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研究生:吳詠文
研究生(外文):Wu, Yung-Wen
論文名稱:企業併購案例分析:Renesas併購IDT
論文名稱(外文):MERGER AND ACQUISITION CASE STUDY: RENASAS’S ACQUISITION OF IDT
指導教授:湛可南湛可南引用關係
指導教授(外文):Chan, Konan
口試委員:陳嬿如王衍智
口試委員(外文):Chen, Yen-JuWang, Yan-Zhi
口試日期:2020-07-01
學位類別:碩士
校院名稱:國立政治大學
系所名稱:企業管理研究所(MBA學位學程)
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:2020
畢業學年度:108
語文別:中文
論文頁數:62
中文關鍵詞:車用半導體產業混合併購瑞薩電子併購個案與實務
外文關鍵詞:Automotive semiconductor industryConglomerate mergerRenesas ElectronicsIDTMergers and acquisitions cases and practices
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隨著科技與網路發展,聯網逐漸在各個面向實現,改變了人類的生活型態。原先引領著科技業潮流的重要廠商,如半導體業者,也開始朝向此領域投資,取得數據與服務的關鍵技術,與自身硬體優勢結合,進軍工業、醫療、家用、車用等不同場域的市場。以汽車業為例,先進駕駛輔助系統、自動駕駛、車聯網是未來趨勢,這之中的技術與配件是車用廠商們近幾年發展的方向。
本研究的主角為在此潮流下做出併購決策的瑞薩電子(Renesas),其收購同業Integrated Device Technology(IDT),幫助完成其在車用、工業等市場的布局,拓展產品版圖於各類應用上。研究內容將分析事前兩方的合併原因與綜效來源、計算收購價與瑞薩電子的支付能力,以及購後的市場反應與瑞薩電子的整合動作。藉由此個案,了解現在汽車產業的發展趨勢、環境因素對企業帶來的影響,半導體業者透過投資或收購擴大自身規模,提高其他競爭者的進入門檻,進行同業間與水平併購的決策與評估。
With technology and Internet developing, IoT has been realized in all aspects, changing human’s lifestyle. Manufacturers who led the trend of the technology industry, such as the semiconductor supplier, have begun to invest and acquire key technique in data and services and combined their own hardware advantages to enter different fields such as industrial, healthcare, smart home and automotive fields. For example, self-driving, advanced driver assistance system and Internet of Vehicle are the future trends in automobile industry and the direction that car manufacturers are proactively developing in recent years.
In this thesis, Renesas has made the decision under this trend and acquired Integrated Device Technology in the same industry to complete its arrangement in automotive and industrial markets and expand product combination for various applications. The content of the study will analyze the reasons of the two parties to merge and the synergy, calculate the purchase price and Renesas’ payment capacity, as well as the market response and the integration actions. Through this case, we could understand current automobile industry development and how environment impacts the semiconductors to expand its scale through investment or acquisition and raise the entry threshold of other competitors, thus evaluate the benefits and make the decision to acquire the company in the same industry.
謝辭 ii
摘要 iii
Abstract iv
表次 vii
圖次 viii
第一章 緒論 9
第一節 研究動機 9
第二節 研究方法 10
第二章 併購交易前分析 11
第一節 交易簡介 11
第二節 產業介紹 13
第三節 公司介紹 20
第四節 外部環境分析 29
第五節 內部條件分析 34
第六節 雙方企業策略互補綜效性 41
第三章 併購交易中情景 42
第一節 企業價值評估與收購價合理性 42
第二節 支付工具之選擇 43
第四章 併購交易後綜效評估 46
第一節 市場對於併購案反應及預期 46
第二節 併購後與其他競爭者之比較 48
第三節 公司跟交易特性對併購綜效影響 50
第四節 併購後形成綜效的因素 53
第五章 結論與建議 56
第一節 結論 56
第二節 研究限制與建議 57
參考文獻 58
1. 翁鶯娟、張紹基(2017),併購與策略聯盟在公司理財文獻之回顧與展望:亞洲市場之研究,台大管理論叢,第 27 卷第 3 期:163-214。DOI:10.6226/NTUMR.2017.NOV.25104-003
2. 陳振遠、王健聰與洪世偉(2013),公司治理可以減輕併購宣告之資訊洩漏嗎 ?,管理學報,30 卷 3 期:191-213。Doi: 10.6504/JOM.2013.30.03.01
3. 吳啟銘(2011)。企業評價-個案實證分析。台北市:智勝文化事業
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6. 財團法人車輛研究測試中心,車輛產業(汽車電子、電動車與自駕車) 發展契機與展望,檢自:https://www.twse.com.tw/staticFiles/news/event/ff8080816ccc95f8016cccc4a6420009.pdf
7. 財團法人車輛研究測試中心,智慧車電夯 淺談車用半導體產業概況,檢自:https://www.artc.org.tw/chinese/03_service/03_02detail.aspx?pid=3174
8. 勤業眾信聯合會計師事務所,2020 年汽車產業趨勢與展望,檢自:https://www2.deloitte.com/tw/tc/pages/consumer-business/articles/RP20200213-automotive-report.html#
9. 經濟部標準檢驗局
10. 資誠聯合會計師事務所,2018 全球汽車產業未來趨勢報告,檢自:https://www.pwc.com/gx/en/industries/automotive/publications/eascy.html
11. 鉅亨Anue,中美需求下滑 日本出口兩年來首次負增長,檢自:https://news.cnyes.com/news/id/4220400
12. 數位時代,特斯拉全員降薪、放無薪假,電動車一哥在疫情下的斷尾求生,檢自:https://www.bnext.com.tw/article/57248/tesla-pay-cut-coronavirus
