賴慧文Lai, Christine蔡家杰Tsai, Chia-Jay2023-12-082025-06-242023-12-082022https://etds.lib.ntnu.edu.tw/thesis/detail/974fad020ada17da30ac30567094527c/http://rportal.lib.ntnu.edu.tw/handle/20.500.12235/120101環球晶圓( 2011年自中美矽晶半導體事業部門獨立出來)在矽晶圓產業因產能供給超過市場需求而有了供過於求的不景氣期間，進行了跨國併購，包括2008年4月的美國GlobiTech、2012年4月的日本Covalent、2016年7月的丹麥Topsil、及2016年12月的美國SunEdison，併購標的都是同業，都或有苦撐待變，或有虧損連連等各自的問題。環球晶圓完成四次跨國併購，自該產業的末段班躍進成為領導企業。本論文探討四次跨國併購，研討此案例從資訊找問題，從問題找答案，指出「產業特性以併購最佳」，推定「市場不利成長卻勇於併購」，找出「更好的併購標的 (GlobiTech)」，完成「以小博大併日企 (Covalent)」，點出「併購佈局還是投資修正(Topsil)」，強調「併購綜效的展現(SunEdison)」，考量「併購風險(失敗)管理與因應」，規劃「環球晶、中美晶、大矽晶藍圖」等關鍵問答。進而從答案內容找軌跡，再從軌跡找出論點，自「產業特性」全面理解出發，訂定「成長策略」方向，培養展現掌控風險的「企業韌性」，使能充分發揮「實務操作」，進而建構成可以面對未來「穩定發展」的企業藍圖，研究如何建構成長策略，如何發揮企業韌性，如何熟練實務操作。最後，回歸主題，省思成長歷程，強化企業韌性，前進勿忘「謹慎」、「小心」。Global Wafer Co., Ltd., GWC (spined off from the Semiconductor Division of Sino-American Silicon Product Inc., SAS in 2011) conducted cross-border mergers and acquisitions (M&A) during the industry downturns due to supply capacity over market demand. During turbulent times, the target companies (including US GlobiTech in April 2008, Japan Covalent in April 2012, Denmark Topsil in July 2016, and US SunEdison in December 2016) were all peers and competitors, either waiting for good turning points to get rid of operational difficulty or suffering from continuous losses. After accomplishing these four transnational M&A, GWC has turned over from the industry lagger to bea global leader in the industry.A key component of examining this case is to firstly identify critical questions for interviewing GWC serial M&A decision makers. The critical questions are designed to discover the inside information of M&As and to form the main context in this study. Therefore, we create eight main Q&As, including "Industrial characteristics on cross-border mergers and acquisitions", "GWC dared to accomplish M&As when the industry is not conducive to growth", “Better M&A targets (for example, GlobiTech)", "How to complete Covalent M&A when GWC encountered disparity in size and industry capacity compared to target firm", "Topsil is the target of M&A or investment?", "The value creation of M&A synergy (SunEdison)", “M&A risk (failure) management", and "The enterprise blueprint based on developing GWC or SAS ". Based on the critical answers to the driving eight questions, this case is then written based on the comprehensive understanding of “industrial characteristics". We then analyze the "growth strategies" and "enterpriseresilience" of GWC, respectively. In particular, we address the innovation parts of GWC’s growth strategies via the serial M&AS. We then investigate the enterprise resilience of GWC based on risk management analysis, including industry risk as well as financial risk management. As a result, the "practical operation" can be fully utilized, and a corporate blueprint can be built to support the "stable development" in the future.併購環球晶圓成長韌性Mergers & AcquisitionsGlobal WaferGrowthResilienceetd