機率高達 50%至 75%之間。所以能成功順利完成併購，實屬少數。本研究以五力分析及SWOT分析架構並以IC通路商產業資料，專家訪談，個案研究方法，運用競爭理論與併購綜效，進行研究。本研究目的為:
 研究探討台灣IC通路商產業的營運模式、發展現況以及在經營上所面臨的挑戰與威脅。
 透過主要個案公司”IC通路商大聯大公司”來分析如何整合集團資源產生併購規模及獲利。檢視合併後個案公司在市場上的競爭能力及探討其成功經營因素與併購策略。
 歸納大聯大公司合併前後的財務資料，並分析比較大聯大公司合併綜效，作為日後相關企業併購時的參考。
研究結論包含了繼續擴大市場影響力，建立IC通路市場新秩序，持續併購與策略結盟，強化財務指標，建立營運風險管理，人才培育與員工關係，公司治理與企業社會責任，新事業布局等等。透過併購後的整合以擴大營運規模、降低營運成本，專注開發客戶與產品線，使得客戶、產品代理線、市場應用組合更加廣泛與完整；並藉由投資控股集團管理模式，協助各子公司取得各式人才、整合不同資源、提高客戶覆蓋率，進而提昇整體競爭力，充分發揮經濟規模等合併綜效，提高股東投資報酬率。

Mergers and acquisitions on the business perspective, with enhanced industrial technology and improve efficiency of the function, the increasingly fierce market competition, mergers and acquisitions have become the twenty-first century business competition and cooperation strategies major way. It is also the corporate norm of economic activity and growth strategy. However, M & A events traditionally studied literature have pointed out that the probability of failure up to 50% to 75%. They are able to complete mergers and acquisitions successfully, it is a minority. In this study, five forces analysis and SWOT analysis framework and IC distributor industry information, expert interviews, case study method, the use of competition theory and M & A synergy research. This study aimed to:
 Research industry in Taiwan IC distributor’s mode of operation, as well as the current development of operational challenges and threats.
 Through the main case company "IC distributor WPG Company" to analyze how to integrate acquisitions size and resources of the Group generated a profit. View merger case company in the market competitiveness and business success factors and explore its acquisition strategy.
 Summarized financial information of WPG Company after the merger, and the analysis and comparison of WPG merger synergies for future reference when related to mergers and acquisitions.
Conclusions contained continue to expand market influence, the establishment of a new order IC channel markets, mergers and acquisitions and strategic alliances continue to strengthen financial indicators, the establishment of operational risk management, personnel training and employee relations, corporate governance and corporate social responsibility, new business layout, etc.. Through post-merger integration to expand the scale of operations, reduce operating costs, focus on developing customer and product line, making the customers, products, product lines, markets more widely and complete application portfolio; and by investment holding group management model to help the subsidiary to obtain all kinds of talent, integration of different resources, improve customer coverage, and thus enhance the overall competitiveness of the economies of scale and so full merger synergies, improve return on shareholders' investment.

中文摘要.................................................................................................................II 
英文摘要................................................................................................................III 
誌謝............................................................................................................................V 
目錄.......................................................................................................................VI 
表目錄...................................................................................................................IX 
圖目錄...................................................................................................................XI 
第一章 緒論..............................................................................................................1
1   研究背景與動機..............................................................................1
2   研究目的..........................................................................................7
3   研究範圍與限制..............................................................................7
4   研究方法與流程…..........................................................................9
第二章 文獻探討...................................................................................................12
1   通路商.................................................................................................12
2   併購的意義....................................................................................15
2.1 併購的基本理論............................................................................16
2.2 併購的類型....................................................................................19
2.3 併購的動機....................................................................................21
2.4 併購過程的管理............................................................................23
2.5 併購後的整合問題........................................................................29
2.6 併購綜效的評估............................................................................31
3   企業成長策略................................................................................33

