Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
IC封裝及測試產業結合之事前效率評估 75
IC 封裝及測試產業結合之事前效率評估
邱永和
王淑美
張資涵
摘要
臺灣擁有完整的半導體產業鏈從上游的 IC 設計到後段的 IC 製造與 IC 封測
專業分工模式獨步全球技術近年來由於全球半導體產業成長趨緩廠商陷入過
度競爭中也降低投資意願因此半導體產業事業結合已成為熱潮企業朝向結合
的方式積極尋求突破牽動商業版圖變化及競爭態勢然而結合後可能會妨礙
或促進市場自由競爭以及是否提高其經營效率並不明確故各國皆會對「事業
結合」進行管制本文特蒐集並彙整「效率評估」研究之相關文獻利用 Tone
(2013)重覆抽樣差額變數模型(Resample Slacks-Based Measure)和 Halkos and
Tzeremes (2013)結合潛在利得模型(Merger Potential Gains)就臺灣封裝及測試產
業之 21 家上市櫃及公開發行公司自 2013 年至 2017 年共 5 年公開公告之年報或
財報資料及推估之財務資料分別探討封裝及測試產業之效率值及結合之潛在效率
利得結果顯示潛在廠商結合後效率利得有正有負代表廠商結合後並未保證
一定會有效率利得而日月光和矽品結合及日月光和福懋科結合後每年效率利得
皆為正可降低成本最適合結合期望未來更深入研析效率利得提供競爭法主
管機關評估效率時有一量化分析之評估工具可資參考
關鍵詞資料包絡分析法半導體產業效率結合結合後潛在利得
投稿日期106年11月2日 審查通過日期106年12月29日 邱永和為東吳大學經濟學系教授(第一作者)王淑美為臺灣大學生物產業傳播暨發展學系副
教授(通訊作者)張資涵為東吳大學經濟學系碩士研究生
《公平交易季刊》
第 26卷第 1 期(1071)頁 75-108
公平交易委員會
76 公 平 交 易 季 刊
一前言
企業併購是資本主義市場經濟發展到一定階段的必然現象結合方式使企業能
創造「規模經濟(economies of scale)」與「範疇經濟(economies of scope)」提高
企業經營效率在最佳化有限資源配置促進產業結構調整繼全球金融海嘯後
各國景氣欲振乏力企業為尋找新的成長結合已成為選擇契機之一2016 年更是
突破性成長重大收購交易規模攀上有史以來第三大其中跨境結合案占整體交易
量的近四成反映出企業繼續擴展延伸到核心市場以外產業區域2016 年最大結合
案美國電信公司 ATampT 以 854 億美元收購旗下資產包括 CNN 和 HBO 等有線電視
頻道及華納兄弟電影公司的時代華納此結合具有轉型意義的交易我國經濟部商
業司日前完成 2016 年臺灣企業結合案件統計結合件數共 209 件結合金額達新臺
幣 5216 億元其中國內三大結合案包括美光收購華亞科荷商艾司摩爾
(ASML)收購漢微科以及日月光矽品結合顯示半導體產業結合已蔚為風潮
近年來由於全球半導體產業如智慧手機NBPCTable 等終端產品成長
趨緩廠商陷入過度競爭致毛率減少也降低投資意願因此半導體產業結合成為
熱潮企業藉由結合來擴大規模降低成本臺灣擁有完整的半導體產業鏈從上
游的 IC 設計到後段的 IC 製造與 IC 封測專業分工模式獨步全球技術企業藉由結
合方式積極尋求突破從而牽動商業版圖變化及競爭態勢然而結合後可能會妨
礙或促進市場自由競爭以及是否提高其經營效率並不明確故各國皆會對結合
事業進行管制美國 2010 年水平結合準則即對結合事業進行管制根據美國 2010
年準則精神除提升執法透明度外更重視分析彈性及技巧尋求執行之可測性及
精確度著重競爭效果1為了執行之可測性及精確度各國競爭法主管機關在案例
的判決越來越多運用與依賴經濟分析的方法作為指標尤其是在結合議題上如
美國 2010 年水平結合準則引用 Farrell and Shapiro (2010)2向上訂價壓力指標
(upward pricing pressure index UPPI)來偵測水平結合之單方價格效果同時利用
微幅但顯著地非暫時性價格調整(small but significant and non-transitory increase in
1 黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季刊第 24 卷第
2 期1-32(2016)張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易
季刊第 22 卷第 4 期33-80(2014) 2 Joseph Farrell amp Carl Shapiro ldquoUpward Pricing Pressure in Horizontal Merger Analysis Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics Policies and Perspectives article 41 (2010)
IC封裝及測試產業結合之事前效率評估 77
price SSNIP)作為執法機關考量市占率與集中度衡量時之指標
我國對於具有顯著限制競爭疑慮結合案件訂定公平交易法(下稱公平法)來
管制以阻止損害市場競爭行為依公平法規定事業結合只要滿足結合型態及結
合門檻二要件則須申報屬事前申報異議結合型態之要件依公平法第 10 條規
定本法所稱結合指事業有下列情形之一者一與他事業合併二持有或取
得他事業之股份或出資額達到他事業有表決權股份總數或資本總額三分之一以
上三受讓或承租他事業全部或主要部分之營業或財產四與他事業經常共同
經營或受他事業委託經營五直接或間接控制他事業之業務經營或人事任免計
算前項第二款之股份或出資額時應將與該事業具有控制與從屬關係之事業及與該
事業受同一事業或數事業控制之從屬關係事業所持有或取得他事業之股份或出資額
一併計入另依公平法第 11 條規定事業結合時有下列情形之一者應先向主管
機關提出申報一事業因結合而使其市場占有率達三分之一二參與結合之一
事業其市場占有率達四分之一三參與結合之事業其上一會計年度銷售金
額超過主管機關所公告之金額前項第三款之銷售金額應將與參與結合之事業
具有控制與從屬關係之事業及與參與結合之事業受同一事業或數事業控制之從屬關
係事業之銷售金額一併計入其計算方法由主管機關公告之
為了評估事業結合案對市場競爭的影響依公平法第 13 條規定對於事業結合
之申報如其結合對整體經濟利益大於限制競爭之不利益者主管機關不得禁止
其結合亦即主管機關對於結合准駁之評估標準為整體經濟利益和限制競爭之不利
益兩大因素在限制競爭效果方面根據公平交易委員會(下稱公平會)對於結合
申報案件之處理原則水平結合限制競爭效果得考量 5 項因素分別為1單方效
果結合後參與結合事業因消除彼此競爭壓力而得以提高商品價格或服務報酬
之能力2共同效果結合後參與結合事業與其競爭者相互約束事業活動或雖
未相互約束但採取一致性之行為使市場實際上不存在競爭之情形3參進程
度包含潛在競爭者參進之可能性與及時性及是否能對於市場內既有業者形成競
爭壓力4抗衡力量交易相對人或潛在交易相對人箝制參與結合事業提高商品價
格或服務報酬之能力5其他影響限制競爭效果之因素另在整體經濟利益方面
根據前揭處理原則水平結合整體經濟利益亦得考量 5 項因素分別為1經濟效
率2消費者利益3參與結合事業原處於交易弱勢之一方4參與結合事業之一屬
於垂危事業5其他有關整體經濟利益之具體成效
78 公 平 交 易 季 刊
從過去各國執法機關之案例顯示已用 UPPI 來衡量單方效果Moresi et al
(2015)3利用經濟模型提出 CPPI(Coordination Pricing Pressure Index)作為未來各國
執法機關衡量共同效果之參考參進程度和抗衡力量各國也有指標加以運用但
整體經濟利益之效率分析為各國執法機關最難以測度故各國訂有效率評估條
件如歐盟考慮效率評估要件有三1對消費者有利2結合特有性(merger
specificity)3可證明性(verifiability)美國水平結合處理原則(2010)考慮效率
評估要件有二1結合特有性(merger specificity)2可察覺效率(cognizable
efficiency)我國公平法考慮效率評估要件則有三1可證明在短期內實現2無法
透過結合以外之方法達成3可反映至消費者利益但上述各國考量之效率評估皆
未有量化分析
同時從過去許多文獻對效率的量化分析大部分研究著重事後效率評估
如 Chen (2002) 4Shih (2006) 5Kwon et al (2008) 6DeYoung et al (2009) 7Kedia
et al (2011) 8Sufian et al (2012) 9Wang et al (2013) 10Lee (2014) 11Sami (2014)
12等人但事後效率評估無法供各國執法機關做為審查結合案時之考量有些學
者利用經濟學規模範疇理論建立結合後潛在利得實證模型從事事前效率評估
3 Serge Moresi David Reitman Steven C Salop amp Yianis Sarafidis ldquocGUPPI Scoring Incentives to Engage in Parallel Accommodating Conductrdquo working paper Georgetown Law Faculty Publications (2015) 4 Tser-Yieth Chen ldquoMeasuring Firm Performance with DEA and Prior Information in Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter 201-204 (2002) 5 Ming-Shan Shih ldquoResearch on Synergy Drivers in Financial Holding Company Merger and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business Management Tatung University (2006) 6 He-Boong Kwon Philipp A Stoeberl amp Seong-Jong Joo ldquoMeasuring Comparative Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3) Benchmarking An International Journal 212-224 (2008) 7 Robert DeYoung Douglas D Evanoff amp Philip Molyneux ldquoMergers and Acquisitions of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of Financial Services Research 87-110 (2009) 8 Simi Kedia S Abraham Ravid amp Vicente Pons ldquoWhen Do Vertical Mergers Create Valuerdquo 40(4) Financial Management 845-877 (2011) 9 Fadzlan Sufian Junaina Muhamad AN Bany-Ariffin MH Yahya amp Fakarudin Kamarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective 1-11 (2012) 10 Chih-Hung Wang Yan-Ping Chi amp Po-Sheng Lin ldquoCandidates Selection for Merger amp Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp Management Strategy 1-12 (2013) 11 Wen-Cheng Lee ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review 187-205 (2014) 12 Sami Shaista ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1) Transnational Corporations Review 86-100 (2014)
IC封裝及測試產業結合之事前效率評估 79
做為執法機關進行效率評估之參考如 Bogetoft and Wang (2005) 13Bagdadioglu et
al (2007) 14Wu et al (2011) 15Halkos and Tzeremes (2013) 16及 Halkos et al (2016)
17Shi et al (2017)18 Flokou et al (2017) 19而 Halkos and Tzeremes (2013)等人利
用結合後潛在利得模型從事事前效率評估但皆以射線資料包絡法(DEA)估計模
型為主忽略差額(slacks)容易產生推估之誤差由於 Tone (2013)20重覆抽樣差
額變數模型(Resample Slacks-Based Measure以下簡稱 RSBM)可以解決差額誤
差將可更準確評估結合是否可提高其效率因此本文匯集 Tone (2013) 重覆抽樣
差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結合後潛在利得模型進行
潛在廠商結合後效率利得推估
二文獻回顧
依 Stuke (2012)21及 Horton (2015)22之競爭法效率之定義可分為技術效率規
模經濟動態效率和規模範疇等結合之效率分析主要方向有二1事後效率評
估即評估結合後可否提升廠商效率2事前效率評估即評估未來結合廠商是否
可提升廠商效率
13 Peter Bogetoft amp Dexiang Wang ldquoEstimating the Potential Gains from Mergersrdquo 23(2) Journal of Productivity Analysis 145-171 (2005) 14 Necmiddin Bagdadioglu Catherine Waddams Price amp Thomas Weyman-Jones ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal 83-110 (2007) 15 Desheng Dash Wu Zhaoxin Zhou amp John R Birge ldquoEstimation of Potential Gains from Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data Envelopment Analysisrdquo 186(1) Annals of Operations Research 357-381 (2011) 16 George E Halkos amp Nickolaos G Tzeremes ldquoEstimating the Degree of Operating Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped Approachrdquo 37(5) Journal of Banking amp Finance 1658-1668 (2013) 17 George E Halkos Roman Matousek amp Nickolaos G Tzeremes ldquoPre-Evaluating Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting 47-77 (2016) 18 Xiao Shi Yongjun Li Ali Emrouznejad Jianhui Xie amp Liang Liang ldquoEstimation of potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo 68(9) Journal of the Operational Research Society 1045-1055 (2017) 19 Angeliki Flokou Vassilis Aletras amp Dimitris Niakas ldquoDecomposition of potential efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management Science 467-484 (2017) 20 Kaoru Tone ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute for Policy Studies 13-23 (2013) 21 Maurice E Stucke ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review 551 563-595 (2012) 22 Thomas J Horton ldquoEfficiencies and Antitrust Reconsidered An Evolutionary Perspectiverdquo 60(2) The Antitrust Bulletin 168-187 (2015)
80 公 平 交 易 季 刊
在事後效率評估部分Wang et al (2013)探討臺灣生技產業結合前後的效率採
用資料包絡法(Data Envelopment Analysis簡稱 DEA)以 2002 年臺灣生技 16 家
併購公司為研究樣本結果顯示有 4 家生技業者(和桐台肥百略和優盛)結合
前後效率方面都取得了良好的結果另外有 4 家生技業者(五鼎必翔博登
聚和)結合後效率成效不如預期Sami (2014)探討製藥產業結合對於財務績效方面
所造成之影響主要分析其結合前和結合後之財務績效結果顯示結合提升營業收
入及淨利但對負債及權益比率以及股東權益報酬率則未有顯著變化Ferrier and
Valdmanis (2004)23 使用資料包絡法探討美國醫院結合前後之效率實證結果顯示醫
院結合產生更高效率但未提高生產力Sinay and Campbell (1995)24探討醫院結合
之效率結果顯示結合確實能提高醫院經營效率Kwon et al (2008)使用資料包絡
法分析美國電信業結合對廠商績效之影響實證結果顯示結合對效率呈現負相關
Chen (2002) 與 Shih (2006)評估臺灣銀行結合後之效率實證結果顯示銀行結合後
能提升本身效率DeYoung et al (2009)蒐集北美和歐洲 150 家銀行分析結合後是
否提升其效率及股東權益實證結果顯示結合後確實可提高銀行效率但股東權
