A Case Study on Improving Competitive Advantage via Merge and Acquisition

隨著科技的進步，各產業面臨了全球化及劇烈變動的經營環境，企業為達永續經營的目的，須藉由外部成長及內部成長以增加公司之競爭力。行政院於2002年所枎植的「兩兆雙星」產業中的薄膜電晶體液晶顯示器(TFT LCD)經過多年來的發展，至今已成為相當成熟之產業，隨著全球的經濟發展、科技之進步及中國人工成本不斷上升，企業所面臨的經營環境更加險峻，企業為求永續經營，無論是跨國性的購併活動或與廠商間的策略聯盟，均可以看到各產業間之企業整合動作更加頻繁，在面臨瞬息萬變的經營環境中，企業改以併購策略以期迅速地增強公司競爭力。 背光模組乃為TFT-LCD關鍵的上游零組件之一。其產業現今正面臨低毛利、併購、淘汰等趨勢。各家背光模組廠商如何掌握其經營績效並創造競爭利基，將成為永續經營的必要條件。 本研究係探討個案公司透過水平式併購方式以取得互補性之關鍵技術，以期降低生產成本、提升競爭力，探討個案公司併購後於業務面、技術面、財務面之綜效；於併購之過程中，歸納併購成功與失敗的關鍵因素，以供經營者及欲從事水平式併購廠商參考。 本研究發現企業若欲藉由併購策略來提升整體營運績效，在併購策略決定前須審慎評估及分析，併購執行過程中必須立即成立專責工作小組，透過有效的溝通體系，重塑企業文化，並導入適當之績效衡量指標，以確保合併綜效的達成。As technology advances, the industry is facing the globalization and the dramatic changes in the business environment for the purpose of achieving sustainable business required by external growth and internal growth to increase the competitiveness of the Company. After years of development, the " Two Trillion &Twin Star " industries in 2002, the Executive Yuan develop thin film transistor liquid crystal display (TFT LCD) has become a fairly mature industry, with the global economic development, scientific and technological progress and labor costs continue to rise, enterprises are facing more dangerous operating environment for the sake of sustainable development, whether transnational M & A activity or alliance strategy between firms, both can see the action of the business integration between the various industries frequent, faced with rapidly changing business environment, change acquisition strategy to quickly enhance the company''s competitiveness. The backlight is one of the key upstream components of TFT-LCD. The industry today is facing a trend of low profit margins, mergers and acquisitions, eliminate. Various backlight module manufacturers how to master their business performance and create competitive niche, will become a necessary condition for sustainable business. This study was to investigate the case through horizontal mergers and acquisitions in order to obtain the complementary nature of key technologies to lower production costs and enhance competitiveness, to investigate cases of company mergers and acquisitions after the business side, technical, financial side synergy; in the process of mergers and acquisitionsexplore the key factor in M & A success and failure and want to engage in horizontal M & A vendor reference. This study found that the acquisition strategy to improve overall operating performance should be carefully assessed and analysis before the decision of the acquisition strategy, mergers and acquisitions during the execution must be immediately established an integration team through effective communication system, to reshape the corporate culture, and import the appropriate performance measurement indicators to ensure that the merger synergy reached.第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 3 第三節 研究流程 4 第二章 文獻探討 6 第一節 併購之文獻探討 6 第二節 背光模組產業介紹 16 第三章 研究方法 21 第一節 研究架構 22 第二節 資料來源 24 第四章 個案公司併購綜效分析 25 第一節 公司簡介 26 第二節 公司合併之背景 30 第三節 營運綜效分析 32 第四節 背光源模組未來發展動向 46 第五章 結論與建議 47 第一節 研究結論 47 第二節 研究建議 48 第三節 研究限制 49 參考文獻 5