企業併購個案研究-以半導體設備商科林研發與諾發系統的併購案為例

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研究生：	楊聖安 Yang, Sheng-An
論文名稱：	企業併購個案研究-以半導體設備商科林研發與諾發系統的併購案為例 A case study of mergers and acquisitions on semiconductor equipment manufacturer Lam Research and Novellus Systems Merger
指導教授：	林哲群
口試委員:	楊屯山林哲群蔡錦堂張焯然
學位類別：	碩士 Master
系所名稱：	科技管理學院 - 高階經營管理碩士在職專班 Executive Master of Business Administration(EMBA)
論文出版年：	2012
畢業學年度：	100
語文別：	中文
論文頁數：	66
中文關鍵詞：	併購、資源基礎理論、自由現金流折現法、併購綜效
外文關鍵詞：	Mergers and Acquisitions, Resource-based theory, Discounted free cash flow, Synergy
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併購是企業透過外部成長以達到擴張目的的方式，亦是企業在面對市場環境不確定時可採行的財務策略。
2011年12月14日，半導體設備商科林研發與諾發系統同時發表併購同意聲明，科林研發將以每股44.42美元的價格，總價33億美元來併購諾發系統。雙方約定以換股的方式完成併購，換股比例為按12月14日Nasdaq收盤股價的1.125股科林研發普通股換發1股諾發系統普通股。
本研究以資源基礎理論中所對應的財務比率對這兩家公司做分析，比較兩者的競爭優勢，並就併購的價格及併購的整合過程加以探討。
研究結果發現，在競爭優勢的整體評比方面，科林研發比諾發系統俱有較佳的競爭力。在併購價格的分析方面，以自由現金流折現法得到的結果顯示，科林研發的44.42美元每股收購價，比估算價格短少1.88美元，貶損了4.06%。另外，在併購過程中引進外部專業團隊的協助，藉由其專業的經驗與規劃，可使併購整合的程序進行的更順利。但是，在溝通的工作上，仍需公司的管理高層親力親為，以最大的誠意來消彌員工的不安情緒。
科林研發與諾發系統兩家公司的產品與技術是彼此互補的，預期在合併之後將可以成為產品組合更為廣泛的半導體設備公司。可將合併後新公司之營運與獲利表現，列為併購綜效之後續觀察與持續研究之項目。

For enterprises, Mergers and Acquisitions are the way of external growth to achieve the expansion.
December 14, 2011, semiconductor equipment manufacturers Lam Research and Novellus Systems, both announced a statement of M&A agreement, Lam Research will merge Novellus Systems at the price of $ 44.42 per share, amounting to $ 3.3 billion. These two companies agreed to the convertible way completed the acquisition. The conversion ratio is 1.125 shares of ordinary shares of Lam Research to a share of ordinary shares of Novellus Systems at Nasdaq closing stock price on December 14, 2011.
In this study, the resource-based theory corresponding financial ratios are used to analyze, to compare the competitive advantage of the two companies, the price evaluation and the integration process of the M&A are also explored.
The results showed that, Lam Research in the overall appraisal of the competitive advantage is more competitive than Novellus Systems. In the analysis of the acquisition price to the discounted free cash flow, at the results obtained show the $ 44.42 per share purchase price offered by Lam, less than the estimate of $ 1.88, discount 4.06%.
In addition, the introduction of the assistance of external professional team during M & A process, by their professional experience and planning, the integration program of merger will go more smoothly. However, in the work of communication, it still needs the company's senior management to do it with the greatest sincerity to diminish the anxiety of the staffs.
Lam Research and Novellus Systems, the products and technologies of both companies complement each other. After the merger, it is expected to become a semiconductor equipment company with broader product portfolio. The synergy of operating and profitability performance of the new company can be as the follow-up study projects.

摘要 ................................................................................................................II
ABSTRACT....................................................................................................III
誌謝..................................................................................................................V
圖目錄...........................................................................................................VIII
表目錄.............................................................................................................IX
第一章緒論.......................................................................................................1
1 研究動機與背景........................................................................................1
2 研究目的....................................................................................................2
3 研究限制....................................................................................................2
4 研究架構與流程........................................................................................3
第二章 文獻探討 ...........................................................................................4
1    資源基礎理論............................................................................................4
1.1 資產與能力......................................................................................5
1.2 競爭優勢與財務指標......................................................................6
2    企業併購..................................................................................................10
2.1 併購動機理論................................................................................10
2.2 併購發展史....................................................................................12
2.3 併購策略........................................................................................13
2.4 併購模式........................................................................................14
2.5 併購之流程....................................................................................17
2.6 併購之成功因素............................................................................19
第三章產業及個案介紹 ...............................................................................21
1 產業介紹..................................................................................................21
1.1 半導體設備產業............................................................................21
1.2 半導體設備市場............................................................................21
1.3 晶圓製程設備................................................................................23
1.4 晶圓製程設備供應商....................................................................24
1.5 產業競爭分析................................................................................25
1.6 產業機會與挑戰............................................................................27
2 個案介紹..................................................................................................28
2.1 諾發系統公司簡介........................................................................28
2.1.1 公司歷史.....................................................................................29
2.1.2 財務狀況.....................................................................................31
2.1.3 SWOT分析...................................................................................32
2.2 科林研發公司簡介........................................................................34
2.2.1 主要業務.....................................................................................35
2.2.2 財務狀況.....................................................................................36
2.2.3 SWOT分析..................................................................................37
第四章 個案分析與討論...............................................................................40
1 競爭優勢比較..........................................................................................40
1.1 營運效能........................................................................................40
1.2 資本管理........................................................................................42
2 併購案的背景與時機..............................................................................43
3 併購案對半導體設備產業競爭的影響..................................................44
4 併購定價分析..........................................................................................47
4.1 相對比較分析................................................................................47
4.2 自由現金流量折現法....................................................................50
5 併購後的組織整併與文化融合..............................................................56
第五章 結論與建議.......................................................................................60
1 結論..........................................................................................................60
2 建議..........................................................................................................62
參考文獻 .......................................................................................................63

                                

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