第三章 研究方法 ...................................................................................................42
1   研究架構........................................................................................42
2   研究方法........................................................................................43
3   資料來源........................................................................................47
4   綜效分析指標................................................................................47
第四章    IC通路商產業分析............................................................................51
1   IC通路商產業結構及特性............................................................51
2   全球半導體產業概況....................................................................54
2.1 半導體市場營收分析及預測........................................................54
2.2 半導體產品之各種應用市場及發展趨勢....................................58
3   台灣IC通路商產業概況................................................................61
3.1 IC通路商代理產品........................................................................61
3.2 IC通路商的併購............................................................................62
3.3 IC通路商的營收............................................................................66
3.4 IC通路商的經營模式....................................................................67
第五章    個案分析.............................................................................................68
1.1 大聯大的成立................................................................................68
1.2 大聯大的願景/使命/價值觀........................................................69
1.3 大聯大控股及集團組織架構........................................................70
1.4 大聯大銷售據點............................................................................72
1.5 大聯大主要集團公司介紹............................................................74
1.6 大聯大營收分析............................................................................81
2   大聯大競爭策略分析....................................................................88
2.1 總體環境分析................................................................................88
2.2 大聯大的產業環境分析-五力分析..............................................89
2.3 大聯大的SWOT分析........................................................................91
2.4 大聯大的未來經營策略................................................................98
3   大聯大併購分析..........................................................................102
3.1 大聯大的併購成長......................................................................103
3.2 大聯大的換股比例......................................................................124
3.3 大聯大的併購目的及考量..........................................................126
3.4 大聯大的併購綜效分析..............................................................128
3.5 大聯大新組織調整綜效階段及成長略......................................132
第六章    結論與建議......................................................................................137
1   研究結論......................................................................................137
2   研究建議......................................................................................139


參考文獻.............................................................................................................142
附錄.....................................................................................................................147

                                    

中文參考文獻
1. 大聯大集團網站，http://www.wpgholdings.com .
2. 公開資訊觀測站，http://mops.twse.com.tw/mops/web/index .
3. 王泰允(1991)，「企業購併實用」，遠流出版事業股份有限公司。
全球半導體貿易統計協會(WSTS)網站，http://www.wsts.org .
4. 伍忠賢(1998)，「企業購併聖經」，遠流出版事業股份有限公司。
5. 余朝權(1991)，「現代行銷管理」，五南圖書。
6. 余尚武、江玉柏(1998)，「影響企業購併成敗之因素與策略探討」，經濟情勢評論，第四卷，第二期，頁125-144。
7. 李秋瑜(2000)，「企業購併價格之財務評價探討－以台積電併購世大為例」，國立臺灣大學財務金融學研究所碩士論文。
8. 何茂森(1994)，「企業併購後整理管理之研究」，國立政治大學企業管理研究所碩士論文。
9. 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。
10. 范揚旋(2002)，「企業購併案中目標公司價格之預測—以台灣積體電路股份有限公司吸收合併德碁半導體股份有限公司與世大積體電路股份有限公司為例」，東吳大學企業管理研究所，碩士論文。
11. 電子時報網站，http://www.digitimes.com.tw .
12. 張棟結(2007)，「LCD產業的競爭與購併策略之探討─以A公司合併Q公司為例」，國立交通大學企業管理研究所碩士論文。
13. 聯合晚報，(2009/12/15)「台商企業大中華商機專題」。
14. 魏啟林(1993)，「掌握企業購併的最適策略」，遠流出版事業股份有限公司。
15. 魏志忠(2002)，「企業併購之個案研究」，元智大學資訊管理學系碩士論文。
16. 蘇榮昌(2004)，「鋼鐵產業最適併購管理模式之研究—以中鋼併購燁隆為例」，國立中山大學企業管理研究所碩士論文。

