臺灣博碩士論文加值系統

一間公司能存活多久?企業是否能藉由被併購或併購來終止或延續其經營的壽命?對創業投資者而言，如何在對的時間處理投資與出場，一直是其肩負的的使命及其事業終極追求的目標。

在本文中，是採用個案分析的方式探討一家由創投業者所投資的積體電路公司，從投資後管理到被投資企業的重整和注入新資金及最後被投資企業被併購後獲利出場的其間，所面臨種種投資決策的過程分析及探討。

文末，並引導出一套如何藉由所投資的企業被併購以達到投資退場機制的流程假說。

It was said that “a firm was born to die”; for venture capitalists, how to save or exit with better return of their investment in companies before its dying is always a challenge as well as an ultimate target to pursue.

In this thesis, it will use cast study method to describe a signal case of an Integrated Circuit (IC) design house from its investment of early expansion stage until exit of the investment by merger and acquisition. During the period, the activities were taken including review the performance of invested company, making decisions of turning around, restructuring company, package company to fund raising, dealing with merger and acquisition buyers and finally executed the transaction to get the money back. This thesis is going to answer a question of “how” a venture capital exited invested portfolio by merger and acquisition, and is going to approach a framework of hypotheses as a conclusion after descriptions and analysis of the case study.

1.Introduction…………………………………………………1
1.1.Venture Capital …………………………………………1
1.2.Trends of Mergers and Acquisitions…………………3
1.3.IC Design Industry………………………………………4

2.Literature review
2.1.Venture Capital………………………………………….5
2.2.Mergers and Acquisitions……………………………..8
2.3.Return of Acquired and Acquiring firm…………..10

3.Methodology
3.1.Methodology of Case Study…………………………..10

4.Case Description - A Cross-countries IC Design firm in Taiwan.
4.1.Industrial Background…………………………………12
4.2.Company Profile…………………………………………15
4.3.Review of Performance of The Company…………….23
4.4.Restructuring/Reorganization of The company…..26
4.5.Package the Deal……………………………………….29
4.6.Potential Buyers for Mergers and Acquisitions..35
4.7.Terms of Mergers and Acquisitions Offering…….37
4.8.Transaction……………………………………………..42
4.9.The Ending……………………………………………….43

5.Discussion and Conclusion
5.1.Limitation of the research………………………….43
5.2.Future exploratory of the research……………….44
5.3.Questions and Answers…………………………………45
5.4.Conclusion……………………………………………….46

中文部分:
1.楊千(2007)，『策略管理』，華泰文化，台北，p297-303
2.2009台灣創業投資年鑑, 經濟部工業局，p99，p115，p178~179

英文部分:
1.Andrease Bascha & Uwe Walz, 2000, Convertible Securities and Optimal Exit Decision of Venture Capital, Journal of Corporate Finance
2.Christian Hopp, 2008, When do venture capitalists collaborate? Evidence on the driving forces of venture capital syndication, Small Business Economics
3.David Gladstone & Laura Gladstone, 2004, Venture Capital Investing, Pearson Education, Inc., p258~266.
4.David G. Fubini, Colin Price, and Maurizio Zollo, 2006, The elusive art of postmerger leadership, The McKinsey Quarterly, McKinsey & Company.
5.Douglas J. Cumming & Jeffrey G. MacIntosh, Venture Capital Exits in Canada and the United States, University of Toronto Law Journal 53
6.F Homberg, K Rost, M Osterloh, 2009, Do synergies exist in related acquisitions? A meta-analysis of acquisition studies, Review of Managerial Science, p99
7.John Guerard,Eli Schwartz, 2007, Quantitative Corporate Finance, Springer Sicience+Business Media LLC, P452
8.MacIntosh, J.G., 1997. Venture capital exits in Canada and the United States. In: Halpern, P.J. Ed., Financing Growth in Canada. University of Calgary Press, P. 279–356.
9.Matthias Eckermann, 2006, --Venture Capitalists’ Exit Strategies under Information Asymmetry, P44
10.Mossin, J., 1973. The Theory of Financial Markets. Englewood Cliffs, NJ: Prentice-Hall
11.Patrick A. Gaughan, 2007. Mergers, Acquisitions, and Corporate Restructurings, John Wiley & Sons, Inc.,P30-68
12.Robert F. Bruner, 2004, Applied Merger & Acquisitions, John Wiley & Sons, Inc.
13.Robert K. Yin, 1981, the Case Study Crisis: Some Answers, Administrative Science Quarterly, Cornell University.
14.Robert K. Yin, 2003, Case Study Research. Design and Methods, Sage publications, Inc.,P5~12, P39~45, P186
15.Sahlman, W.A. (1990): The Structure and Governance of Venture Capital organizations, Journal of Financial Economics, Vol. 27, No. 4, P473-521.
16.SC Weaver & JF Weston, 2001, Mergers and Acquisitions, McGraw Hill Companies Inc.
17.Sudi Sudarsanam, 2003, Creating Value from Merger and Acquisitions, Pearson Education Limited., P362
18.Winston Tellis, 1997, Application of a Case Study Methodology, The Qualitative Report, Volume 3, Number 3.
19.WA Shalman, 1990, The structure and governance of venture-capital organizations, Journal of Financial Economics.