益之提升並不明顯Dı az et al (2004)25與 Altunbas and Marqueacutes (2008)26利用歐洲銀
行資料探討銀行結合後是否提高銀行效率其結果和 DeYoung et al (2009)一致
結合後確實可提高銀行效率Sufian et al (2012)使用資料包絡法 評估馬來西亞 34
家銀行結合前後之效率比較實證結果顯示銀行結合前較結合後之效率為佳
Gugler and Siebert (2007)27與 Lee (2014)使用資料包絡法探討半導體廠商結合後績效
之表現實證結果顯示結合後營運績效獲得提升Kedia et al (2011)探討結合是否
有助於提高廠商之效率和市場價值實證結果顯示結合有助於提高水平結合廠商
的效率同時也發現垂直結合有助於提高廠商市場價值尤其在高集中度產業
23 G D Ferrier amp V G Valdmanis ldquoDo Mergers Improve Hospital productivityrdquo 55 The Journal of the Operational Research Society 1071-1080 (2004) 24 Ugur A Sinay amp Claudia R Campbell ldquoScope and Scale Economies in Merging Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance 107-123 (1995) 25 Beleacuten Dı az Myriam Garcı a Olalla amp Sergio Sanfilippo Azofra ldquoBank Acquisitions and Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of Economics and Business 377-404 (2004) 26 Yener Altunbas amp David Marqueacutes ldquoMergers and Acquisitions and Bank Performance in Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business 204-222 (2008) 27 Klaus Gugler amp Ralph Siebert ldquoMarket Power versus Efficiency Effects of Mergers and Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The Review of Economics and Statistics 645-659 (2007)
IC封裝及測試產業結合之事前效率評估 81
Odagiria et al (2011)28利用事件分析法探討日本 2000 年至 2010 年結合案件評估結
合是否有助於提高廠商市場價值實證結果顯示結合後多數案件對提升公司股價
報酬並不顯著
另在事前效率評估方面Bogetoft and Wang (2005)依經濟學規模範疇理論即
兩家結合一起生產比各自廠商生產較可降低成本提升效率Baumol et al (1982)29
和 Faumlre et al (1994)30建立結合後潛在利得模型(Merger Potential Gains)同時將結
合利得(merger gains)區隔為技術效率效果(technical efficiency effect)規模經濟
或大小效果(scaling or size effect)和規模範疇一致或混合效果(scope harmony or
mixture effect)三種蒐集丹麥農業諮詢服務 71 家各地區辦公室利用資料包絡法
進行潛在辦公室結合分析實證結果顯示潛在結合辦公室確實可得到潛在利得
Bagdadioglu et al (2007)依 Bogetoft and Wang (2005)建立了結合後潛在利得模型分
析 1999 年至 2003 年土耳其 21 家電力公司潛在結合廠商之結合利得實證結果顯
示潛在結合廠商確實可提高效率Kristensen et al (2010)31以 2004 年丹麥 36 家潛
在結合醫院為研究對象使用 bootstrap 資料包絡法評估潛在結合技術效率規模
經濟及規模範疇實證結果顯示潛在結合醫院確實可提高技術效率但結合後規
模太大導致規模不經濟及無法達成規模範疇Wu et al (2011)發展動態資料包絡法
和隨機邊界模型(SFA)評估加拿大銀行潛在結合技術效率規模經濟及規模範
疇實證結果顯示潛在結合銀行確實可提高效率Halkos and Tzeremes (2013)依
Baumol et al (1982)規模範疇理論建立了結合後潛在利得模型利用 bootstrap 資料
包絡法進行分析 2007 年至 2011 年希臘 45 家銀行事前效率評估實證結果顯示
潛在結合銀行無法提高效率Zschille (2015)32蒐集德國 2006 年 364 家自來水公司
利用 bootstrap 資料包絡法評估潛在結合自來水公司之效率實證結果顯示潛在結
28 Hiroyuki Odagiri Koki Arai Noriyuki Doi Yasushi Kudo amp Chiharu Yanagita ldquoThe Impact of Mergers on Profits Share Value Innovation and Product in Japan in the 2000srdquo httpwwwjftcgojpencprcdiscussionpapers51_e_abstractfilesCPDP-51-Epdf last visited on date 2017112 29 William J Baumol John C Panzar amp Robert D Willig ldquoReview Contestable Markets and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic Literature 981-990 (1983) 30 Rolf Faumlre Shawna Grosskopf amp C A Knox Lovell Production Frontiers 1st ed Cambridge University Press (1994) 31 Troels Kristensen Peter Bogetoft amp Kjeld Moeller Pedersen ldquoPotential Gains from Hospital Mergers in Denmarkrdquo 13 Health Care Management Science 334-345 (2010) 32 Michael Zschille ldquoConsolidating the Water Industry an Analysis of the Potential Gains from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of Productivity Analysis 97-114 (2015)
82 公 平 交 易 季 刊
合自來水公司結合確實可提高其效率其中較小型自來水公司結合較能提高規模
效率Halkos et al (2016)蒐集 2000 年至 2008 年日本 97 家區域銀行利用 bootstrap
資料包絡法進行事前效率評估結果發現潛在結合小銀行比潛在結合大銀行其
效率表現較好Shi et al (2017) 蒐集中國最具競爭力的 20 家商業銀行探討潛在結
合技術效率規模經濟及規模範疇響實證結果顯示結合產生更高的潛在效率主
要影響來自技術和諧的效率(harmony efficiency)Flokou et al (2017) 蒐集 71 家希
臘公立醫院使用 bootstrap 資料包絡法探討潛在結合希臘公立醫院效率結果顯
示所有結合都提高效率
三研究方法
(一)效率評估
資料包絡法(DEA)利用包絡線(即等產量線 isoquant)以所有受評單位的投
入變數與產出變數投射在空間中再依據投射點有無落在生產邊界上給予範圍介
於 0 至 1 之間的績效指標做為判斷投入與產出間是否具有效率Farrell (1957)33首
先提出以生產前線來衡量效率的概念惟 Farrell 所提出的效率評估模型只在單一
投入和單一產出之狀況下適用但在現實生活之中廠商於實際生產過程中包含許
多的投入和產出項因此由 Charnes et al (1978)34所提出的 CCR 模式確定了資
料包絡法模式的架構而且根據 Farrell 所提出的效率評估理論基礎即單一投入與
單一產出的模式在規模報酬固定之情形下對於多項投入與多項產出以線性規劃
方式求解然而生產過程中變動規模報酬似乎為實務上的常態不能僅以固定規
模報酬為考量爰此 Banker et al (1984)35加入線性組合之凸性限制(產出擴張或投
入縮減權數加總等於 1)以變動規模報酬(VRS)取代固定規模報酬(CRS)的假
設提出著名的 BCC 資料包絡法模式不同於 CCRBCC 資料包絡法Tone
33 M J Farrell ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal Statistical Society 253-290 (1957) 34 A Charnes WW Cooper amp E Rhodes ldquoMeasuring the Efficiency of Decision Making Unitsrdquo 2 European Journal of Operational Research 429-444 (1978) 35 Rajiv D Banker A Charnes amp WW Cooper ldquoSome Models for Estimating Technical and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science 1078-1092 (1984)
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR ltFEFF04180437043f043e043b043704320430043904420435002004420435043704380020043d0430044104420440043e0439043a0438002c00200437043000200434043000200441044a0437043404300432043004420435002000410064006f00620065002000500044004600200434043e043a0443043c0435043d04420438002c0020043c0430043a04410438043c0430043b043d043e0020043f044004380433043e04340435043d04380020043704300020043204380441043e043a043e043a0430044704350441044204320435043d0020043f04350447043004420020043704300020043f044004350434043f0435044704300442043d04300020043f043e04340433043e0442043e0432043a0430002e002000200421044a04370434043004340435043d043804420435002000500044004600200434043e043a0443043c0435043d044204380020043c043e0433043004420020043404300020044104350020043e0442043204300440044f0442002004410020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200441043b0435043404320430044904380020043204350440044104380438002egt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE ltFEFF005400610074006f0020006e006100730074006100760065006e00ed00200070006f0075017e0069006a007400650020006b0020007600790074007600e101590065006e00ed00200064006f006b0075006d0065006e0074016f002000410064006f006200650020005000440046002c0020006b00740065007200e90020007300650020006e0065006a006c00e90070006500200068006f006400ed002000700072006f0020006b00760061006c00690074006e00ed0020007400690073006b00200061002000700072006500700072006500730073002e002000200056007900740076006f01590065006e00e900200064006f006b0075006d0065006e007400790020005000440046002000620075006400650020006d006f017e006e00e90020006f007400650076015900ed007400200076002000700072006f006700720061006d0065006300680020004100630072006f00620061007400200061002000410064006f00620065002000520065006100640065007200200035002e0030002000610020006e006f0076011b006a016100ed00630068002egt DAN 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 DEU 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 ESP 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 ETI 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 FRA ltFEFF005500740069006c006900730065007a00200063006500730020006f007000740069006f006e00730020006100660069006e00200064006500200063007200e900650072002000640065007300200064006f00630075006d0065006e00740073002000410064006f00620065002000500044004600200070006f0075007200200075006e00650020007100750061006c0069007400e90020006400270069006d007000720065007300730069006f006e00200070007200e9007000720065007300730065002e0020004c0065007300200064006f00630075006d0065006e00740073002000500044004600200063007200e900e90073002000700065007500760065006e0074002000ea0074007200650020006f007500760065007200740073002000640061006e00730020004100630072006f006200610074002c002000610069006e00730069002000710075002700410064006f00620065002000520065006100640065007200200035002e0030002000650074002000760065007200730069006f006e007300200075006c007400e90072006900650075007200650073002egt GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS ltFEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002egt SKY 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 SLV 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 SUO 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 SVE ltFEFF0041006e007600e4006e00640020006400650020006800e4007200200069006e0073007400e4006c006c006e0069006e006700610072006e00610020006f006d002000640075002000760069006c006c00200073006b006100700061002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400200073006f006d002000e400720020006c00e4006d0070006c0069006700610020006600f60072002000700072006500700072006500730073002d007500740073006b00720069006600740020006d006500640020006800f600670020006b00760061006c0069007400650074002e002000200053006b006100700061006400650020005000440046002d0064006f006b0075006d0065006e00740020006b0061006e002000f600700070006e00610073002000690020004100630072006f0062006100740020006f00630068002000410064006f00620065002000520065006100640065007200200035002e00300020006f00630068002000730065006e006100720065002egt TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
