A Study on Merger Strategy and Synergy Analysis in aiwan''s LCD Industry -- An case example of AUO and CMO

• Main Authors: Chun-Hsia Lu, 盧純霞
• Other Authors: Ruey-Shan Guo
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/t8jbta

碩士 === 國立臺灣大學 === 商學研究所 === 98 === The following thesis used Porter''s theory of Five Forces Analysis and value system to study the TFT-LCD industry and to discuss the ecology of the TFT-LCD industry in Taiwan. In combination, we understand the competitive of the industry and the intensity of competitive forces. At the same time, through the case analysis of Taiwan’s two major TFT-LCD manufacturers - company''s development, development process, operating performance and profitability, and to sum up the TFT-LCD industry – we conclude the key success factors and industrial properties. Through theoretical analysis of dynamic competition, we found out the motivation behind mergers and acquisition among these two major players and we use simulation analysis to understand the competitiveness through mergers and acquisitions. By using corporate mergers and acquisitions evaluation model theory, we simulate how TFT-LCD manufacturers can enhance their competitiveness through mergers and acquisitions, what is the synergies and reasoning behind stock exchange ratio. In accordance with the acquisition of GE Pathfinder model, we also proposed solutions for possibility difficulties and risks we may encounter during MA process. This study may be addressed to the following conclusions: (1) In TFT-LCD industry, the intense competition mainly comes out of peers: regarding to negotiation skills between suppliers and customers, threat from potential competitors, and how to dominate the entire industry from the competitive situation. Second, the threat of substitutes is currently not significant. (2) TFT-LCD industry, there are three industrial properties, including the high degree of capital-intensity, high entry barrier on technology and the supply of product cycles. The success factors are concluded to be yield rate, quality, size and the industry integration... (3) Big to get bigger economy size and control of key components supplies would likely to enhance competitiveness, also an important factor to increase profits. Simulation of the two leaders of Taiwan''s major TFT-LCD makers produces synergies through merger and resistance to changes in the external environment.