本研究以台灣類比IC設計公司「A公司」與「F公司」之併購案為研究對象，探討公司併購案的動機因素與雙方公司換股比率的合理性。透過個案分析法進行深度訪談與分析後發現，產業與市場結構的改變、國內同業競爭壓力、國際化成長機會，為本併購案最主要外部環境因素的動機。組織人員的互補、水平整合、取得市場與通路、多角化發展經營、國際化布局，則為雙方公司內部之併購動機。雙方公司並預期併購後能在企業經營的多個面向創造出整合綜效，進而使併購後的企業經營績效獲得改善、提升股東權益報酬與企業的市值。而在使用自由現金流量折現法進行A公司與F公司的企業價值評估結果發現，併購案實際的換股比例，對A公司的價值似乎有低估之現象；然而本併購個案最終定案的換股比率並不完全以市價、淨值或自由現金流量折現法之量化的評價做為考量，而是就雙方公司合併後預期可產生的綜效與發展機會的認同，而促使雙方達成具共識且為雙方所認可合理之換股比例。

The research using a M&A case study of two Taiwan analog IC companies, A and F, to identify the motivation of the M&A and to evaluate its share exchange ratio rationality. The in-depth interviews and analysis results show that the changing industry and market structures, the domestic competition pressures and international growth opportunities are the main environmental motivations to the M&A. It also identifies the organization humen resource complementarity, industry horizontal integration, market and channel acquiring, business and product diversification and international expansion are the internal motives in two corporates. Furthermore, it is expected to create various synergies through the integration of two companies after the merger, and to improve business performance for enhancing the company’s return on equity and market capitalization of the enterprise. The result using the Discounted Free Cash Flow Method (DCF) to assess M&A’s share exchange ratio agreement shows that the value of Compant A is underestimate. It implies that the final agreement to the deal is not entirely based on the discretion on quantitative enterprises evaluation mothodes but rather on the expecting synergy and opportunity after consolidation.

摘要 I
ABSTRACT II
誌謝 III
目錄 IV
圖目錄 VI
表目錄 VII
第壹章 緒論 1
第一節 研究動機與背景 1
第二節 研究目的 2
第三節 研究架構與流程 2
第貳章 文獻回顧 4
第一節 併購基礎定義 4
第二節 併購的型態 5
第三節 併購動機 6
第四節 支付方式 12
第五節 併購價值評估 12
第參章 研究方法 18
第一節 個案研究法 18
第二節 併購價值評估–自由現金流量折現法 23
第三節 換股比率 29
第肆章 類比IC產業簡介 31
第一節 全球IC晶片產業現況 31
第二節 全球與台灣IC設計公司現況 34
第三節 近期IC產業併購案 35
第四節 類比IC發展趨勢 37
第伍章 A公司公司簡介 39
第一節 公司沿革 39
第二節 組織架構 41
第三節 營運概況 44
第陸章 F公司簡介 51
第一節 公司沿革 51
第二節 組織架構 52
第三節 營運概況 55
第柒章 實證結果分析 62
第一節 併購動機分析 62
第二節 企業評價與換股比例分析 67
第三節 換股比例分析 78
第捌章 結論與建議 79
第一節 研究結論 79
第二節 研究限制 81
第三節 未來研究建議 81
參考文獻 82
附錄 88

