| Summary: | 碩士 === 國立交通大學 === 管理學院管理科學學程 === 104 === After years of vigorous and flourishing growth in LED (light-emitting diodes) chip industry, the market growth has started to slow down in recent years. Due to the slow growth on the market and the global economic downturn, the LED industry is now joked as one of the “Top Four Miserable industries in Taiwan.”On top of that, the Chinese government has proactively supported its LED industry by subsidizing its LED-related companies. With the financial supports from the Chinese government, the excess production problem has gotten even worse and has a damaging effect on the price of LED products and the global market. In order to survive from the predicament and thrive in the market, Mergers and Acquisitions (M&A) have been utilized repeatedly by enterprises as a means to quickly enhance its competitiveness and to reach its goals of continuously growing and value increasing.
Among those cases, the merger of Epistar and Forepi was the most remarkable one. The purpose of this thesis is trying to find out any valuable contention through the examination of practical data. Hopefully, the LED-related companies will be benefited by this thesis while they proceed M&A.
This thesis attempts to analyze the top three Taiwan LED chip manufacturers and explore and compare the changes in operating performance of Epistar and the other two subject companies during the period of Epistar’s M&A activity.
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