現今的半導體的產業發展以工業4.0、物聯網及AI人工智慧為主軸，個案公司安馳科技是半導體供應鏈中的IC代理商，公司從成立初期即以工業控制相關領域為營運方向，且所代理的產品線搭上產業發展潮流，產品應用面甚廣；再加上工業領域特色為少量、多樣、客製化，公司需培養的技術應用工程師較一般代理商多，也因為如此，個案公司雖然營收無法像其他消費型代理商大幅成長，但是毛利率相較之下卻高出許多，因而公司價值甚高，常常是大型代理商欲併購的對象。
　　個案公司故事背景發生於2015年，安馳雖然代理的產品極具競爭力，公司的價值也較其他中小型代理商高，但仍舊無法擺脫代理商的困境。當時公司第二大營收來源產品線被併購，代理權遭到取消，在公司遭逢重大危機之際，考驗著經營階層危機管理能力。風波平息之後，公司為了能持續經營，避免再次因代理權遭到取消而影響公司營運，因而決議採行併購方式因應產業環境危機。
　　雖然併購常是企業快速擴大組織規模、經濟效益及公司價值的策略之一，但是在進行企業併購時，應詳細擬定併購策略，對於價值評估方式更應考量未來公司計劃或產業特性做適度調整。個案公司首次執行併購案，從初期的併購策略規劃發生明顯錯誤；在併購出價時，忽略本案為跨國併購案，所採用的價值評估方式不夠周延；併購談判策略因領導者與執行者意見分歧，且與合併對象各持己見，最終導致併購案以失敗收場。
　　透過本個案的討論，思考企業在進行併購活動時，成功關鍵因素為何？如何擬定成功的併購策略？如何判斷價格是否合理？以及與合併對象該採用何種談判策略才能符合雙方期待，最後達成併購目標與公司計劃。

　　The development of the semiconductor industry nowadays focuses on Industry 4.0, the Internet of Things (IoT), and Artificial Intelligence (AI), the company in this case is Anstek, which is an IC agent in the semiconductor supply chain, ever since its establishment, Anstek has specialized in the industrial control field, the production lines of agent products have kept abreast of industry developments, and the products have been widely applied in many fields, in addition, the features in the industrial field include small quantities, diverse features, and customization, the company is thus required to cultivate more technology engineers than general agents, therefore, the gross margin of the company is higher than other consumer agents despite the growth revenues may be catch up with them, the company has a very high value and has been a merger target by larger agents.
　　This situation occurred in 2015, despite Anstek's products being very competitive in the market, and the value of the company being higher than other small and medium-sized agents, Anstek was still facing adverse conditions, during that time, the production line which accounted for the second-largest amount of revenue was acquired, and the agency rights were terminated, this urgent situation tested the crisis management ability of the management team. After resolving this crisis, the company was determined to adopt merger and acquisition methods to respond to the industrial crisis, their aim was to continue operations and prevent the company being affected by the termination of agency rights.
　　Mergers are commonly used by corporations to rapidly increase scale, economic benefits, and company value, however, a detailed merger strategy must be planned along with a properly-adjusted valuation which takes into consideration the future plans of the company or industry. When conducting its first merger, Anstek encountered an obvious error in the early stages of its strategy. When bidding, Anstek ignored the fact that it was a cross-border merger, and its valuation was thus not appropriate; The merger was unsuccessful due to the fact that there were different opinions between the leadership and those executing the details, and between Anstek and the merger target.
　　By exploring this case, the keys to success in a corporate merger can be identified, in addition, the following questions can be answered: How to plan a successful merger strategy?


How to judge whether the price is reasonable? How to decide which negotiation strategy should be adopted to meet the expectations of both parties?

摘要
ABSTRACT
誌謝
目錄
壹、個案本文
一、併購動機
二、半導體產業發展
(一) 產業發展歷程
(二) 產業上下游關連
三、個案公司概況與併購決策
(一) 個案公司概況
(二) 危機發生
(三) 併購策略
貳、教學指引
一、個案總覽
二、教學目標與授課對象
三、討論問題與參考答案
（一）、安馳是怎樣的一家公司？
（二）、代理商何以走向併購之途？
（三）、如何擬定成功的併購策略？
（四）、價格合不合理？
（五）、如何讓談判成功？
四、課程結論
五、教學建議
（一）安馳是怎樣的一家公司？（20分鐘）
（二）代理商何以走向併購之途？（15分鐘）
（三）如何擬定成功的併購策略？（15分鐘）
（四）價格合不合理？（20分鐘）
（五）如何讓談判成功？(20分鐘)
參考文獻
一、中文參考文獻
二、英文參考文獻
附錄一、E公司財務資料
附錄二、安馳財務資料

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