本研究以半導體自動化測試設備(ATE)製造商日商愛德萬測試集團(ADVANTEST CORPORATION，簡稱愛德萬)收購美國半導體自動測試設備製造商惠瑞捷股份有限公司(VERIGY LTD.，簡稱惠瑞捷)作為併購的個案研究，探討併購理論及相關文獻，包括併購的動機與目的、併購的過程與整合的方向，來觀察個案公司從併購前一年到併購十年後的經營狀況與財務表現，研究其併購的動機、目的、方式及策略思維。從併購的過程中，發現研究的個案企業在整併初期，因市場需求不如預期，及處在整併磨合的階段，營收有下降的狀態，當 2018 財年景氣復甦後，營收首次在併購後超越競爭對手，更在 2022 財年拉開雙方的營收差距，進而了解企業為了成長並站穩市場領先地位，需要有主動出擊的勇氣及謀略，並說明併購後所面臨的整合方向，以作為未來企業併購時參考。

This study examines the case of the acquisition of Verigy Ltd., a U.S. semiconductor automated test equipment (ATE) manufacturer, by Advantest Corporation, a Japanese ATE manufacturer. The research aims to explore merger and acquisition(M&A) theories and relevant literature, including the motives and objectives of the acquisition, the process of the merger, and the direction of integration. The study observes the operational and financial performance of the case company from one year before the acquisition to ten years after, analyzing the motives, objectives, methods, and strategic thinking behind the acquisition.
During the merger process, it was found that the case company experienced a decline in revenue in the early stages of integration due to lower-than-expected market demand and the challenges of merging two entities. However, with the economic recovery in the fiscal year 2018, the revenue surpassed that of competitors for the first-time post-merger, and the revenue gap between the two companies widened in the fiscal year 2022. This understanding highlights the need for companies to have the courage and strategic thinking to proactively pursue growth and establish a leading market position. The study also explores the integration direction faced after the acquisition, providing insights for future corporate mergers.

摘要 I
ABSTRACT II
致謝 III
目錄 IV
圖目錄 VII
表目錄 VIII
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第貳章 文獻探討 5
第一節 併購的定義 5
第二節 併購的策略思維 6
第三節 併購的動機 7
第四節 併購的流程 9
第參章 研究設計 13
第一節 研究方法說明 13
第二節 研究對象與範圍 13
第肆章 產業介紹 14
第一節 半導體產業概述 14
第二節 半導體產業鏈的發展動態 15
第伍章 愛德萬測試集團介紹 17
第一節 公司簡介 17
第二節 公司主要產品 19
第三節 公司併購史 20
第四節 公司財務狀況 21
第陸章 惠瑞捷股份有限公司(VERIGY LTD.)公司介紹 24
第一節 公司簡介 24
第二節 公司主要產品 24
第三節 公司併購史 24
第四節 公司財務狀況 25
第五節 惠瑞捷面臨的危機及轉機 25
第柒章 併購的策略研究 27
第一節 併購的動機與目的 27
第二節 併購的方式 30
第三節 併購後的整合 30
第四節 併購後的效益 34
第捌章 結論與建議 37
參考文獻 39

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