76 公 平 交 易 季 刊
一前言
企業併購是資本主義市場經濟發展到一定階段的必然現象結合方式使企業能
創造「規模經濟(economies of scale)」與「範疇經濟(economies of scope)」提高
企業經營效率在最佳化有限資源配置促進產業結構調整繼全球金融海嘯後
各國景氣欲振乏力企業為尋找新的成長結合已成為選擇契機之一2016 年更是
突破性成長重大收購交易規模攀上有史以來第三大其中跨境結合案占整體交易
量的近四成反映出企業繼續擴展延伸到核心市場以外產業區域2016 年最大結合
案美國電信公司 ATampT 以 854 億美元收購旗下資產包括 CNN 和 HBO 等有線電視
頻道及華納兄弟電影公司的時代華納此結合具有轉型意義的交易我國經濟部商
業司日前完成 2016 年臺灣企業結合案件統計結合件數共 209 件結合金額達新臺
幣 5216 億元其中國內三大結合案包括美光收購華亞科荷商艾司摩爾
(ASML)收購漢微科以及日月光矽品結合顯示半導體產業結合已蔚為風潮
近年來由於全球半導體產業如智慧手機NBPCTable 等終端產品成長
趨緩廠商陷入過度競爭致毛率減少也降低投資意願因此半導體產業結合成為
熱潮企業藉由結合來擴大規模降低成本臺灣擁有完整的半導體產業鏈從上
游的 IC 設計到後段的 IC 製造與 IC 封測專業分工模式獨步全球技術企業藉由結
合方式積極尋求突破從而牽動商業版圖變化及競爭態勢然而結合後可能會妨
礙或促進市場自由競爭以及是否提高其經營效率並不明確故各國皆會對結合
事業進行管制美國 2010 年水平結合準則即對結合事業進行管制根據美國 2010
年準則精神除提升執法透明度外更重視分析彈性及技巧尋求執行之可測性及
精確度著重競爭效果1為了執行之可測性及精確度各國競爭法主管機關在案例
的判決越來越多運用與依賴經濟分析的方法作為指標尤其是在結合議題上如
美國 2010 年水平結合準則引用 Farrell and Shapiro (2010)2向上訂價壓力指標
(upward pricing pressure index UPPI)來偵測水平結合之單方價格效果同時利用
微幅但顯著地非暫時性價格調整(small but significant and non-transitory increase in
1 黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季刊第 24 卷第
2 期1-32(2016)張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易
季刊第 22 卷第 4 期33-80(2014) 2 Joseph Farrell amp Carl Shapiro ldquoUpward Pricing Pressure in Horizontal Merger Analysis Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics Policies and Perspectives article 41 (2010)
IC封裝及測試產業結合之事前效率評估 77
price SSNIP)作為執法機關考量市占率與集中度衡量時之指標
我國對於具有顯著限制競爭疑慮結合案件訂定公平交易法(下稱公平法)來
管制以阻止損害市場競爭行為依公平法規定事業結合只要滿足結合型態及結
合門檻二要件則須申報屬事前申報異議結合型態之要件依公平法第 10 條規
定本法所稱結合指事業有下列情形之一者一與他事業合併二持有或取
得他事業之股份或出資額達到他事業有表決權股份總數或資本總額三分之一以
上三受讓或承租他事業全部或主要部分之營業或財產四與他事業經常共同
經營或受他事業委託經營五直接或間接控制他事業之業務經營或人事任免計
算前項第二款之股份或出資額時應將與該事業具有控制與從屬關係之事業及與該
事業受同一事業或數事業控制之從屬關係事業所持有或取得他事業之股份或出資額
一併計入另依公平法第 11 條規定事業結合時有下列情形之一者應先向主管
機關提出申報一事業因結合而使其市場占有率達三分之一二參與結合之一
事業其市場占有率達四分之一三參與結合之事業其上一會計年度銷售金
額超過主管機關所公告之金額前項第三款之銷售金額應將與參與結合之事業
具有控制與從屬關係之事業及與參與結合之事業受同一事業或數事業控制之從屬關
係事業之銷售金額一併計入其計算方法由主管機關公告之
為了評估事業結合案對市場競爭的影響依公平法第 13 條規定對於事業結合
之申報如其結合對整體經濟利益大於限制競爭之不利益者主管機關不得禁止
其結合亦即主管機關對於結合准駁之評估標準為整體經濟利益和限制競爭之不利
益兩大因素在限制競爭效果方面根據公平交易委員會(下稱公平會)對於結合
申報案件之處理原則水平結合限制競爭效果得考量 5 項因素分別為1單方效
果結合後參與結合事業因消除彼此競爭壓力而得以提高商品價格或服務報酬
之能力2共同效果結合後參與結合事業與其競爭者相互約束事業活動或雖
未相互約束但採取一致性之行為使市場實際上不存在競爭之情形3參進程
度包含潛在競爭者參進之可能性與及時性及是否能對於市場內既有業者形成競
爭壓力4抗衡力量交易相對人或潛在交易相對人箝制參與結合事業提高商品價
格或服務報酬之能力5其他影響限制競爭效果之因素另在整體經濟利益方面
根據前揭處理原則水平結合整體經濟利益亦得考量 5 項因素分別為1經濟效
率2消費者利益3參與結合事業原處於交易弱勢之一方4參與結合事業之一屬
於垂危事業5其他有關整體經濟利益之具體成效
78 公 平 交 易 季 刊
從過去各國執法機關之案例顯示已用 UPPI 來衡量單方效果Moresi et al
(2015)3利用經濟模型提出 CPPI(Coordination Pricing Pressure Index)作為未來各國
執法機關衡量共同效果之參考參進程度和抗衡力量各國也有指標加以運用但
整體經濟利益之效率分析為各國執法機關最難以測度故各國訂有效率評估條
件如歐盟考慮效率評估要件有三1對消費者有利2結合特有性(merger
specificity)3可證明性(verifiability)美國水平結合處理原則(2010)考慮效率
評估要件有二1結合特有性(merger specificity)2可察覺效率(cognizable
efficiency)我國公平法考慮效率評估要件則有三1可證明在短期內實現2無法
透過結合以外之方法達成3可反映至消費者利益但上述各國考量之效率評估皆
未有量化分析
同時從過去許多文獻對效率的量化分析大部分研究著重事後效率評估
如 Chen (2002) 4Shih (2006) 5Kwon et al (2008) 6DeYoung et al (2009) 7Kedia
et al (2011) 8Sufian et al (2012) 9Wang et al (2013) 10Lee (2014) 11Sami (2014)
12等人但事後效率評估無法供各國執法機關做為審查結合案時之考量有些學
者利用經濟學規模範疇理論建立結合後潛在利得實證模型從事事前效率評估
3 Serge Moresi David Reitman Steven C Salop amp Yianis Sarafidis ldquocGUPPI Scoring Incentives to Engage in Parallel Accommodating Conductrdquo working paper Georgetown Law Faculty Publications (2015) 4 Tser-Yieth Chen ldquoMeasuring Firm Performance with DEA and Prior Information in Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter 201-204 (2002) 5 Ming-Shan Shih ldquoResearch on Synergy Drivers in Financial Holding Company Merger and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business Management Tatung University (2006) 6 He-Boong Kwon Philipp A Stoeberl amp Seong-Jong Joo ldquoMeasuring Comparative Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3) Benchmarking An International Journal 212-224 (2008) 7 Robert DeYoung Douglas D Evanoff amp Philip Molyneux ldquoMergers and Acquisitions of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of Financial Services Research 87-110 (2009) 8 Simi Kedia S Abraham Ravid amp Vicente Pons ldquoWhen Do Vertical Mergers Create Valuerdquo 40(4) Financial Management 845-877 (2011) 9 Fadzlan Sufian Junaina Muhamad AN Bany-Ariffin MH Yahya amp Fakarudin Kamarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective 1-11 (2012) 10 Chih-Hung Wang Yan-Ping Chi amp Po-Sheng Lin ldquoCandidates Selection for Merger amp Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp Management Strategy 1-12 (2013) 11 Wen-Cheng Lee ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review 187-205 (2014) 12 Sami Shaista ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1) Transnational Corporations Review 86-100 (2014)
IC封裝及測試產業結合之事前效率評估 79
做為執法機關進行效率評估之參考如 Bogetoft and Wang (2005) 13Bagdadioglu et
al (2007) 14Wu et al (2011) 15Halkos and Tzeremes (2013) 16及 Halkos et al (2016)
17Shi et al (2017)18 Flokou et al (2017) 19而 Halkos and Tzeremes (2013)等人利
用結合後潛在利得模型從事事前效率評估但皆以射線資料包絡法(DEA)估計模
型為主忽略差額(slacks)容易產生推估之誤差由於 Tone (2013)20重覆抽樣差
額變數模型(Resample Slacks-Based Measure以下簡稱 RSBM)可以解決差額誤
差將可更準確評估結合是否可提高其效率因此本文匯集 Tone (2013) 重覆抽樣
差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結合後潛在利得模型進行
潛在廠商結合後效率利得推估
二文獻回顧
依 Stuke (2012)21及 Horton (2015)22之競爭法效率之定義可分為技術效率規
模經濟動態效率和規模範疇等結合之效率分析主要方向有二1事後效率評
估即評估結合後可否提升廠商效率2事前效率評估即評估未來結合廠商是否
可提升廠商效率
13 Peter Bogetoft amp Dexiang Wang ldquoEstimating the Potential Gains from Mergersrdquo 23(2) Journal of Productivity Analysis 145-171 (2005) 14 Necmiddin Bagdadioglu Catherine Waddams Price amp Thomas Weyman-Jones ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal 83-110 (2007) 15 Desheng Dash Wu Zhaoxin Zhou amp John R Birge ldquoEstimation of Potential Gains from Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data Envelopment Analysisrdquo 186(1) Annals of Operations Research 357-381 (2011) 16 George E Halkos amp Nickolaos G Tzeremes ldquoEstimating the Degree of Operating Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped Approachrdquo 37(5) Journal of Banking amp Finance 1658-1668 (2013) 17 George E Halkos Roman Matousek amp Nickolaos G Tzeremes ldquoPre-Evaluating Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting 47-77 (2016) 18 Xiao Shi Yongjun Li Ali Emrouznejad Jianhui Xie amp Liang Liang ldquoEstimation of potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo 68(9) Journal of the Operational Research Society 1045-1055 (2017) 19 Angeliki Flokou Vassilis Aletras amp Dimitris Niakas ldquoDecomposition of potential efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management Science 467-484 (2017) 20 Kaoru Tone ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute for Policy Studies 13-23 (2013) 21 Maurice E Stucke ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review 551 563-595 (2012) 22 Thomas J Horton ldquoEfficiencies and Antitrust Reconsidered An Evolutionary Perspectiverdquo 60(2) The Antitrust Bulletin 168-187 (2015)
80 公 平 交 易 季 刊
在事後效率評估部分Wang et al (2013)探討臺灣生技產業結合前後的效率採
用資料包絡法(Data Envelopment Analysis簡稱 DEA)以 2002 年臺灣生技 16 家
併購公司為研究樣本結果顯示有 4 家生技業者(和桐台肥百略和優盛)結合
前後效率方面都取得了良好的結果另外有 4 家生技業者(五鼎必翔博登
聚和)結合後效率成效不如預期Sami (2014)探討製藥產業結合對於財務績效方面
所造成之影響主要分析其結合前和結合後之財務績效結果顯示結合提升營業收
入及淨利但對負債及權益比率以及股東權益報酬率則未有顯著變化Ferrier and
Valdmanis (2004)23 使用資料包絡法探討美國醫院結合前後之效率實證結果顯示醫
院結合產生更高效率但未提高生產力Sinay and Campbell (1995)24探討醫院結合
之效率結果顯示結合確實能提高醫院經營效率Kwon et al (2008)使用資料包絡
法分析美國電信業結合對廠商績效之影響實證結果顯示結合對效率呈現負相關
Chen (2002) 與 Shih (2006)評估臺灣銀行結合後之效率實證結果顯示銀行結合後
能提升本身效率DeYoung et al (2009)蒐集北美和歐洲 150 家銀行分析結合後是
否提升其效率及股東權益實證結果顯示結合後確實可提高銀行效率但股東權
益之提升並不明顯Dı az et al (2004)25與 Altunbas and Marqueacutes (2008)26利用歐洲銀
行資料探討銀行結合後是否提高銀行效率其結果和 DeYoung et al (2009)一致
結合後確實可提高銀行效率Sufian et al (2012)使用資料包絡法 評估馬來西亞 34
家銀行結合前後之效率比較實證結果顯示銀行結合前較結合後之效率為佳
Gugler and Siebert (2007)27與 Lee (2014)使用資料包絡法探討半導體廠商結合後績效
之表現實證結果顯示結合後營運績效獲得提升Kedia et al (2011)探討結合是否
有助於提高廠商之效率和市場價值實證結果顯示結合有助於提高水平結合廠商
的效率同時也發現垂直結合有助於提高廠商市場價值尤其在高集中度產業
