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研究生： 張恬禎
Chang, Tian-Zhen
論文名稱： 半導體企業併購之個案研究分析– 以高通及恩智浦為例
A case study on semiconductor merger and acquisition: qualcomm to acquire NXP
指導教授： 吳文傑
Wu, Jack
口試委員: 連賢明
Lien, Hsien-Ming
張永明
Chang, Yung-Ming
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年： 2018
畢業學年度： 107
語文別： 英文
論文頁數： 58
中文關鍵詞： 併購 、策略計劃 、半導體 、反托拉斯 、競爭優勢
外文關鍵詞： Mergers and acquisitions, Strategic planning, Semiconductor, Antitrust, Competitive advantage
DOI URL： http://doi.org/10.6814/THE.NCCU.IMBA.001.2019.F08
相關次數： 點閱：267  下載：0 
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    • The worldwide smartphone market’s wild years have passed, while PC market continue to
    decline. On top of that, Moore’s Law is reaching its physical limits. At each node, process costs
    and complexity are skyrocketing. In addition, fewer foundry customers can afford to move to
    advanced nodes. The semiconductor industry is undergoing massive transformation as the
    strategies for next big IC growth in 5G, Internet of Things (IoT), Artificial Intelligence (AI),
    and automotive have become fundamental. Over the past three years, the global semiconductor
    industry has been reshaped by historical waves of M&A. The combined value of these
    transactions in M&A agreements in the semiconductor industry reached a historical high in
    2015 and 2016. However, a combination of factors may hinder large transactions in the
    semiconductor industry in the foreseeable future, including growing trade tensions, increasing
    scrutiny of investment from regulators, and rising protectionism among different countries. In
    this paper, a case study on Qualcomm to Acquire has been analyzed from different perspectives.

    1. Introduction 1
    1.1. Background and Motivation for the Study 1
    1.2. Methodology of the Study 3
    1.3. Limitations of the Study 3
    1.4. Framework of the Study 4
    2. Literature Review 5
    2.1. Strategic Planning 5
    2.1.1. BCG Matrix 5
    2.1.2. Porter’s Five Forces Analysis 7
    2.1.3. SWOT Analysis 9
    2.2. Value Chain and Competitive Advantage 9
    2.3. Motives Behind M&A 10
    2.4. M&A Process 11
    2.5. Vertical Merger 12
    2.6. Antitrust Law 13
    3. Analysis of the Semiconductor Industry 14
    3.1. Semiconductor Business Model 15
    3.1.1. Foundry Business Models 15
    3.1.2. Integrated Device Manufacturer Model 16
    3.1.3. Fabless Model 16
    3.2. Value Chain and Supply Chain 17
    3.2.1. Value Chain 17
    3.2.2. Supply Chain 19
    3.3. Challenges for the Semiconductor Industry 21
    3.3.1. The Changing Demand for the New Applications 21
    3.3.2. Increasing R&D Cost 22
    3.3.3. The Limits of Moore’s Law 24
    3.3.4. The Rise of China 26
    3.3.5. U.S.-China Trade War 28
    3.4. Semiconductor M&A Deals and Trends 31
    4. The Case of Qualcomm to Acquire NXP 33
    4.1. Introduction of Qualcomm 33
    4.1.1. Company Overview 33
    4.1.2. Business Segment 33
    4.1.3. Business Analysis 34
    4.1.4. Key Competitors 35
    4.1.5. SWOT Analysis 36
    4.2. Introduction of NXP 37
    4.2.1. Company Overview 37
    4.2.2. Business Segment 38
    4.2.3. Key Competitors 38
    4.2.4. Business Analysis 39
    4.2.5. SWOT Analysis 40
    4.3. Qualcomm-NXP Deal 42
    4.3.1. Why Did Qualcomm Decide to Acquire NXP? 42
    4.3.2. Why Did NXP agree to be acquired? 42
    4.3.3. M&A as a Growth Strategy 43
    4.3.4. M&A Synergies 44
    4.3.5. Pure Fabless to Asset IDM 45
    4.3.6. Antitrust Approval and Geopolitical Risks 46
    4.3.7. Lessons Learned 48
    4.3.8. Alternatives 49
    5. Conclusion and Recommended Path Forward 53
    Reference 54

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