13. Masulis, R. W., Wang, C., and Xie, F. 2007. Corporate governance and acquirer returns. The Journal of Finance, 62 (4): 1851-1889. doi: 10.1111/j.1540-6261.2007.01259.xMorgan Stanley, What’s behind Japan’s record-breaking M&A boom, from: https://www.morganstanley.com/ideas/japan-mergers-acquisitions-boom
14. CSRHUB, Corporate Social Responsibility (CSR) & Environment, Social, Governance (ESG) Metrics, from: https://www.csrhub.com/CSR_and_sustainability_information/Renesas-Electronics-Corporation
15. Global Market Insights, Automotive Electronics Market Growth, 2019-2030 Report, from: https://www.gminsights.com/industry-analysis/automotive-electronics-market
16. Higgins, H. N., and Beckman, J. 2006. Abnormal returns of Japanese acquisition bidders– Impact of pro-M&A legislation in the 1990s. Pacific-Basin Finance Journal, 14 (3): 250-268. doi: 10.1016/j.pacfin.2005.10.003
17. Integrated Device Technology (2018), Schedule 14A
18. Integrated Device Technology, Form 10-K
19. JATO, 2018 Full Year Global Sales Release, from:https://www.jato.com/wp-content/uploads/2019/02/2018-Full-Year-Global-Sales-Release-Final.pdf
20. Renesas Electronic, Renesas to Acquire Integrated Device Technology, to Enhance Global Leadership in Embedded Solutions, from: https://www.renesas.com/us/en/about/press-center/news/2018/news20180911a.html
21. Renesas Electronics, Automotive Strategy, from: https://www.renesas.com/about/ir/event/pdf/fy2020/automotive-strategy.pdf
22. Renesas Electronics, Business Breakdown, from: https://www.renesas.com/cn/zh/about/ir/individual/about.html
23. Renesas Electronics, Notice Regarding Issuance of Stock Acquisition Rights as Stock Options, from: https://www.renesas.com/tw/zh/about/press-center/news/2019/news20190325b.html
24. Renesas Electronics, Renesas Electronics Announces Company Name Change of Consolidated Subsidiary, from: https://www.renesas.com/us/en/about/press-center/news/2017/news20171027.html
25. Renesas Electronics, Renesas mid-term growth strategy, from: https://www.renesas.com/about/ir/event/pdf/fy201612/2016-12-q2-strategy.pdf
26. Renesas Electronics, Renesas Names CFO Hidetoshi Shibata Next CEO, from: https://www.renesas.com/tw/en/about/press-center/news/2019/news20190625b.html
27. Reuters, Japan's economy faces rising risks from U.S.-China trade war: Reuters poll, from: https://www.reuters.com/article/us-japan-economy-poll/japans-economy-faces-rising-risks-from-u-s-china-trade-war-reuters-poll-idUSKCN1NI0BV
28. S&P Global Market Intelligence, S&P places Renesas on CreditWatch negative over $6.7B deal for IDT, from: https://www.spglobal.com/marketintelligence/en/news-insights/trending/fwr-eschtczdv_796gykcq2
29. SAE International, SAE International Releases Updated Visual Chart for Its “Levels of Driving Automation” Standard for Self-Driving Vehicles, from: https://www.sae.org/news/press-room/2018/12/sae-international-releases-updated-visual-chart-for-its-%E2%80%9Clevels-of-driving-automation%E2%80%9D-standard-for-self-driving-vehicles
30. TechCrunch, Ford partners with Postmates on self-driving delivery pilot, from: https://techcrunch.com/2018/01/09/ford-partners-with-postmates-on-self-driving-delivery-pilot/
31. TechCrunch, Intel sets the stage for new ‘Level 2+’ automated driving, from: https://techcrunch.com/2018/01/08/intel-sets-the-stage-for-new-level-2-automated-driving/
32. TechCrunch, Toyota’s mobility business shifts into high gear at CES, from: https://techcrunch.com/2018/01/08/toyotas-mobility-business-shifts-into-high-gear-at-ces/
33. U.S. Department of Transportation, Preparing for the Future of Transportation: Automated Vehicles 3.0 (AV 3.0), from: https://www.transportation.gov/av/3/preparing-future-transportation-automated-vehicles-3
34. Wikipedia, Tire-pressure monitoring system, from: https://en.wikipedia.org/wiki/Tire-pressure_monitoring_system
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