23 G D Ferrier amp V G Valdmanis ldquoDo Mergers Improve Hospital productivityrdquo 55 The Journal of the Operational Research Society 1071-1080 (2004) 24 Ugur A Sinay amp Claudia R Campbell ldquoScope and Scale Economies in Merging Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance 107-123 (1995) 25 Beleacuten Dı az Myriam Garcı a Olalla amp Sergio Sanfilippo Azofra ldquoBank Acquisitions and Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of Economics and Business 377-404 (2004) 26 Yener Altunbas amp David Marqueacutes ldquoMergers and Acquisitions and Bank Performance in Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business 204-222 (2008) 27 Klaus Gugler amp Ralph Siebert ldquoMarket Power versus Efficiency Effects of Mergers and Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The Review of Economics and Statistics 645-659 (2007)
IC封裝及測試產業結合之事前效率評估 81
Odagiria et al (2011)28利用事件分析法探討日本 2000 年至 2010 年結合案件評估結
合是否有助於提高廠商市場價值實證結果顯示結合後多數案件對提升公司股價
報酬並不顯著
另在事前效率評估方面Bogetoft and Wang (2005)依經濟學規模範疇理論即
兩家結合一起生產比各自廠商生產較可降低成本提升效率Baumol et al (1982)29
和 Faumlre et al (1994)30建立結合後潛在利得模型(Merger Potential Gains)同時將結
合利得(merger gains)區隔為技術效率效果(technical efficiency effect)規模經濟
或大小效果(scaling or size effect)和規模範疇一致或混合效果(scope harmony or
mixture effect)三種蒐集丹麥農業諮詢服務 71 家各地區辦公室利用資料包絡法
進行潛在辦公室結合分析實證結果顯示潛在結合辦公室確實可得到潛在利得
Bagdadioglu et al (2007)依 Bogetoft and Wang (2005)建立了結合後潛在利得模型分
析 1999 年至 2003 年土耳其 21 家電力公司潛在結合廠商之結合利得實證結果顯
示潛在結合廠商確實可提高效率Kristensen et al (2010)31以 2004 年丹麥 36 家潛
在結合醫院為研究對象使用 bootstrap 資料包絡法評估潛在結合技術效率規模
經濟及規模範疇實證結果顯示潛在結合醫院確實可提高技術效率但結合後規
模太大導致規模不經濟及無法達成規模範疇Wu et al (2011)發展動態資料包絡法
和隨機邊界模型(SFA)評估加拿大銀行潛在結合技術效率規模經濟及規模範
疇實證結果顯示潛在結合銀行確實可提高效率Halkos and Tzeremes (2013)依
Baumol et al (1982)規模範疇理論建立了結合後潛在利得模型利用 bootstrap 資料
包絡法進行分析 2007 年至 2011 年希臘 45 家銀行事前效率評估實證結果顯示
潛在結合銀行無法提高效率Zschille (2015)32蒐集德國 2006 年 364 家自來水公司
利用 bootstrap 資料包絡法評估潛在結合自來水公司之效率實證結果顯示潛在結
28 Hiroyuki Odagiri Koki Arai Noriyuki Doi Yasushi Kudo amp Chiharu Yanagita ldquoThe Impact of Mergers on Profits Share Value Innovation and Product in Japan in the 2000srdquo httpwwwjftcgojpencprcdiscussionpapers51_e_abstractfilesCPDP-51-Epdf last visited on date 2017112 29 William J Baumol John C Panzar amp Robert D Willig ldquoReview Contestable Markets and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic Literature 981-990 (1983) 30 Rolf Faumlre Shawna Grosskopf amp C A Knox Lovell Production Frontiers 1st ed Cambridge University Press (1994) 31 Troels Kristensen Peter Bogetoft amp Kjeld Moeller Pedersen ldquoPotential Gains from Hospital Mergers in Denmarkrdquo 13 Health Care Management Science 334-345 (2010) 32 Michael Zschille ldquoConsolidating the Water Industry an Analysis of the Potential Gains from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of Productivity Analysis 97-114 (2015)
82 公 平 交 易 季 刊
合自來水公司結合確實可提高其效率其中較小型自來水公司結合較能提高規模
效率Halkos et al (2016)蒐集 2000 年至 2008 年日本 97 家區域銀行利用 bootstrap
資料包絡法進行事前效率評估結果發現潛在結合小銀行比潛在結合大銀行其
效率表現較好Shi et al (2017) 蒐集中國最具競爭力的 20 家商業銀行探討潛在結
合技術效率規模經濟及規模範疇響實證結果顯示結合產生更高的潛在效率主
要影響來自技術和諧的效率(harmony efficiency)Flokou et al (2017) 蒐集 71 家希
臘公立醫院使用 bootstrap 資料包絡法探討潛在結合希臘公立醫院效率結果顯
示所有結合都提高效率
三研究方法
(一)效率評估
資料包絡法(DEA)利用包絡線(即等產量線 isoquant)以所有受評單位的投
入變數與產出變數投射在空間中再依據投射點有無落在生產邊界上給予範圍介
於 0 至 1 之間的績效指標做為判斷投入與產出間是否具有效率Farrell (1957)33首
先提出以生產前線來衡量效率的概念惟 Farrell 所提出的效率評估模型只在單一
投入和單一產出之狀況下適用但在現實生活之中廠商於實際生產過程中包含許
多的投入和產出項因此由 Charnes et al (1978)34所提出的 CCR 模式確定了資
料包絡法模式的架構而且根據 Farrell 所提出的效率評估理論基礎即單一投入與
單一產出的模式在規模報酬固定之情形下對於多項投入與多項產出以線性規劃
方式求解然而生產過程中變動規模報酬似乎為實務上的常態不能僅以固定規
模報酬為考量爰此 Banker et al (1984)35加入線性組合之凸性限制(產出擴張或投
入縮減權數加總等於 1)以變動規模報酬(VRS)取代固定規模報酬(CRS)的假
設提出著名的 BCC 資料包絡法模式不同於 CCRBCC 資料包絡法Tone
33 M J Farrell ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal Statistical Society 253-290 (1957) 34 A Charnes WW Cooper amp E Rhodes ldquoMeasuring the Efficiency of Decision Making Unitsrdquo 2 European Journal of Operational Research 429-444 (1978) 35 Rajiv D Banker A Charnes amp WW Cooper ldquoSome Models for Estimating Technical and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science 1078-1092 (1984)
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR ltFEFF04180437043f043e043b043704320430043904420435002004420435043704380020043d0430044104420440043e0439043a0438002c00200437043000200434043000200441044a0437043404300432043004420435002000410064006f00620065002000500044004600200434043e043a0443043c0435043d04420438002c0020043c0430043a04410438043c0430043b043d043e0020043f044004380433043e04340435043d04380020043704300020043204380441043e043a043e043a0430044704350441044204320435043d0020043f04350447043004420020043704300020043f044004350434043f0435044704300442043d04300020043f043e04340433043e0442043e0432043a0430002e002000200421044a04370434043004340435043d043804420435002000500044004600200434043e043a0443043c0435043d044204380020043c043e0433043004420020043404300020044104350020043e0442043204300440044f0442002004410020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200441043b0435043404320430044904380020043204350440044104380438002egt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI ltFEFF0049007a006d0061006e0074006f006a00690065007400200161006f00730020006900650073007400610074012b006a0075006d00750073002c0020006c0061006900200076006500690064006f00740075002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006100730020006900720020012b00700061016100690020007000690065006d01130072006f00740069002000610075006700730074006100730020006b00760061006c0069007401010074006500730020007000690072006d007300690065007300700069006501610061006e006100730020006400720075006b00610069002e00200049007a0076006500690064006f006a006900650074002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006f002000760061007200200061007400760113007200740020006100720020004100630072006f00620061007400200075006e002000410064006f00620065002000520065006100640065007200200035002e0030002c0020006b0101002000610072012b00200074006f0020006a00610075006e0101006b0101006d002000760065007200730069006a0101006d002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL ltFEFF0055007300740061007700690065006e0069006100200064006f002000740077006f0072007a0065006e0069006100200064006f006b0075006d0065006e007400f300770020005000440046002000700072007a0065007a006e00610063007a006f006e00790063006800200064006f002000770079006400720075006b00f30077002000770020007700790073006f006b00690065006a0020006a0061006b006f015b00630069002e002000200044006f006b0075006d0065006e0074007900200050004400460020006d006f017c006e00610020006f007400770069006500720061010700200077002000700072006f006700720061006d006900650020004100630072006f00620061007400200069002000410064006f00620065002000520065006100640065007200200035002e0030002000690020006e006f00770073007a0079006d002egt PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 77
price SSNIP)作為執法機關考量市占率與集中度衡量時之指標
我國對於具有顯著限制競爭疑慮結合案件訂定公平交易法(下稱公平法)來
管制以阻止損害市場競爭行為依公平法規定事業結合只要滿足結合型態及結
合門檻二要件則須申報屬事前申報異議結合型態之要件依公平法第 10 條規
定本法所稱結合指事業有下列情形之一者一與他事業合併二持有或取
得他事業之股份或出資額達到他事業有表決權股份總數或資本總額三分之一以
上三受讓或承租他事業全部或主要部分之營業或財產四與他事業經常共同
經營或受他事業委託經營五直接或間接控制他事業之業務經營或人事任免計
算前項第二款之股份或出資額時應將與該事業具有控制與從屬關係之事業及與該
事業受同一事業或數事業控制之從屬關係事業所持有或取得他事業之股份或出資額
一併計入另依公平法第 11 條規定事業結合時有下列情形之一者應先向主管
機關提出申報一事業因結合而使其市場占有率達三分之一二參與結合之一
事業其市場占有率達四分之一三參與結合之事業其上一會計年度銷售金
額超過主管機關所公告之金額前項第三款之銷售金額應將與參與結合之事業
具有控制與從屬關係之事業及與參與結合之事業受同一事業或數事業控制之從屬關
係事業之銷售金額一併計入其計算方法由主管機關公告之
為了評估事業結合案對市場競爭的影響依公平法第 13 條規定對於事業結合
之申報如其結合對整體經濟利益大於限制競爭之不利益者主管機關不得禁止
其結合亦即主管機關對於結合准駁之評估標準為整體經濟利益和限制競爭之不利
益兩大因素在限制競爭效果方面根據公平交易委員會(下稱公平會)對於結合
申報案件之處理原則水平結合限制競爭效果得考量 5 項因素分別為1單方效
果結合後參與結合事業因消除彼此競爭壓力而得以提高商品價格或服務報酬
之能力2共同效果結合後參與結合事業與其競爭者相互約束事業活動或雖
未相互約束但採取一致性之行為使市場實際上不存在競爭之情形3參進程
度包含潛在競爭者參進之可能性與及時性及是否能對於市場內既有業者形成競
爭壓力4抗衡力量交易相對人或潛在交易相對人箝制參與結合事業提高商品價
格或服務報酬之能力5其他影響限制競爭效果之因素另在整體經濟利益方面
根據前揭處理原則水平結合整體經濟利益亦得考量 5 項因素分別為1經濟效
率2消費者利益3參與結合事業原處於交易弱勢之一方4參與結合事業之一屬
於垂危事業5其他有關整體經濟利益之具體成效
78 公 平 交 易 季 刊
從過去各國執法機關之案例顯示已用 UPPI 來衡量單方效果Moresi et al
(2015)3利用經濟模型提出 CPPI(Coordination Pricing Pressure Index)作為未來各國
執法機關衡量共同效果之參考參進程度和抗衡力量各國也有指標加以運用但
整體經濟利益之效率分析為各國執法機關最難以測度故各國訂有效率評估條
件如歐盟考慮效率評估要件有三1對消費者有利2結合特有性(merger
specificity)3可證明性(verifiability)美國水平結合處理原則(2010)考慮效率
評估要件有二1結合特有性(merger specificity)2可察覺效率(cognizable
efficiency)我國公平法考慮效率評估要件則有三1可證明在短期內實現2無法
透過結合以外之方法達成3可反映至消費者利益但上述各國考量之效率評估皆
未有量化分析
同時從過去許多文獻對效率的量化分析大部分研究著重事後效率評估
如 Chen (2002) 4Shih (2006) 5Kwon et al (2008) 6DeYoung et al (2009) 7Kedia
et al (2011) 8Sufian et al (2012) 9Wang et al (2013) 10Lee (2014) 11Sami (2014)
12等人但事後效率評估無法供各國執法機關做為審查結合案時之考量有些學
者利用經濟學規模範疇理論建立結合後潛在利得實證模型從事事前效率評估
