The Semiconductor Industry Merger on Shareholder Wealth Influences-In MediaTek’s Case

• Main Authors: Yu-Chen Lo, 羅鈺珍
• Other Authors: Hsiao-Wen Wang
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/cxm28v

碩士 === 國立中央大學 === 財務金融學系在職專班 === 104 === In the process of accelerating globalization, companies will choose organic growth or inorganic growth a business decision, among which "Merger and Acquisition" is the quickest and most direct. In recent years, global mergers and acquisitions continue to occur, 2015 global M & A has exceeded the amount during the financial crisis, on the other hand, many from the literature review also found more than half of mergers fail result, in other words, not all acquisitions are successful, however, M & A activity is still ongoing. In this study, Taiwan's semiconductor industry chain from the acquisition of the most frequent IC design companies, select a company representative to explore the effect of the acquisition on shareholder wealth from the stock and synergy (operating synergy, financial synergy, market synergy). The results, in case the company stock price movements during the acquisition to generate positive cumulative returns on behalf of investors are optimism; in synergy, operating synergy and financial synergy no significant better than before, while the effect of market synergy generated by the fastest and most direct is better than before.