中文參考文獻

1. 江凱量，2015，「企業併購的關鍵因素探討—以台灣企業併購為例」，國立清華大學經營管理碩士在職專班碩士論文。
2. 吳子南，2006，「企業併購評價-實質選擇權評價法」，國立政治大學經營管理學程全球經營與貿易組碩士論文。
3. 吳晉嘉，2003，「企業評價：台灣半導體上市公司之實證研究」，立德管理學院科技管理研究所碩士論文。
4. 吳啟銘，2010，「企業評價：個案實證分析」，再版，台北市：智勝文化。
5. 沈一中，2005，「TFT LCD產業企業評價與價值創造策略之研究-以友達、華映、廣輝為例」，國立清華大學管理學院高階經營管理在職專班碩士論文。
6. 林佩璇，2000，「個案研究及其在教育研究上的應用」，載於中正大學教育研究所，主編，質的教育研究方法，頁239-263。
7. 林炯垚，2000，「企業評價-投資銀行實務」，初版，台北市：禾豐企業發展文教。
8. 林婷鈴，2000.10，「銀行業國際化併購整合性觀念模式之探討」，中華管理評論，Vol .3, No. 3, pp. 29~52.
9. 邱憶惠，1999，「個案研究：質化取向」，國立高雄師範大學教育系教育研究，七期，頁113-127。
10. 范玉真，2014，「企業向外併購、轉型後之競爭力分析-以A公司為例」，，國立交通大學管理學院高階主管管理學程碩士論文。
11. 徐俊明，2016，「企業併購與重組」，初版，台北：新陸書局股份有限公司。
12. 張紹勳，2000，「研究方法」，初版，台中市：滄海書局。
13. 郭佩蘭，2007，「企業評價之個案研究-以元大京華證劵公司為例」，朝陽科技大學財務金融系碩士論文。
14. 陳姿伶，2004，「個案研究法」，台中市：台灣農業推廣學會。
15. 陳隆麒等譯，2003，事業評價-價值管理的基礎，台北：華泰文化。Copeland, T., T. Koller and J. Murrin, 2000, Valuation, Measuring and Managing the Valu of Companies, New York, Wiley.
16. 葉重新，2001，「教育研究法」，台北市：心理出版社。
17. 劉燁，2010，「資產評價與併購定價-以頎邦科技合併飛信半導體為例」，國立清華大學高階經營管理碩士在職專班碩士論文。
18. 蕭燕啁，2006，「企業併購收購價值之研究-股權收購之個案研探討」，逢甲大學經營管理碩士在職專班碩士論文。
19. 賴桂芳，2009，「企業評價個案研究-以玉山金控為例」，朝陽科技大學財務金融系碩士論文。

