| Summary: | 碩士 === 立德管理學院 === 工業管理研究所 === 93 === This research inquires and finds out the M&A factor on the M&A actions in the TFT- LCD industry. There are three perspectives in this research, among them are as following: major trends of the TFT- LCD industry, possibilities of causing M&A in the TFT- LCD industry, and inquire M&A essential factor in the TFT- LCD industry.
From the industry development point of view, inquire what kinds of company have higher demand of LCM in the future. The research stresses on five major trends that would influence the M&A actions in the semiconductor industry: the new generation of the TFT-LCD, the market cycle’s impact, the threat brought by LCM in Japan and South Korea, booming market of the LCD products in China and the industry of TFT- LCD future outlook.
The research stresses that M&A actions would keep occurring in the TFT- LCD industry. The reasons are as following: the difficulty in forecasting the cycle of the TFT-LCD industry, the magnitude rise and fall in the market cycle, the capital expenditure which tends to buy at a higher price but sell at a lower price, the rising costs of setting up a new factory and the deferred effect of the investment. Thus, we can get a better way to initiate M&A in the TFT-LCD industry.
The conclusion of the research are: when it comes to supply and demand, it should pay attention to whether there are sufficient supply of the vital components or not; in the aspects of cost considering, it should pay attention to the cost of the new generation factory; with the market growth consideration, it should expand the North America and European markets; in considering the customer's order, it should promote the ability of productivity and increase the market share in order to compete with Japan and South Korea; in the industry clusters, for the sake of valid exertive operation efficiency of the company, when company want to initiate M&A whether the location of the target firms is in the industry clusters or not become the first priority of concern.
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