3 Serge Moresi David Reitman Steven C Salop amp Yianis Sarafidis ldquocGUPPI Scoring Incentives to Engage in Parallel Accommodating Conductrdquo working paper Georgetown Law Faculty Publications (2015) 4 Tser-Yieth Chen ldquoMeasuring Firm Performance with DEA and Prior Information in Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter 201-204 (2002) 5 Ming-Shan Shih ldquoResearch on Synergy Drivers in Financial Holding Company Merger and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business Management Tatung University (2006) 6 He-Boong Kwon Philipp A Stoeberl amp Seong-Jong Joo ldquoMeasuring Comparative Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3) Benchmarking An International Journal 212-224 (2008) 7 Robert DeYoung Douglas D Evanoff amp Philip Molyneux ldquoMergers and Acquisitions of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of Financial Services Research 87-110 (2009) 8 Simi Kedia S Abraham Ravid amp Vicente Pons ldquoWhen Do Vertical Mergers Create Valuerdquo 40(4) Financial Management 845-877 (2011) 9 Fadzlan Sufian Junaina Muhamad AN Bany-Ariffin MH Yahya amp Fakarudin Kamarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective 1-11 (2012) 10 Chih-Hung Wang Yan-Ping Chi amp Po-Sheng Lin ldquoCandidates Selection for Merger amp Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp Management Strategy 1-12 (2013) 11 Wen-Cheng Lee ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review 187-205 (2014) 12 Sami Shaista ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1) Transnational Corporations Review 86-100 (2014)
IC封裝及測試產業結合之事前效率評估 79
做為執法機關進行效率評估之參考如 Bogetoft and Wang (2005) 13Bagdadioglu et
al (2007) 14Wu et al (2011) 15Halkos and Tzeremes (2013) 16及 Halkos et al (2016)
17Shi et al (2017)18 Flokou et al (2017) 19而 Halkos and Tzeremes (2013)等人利
用結合後潛在利得模型從事事前效率評估但皆以射線資料包絡法(DEA)估計模
型為主忽略差額(slacks)容易產生推估之誤差由於 Tone (2013)20重覆抽樣差
額變數模型(Resample Slacks-Based Measure以下簡稱 RSBM)可以解決差額誤
差將可更準確評估結合是否可提高其效率因此本文匯集 Tone (2013) 重覆抽樣
差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結合後潛在利得模型進行
潛在廠商結合後效率利得推估
二文獻回顧
依 Stuke (2012)21及 Horton (2015)22之競爭法效率之定義可分為技術效率規
模經濟動態效率和規模範疇等結合之效率分析主要方向有二1事後效率評
估即評估結合後可否提升廠商效率2事前效率評估即評估未來結合廠商是否
可提升廠商效率
13 Peter Bogetoft amp Dexiang Wang ldquoEstimating the Potential Gains from Mergersrdquo 23(2) Journal of Productivity Analysis 145-171 (2005) 14 Necmiddin Bagdadioglu Catherine Waddams Price amp Thomas Weyman-Jones ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal 83-110 (2007) 15 Desheng Dash Wu Zhaoxin Zhou amp John R Birge ldquoEstimation of Potential Gains from Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data Envelopment Analysisrdquo 186(1) Annals of Operations Research 357-381 (2011) 16 George E Halkos amp Nickolaos G Tzeremes ldquoEstimating the Degree of Operating Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped Approachrdquo 37(5) Journal of Banking amp Finance 1658-1668 (2013) 17 George E Halkos Roman Matousek amp Nickolaos G Tzeremes ldquoPre-Evaluating Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting 47-77 (2016) 18 Xiao Shi Yongjun Li Ali Emrouznejad Jianhui Xie amp Liang Liang ldquoEstimation of potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo 68(9) Journal of the Operational Research Society 1045-1055 (2017) 19 Angeliki Flokou Vassilis Aletras amp Dimitris Niakas ldquoDecomposition of potential efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management Science 467-484 (2017) 20 Kaoru Tone ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute for Policy Studies 13-23 (2013) 21 Maurice E Stucke ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review 551 563-595 (2012) 22 Thomas J Horton ldquoEfficiencies and Antitrust Reconsidered An Evolutionary Perspectiverdquo 60(2) The Antitrust Bulletin 168-187 (2015)
80 公 平 交 易 季 刊
在事後效率評估部分Wang et al (2013)探討臺灣生技產業結合前後的效率採
用資料包絡法(Data Envelopment Analysis簡稱 DEA)以 2002 年臺灣生技 16 家
併購公司為研究樣本結果顯示有 4 家生技業者(和桐台肥百略和優盛)結合
前後效率方面都取得了良好的結果另外有 4 家生技業者(五鼎必翔博登
聚和)結合後效率成效不如預期Sami (2014)探討製藥產業結合對於財務績效方面
所造成之影響主要分析其結合前和結合後之財務績效結果顯示結合提升營業收
入及淨利但對負債及權益比率以及股東權益報酬率則未有顯著變化Ferrier and
Valdmanis (2004)23 使用資料包絡法探討美國醫院結合前後之效率實證結果顯示醫
院結合產生更高效率但未提高生產力Sinay and Campbell (1995)24探討醫院結合
之效率結果顯示結合確實能提高醫院經營效率Kwon et al (2008)使用資料包絡
法分析美國電信業結合對廠商績效之影響實證結果顯示結合對效率呈現負相關
Chen (2002) 與 Shih (2006)評估臺灣銀行結合後之效率實證結果顯示銀行結合後
能提升本身效率DeYoung et al (2009)蒐集北美和歐洲 150 家銀行分析結合後是
否提升其效率及股東權益實證結果顯示結合後確實可提高銀行效率但股東權
益之提升並不明顯Dı az et al (2004)25與 Altunbas and Marqueacutes (2008)26利用歐洲銀
行資料探討銀行結合後是否提高銀行效率其結果和 DeYoung et al (2009)一致
結合後確實可提高銀行效率Sufian et al (2012)使用資料包絡法 評估馬來西亞 34
家銀行結合前後之效率比較實證結果顯示銀行結合前較結合後之效率為佳
Gugler and Siebert (2007)27與 Lee (2014)使用資料包絡法探討半導體廠商結合後績效
之表現實證結果顯示結合後營運績效獲得提升Kedia et al (2011)探討結合是否
有助於提高廠商之效率和市場價值實證結果顯示結合有助於提高水平結合廠商
的效率同時也發現垂直結合有助於提高廠商市場價值尤其在高集中度產業
23 G D Ferrier amp V G Valdmanis ldquoDo Mergers Improve Hospital productivityrdquo 55 The Journal of the Operational Research Society 1071-1080 (2004) 24 Ugur A Sinay amp Claudia R Campbell ldquoScope and Scale Economies in Merging Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance 107-123 (1995) 25 Beleacuten Dı az Myriam Garcı a Olalla amp Sergio Sanfilippo Azofra ldquoBank Acquisitions and Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of Economics and Business 377-404 (2004) 26 Yener Altunbas amp David Marqueacutes ldquoMergers and Acquisitions and Bank Performance in Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business 204-222 (2008) 27 Klaus Gugler amp Ralph Siebert ldquoMarket Power versus Efficiency Effects of Mergers and Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The Review of Economics and Statistics 645-659 (2007)
IC封裝及測試產業結合之事前效率評估 81
Odagiria et al (2011)28利用事件分析法探討日本 2000 年至 2010 年結合案件評估結
合是否有助於提高廠商市場價值實證結果顯示結合後多數案件對提升公司股價
報酬並不顯著
另在事前效率評估方面Bogetoft and Wang (2005)依經濟學規模範疇理論即
兩家結合一起生產比各自廠商生產較可降低成本提升效率Baumol et al (1982)29
和 Faumlre et al (1994)30建立結合後潛在利得模型(Merger Potential Gains)同時將結
合利得(merger gains)區隔為技術效率效果(technical efficiency effect)規模經濟
或大小效果(scaling or size effect)和規模範疇一致或混合效果(scope harmony or
mixture effect)三種蒐集丹麥農業諮詢服務 71 家各地區辦公室利用資料包絡法
進行潛在辦公室結合分析實證結果顯示潛在結合辦公室確實可得到潛在利得
Bagdadioglu et al (2007)依 Bogetoft and Wang (2005)建立了結合後潛在利得模型分
析 1999 年至 2003 年土耳其 21 家電力公司潛在結合廠商之結合利得實證結果顯
示潛在結合廠商確實可提高效率Kristensen et al (2010)31以 2004 年丹麥 36 家潛
在結合醫院為研究對象使用 bootstrap 資料包絡法評估潛在結合技術效率規模
經濟及規模範疇實證結果顯示潛在結合醫院確實可提高技術效率但結合後規
模太大導致規模不經濟及無法達成規模範疇Wu et al (2011)發展動態資料包絡法
和隨機邊界模型(SFA)評估加拿大銀行潛在結合技術效率規模經濟及規模範
疇實證結果顯示潛在結合銀行確實可提高效率Halkos and Tzeremes (2013)依
Baumol et al (1982)規模範疇理論建立了結合後潛在利得模型利用 bootstrap 資料
包絡法進行分析 2007 年至 2011 年希臘 45 家銀行事前效率評估實證結果顯示
潛在結合銀行無法提高效率Zschille (2015)32蒐集德國 2006 年 364 家自來水公司
利用 bootstrap 資料包絡法評估潛在結合自來水公司之效率實證結果顯示潛在結
28 Hiroyuki Odagiri Koki Arai Noriyuki Doi Yasushi Kudo amp Chiharu Yanagita ldquoThe Impact of Mergers on Profits Share Value Innovation and Product in Japan in the 2000srdquo httpwwwjftcgojpencprcdiscussionpapers51_e_abstractfilesCPDP-51-Epdf last visited on date 2017112 29 William J Baumol John C Panzar amp Robert D Willig ldquoReview Contestable Markets and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic Literature 981-990 (1983) 30 Rolf Faumlre Shawna Grosskopf amp C A Knox Lovell Production Frontiers 1st ed Cambridge University Press (1994) 31 Troels Kristensen Peter Bogetoft amp Kjeld Moeller Pedersen ldquoPotential Gains from Hospital Mergers in Denmarkrdquo 13 Health Care Management Science 334-345 (2010) 32 Michael Zschille ldquoConsolidating the Water Industry an Analysis of the Potential Gains from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of Productivity Analysis 97-114 (2015)
82 公 平 交 易 季 刊
合自來水公司結合確實可提高其效率其中較小型自來水公司結合較能提高規模
效率Halkos et al (2016)蒐集 2000 年至 2008 年日本 97 家區域銀行利用 bootstrap
資料包絡法進行事前效率評估結果發現潛在結合小銀行比潛在結合大銀行其
效率表現較好Shi et al (2017) 蒐集中國最具競爭力的 20 家商業銀行探討潛在結
合技術效率規模經濟及規模範疇響實證結果顯示結合產生更高的潛在效率主
要影響來自技術和諧的效率(harmony efficiency)Flokou et al (2017) 蒐集 71 家希
臘公立醫院使用 bootstrap 資料包絡法探討潛在結合希臘公立醫院效率結果顯
示所有結合都提高效率
三研究方法
(一)效率評估
資料包絡法(DEA)利用包絡線(即等產量線 isoquant)以所有受評單位的投
入變數與產出變數投射在空間中再依據投射點有無落在生產邊界上給予範圍介
於 0 至 1 之間的績效指標做為判斷投入與產出間是否具有效率Farrell (1957)33首
先提出以生產前線來衡量效率的概念惟 Farrell 所提出的效率評估模型只在單一
投入和單一產出之狀況下適用但在現實生活之中廠商於實際生產過程中包含許
多的投入和產出項因此由 Charnes et al (1978)34所提出的 CCR 模式確定了資
料包絡法模式的架構而且根據 Farrell 所提出的效率評估理論基礎即單一投入與
單一產出的模式在規模報酬固定之情形下對於多項投入與多項產出以線性規劃
方式求解然而生產過程中變動規模報酬似乎為實務上的常態不能僅以固定規
模報酬為考量爰此 Banker et al (1984)35加入線性組合之凸性限制(產出擴張或投
入縮減權數加總等於 1)以變動規模報酬(VRS)取代固定規模報酬(CRS)的假
設提出著名的 BCC 資料包絡法模式不同於 CCRBCC 資料包絡法Tone
