產業垂直購併組合模式之績效研究—以TFT-LCD產業為例

Abstract

Abstract The TFT-LCD industry belongs to one of the “two trillion and double stars”industry plans which have been proposed by the government of Taiwan, R.O.C. during past three years. It is one of the most important industries that drive the economic development of Taiwan following the semiconductor industry for the past decade. Owing to the fact that the industrial development of Taiwan’s TFT-LCD industry is relatively late compare with the other major competitors, a lot of key components or materials, such as the targets for color filter, the brightness of the enhancement films for polarizes are controlled by a few of American and Japanese manufacturers. Because of the oligopoly exists prior to the entrance of Taiwanese TFT-LCD companies, it causes many potential problems for further development of Taiwanese TFT-LCD industry. This study attempts to examine and analyze the strength and weakness of the key components or materials value chain of Taiwanese TFT-LCD industry. Furthermore, this work investigates the possibility of the vertical integration of the TFT-LCD industry’s value chain in Taiwan. Regarding the mergers and acquisitions (M&A) strategy, each company needs to make its own decision based on their financial and non-financial factors. Since the non-financial factors depend on the uniqueness of the individual enterprises, it is hard to achieve the consensus sampling criteria, thus this study concentrates on the financial data only, and picks 15 financial ratios as the evaluation basis. This investigation chooses 16 publicly listed and issued companies of the up-stream and mid-stream manufacturers in the TFT-LCD industry as the target, and uses the Principal Component Analysis method to find the optimum vertical M&A’s combination of TFT-LCD industries in Taiwan. The empirical results are summarized as follows : 1. Regarding the rankings of the financial performance: The best vertical M&A’ combination of Taiwanese TFT-LCD manufacturers is Chi Mei、Novatek and Radiant Opto-Electronics. The second best combination is AU Optronics、Novatek and Radiant Opto-Electronics. 2. Concerning the aggregate M&A’s targets: The result shows that, among the top 70 combinations, Novatek is picked in 50 combinations, suggesting that Novatek is the best candidate for vertical M&A. 3. With regard to the M&A’s target for individual companies: Chi Mei's first priority for M&A’s target is the combination of Novatek and Radiant Opto-Electronics. Chi Mei’s second priority for M&A is the combination of Novatek and K-Bridge Electronics. Concerning the first priority for the M&A’s target of AU Optronics is also the combination of Novatek and Radiant Opto-Electronics, and the second best choice for AU Optronics is the combination of Novatek and K-Bridge Electronics. In summary, the findings indicate that the combination of high quality manufacturers outperformed the other combinations, and high quality companies will choose other high quality manufacturers as their targets for vertical M&A.