請用此 Handle URI 來引用此文件: http://hdl.handle.net/11455/24935
標題: 企業併購策略與整合-以LED產業個案為例
The Strategies and Integration of Mergers and Acquisitions: A Case Study of the LED Industry
作者: 聶滌凡
Nieh, Ti-Fan
關鍵字: 併購策略
Merger strategies
併購評價
併購後的整合
合併綜效
Merger Valuation
Post-merger Integration
Synergy
出版社: 高階經理人碩士在職專班
引用: 參考文獻 一、中文部分 游明德 (2011年) 會計研究月刊 第308期,企業併購的策略規劃。 方至民 (2006年),國際企業管理:建構全球營運優勢。 伍忠賢 (民89年),「企業購併-理論與實務」,台北新陸書局。 吳安妮 (民81年),「台灣企業併購動機之實證研究」,管理評論。 伍忠賢 (2002年),企業併購-理論與實務。 吳啟銘 (民89年),「企業評價-個案實證分析」。 余尚武及江玉柏 (民87年),「影響企業購併成敗之因素與策略探討」,經濟情勢暨評論。 黃金印 (1999年),「企業併購與企業再造-跨世紀競爭策略」,經濟情勢暨評論。 池文海、張書豪、邱奕盛 (2009年),「影響台灣高科技電子產業組織績效之研究」,企業管理學報。 司徒達賢 (2001年),策略管理新論-觀念架構與分析方法。 二、外文部分 Berkovitch, Narayanan, 1993, Motives for Takeovers: An Empirical Investigation, Journal of Financial and Quantitative Analysis. Bohlin, Nils, Eliot Daley, and Sue Thomson, Successful Post-Merger Integration: Realizing the Synergies. Bradley, M., A. Desai, and E. Kim, 1988, Synergistic Gains From Corporate Acquisitions and Their Division Between the Stock-holders of Target and Acquiring Firm, Journal of Financial Economics. Healy, Paul M., Krishna G. Palepu and Richard S. Ruback, 1992, Does Corporate Performance Improve after Mergers, Journal of Financial Economics. Hoskisson , R.E. and M.A. Hitt, 1990, Antecedents and Performance Outcomes of Diversification: A Review and Critique of Theoretical Perspectives, Journal of Management. Hoskisson, R. E., Hitt, M. A.,Wan, W. P. and D. Yiu, 1999,.Theory and Research in Strategic Management: Swings of a Pendulum, Journal of Management. Jensen, Michael, 1988, Takeovers: Their Cause and Consequence. Journal of Economic Perspectives. Kode, Ford, Sutherland: A conceptual model for evaluation of synergies in mergers and acquisitions: A critical review of the literature, Journal of Business Management. Lewellen, W., C. Loderer, and A. Rosenfeld, 1985, Merger Decisions and Executive Stock Ownership in Acquiring Firms, Journal of Accounting and Economics 7. Roll, Richard, 1986, The Hubris Hypothesis of Corporate Takeovers, Journal of Business 59. Seth, Anju, Kean P Song, and Richardson Pettit, 2000, Synergy,managerialism or hubris? An empirical examination of motive for Foreign Acquisitions of U.S. Firms, Journal of International Business Studies.
摘要: 本研究探討台灣隆達和威力盟公司換股合併策略,前者是一個發光二極管(LED)製造商,後者是一家光電公司,其合併之策略、併購價格之評價及合併後整合之執行方案。該協議是縱向合併,其效益為隆達生產之LED找到了出海口且威力盟也取得可穩定供貨之上游原料。我將隆達的合併策略與橫向兼併之晶元光電比較研究,發現隆達與威力盟合併綜效為其解決了隆達超額生產供過於求的LED晶圓及共同開發先進照明技術。因此,基於這些合併後可取得之優勢,隆達支付一些溢價收購威力盟。然而,此合併案之成功係基於LED照明的價格趨於穩定和擴大銷售通路。相比之下,晶電的多次橫向併購能以取得更低成本之材料和增加自己的議價能力,但其可能面臨的挑戰為LED市場的需求不振。除此之外,我亦提供隆達未來的戰略和運營的建議。 關鍵詞:併購策略,併購評價,併購後的整合,合併綜效
This study examines the strategies, valuation, and integration of Taiwan-based Lextar and Wellypower companies’ stock-exchange merger, the former being a light emitting diode (LED) manufacturer and the latter being an optronic firm. The deal is a vertical merger, which allows Lextar to find its LED exit and Wellypower to obtain its raw materials. I compare Lextar’s strategies to Epistar’s, another LED company that undertook a number horizontal mergers. I find that Lextar-Wellypower merger can resolve the excess of LED wafer quantities and develop lighting techniques. Based on these advantage, Lextar paid little price premium to acquire Wellypower. However, its success relies on the stable LED lighting prices and extended sales channels. By contrast, Epistar’s multiple mergers are able to lower costs and own bargaining power, but may face challenges arising from the low demand of LED materials. In addition, I provide suggestions for Lextar’s future strategies and operations. Keywords: Merger strategies, Merger Valuation, Post-merger Integration, Synergy
URI: http://hdl.handle.net/11455/24935
其他識別: U0005-1308201308561000
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-1308201308561000
顯示於類別:高階經理人碩士在職專班

文件中的檔案:
沒有與此文件相關的檔案。


在 DSpace 系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。