英文參考文獻
1. Amihud, Y. and B. Lev, 1981, ”Risk Reduction as a Managerial Motive for Conglomerate Mergers”, Bell Journal of Economics, Autumn, pp. 605-617.
2. Andersson, U., J. Johanson and J. E. Vahlne, 1997, “Organic Acquisitions in the Internationalization Process of the Business Firm”, Management International Review, Special Issue (2), pp.67-84.
3. Beatty C.A., 1994 Summer, ”Wanted：the Perfect Tiny Acquisition”, Business Quarterly.
4. Benbasat, I., Goldstein, D. K. & Mead, M., 1987, “The Case Reaearch Strategy in Studies of Information systems”, MIS Quarterly, September, pp39-386.
5. Boynton, A.C.& Zmud, R.W., 1984, “An Assessment of Critical Success Factor, Sloan Management Review”, Summer, pp19-21
6. Bradly, M., A. Desai and E. H. Kim, 1983, “The Rationale Behind Interfirm Tender Offers: Information or Synergy?”, Journal of Financial Economics, 11, pp. 183-206.
7. Buckley, J.W., Buckley, M.H. & Chang, H.F., 1976, “Research methodology and business decision”, The Society of Management Accountants of Canada.
8. Creswell, J. W., 1998, Qualitative inquiry and research design: Choosing among five tradition, Thousand Oaks, CA: Sage.
9. Fishman, M. J., 1989, "Preemptive Bidding & the Role of the Medium of Exchange in Acquisitions." Journal of Finance, 44, pp. 41-57.
10. Francis, J., P. Olsson and D. R. Oswald, 2000, “Comparing the Accuracy and Explainability of Dividend, Free Cash Flowm and Abnormal Earnings Equity Value Estimates” Journal of Accounting Research, 38, pp.45-70.
11. Franks, J., R. Harris, and S. Titman, 1991, "The Postmerger Share-Price Performance of Acquiring Firms", Journal of Financial Economics, 29, pp. 81-96.
12. Grossman, S. J. and O. D. Hart, 1980, “Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation”, Bell Journal of Economics, Spring, pp. 42-62.
13. Halpern, P., 1983, “Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions”, Journal of Finance, pp. 297-317.
14. Hamel, J., Dufour, S., & Fortin, 1993, Case study methods. Newbury Park, CA: Sage.
15. Hansen, R. G., 1997, “A Theory for the Choice of Exchange Medium in Mergers and Acquisitions.” Journal of Business, 60, pp.75-95.
16. Harrison, W. ,1988, “Using software matrices to allocate testing resources”, Journal of Management Information Systems, 4(4), pp91-105.
17. Hennart, J. F. and Y. R. Park, 1993, “Greenfield vs. Acquisition the Strategy of Japanses Investors in the United States”, Management Science, 39, pp. 1054-1070.
18. Hymer, S., 1960, “On Multinational Corporations and Foreign Direct Investment”, In J. Dunning, U.N. Library on Transantional Corporation, Vol. 1, pp23-43.
19. Iqbal, Z. and S. Shetty, 1995, "The Impact of Merger Outcome, Bid Order, Payment Method, and Managerial Resistance on Stock Returns to Bidders in Multiple-Bidder Merger Contests", International Review of Economics and Finance, 4, pp. 57-67.
20. Jensen, C. M., 1986, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”, American Economics Reviews, 76, pp.323-329.
21. Kaplan, S. H. and R. S. Ruback, 1995, “ The Valuation of Cash Flow Forecast: An Emprirical Analysis”, Journal of Finance, 50(2), pp.1059-1093.
22. Kling. R. & Iacono, S., 1984, “The control of information systems development after implementation”, Communications of the ACM, 27(12), pp1218-1226.
23. Lewellen, W. G., 1971, “A Pure Financial Rationale for the Conglomerate Merger”, Journal of Finance, 26, pp 521-537.
24. Lie, E., H. J. Lie, 2002, “Mulpiples Used to Estimate Corporate Value”, Financial Analysis Journal, 58, pp.44-45.
25. Marcus, A. J., 1982, “Risk Sharing and the Theory of the Firm”, Bell Journal of Economics, Fall, pp. 3690-378.
26. Merriam, S. B., 1988, Case study research in education. Thousand Oaks, CA: Jossey-Bass.
27. Mukherjee, T. K., H. Kiymaz and H. K. Baker, 2004, “Merger Motives and Target Valuation: A Survey of Evidence from CFOs”, Journal of Applied Finance, 14(2).
28. Olson, M. H., 1983, “Remote office work: changing work patterns in space and time”, Communications of the ACM, 26(3), pp182-187.
29. Park, Y. S., J. J. Lee, 2003, “An Empirical Study in the Relevance of Appling Relative Valuation Models to Investment Strategies in the Japanese Stock Maeket”, Japan and the World Economy, 15, pp.331-339.
30. Penrose, E. E., 1985, The Theory of the Growth of the Firm, Oxford: Basil Blackwell.
31. Peterson, D. R. and P. P. Peterson, 1991, "The Medium of Exchange in Mergers and Acquisitions", Journal of Banking and Finance, 15, pp. 383-405.
32. Pignataro, P., 2013, Financial Modeling and Valuation A Practical Guide to Investment Banking and Private Equity, New Jersey: John Wiley & Sons, Inc.
33. Rappaport, A. and M. Sirower, 1999 Spring, “The Trade-Offs for Buyers and Sellers in Mergers and Acquitions”, Harvard Business Review.
34. Rappaport, A., 1986, Creating Shareholder Value : A Guide for Manager and Investor, The free Press, 1986, 1998.
35. Rau, P. R. and Vermaelen. T., 1998, “Glamour, value and the post-acquisition performance of acquiring firms”, Journal of Financial Economics, 49, pp.223–253.
36. Roll, R., 1986, “The Hubris Hypothesis of Corporate Takeover”, Journal of Business, 59, pp.197-216.
37. Scherer, F. M., 1980, “Industrial Market Structure and Economic Performance”, p. 28.
38. Shleifer, A. and R. M. Vishny, 1989, “Management Enchrenchment: The Case of Manager-specific Investments, Journal of Financial Economics”, 25, pp. 123-239.
39. Stake, R. E., 2000, Case studies. In N. K. Denzin, & Y. S. Lincoln, (Eds.). Handbook of qualitative research, 2nd ed., Thousand Oaks, CA: Sage.
40. Stake, R. E.m., 1995, The art of case study research, Thousand Oaks, CA: Sage.
41. Trifts, J. W., 1991, "Corporate Takeover Bids, Methods of Payment and the Effects of Leverage", Quarterly Journal of Business and Economics, 30, pp. 33-47.
42. Van Horn R. L., 1973, “Empirical Studies on M.I.S”, Wharton Conference on Research on Computers in Organizations, October.
43. Vogel, D. R. & Wetherbe, J. C. , 1984, “MIS Research: A Profile of Leading Journals and Universities”, Database, Fall, pp3-14.
44. Willianson, O. E., 1983, “Markets and Hierarchies: Analysis and Anitrust Implications”, Journal of Law & Economics, pp. 315-366.
45. Yin, R. K., 1994, Case study research: Design and methods, 2nd ed., Thousand Oaks, CA: Sage.
46. Yin, Robert K., 1985, Case Study Research: Design and Methods. Revised Edition, Beverly Hills, CA: Sage.