33 M J Farrell ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal Statistical Society 253-290 (1957) 34 A Charnes WW Cooper amp E Rhodes ldquoMeasuring the Efficiency of Decision Making Unitsrdquo 2 European Journal of Operational Research 429-444 (1978) 35 Rajiv D Banker A Charnes amp WW Cooper ldquoSome Models for Estimating Technical and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science 1078-1092 (1984)
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA ltFEFF06270633062A062E062F0645002006470630064700200627064406250639062F0627062F0627062A002006440625064606340627062100200648062B062706260642002000410064006F00620065002000500044004600200645062A064806270641064206290020064406440637062806270639062900200641064A00200627064406450637062706280639002006300627062A0020062F0631062C0627062A002006270644062C0648062F0629002006270644063906270644064A0629061B0020064A06450643064600200641062A062D00200648062B0627062606420020005000440046002006270644064506460634062306290020062806270633062A062E062F062706450020004100630072006F0062006100740020064800410064006F006200650020005200650061006400650072002006250635062F0627063100200035002E0030002006480627064406250635062F062706310627062A0020062706440623062D062F062B002E0635062F0627063100200035002E0030002006480627064406250635062F062706310627062A0020062706440623062D062F062B002Egt BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH ltFEFF004e006100750064006f006b0069007400650020016100690075006f007300200070006100720061006d006500740072007500730020006e006f0072011700640061006d00690020006b0075007200740069002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b00750072006900650020006c0061006200690061007500730069006100690020007000720069007400610069006b007900740069002000610075006b01610074006f00730020006b006f006b007900620117007300200070006100720065006e006700740069006e00690061006d00200073007000610075007300640069006e0069006d00750069002e0020002000530075006b0075007200740069002000500044004600200064006f006b0075006d0065006e007400610069002000670061006c006900200062016b007400690020006100740069006400610072006f006d00690020004100630072006f006200610074002000690072002000410064006f00620065002000520065006100640065007200200035002e0030002000610072002000760117006c00650073006e0117006d00690073002000760065007200730069006a006f006d00690073002egt LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM ltFEFF005500740069006c0069007a00610163006900200061006300650073007400650020007300650074010300720069002000700065006e007400720075002000610020006300720065006100200064006f00630075006d0065006e00740065002000410064006f006200650020005000440046002000610064006500630076006100740065002000700065006e0074007200750020007400690070010300720069007200650061002000700072006500700072006500730073002000640065002000630061006c006900740061007400650020007300750070006500720069006f006100720103002e002000200044006f00630075006d0065006e00740065006c00650020005000440046002000630072006500610074006500200070006f00740020006600690020006400650073006300680069007300650020006300750020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e00300020015f00690020007600650072007300690075006e0069006c006500200075006c0074006500720069006f006100720065002egt RUS ltFEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002egt SKY 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 SLV ltFEFF005400650020006e006100730074006100760069007400760065002000750070006f0072006100620069007400650020007a00610020007500730074007600610072006a0061006e006a006500200064006f006b0075006d0065006e0074006f0076002000410064006f006200650020005000440046002c0020006b006900200073006f0020006e0061006a007000720069006d00650072006e0065006a016100690020007a00610020006b0061006b006f0076006f00730074006e006f0020007400690073006b0061006e006a00650020007300200070007200690070007200610076006f0020006e00610020007400690073006b002e00200020005500730074007600610072006a0065006e006500200064006f006b0075006d0065006e0074006500200050004400460020006a00650020006d006f0067006f010d00650020006f0064007000720065007400690020007a0020004100630072006f00620061007400200069006e002000410064006f00620065002000520065006100640065007200200035002e003000200069006e0020006e006f00760065006a01610069006d002egt SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
78 公 平 交 易 季 刊
從過去各國執法機關之案例顯示已用 UPPI 來衡量單方效果Moresi et al
(2015)3利用經濟模型提出 CPPI(Coordination Pricing Pressure Index)作為未來各國
執法機關衡量共同效果之參考參進程度和抗衡力量各國也有指標加以運用但
整體經濟利益之效率分析為各國執法機關最難以測度故各國訂有效率評估條
件如歐盟考慮效率評估要件有三1對消費者有利2結合特有性(merger
specificity)3可證明性(verifiability)美國水平結合處理原則(2010)考慮效率
評估要件有二1結合特有性(merger specificity)2可察覺效率(cognizable
efficiency)我國公平法考慮效率評估要件則有三1可證明在短期內實現2無法
透過結合以外之方法達成3可反映至消費者利益但上述各國考量之效率評估皆
未有量化分析
同時從過去許多文獻對效率的量化分析大部分研究著重事後效率評估
如 Chen (2002) 4Shih (2006) 5Kwon et al (2008) 6DeYoung et al (2009) 7Kedia
et al (2011) 8Sufian et al (2012) 9Wang et al (2013) 10Lee (2014) 11Sami (2014)
12等人但事後效率評估無法供各國執法機關做為審查結合案時之考量有些學
者利用經濟學規模範疇理論建立結合後潛在利得實證模型從事事前效率評估
3 Serge Moresi David Reitman Steven C Salop amp Yianis Sarafidis ldquocGUPPI Scoring Incentives to Engage in Parallel Accommodating Conductrdquo working paper Georgetown Law Faculty Publications (2015) 4 Tser-Yieth Chen ldquoMeasuring Firm Performance with DEA and Prior Information in Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter 201-204 (2002) 5 Ming-Shan Shih ldquoResearch on Synergy Drivers in Financial Holding Company Merger and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business Management Tatung University (2006) 6 He-Boong Kwon Philipp A Stoeberl amp Seong-Jong Joo ldquoMeasuring Comparative Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3) Benchmarking An International Journal 212-224 (2008) 7 Robert DeYoung Douglas D Evanoff amp Philip Molyneux ldquoMergers and Acquisitions of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of Financial Services Research 87-110 (2009) 8 Simi Kedia S Abraham Ravid amp Vicente Pons ldquoWhen Do Vertical Mergers Create Valuerdquo 40(4) Financial Management 845-877 (2011) 9 Fadzlan Sufian Junaina Muhamad AN Bany-Ariffin MH Yahya amp Fakarudin Kamarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective 1-11 (2012) 10 Chih-Hung Wang Yan-Ping Chi amp Po-Sheng Lin ldquoCandidates Selection for Merger amp Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp Management Strategy 1-12 (2013) 11 Wen-Cheng Lee ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review 187-205 (2014) 12 Sami Shaista ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1) Transnational Corporations Review 86-100 (2014)
IC封裝及測試產業結合之事前效率評估 79
做為執法機關進行效率評估之參考如 Bogetoft and Wang (2005) 13Bagdadioglu et
al (2007) 14Wu et al (2011) 15Halkos and Tzeremes (2013) 16及 Halkos et al (2016)
17Shi et al (2017)18 Flokou et al (2017) 19而 Halkos and Tzeremes (2013)等人利
用結合後潛在利得模型從事事前效率評估但皆以射線資料包絡法(DEA)估計模
型為主忽略差額(slacks)容易產生推估之誤差由於 Tone (2013)20重覆抽樣差
額變數模型(Resample Slacks-Based Measure以下簡稱 RSBM)可以解決差額誤
差將可更準確評估結合是否可提高其效率因此本文匯集 Tone (2013) 重覆抽樣
差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結合後潛在利得模型進行
潛在廠商結合後效率利得推估
二文獻回顧
依 Stuke (2012)21及 Horton (2015)22之競爭法效率之定義可分為技術效率規
模經濟動態效率和規模範疇等結合之效率分析主要方向有二1事後效率評
估即評估結合後可否提升廠商效率2事前效率評估即評估未來結合廠商是否
可提升廠商效率
13 Peter Bogetoft amp Dexiang Wang ldquoEstimating the Potential Gains from Mergersrdquo 23(2) Journal of Productivity Analysis 145-171 (2005) 14 Necmiddin Bagdadioglu Catherine Waddams Price amp Thomas Weyman-Jones ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal 83-110 (2007) 15 Desheng Dash Wu Zhaoxin Zhou amp John R Birge ldquoEstimation of Potential Gains from Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data Envelopment Analysisrdquo 186(1) Annals of Operations Research 357-381 (2011) 16 George E Halkos amp Nickolaos G Tzeremes ldquoEstimating the Degree of Operating Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped Approachrdquo 37(5) Journal of Banking amp Finance 1658-1668 (2013) 17 George E Halkos Roman Matousek amp Nickolaos G Tzeremes ldquoPre-Evaluating Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting 47-77 (2016) 18 Xiao Shi Yongjun Li Ali Emrouznejad Jianhui Xie amp Liang Liang ldquoEstimation of potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo 68(9) Journal of the Operational Research Society 1045-1055 (2017) 19 Angeliki Flokou Vassilis Aletras amp Dimitris Niakas ldquoDecomposition of potential efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management Science 467-484 (2017) 20 Kaoru Tone ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute for Policy Studies 13-23 (2013) 21 Maurice E Stucke ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review 551 563-595 (2012) 22 Thomas J Horton ldquoEfficiencies and Antitrust Reconsidered An Evolutionary Perspectiverdquo 60(2) The Antitrust Bulletin 168-187 (2015)
