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.

本研究的個案是系統單晶片企業，系統單晶片是電子系統的核心，因此該企業對於下游電子產品的發展扮演著舉足輕重的角色，是積體電路產業價值鍊最高價值的一環。本研究的主要目的是藉著一個極為成功的系統單晶片設計公司的成長軌跡與其相關的產業歷史，透過還原當時的時空環境了解並分析其經營策略的本質，以建立適合系統單晶片設計公司之經營策略本質的分析架構，同時實證其分析的結果，藉以尋求其研究問題「後進者的成功經營策為何?」的解答，並從個案企業的歷史中找出常被忽略的寶貴的經營智慧，而另一目的是能夠藉著收集具有時間標記的經營事件，提供豐富的研究素材給有興趣系統單晶片設計產業做更進一步或其他主題的研究。 一開始的動機是為了解答「後進者的成功經營策為何?」這個問題，但研究之後發現這是一個很有可能沒有通用解的問題，因此本研究轉從「策略本質的思考」出發，試著從個案公司的各個不同系統單晶片產品及其下游相關的產業的事件中，進行分析、推理、歸納與實證所關心的議題，其中個案分析主要包括四個產業：（一）光碟機產業；（二）DVD播放機產業；（三）數位電視機產業；（四）手機產業。其中每一個產業的故事都以某一個案的企業發展為中心，以時間的先後呈現，描述當時的產業環境、企業狀態、決策的因果關係，以及如何執行與執行結果。為了解答「後進者的成功經營策為何?」這個的大問題，同時從個案的分析與理論推論研究，從不同方向的思考並嚴謹的歸納與分析提出以下的研究發現：（一）從行銷理論分析策略本質；（二）以利潤方程式分析策略本質；（三）SOC晶片訂價策略；（四）從動態能耐的架構分析策略本質；（五）後進者的經營策略；（六）成長與新產品選擇的策略；(七)經營智慧的闡述。希望能提供企業經營者策略思考的架構，而建構出適合自己的經營策略。 本研究藉著邱志聖「行銷理論」中產品的「外顯」與「內隱」之價值分析方法，發展出「（一）從行銷理論分析策略本質」之研究發現中一系列的理論，並以此為基礎，輔助論證其他的研究發現，再根據「利潤彈性」的定義，提出可以以嚴謹的數學証明的一系列有關訂價的創新的理論，以此為基礎進而提出「（三）SOC晶片訂價策略」，再藉著「（四）從動態能耐的架構分析策略本質」的個案研究，發現組織的能耐與低成本優勢有的強烈的相關性，整合以上相關的研究發現，進而提出「（五）後進者的經營策略」，以創新「先進者支援的兩難」理論為切入點，並根據以上研究的結論，提出「後進者的成功經營策為何?」的參考解答。當企業成功之後，必然會面臨成長的困境，因此本研究從個案的深入分析，提出所應採取的「（六）成長與新產品選擇的策略」，以及最後提醒經營者一些知易行難的「(七)經營智慧的闡述」。 根據TEEC的「動態能耐」的理論，企業的策略深受「路徑相依性」的影響，且當不同企業的內部狀態或外部環境不同時其所需的策略也不一樣，因此後進者僅採用模仿的策略是不易成功，所以企業必需要思索適合自身的策略，並透過策略本質的分析，檢驗其策略是否有效，然而任何策略分析的方法都有其盲點，因 此分析或擬定策略時要依據競爭對手與產業特性選數種適合分析的架構進行分析，才能夠互相印證與互補，並思考其矛盾之處以避免致命的盲點，因此本論文提出專為系統單晶片設計企業策略本質的思考之架構以檢驗其策略有效性。 / The System on Chip (SOC) is the core of the electric system of an electric end product. Therefore, the firms that design and produce the SOC play the critical role in the development of the end product and contribute the most valuable part in the IC industry chain. The purposes of this paper are to develope the strategies and wisdoms of management as well as the frame structure for analyzing the essence of management strategies for the late comer. In the case study, there are the companies have been very successful in the world. In the cases, there are a lot of time-marked traces of the growth of the successful firm and its related industry history so that we can clarify what and why the strategies were executed at that time by analyzing the sequences of the management decisions and their consequences. Additionally, I hope the case stories can be utilized for the further research or another related research. Initially in this research we focused only on the topic of the question“What are the effective management strategies for the late comer”. However, after further studies we found that the general answers for the big question might not exit; therefore, we adjusted the research direction and converted to focus on the topic of the essence of the analysis of the management strategies. In the studied case, there are four different kinds of SOC products including optic storage chip, DVD player chip, digital TV chip and handset chip and their related industries. In the story of each product case, the main stream of the story keeps close track of the situation of the management decisions making, the status of the execution by the studied firms and their consequences in timing sequence so that the evolution of the environment of the firms and the industries can be shown clearly. To study for the answer of the big question “What are the effective management strategies for the late comer”, firstly we analyze the cases and simultaneously study the related theories. Secondly we transform the big question into the following seven research subtopics: (1) Analyzing the essence of the management strategies based on the marketing promotion theory, (2) Analyzing the essence of the management strategies by the net profit, (3) Pricing strategies for the SOC products, (4) Analyzing the essence of the management strategies by the perspective of the“Dynamic capabilities”, (5) Management strategies for the late comer, (6) Strategies for the growth and new products selection, and (7) Wisdom of management. Finally, we hope this thesis can provide managers with the frame structure for both thinking and analyzing the strategies so that managers can develop the best strategies for themselves. There are some kinds of logical relation among the theories developed in the above subtopics. The foundation of theories of“Analyzing the essence of the management strategies”is the value proposition that bases on the analysis of the explicit value and implicit value in the marketing promotion theory. Theories of“Analyzing the essence of the management strategies”are one of the most fundamental pillars that support the other theories in this thesis. According to the definition of elasticity of net profit in this thesis, we can deduce some innovative and valuable theories by the rigid mathematical reasoning. Furthermore, we can develop the innovative theories “(3) Pricing strategies for the SOC product”. In addition to developing the above theories, we apply the theory of “Dynamic capabilities” to analyze the strategies in the case stories to find the effective cost advantage is supported by the capabilities of organization with effectiveness and efficiency. We integrate the above theories to propose “(5) Management strategies for the late comer”. A firm will eventually confront the saturation of the growth after its successful startup. To solve this issue, we base on the deep investigation of the cases and some theories developed in this thesis, we propose “(6) Strategies for growth as well as new products selection”. Finally from the case stories, we abstract some both valuable and critical wisdoms that are easy understood but they are hard to be practiced due to the human natural weakness. According to “Dynamic Capabilities and Strategic Management” by TEECE, the strategies for a firm strongly depend on the path that the firm has experienced, thus the imitative strategies from its rival is usually not effective just because their paths they passed are different, not to mention that neither their environments nor the conditions of the firms are totally different. Therefore, a firm works out any strategies and then its managers have to carefully check the effectiveness of the strategies by analyzing their essence of the strategies and then modify them before they are executed. However, any framework for analyzing strategy has its blindspots. To avoid the strategic blindspots, we have to use several different and suitable frameworks to analyze the strategies, and then check if there are any conflicts among the results from different frameworks analyzing, we have to deliberate to find why and how to solve the conflicts. Therefore, we develop a new frame work that appropriately analyzes the strategies of both the SOC firm-level and their products with a totally different perspective