有鑒於全球半導體產業已趨成熟，全球半導體通路商之間的競爭也越來越白熱化，越來越多家半導體通路商藉由企業併購，進行所代理產品線的互補、技術整合與併購後的企業資源整合，進而產生併購綜效(Synergy)，以達半導體通路商的經濟規模，才足以持續保有競爭力。
本研究藉由大聯大控股公司的併購策略，持續保持競爭力，以及併購後所產生綜效作為研究對象，針對未來半導體通路商產業的全球佈局之策略參考，在面對全球景氣循環不佳環境下，半導體通路商毛利率越來越低情況下，如何思考通路商的營運策略、通路商的價值與市場定位，尋求全球戰略佈局，發揮企業的核心價值與核心競爭力。在其併購前之充分準備、規劃與決定併購方式，併購後如何持續做好經營管理，組織設計與調整組織..等做完整分析，從中找出『半導體通路商之核心能力、併購戰略與整合佈局』等交互關係。
研究說明併購前應有的考慮事項如：環境評估、競爭策略方向、白地策略、價值鏈加值、併購後之系統整合、資源整合、組織的設計創新、經營管理制度創新..等因素，供相關企業於併購前後可採取之策略參考，圓滿達成併購績效目標，並達到預期併購綜效，符合股東期望。
本案例研究結果歸納出下列重點：
1.併購前首重交易前之準備階段(即評估併購目標公司和制定整併計畫)。
2.挑選併購對象時，相關併購所創造的價值比無相關併購要來得高。
3.周詳的整合計畫與管理機制，是實現併購綜效的主要關鍵。
4.留住關鍵人才是確保企業併購成功的重要基石。
5.併購後，如何消彌兩家企業間文化差異，是合併後經營成敗的關鍵因素。
6.併購後保留雙方的優良企業文化，再循序漸進轉化成新的企業願景、文化。
7.藉由不斷的溝通協調，建立共識，設定目標，資源整合等，才可以提升綜效。
8.設計新組織架構、新的營運與管理模式，讓併購綜效延續，持續保有競爭力。
9.階段性組織調整與經營策略調整，並配合上游供應商策略，是半導體通路商重要成功關鍵因素。
10.依併購對象規模條件決定，小公司由子集團併購，大公司由控股公司併購。 / In view of the mature global semiconductor industry, more and more intense competition between the global semiconductor distributor, a growing number of semiconductor distributors through mergers and acquisitions, product line agent complementary, technology integration, mergers and acquisitions, enterprise resource integration, and thus produce a net synergistic effect (synergy), to achieve the economies of scale of the semiconductor distributor, enough to sustain their competitiveness.
By WPG Holdings company's acquisition strategy, the study continued to remain competitive and generate synergies after the acquisition as an object of study for future semiconductor distributors industry's and global distribution strategy reference, the poor in the face of the global business cycle environment, getting lower and lower gross profit margin in the semiconductor distributors, how to think about the operating strategy of the distributor, distributor’s value and market positioning, seeking global strategic layout, play to the company's core values and core competitiveness. Fully prepared in the pre-merger planning and decision mergers and acquisitions, post-merger continued good business management, organizational design and adjust the organization. Do a complete analysis, to find out the core competencies of the semiconductor distributors, M & A strategy and integration layout and other interactive relationship.
Study shows that pre-merger due considerations such as: environmental assessment, direction of competitive strategy, Seizing the white space strategy, value chain, value-added, M & A system integration, integration of resources, organization design innovation, management system innovation. And other factors, for related enterprises can be taken before and after the M & A strategy reference, the successful completion of the merger and acquisition performance objectives, and achieve the expected synergistic gains, in line with the expectations of shareholders.
This case study results are summarized to the following priorities:
1. Preparation phase before the first heavy trading in the pre-merger (ie, assessment of the M & A target company and the development of the whole and plans).
2. Selection of acquisition targets, the value of mergers and acquisitions are creating related to mergers and acquisitions to come.
3. Comprehensive integration planning and management mechanism, which is the key to achieve synergistic gains.
4. Retain key personnel to ensure that the cornerstone of success of mergers and acquisitions.
5. After the merger, and how to eliminate a key factor in business success of the cultural differences between the two companies merged.
6. After the merger, to retain both excellent corporate culture, and then step-by-step into the new corporate vision, culture.
7. By continuous communication and coordination, consensus-building, goal setting, resource integration, can enhance the synergy.
8. The design of the new organizational structure, the new operation and management mode, make a merger synergy continuation, continued to stay competitive.
9. Phased organizational restructuring and business strategy adjustment, and in line with the strategy of vendor suppliers are the semiconductor distributor important critical success factors.
10. Conditions in accordance with the scale of acquisition targets decided, a small company by the sub-group mergers and acquisitions, and large companies by the holding company mergers and acquisitions.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0099932134 |
| Creators | 吳永昌, Wu, Yung Chang |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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