TFT Flat Panel Industry M&A Case Study Analysis:Implications for Taiwan TFT Industry M&A Strategy

• Main Authors: Lin, Wen-Shan, 林文山
• Other Authors: Chung, Hui-Min
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/53029573280160058719

碩士 === 國立交通大學 === 管理學院碩士在職專班財務金融組 === 97 === IC industry and TFT-LCD industry are two of the most important industries in Taiwan. It took near half a century for IC industry to reach one trillion NT dollars production value, but it only took over a decade for TFT-LCD industry to reach one trillion NT dollars production value. The TFT-LCD industy of Taiwan has overpassed the Japan which was the first country to commercialize the TFT-LCD product and is competing the No.1 position with Korea. The scale of TFT-LCD companies of Taiwan is relatively small comparing with Korea and Japan except AOU which is ranking the third in the world. . Our research studied how the AUO overpassed all the other competitors became the NO.1 TFT-LCD panel maker in Taiwan by means of continuously raising capital and M & A from startup. After the merger of Quanda Electronic the AUO not only kept the leadership position in Taiwan but also became the No.3 in the world. Our research found out that AUO grew the company not only by means of organic growth but also by means of inorganic growth. AUO is good at using M &A stragey at right time. By the way of merging competitors it will reduce the number of the competitors and also increase the market share. We studied the case of merging of Quanda Electronic by AUO very carefully and compared the different important indexes before and after the merger to verify the M&A synergies. AOU is ranking the third in the world now, we wish that AUO could keep going with right strategis and become No.1 in the world. We also wish that more panel makers of Taiwan could rank within the top three companies in the world. Key words: TFT-LCD Industry、Organic Growth、Inorganic Growth、M & A、Synergies