| Summary: | 碩士 === 國立交通大學 === 管理科學系 === 91 === The research focuses on the M&A actions in the semiconductor manufacturing industry. There are three topics in this research, including: major trends in the semiconductor industry, possibilities of causing M&A in the semiconductor industry, and potential target firms to be merged and acquired.
The research stresses that there are five major trends that would influence the M&A actions in the semiconductor industry: the new generation of the fabs - 8 inches vs. 12 inches, booming market of the semiconductor products in Mainland China, market cycle’s impact on different strategic groups, influences of the fewer-income age, and the future for the industry- Integration vs. Labor division.
The research stresses that M&A actions would keep occurring in the semiconductor manufacturing industry. The reasons are: the difficulty in forecasting the cycle of the semiconductor industry, the magnitude rise and fall in the market cycle, the higher costs of setting up a new fab, the capital expenditure which tends to buy at a higher price but sell at a lower price, and the deferred effect of the investment. The research also concludes that the foundry firm would take the M&A actions to increase its capacities.
According to the research, conclusions are: on the basis of switching cost, the foundry firm prefers to buy fabs from Foundry & IDM, 8 inches fabs are preferable to 12 inches ones within this three years, mainland China would be an attractive location for a firm to build its capacities, on the basis of orders-bidding, strategic alliance would be another way for a foundry firm to take over the IDM’s fabs, and target firms should be located in the semiconductor industry clusters for the sake of enhancing its efficiency.
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