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研究生:鍾敏敏
研究生(外文):Min-Min Chung
論文名稱:專業電子製造服務廠商之併購式成長策略探討
論文名稱(外文):A Study on Acquisitive Growth Strategy in the Global EMS Industry
指導教授:李吉仁李吉仁引用關係
指導教授(外文):Ji-Ren Lee
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:國際企業學研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2004
畢業學年度:92
語文別:英文
論文頁數:153
中文關鍵詞:策略性委外專業電子製造服務產業併購式成長
外文關鍵詞:Acquisitive GrowthStrategic OutsourcingEMS industry
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In the 1990s, electronics end markets were very dynamic with explosive demand and shorter product life cycle. At the same time, production technology also improved from PTH (Pin Through Hole) to SMT (Surface Mounting Technology), the cost of which becomes a critical consideration for global original equipment manufacturing (OEM) firms to invest. As such, outsourcing production to electronics manufacturing services (EMS) firms became a popular strategic move for global OEM firms, which helps OEMs remain cost competitive and achieve faster time-to-market by reducing ramp-to-volume time. With end market demand got weary and product life cycle got shorter, EMS companies were aggressively in enhancing both scale (capacity) and scope (product and service segments) to meet their OEM customers’ need. EMS companies not only build their facilities from greenfield or cultivate their capability by internal teams, but also were enthusiastic in acquiring facilities or capabilities from external parties.
This research took multiple-case approach to unfold the rationale behind EMS firm’s aggressive acquisitive decisions as well as the consequence of such an acquisitive strategy. We first provided an overview on EMS’s industrial transition over the past 10 years and analyzed the acquisition activities of the top 5 global EMS firms, including Flextronics, Solectron, Sanmina-SCI, Celestica, and Jabil Circuit. Based on these evidence, we further categorized these acquisition activities into three major models based on motivation drove these acquisitions; they are revenue driven acquisition, capacity expansion and footprint expansion acquisition, and capability driven acquisition.
Judging from the ex-post developments of these acquisitions, we conclude several key reasons to explain why these acquisitions will become a critical burden for their global competitiveness. These reasons include (1) unjustifiable price of acquisition due to a hungry need of enhancing top line through acquisition, (2) binding supply contract with the acquisition was not fully realized, (3) unsatisfactory post-acquisition integration and synergy creation. Based on these findings, we provide suggestions concerning how to avoid these pitfalls in making acquisitions. Implications of these findings and future research directions are briefly discussed as well.
Chapter 1 . Introduction-1
1.1. Research Background and Questions-1
1.2. Research Purpose-6
1.3. Research Methodology-7
1.4. Thesis Structure-9
Chapter 2 . Literature Review-11
2.1. Growth Strategy-11
2.2. Successful Acquisition Requirement-12
2.3. Vertical Integration-18
2.4. Vertical De-integration-20
2.5. Synergy-20
2.6. Integration Processes-23
Chapter 3 . Note on the EMS Industry-25
3.1. The Electronics Manufacturing Service (EMS) Industry-25
3.2. Current Situation of EMS Industry-62
3.3. EMS Industry in Transition-63
Chapter 4 . Analysis of EMS Acquisitive Growth Strategy-71
2.2. Acquisition Activities Overview-71
2.3. Motivation of Acquisitions-75
3.2 Acquisitive Growth: A Painful Experience-77
4.4 Learning Lessons-84
Chapter 5 . Conclusion and Suggestion-92
5.1. Research Conclusions-92
5.2. Research Suggestions-97
5.3. Suggestions to Future Research-101
Chinese —
許戎岑,民92,專業電子製造服務廠商之垂直整合策略分析,國立臺灣大學國際企業學研究所未出版之碩士論文。
湯明哲教授,民92,策略精論─基礎篇,天下文化出版,台北。

English —
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Website

Celestica Website: http://www.celestica.com/
Flextronics Website: http://www.flextronics.com/
Global Spec Website: http://www.globalspec.com/
Jabil Circuit Website: http://www.jabil.com/
Sanmina-SCI Website: http://www.sanmina-sci.com/
Solectron Website: http://www.solectron.com/
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