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.

《古今和歌集》是最早的敕撰和歌集，於延喜五年（905年）成立，其編撰者為紀友則・紀貫之・凡河内躬恒・壬生忠岑。歌數約為一一一〇首，由二十巻構成。在卷別上，分為春（上下巻）・夏・秋（上下巻）・冬・賀・離別・羇旅・物名・恋（巻一～巻五）・哀傷・雑・雑体・大歌所御歌。歌風屬纖細優美。一一一〇首和歌之中，由四季歌（342首）及戀歌（360首）二大支柱構成，四季歌是依據季節的推移來排列。而戀歌是依戀愛的進行過程來排列，其排列被認定具有時間性之推移。因此，本論文將以《古今和歌集》的戀歌為對象，透過「晨與夜」「夢境與現實」「昔時與今日」等時間性之對照表現，來解析戀歌。 本論文首先將和歌分類，整理出同性質之和歌。其次，分析各類和歌中之對照表現，並考察各和歌中對照表現之意義。 本論文由六章構成，第一章論述研究目的等內容。第二章從和歌與戀歌的本質開始，探討《古今集》戀歌的本質及構成，並分析《古今集》戀歌中的時間特質。第三章以「晨與夜」的對照表現為中心。其中分為「特定的晨與夜」、「不特定的晨與夜」二個主題，來探討《古今集》戀歌中晨與夜的對照表現。第四章以「夢境與現實」為中心，其中分為「想於夢中相會」→「無法在夢境相會」→「夢中會面」→「現實中會面」→「無法再於夢境相會」等五個主題來探討。第五章是以「昔時與今日」為中心來分析。分為「相遇之前的昔時與相遇之後的今日」及「相愛的昔時與離別後的今日」二個主題，來考察歌中「昔時」與「今日」的對照表現。第六章是透過與《萬葉集》的比較，來釐清《古今和歌集》中時間性對照表現的角色與意義。 / “Kokinwakashuh” is the first waka collections that Japanese Emperor chose, and it was compiled around the year 905. The editors are Ki no Tsurayuki, Ki no Tomonori, Oshikochi Mitsune, and Mibu no Tadamine. The chapters are Spring, Summer, Fall, Winter, Congratulations, Partings, Travel, Acrostics, Love, Laments, Miscellaneous, Miscellaneous Forms, and Traditional Poems from the Bureau of Song. The style is courtly elegance of classical, disciplined beauty. In these 1100 poems, the four season Poems and ‘koinouta’ (Love Poems) are two pillars. The Seasons Poems are arranged according to the transition of seasons. The ‘koinouta’ (Love Poems) are arranged according to the process of love, and there is the transition of time in the arrangement. It is admitted that time is a critical factor in Poems of “Kokinshuh”. Therefore, the ‘koinouta’ (Love Poems) of “Kokinwakashuh” is the subject in this thesis. The ‘koinouta’ (Love Poems) are analyzed through the contrastive expression of time, like ‘morning and night’, ‘dream and reality’ and ‘past and present’. In this thesis, poems were classified first, and the homogeneous poems were put together. The contrast expression in the poems of each kind was analyzed, and the meaning of the contrast expression in each poem was investigated. This thesis consists of six chapters. The purpose of research was discussed in Chapter 1. In Chapter 2, the theory is progressed from the essence of the waka and the ‘koinouta’ (Love Poems). In the same chapter, essence and the composition of the ‘koinouta’ (Love Poems) were examined, and the time characteristic in ‘koinouta’ (Love Poems) of “Kokinwakashuh” was analyzed. In Chapter 3, it centered on the contrast expression of ‘morning and night’. It is separated for two subjects, ‘specific morning and night’ and ’unspecific morning and night’. In Chapter 4, it centered on the contrast expression of ‘dream and reality’. It is separated for five subjects. In Chapter 5, it centered on the contrast expression of ‘past and present’. It is separated for two subjects. In Chapter 6, the role and the meaning of a time contrast expression in “Kokinwakashuh” were clarified through the comparison with “Manyoshuh”.