80 公 平 交 易 季 刊
在事後效率評估部分Wang et al (2013)探討臺灣生技產業結合前後的效率採
用資料包絡法(Data Envelopment Analysis簡稱 DEA)以 2002 年臺灣生技 16 家
併購公司為研究樣本結果顯示有 4 家生技業者(和桐台肥百略和優盛)結合
前後效率方面都取得了良好的結果另外有 4 家生技業者(五鼎必翔博登
聚和)結合後效率成效不如預期Sami (2014)探討製藥產業結合對於財務績效方面
所造成之影響主要分析其結合前和結合後之財務績效結果顯示結合提升營業收
入及淨利但對負債及權益比率以及股東權益報酬率則未有顯著變化Ferrier and
Valdmanis (2004)23 使用資料包絡法探討美國醫院結合前後之效率實證結果顯示醫
院結合產生更高效率但未提高生產力Sinay and Campbell (1995)24探討醫院結合
之效率結果顯示結合確實能提高醫院經營效率Kwon et al (2008)使用資料包絡
法分析美國電信業結合對廠商績效之影響實證結果顯示結合對效率呈現負相關
Chen (2002) 與 Shih (2006)評估臺灣銀行結合後之效率實證結果顯示銀行結合後
能提升本身效率DeYoung et al (2009)蒐集北美和歐洲 150 家銀行分析結合後是
否提升其效率及股東權益實證結果顯示結合後確實可提高銀行效率但股東權
益之提升並不明顯Dı az et al (2004)25與 Altunbas and Marqueacutes (2008)26利用歐洲銀
行資料探討銀行結合後是否提高銀行效率其結果和 DeYoung et al (2009)一致
結合後確實可提高銀行效率Sufian et al (2012)使用資料包絡法 評估馬來西亞 34
家銀行結合前後之效率比較實證結果顯示銀行結合前較結合後之效率為佳
Gugler and Siebert (2007)27與 Lee (2014)使用資料包絡法探討半導體廠商結合後績效
之表現實證結果顯示結合後營運績效獲得提升Kedia et al (2011)探討結合是否
有助於提高廠商之效率和市場價值實證結果顯示結合有助於提高水平結合廠商
的效率同時也發現垂直結合有助於提高廠商市場價值尤其在高集中度產業
23 G D Ferrier amp V G Valdmanis ldquoDo Mergers Improve Hospital productivityrdquo 55 The Journal of the Operational Research Society 1071-1080 (2004) 24 Ugur A Sinay amp Claudia R Campbell ldquoScope and Scale Economies in Merging Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance 107-123 (1995) 25 Beleacuten Dı az Myriam Garcı a Olalla amp Sergio Sanfilippo Azofra ldquoBank Acquisitions and Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of Economics and Business 377-404 (2004) 26 Yener Altunbas amp David Marqueacutes ldquoMergers and Acquisitions and Bank Performance in Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business 204-222 (2008) 27 Klaus Gugler amp Ralph Siebert ldquoMarket Power versus Efficiency Effects of Mergers and Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The Review of Economics and Statistics 645-659 (2007)
IC封裝及測試產業結合之事前效率評估 81
Odagiria et al (2011)28利用事件分析法探討日本 2000 年至 2010 年結合案件評估結
合是否有助於提高廠商市場價值實證結果顯示結合後多數案件對提升公司股價
報酬並不顯著
另在事前效率評估方面Bogetoft and Wang (2005)依經濟學規模範疇理論即
兩家結合一起生產比各自廠商生產較可降低成本提升效率Baumol et al (1982)29
和 Faumlre et al (1994)30建立結合後潛在利得模型(Merger Potential Gains)同時將結
合利得(merger gains)區隔為技術效率效果(technical efficiency effect)規模經濟
或大小效果(scaling or size effect)和規模範疇一致或混合效果(scope harmony or
mixture effect)三種蒐集丹麥農業諮詢服務 71 家各地區辦公室利用資料包絡法
進行潛在辦公室結合分析實證結果顯示潛在結合辦公室確實可得到潛在利得
Bagdadioglu et al (2007)依 Bogetoft and Wang (2005)建立了結合後潛在利得模型分
析 1999 年至 2003 年土耳其 21 家電力公司潛在結合廠商之結合利得實證結果顯
示潛在結合廠商確實可提高效率Kristensen et al (2010)31以 2004 年丹麥 36 家潛
在結合醫院為研究對象使用 bootstrap 資料包絡法評估潛在結合技術效率規模
經濟及規模範疇實證結果顯示潛在結合醫院確實可提高技術效率但結合後規
模太大導致規模不經濟及無法達成規模範疇Wu et al (2011)發展動態資料包絡法
和隨機邊界模型(SFA)評估加拿大銀行潛在結合技術效率規模經濟及規模範
疇實證結果顯示潛在結合銀行確實可提高效率Halkos and Tzeremes (2013)依
Baumol et al (1982)規模範疇理論建立了結合後潛在利得模型利用 bootstrap 資料
包絡法進行分析 2007 年至 2011 年希臘 45 家銀行事前效率評估實證結果顯示
潛在結合銀行無法提高效率Zschille (2015)32蒐集德國 2006 年 364 家自來水公司
利用 bootstrap 資料包絡法評估潛在結合自來水公司之效率實證結果顯示潛在結
28 Hiroyuki Odagiri Koki Arai Noriyuki Doi Yasushi Kudo amp Chiharu Yanagita ldquoThe Impact of Mergers on Profits Share Value Innovation and Product in Japan in the 2000srdquo httpwwwjftcgojpencprcdiscussionpapers51_e_abstractfilesCPDP-51-Epdf last visited on date 2017112 29 William J Baumol John C Panzar amp Robert D Willig ldquoReview Contestable Markets and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic Literature 981-990 (1983) 30 Rolf Faumlre Shawna Grosskopf amp C A Knox Lovell Production Frontiers 1st ed Cambridge University Press (1994) 31 Troels Kristensen Peter Bogetoft amp Kjeld Moeller Pedersen ldquoPotential Gains from Hospital Mergers in Denmarkrdquo 13 Health Care Management Science 334-345 (2010) 32 Michael Zschille ldquoConsolidating the Water Industry an Analysis of the Potential Gains from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of Productivity Analysis 97-114 (2015)
82 公 平 交 易 季 刊
合自來水公司結合確實可提高其效率其中較小型自來水公司結合較能提高規模
效率Halkos et al (2016)蒐集 2000 年至 2008 年日本 97 家區域銀行利用 bootstrap
資料包絡法進行事前效率評估結果發現潛在結合小銀行比潛在結合大銀行其
效率表現較好Shi et al (2017) 蒐集中國最具競爭力的 20 家商業銀行探討潛在結
合技術效率規模經濟及規模範疇響實證結果顯示結合產生更高的潛在效率主
要影響來自技術和諧的效率(harmony efficiency)Flokou et al (2017) 蒐集 71 家希
臘公立醫院使用 bootstrap 資料包絡法探討潛在結合希臘公立醫院效率結果顯
示所有結合都提高效率
三研究方法
(一)效率評估
資料包絡法(DEA)利用包絡線(即等產量線 isoquant)以所有受評單位的投
入變數與產出變數投射在空間中再依據投射點有無落在生產邊界上給予範圍介
於 0 至 1 之間的績效指標做為判斷投入與產出間是否具有效率Farrell (1957)33首
先提出以生產前線來衡量效率的概念惟 Farrell 所提出的效率評估模型只在單一
投入和單一產出之狀況下適用但在現實生活之中廠商於實際生產過程中包含許
多的投入和產出項因此由 Charnes et al (1978)34所提出的 CCR 模式確定了資
料包絡法模式的架構而且根據 Farrell 所提出的效率評估理論基礎即單一投入與
單一產出的模式在規模報酬固定之情形下對於多項投入與多項產出以線性規劃
方式求解然而生產過程中變動規模報酬似乎為實務上的常態不能僅以固定規
模報酬為考量爰此 Banker et al (1984)35加入線性組合之凸性限制(產出擴張或投
入縮減權數加總等於 1)以變動規模報酬(VRS)取代固定規模報酬(CRS)的假
設提出著名的 BCC 資料包絡法模式不同於 CCRBCC 資料包絡法Tone
33 M J Farrell ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal Statistical Society 253-290 (1957) 34 A Charnes WW Cooper amp E Rhodes ldquoMeasuring the Efficiency of Decision Making Unitsrdquo 2 European Journal of Operational Research 429-444 (1978) 35 Rajiv D Banker A Charnes amp WW Cooper ldquoSome Models for Estimating Technical and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science 1078-1092 (1984)
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB ltFEFF005500740069006c0069007a006500200065007300730061007300200063006f006e00660069006700750072006100e700f50065007300200064006500200066006f0072006d00610020006100200063007200690061007200200064006f00630075006d0065006e0074006f0073002000410064006f0062006500200050004400460020006d00610069007300200061006400650071007500610064006f00730020007000610072006100200070007200e9002d0069006d0070007200650073007300f50065007300200064006500200061006c007400610020007100750061006c00690064006100640065002e0020004f007300200064006f00630075006d0065006e0074006f00730020005000440046002000630072006900610064006f007300200070006f00640065006d0020007300650072002000610062006500720074006f007300200063006f006d0020006f0020004100630072006f006200610074002000650020006f002000410064006f00620065002000520065006100640065007200200035002e0030002000650020007600650072007300f50065007300200070006f00730074006500720069006f007200650073002egt RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 79
做為執法機關進行效率評估之參考如 Bogetoft and Wang (2005) 13Bagdadioglu et
al (2007) 14Wu et al (2011) 15Halkos and Tzeremes (2013) 16及 Halkos et al (2016)
17Shi et al (2017)18 Flokou et al (2017) 19而 Halkos and Tzeremes (2013)等人利
用結合後潛在利得模型從事事前效率評估但皆以射線資料包絡法(DEA)估計模
型為主忽略差額(slacks)容易產生推估之誤差由於 Tone (2013)20重覆抽樣差
額變數模型(Resample Slacks-Based Measure以下簡稱 RSBM)可以解決差額誤
差將可更準確評估結合是否可提高其效率因此本文匯集 Tone (2013) 重覆抽樣
差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結合後潛在利得模型進行
潛在廠商結合後效率利得推估
二文獻回顧
依 Stuke (2012)21及 Horton (2015)22之競爭法效率之定義可分為技術效率規
模經濟動態效率和規模範疇等結合之效率分析主要方向有二1事後效率評
估即評估結合後可否提升廠商效率2事前效率評估即評估未來結合廠商是否
可提升廠商效率
13 Peter Bogetoft amp Dexiang Wang ldquoEstimating the Potential Gains from Mergersrdquo 23(2) Journal of Productivity Analysis 145-171 (2005) 14 Necmiddin Bagdadioglu Catherine Waddams Price amp Thomas Weyman-Jones ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal 83-110 (2007) 15 Desheng Dash Wu Zhaoxin Zhou amp John R Birge ldquoEstimation of Potential Gains from Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data Envelopment Analysisrdquo 186(1) Annals of Operations Research 357-381 (2011) 16 George E Halkos amp Nickolaos G Tzeremes ldquoEstimating the Degree of Operating Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped Approachrdquo 37(5) Journal of Banking amp Finance 1658-1668 (2013) 17 George E Halkos Roman Matousek amp Nickolaos G Tzeremes ldquoPre-Evaluating Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting 47-77 (2016) 18 Xiao Shi Yongjun Li Ali Emrouznejad Jianhui Xie amp Liang Liang ldquoEstimation of potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo 68(9) Journal of the Operational Research Society 1045-1055 (2017) 19 Angeliki Flokou Vassilis Aletras amp Dimitris Niakas ldquoDecomposition of potential efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management Science 467-484 (2017) 20 Kaoru Tone ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute for Policy Studies 13-23 (2013) 21 Maurice E Stucke ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review 551 563-595 (2012) 22 Thomas J Horton ldquoEfficiencies and Antitrust Reconsidered An Evolutionary Perspectiverdquo 60(2) The Antitrust Bulletin 168-187 (2015)