英文參考文獻

1. Amihud, Y. and Lev, B. (1981), 「Risk reduction as a managerial motive for conglomerate mergers」, The Bell Journal of Economics, 12, 605–617.
2. Ansoff, H. I. (1975).「Strategies For diversification」.Harvard Business Review,Sep-Dec,114-132.
3. Ansoff, H. I., & McDonnell, E. J. (1990). 「Implanting Strategic Management. Cambridge: Prentice Hall International」.
4. Berkovitch, E., & Narayanan, M. P. (1993), 「Motives for takeovers: An empirical investigation」. Journal of Financial & Quantitative Analysis, 28, 347-362.
5. Blake, R. R., & Mouton, J. S., (1984),「Overcoming group warfare」. Harvard Business Review, 62(6): 98-108.
6. Brealey, R. & S. C. Myers （1988）,「 Principles of Corporate Finance 」, 3th. McGraw-Hall Book Co.
7. Bucklin, Louis P. (1966), A Theory of Distribution Channel Structure, Institute of Business and Economic Research, University of California, Berkeley.
8. Cartwright, D. (1968), 「The nature of group cohesiveness, In D」. Cartwright & A. Zander (Eds.), Group dynamics: Research and Theory (3rd ed.), 91-109, New York: Harper & Row.
9. Copeland, Thomas E., and J. Fred Weston（1979）, 「Financial Theory and Corporate Policy」, Addison-Wesley Publishing Company, Inc.
10. Datta, D.K.(1991), 「Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration」,Sloan Management Journal, Vol.12, p.281-297.
11. Demsetz, H. (1973). 「Industry structure, market rivalry, and public policy. Journal of Law and Economics」, 16(1), 1−9.
12. Devlin, G. (1991), 「Diversification as a Strategic Option, European Management Journal」, Vol. 9, No. 1, pp. 76-81.
13. Drucker, P. F.(1981), 「Five Rules for Successful Acquisition」, The Wall Street Journal, Oct.15, pp.28.
14. EDN， http://www.edn.com .
15. Epperson,J.F., J.B.Kau, D.C. Keenan, W.J.Muller,(1985), 「Pricing Default Risk in Mortgages」. Journal of the American Real Estate and Urban Economics Association,13,p261-272.
16. Fisk,G.(1967), Marketing System, New York: Harper&Row Publisher.
17. Fulmer, R.M., & Gilkey, R. ( 1988 ). 「Blending Corporate Families: Management and Organization Development in a Post-merger Environment」, The Academy of Management Executive, 11(4),275-283.
18. GII(Global Information, Inc)，http://www.giichinese.com.tw .
19. Haspeslagh, P. and D. Jemison(1991), 「Managing Acquisitions: Creating Value through Corporate Renewal」, NY: The Fress Press.
20. Hax,A.C. and Nicolas S. Majluf（1991）, 「The Strategy Concept and Process:A Pragmatic Approach」, Englewood Cliffs, N.Y.Prentice Hall, pp.116.
21. IHS，http://www.ihs.com/index.aspx
22. Jemison and Sitkin (1986), 「Corporate Acquisitions：A Process Perspective」, Academy of Management Review, Vol.64.
23. Jensen, M.C. (1984) 「Agency Costs of Free Cash Flow: Corporate Finance and Takeovers」, American Economic Review. Vol.76, pp.323-329.
24. Joseph E. McCann, Roderick Gilkey（1988）, 「Joining Forces 」, Prentice-Hall, New Jersey.
25. Lewellen , Wilbur G. (1971),「A Pure Financial Rationale for the Conglomerate Merger」, The Journal of Finance. Vol.26, No.2, pp.543-545.
26. Miller, W.L., & Crabtree, B.F. ( 1992 ),「Primary Care Research: Amultimethod Typology ND Qualitative Road Map」, In Crabtree & Miller (Eds.), Doing Qualitative Research, Newbury Park CA: Sge, pp.3-28.
27. Mueller, D. C.(1969), 「A Theory of Conglomerate Mergers」, Quaterly Journal of Economics, 83, pp. 643-659.
28. Porter, M. (1979) , 「How competitive forces shape strategy」, Harvard Business Review, March/April 1979.
29. Porter, M. (1980) , 「Competitive Strategy」, The Free Press, New York, 1980.
30. Roll and Richard (1986) ,「The Hubris Hypothesis of Corporate Takeovers」, The Journal of Business. Vol.59, No.2, pp.197-216.
31. Seth,A.(1990),「Value Creation in Acquisitions: A Reexamination of
performance Issues」,Strategic Management Journal,pp.523-524.
32. Shrivastava and S. Schneider (1984), 「Organizational Frames of Reference」, Human Relations, Vol. 37, pp. 795-807.
33. Simmonds, P.G.,(1990).「The Combined Diversification Breadth and Mode Dimensions and the Performance of Large Diversified Firms」, Strategic Management Journal, 11(5), 399-410.
34. Singh, Harbir, and Cynthia A. Montgomery (1987),「Corporate Acquisition
Strategies and Economic Performance」,Strategic Management Journal 8，
pp.377-386.
35. Smye, M.D., Grant, A.,(1989), 「The personnel challenges of mergers and acquisitions」, Canadian Banker, Vol. 96 No.1, pp.44-9.
36. Stern, L. W., & El-Ansary, A. I. (1992). Marketing Channel. New Jersey: Prentice-Hall, Englewood Cliffs.
37. Terence E. Cooke(1988), 「International Mergers and Acquisition」, Basil Blackwell.
38. Weston, Chung and Hoang (1990)，Weston, Fred, and Hoag（1990）,「Mergers, Restructuring, and Corporate Control」 , Prentice-Hall, 1990, pp.56-82.

校內：2023-01-01公開
校外：2023-01-01公開

簡易檢索 / 詳目顯示

相關論文