80 公 平 交 易 季 刊
在事後效率評估部分Wang et al (2013)探討臺灣生技產業結合前後的效率採
用資料包絡法(Data Envelopment Analysis簡稱 DEA)以 2002 年臺灣生技 16 家
併購公司為研究樣本結果顯示有 4 家生技業者(和桐台肥百略和優盛)結合
前後效率方面都取得了良好的結果另外有 4 家生技業者(五鼎必翔博登
聚和)結合後效率成效不如預期Sami (2014)探討製藥產業結合對於財務績效方面
所造成之影響主要分析其結合前和結合後之財務績效結果顯示結合提升營業收
入及淨利但對負債及權益比率以及股東權益報酬率則未有顯著變化Ferrier and
Valdmanis (2004)23 使用資料包絡法探討美國醫院結合前後之效率實證結果顯示醫
院結合產生更高效率但未提高生產力Sinay and Campbell (1995)24探討醫院結合
之效率結果顯示結合確實能提高醫院經營效率Kwon et al (2008)使用資料包絡
法分析美國電信業結合對廠商績效之影響實證結果顯示結合對效率呈現負相關
Chen (2002) 與 Shih (2006)評估臺灣銀行結合後之效率實證結果顯示銀行結合後
能提升本身效率DeYoung et al (2009)蒐集北美和歐洲 150 家銀行分析結合後是
否提升其效率及股東權益實證結果顯示結合後確實可提高銀行效率但股東權
益之提升並不明顯Dı az et al (2004)25與 Altunbas and Marqueacutes (2008)26利用歐洲銀
行資料探討銀行結合後是否提高銀行效率其結果和 DeYoung et al (2009)一致
結合後確實可提高銀行效率Sufian et al (2012)使用資料包絡法 評估馬來西亞 34
家銀行結合前後之效率比較實證結果顯示銀行結合前較結合後之效率為佳
Gugler and Siebert (2007)27與 Lee (2014)使用資料包絡法探討半導體廠商結合後績效
之表現實證結果顯示結合後營運績效獲得提升Kedia et al (2011)探討結合是否
有助於提高廠商之效率和市場價值實證結果顯示結合有助於提高水平結合廠商
的效率同時也發現垂直結合有助於提高廠商市場價值尤其在高集中度產業
23 G D Ferrier amp V G Valdmanis ldquoDo Mergers Improve Hospital productivityrdquo 55 The Journal of the Operational Research Society 1071-1080 (2004) 24 Ugur A Sinay amp Claudia R Campbell ldquoScope and Scale Economies in Merging Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance 107-123 (1995) 25 Beleacuten Dı az Myriam Garcı a Olalla amp Sergio Sanfilippo Azofra ldquoBank Acquisitions and Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of Economics and Business 377-404 (2004) 26 Yener Altunbas amp David Marqueacutes ldquoMergers and Acquisitions and Bank Performance in Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business 204-222 (2008) 27 Klaus Gugler amp Ralph Siebert ldquoMarket Power versus Efficiency Effects of Mergers and Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The Review of Economics and Statistics 645-659 (2007)
IC封裝及測試產業結合之事前效率評估 81
Odagiria et al (2011)28利用事件分析法探討日本 2000 年至 2010 年結合案件評估結
合是否有助於提高廠商市場價值實證結果顯示結合後多數案件對提升公司股價
報酬並不顯著
另在事前效率評估方面Bogetoft and Wang (2005)依經濟學規模範疇理論即
兩家結合一起生產比各自廠商生產較可降低成本提升效率Baumol et al (1982)29
和 Faumlre et al (1994)30建立結合後潛在利得模型(Merger Potential Gains)同時將結
合利得(merger gains)區隔為技術效率效果(technical efficiency effect)規模經濟
或大小效果(scaling or size effect)和規模範疇一致或混合效果(scope harmony or
mixture effect)三種蒐集丹麥農業諮詢服務 71 家各地區辦公室利用資料包絡法
進行潛在辦公室結合分析實證結果顯示潛在結合辦公室確實可得到潛在利得
Bagdadioglu et al (2007)依 Bogetoft and Wang (2005)建立了結合後潛在利得模型分
析 1999 年至 2003 年土耳其 21 家電力公司潛在結合廠商之結合利得實證結果顯
示潛在結合廠商確實可提高效率Kristensen et al (2010)31以 2004 年丹麥 36 家潛
在結合醫院為研究對象使用 bootstrap 資料包絡法評估潛在結合技術效率規模
經濟及規模範疇實證結果顯示潛在結合醫院確實可提高技術效率但結合後規
模太大導致規模不經濟及無法達成規模範疇Wu et al (2011)發展動態資料包絡法
和隨機邊界模型(SFA)評估加拿大銀行潛在結合技術效率規模經濟及規模範
疇實證結果顯示潛在結合銀行確實可提高效率Halkos and Tzeremes (2013)依
Baumol et al (1982)規模範疇理論建立了結合後潛在利得模型利用 bootstrap 資料
包絡法進行分析 2007 年至 2011 年希臘 45 家銀行事前效率評估實證結果顯示
潛在結合銀行無法提高效率Zschille (2015)32蒐集德國 2006 年 364 家自來水公司
利用 bootstrap 資料包絡法評估潛在結合自來水公司之效率實證結果顯示潛在結
28 Hiroyuki Odagiri Koki Arai Noriyuki Doi Yasushi Kudo amp Chiharu Yanagita ldquoThe Impact of Mergers on Profits Share Value Innovation and Product in Japan in the 2000srdquo httpwwwjftcgojpencprcdiscussionpapers51_e_abstractfilesCPDP-51-Epdf last visited on date 2017112 29 William J Baumol John C Panzar amp Robert D Willig ldquoReview Contestable Markets and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic Literature 981-990 (1983) 30 Rolf Faumlre Shawna Grosskopf amp C A Knox Lovell Production Frontiers 1st ed Cambridge University Press (1994) 31 Troels Kristensen Peter Bogetoft amp Kjeld Moeller Pedersen ldquoPotential Gains from Hospital Mergers in Denmarkrdquo 13 Health Care Management Science 334-345 (2010) 32 Michael Zschille ldquoConsolidating the Water Industry an Analysis of the Potential Gains from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of Productivity Analysis 97-114 (2015)
82 公 平 交 易 季 刊
合自來水公司結合確實可提高其效率其中較小型自來水公司結合較能提高規模
效率Halkos et al (2016)蒐集 2000 年至 2008 年日本 97 家區域銀行利用 bootstrap
資料包絡法進行事前效率評估結果發現潛在結合小銀行比潛在結合大銀行其
效率表現較好Shi et al (2017) 蒐集中國最具競爭力的 20 家商業銀行探討潛在結
合技術效率規模經濟及規模範疇響實證結果顯示結合產生更高的潛在效率主
要影響來自技術和諧的效率(harmony efficiency)Flokou et al (2017) 蒐集 71 家希
臘公立醫院使用 bootstrap 資料包絡法探討潛在結合希臘公立醫院效率結果顯
示所有結合都提高效率
三研究方法
(一)效率評估
資料包絡法(DEA)利用包絡線(即等產量線 isoquant)以所有受評單位的投
入變數與產出變數投射在空間中再依據投射點有無落在生產邊界上給予範圍介
於 0 至 1 之間的績效指標做為判斷投入與產出間是否具有效率Farrell (1957)33首
先提出以生產前線來衡量效率的概念惟 Farrell 所提出的效率評估模型只在單一
投入和單一產出之狀況下適用但在現實生活之中廠商於實際生產過程中包含許
多的投入和產出項因此由 Charnes et al (1978)34所提出的 CCR 模式確定了資
料包絡法模式的架構而且根據 Farrell 所提出的效率評估理論基礎即單一投入與
單一產出的模式在規模報酬固定之情形下對於多項投入與多項產出以線性規劃
方式求解然而生產過程中變動規模報酬似乎為實務上的常態不能僅以固定規
模報酬為考量爰此 Banker et al (1984)35加入線性組合之凸性限制(產出擴張或投
入縮減權數加總等於 1)以變動規模報酬(VRS)取代固定規模報酬(CRS)的假
設提出著名的 BCC 資料包絡法模式不同於 CCRBCC 資料包絡法Tone
33 M J Farrell ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal Statistical Society 253-290 (1957) 34 A Charnes WW Cooper amp E Rhodes ldquoMeasuring the Efficiency of Decision Making Unitsrdquo 2 European Journal of Operational Research 429-444 (1978) 35 Rajiv D Banker A Charnes amp WW Cooper ldquoSome Models for Estimating Technical and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science 1078-1092 (1984)
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI ltFEFF004b00610073007500740061006700650020006e0065006900640020007300e4007400740065006900640020006b00760061006c006900740065006500740073006500200074007200fc006b006900650065006c007300650020007000720069006e00740069006d0069007300650020006a0061006f006b007300200073006f00620069006c0069006b0065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740069006400650020006c006f006f006d006900730065006b0073002e00200020004c006f006f0064007500640020005000440046002d0064006f006b0075006d0065006e00740065002000730061006100740065002000610076006100640061002000700072006f006700720061006d006d006900640065006700610020004100630072006f0062006100740020006e0069006e0067002000410064006f00620065002000520065006100640065007200200035002e00300020006a00610020007500750065006d006100740065002000760065007200730069006f006f006e00690064006500670061002e000d000agt FRA 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 GRE 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 HEB ltFEFF05D405E905EA05DE05E905D5002005D105D405D205D305E805D505EA002005D005DC05D4002005DB05D305D9002005DC05D905E605D505E8002005DE05E105DE05DB05D9002000410064006F006200650020005000440046002005D405DE05D505EA05D005DE05D905DD002005DC05D405D305E405E105EA002005E705D305DD002D05D305E405D505E1002005D005D905DB05D505EA05D905EA002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002E05D005DE05D905DD002005DC002D005000440046002F0058002D0033002C002005E205D905D905E005D5002005D105DE05D305E805D905DA002005DC05DE05E905EA05DE05E9002005E905DC0020004100630072006F006200610074002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002Egt HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL ltFEFF0055007300740061007700690065006e0069006100200064006f002000740077006f0072007a0065006e0069006100200064006f006b0075006d0065006e007400f300770020005000440046002000700072007a0065007a006e00610063007a006f006e00790063006800200064006f002000770079006400720075006b00f30077002000770020007700790073006f006b00690065006a0020006a0061006b006f015b00630069002e002000200044006f006b0075006d0065006e0074007900200050004400460020006d006f017c006e00610020006f007400770069006500720061010700200077002000700072006f006700720061006d006900650020004100630072006f00620061007400200069002000410064006f00620065002000520065006100640065007200200035002e0030002000690020006e006f00770073007a0079006d002egt PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
80 公 平 交 易 季 刊
在事後效率評估部分Wang et al (2013)探討臺灣生技產業結合前後的效率採
用資料包絡法(Data Envelopment Analysis簡稱 DEA)以 2002 年臺灣生技 16 家
併購公司為研究樣本結果顯示有 4 家生技業者(和桐台肥百略和優盛)結合
前後效率方面都取得了良好的結果另外有 4 家生技業者(五鼎必翔博登
聚和)結合後效率成效不如預期Sami (2014)探討製藥產業結合對於財務績效方面
所造成之影響主要分析其結合前和結合後之財務績效結果顯示結合提升營業收
入及淨利但對負債及權益比率以及股東權益報酬率則未有顯著變化Ferrier and
Valdmanis (2004)23 使用資料包絡法探討美國醫院結合前後之效率實證結果顯示醫
院結合產生更高效率但未提高生產力Sinay and Campbell (1995)24探討醫院結合
之效率結果顯示結合確實能提高醫院經營效率Kwon et al (2008)使用資料包絡
法分析美國電信業結合對廠商績效之影響實證結果顯示結合對效率呈現負相關
Chen (2002) 與 Shih (2006)評估臺灣銀行結合後之效率實證結果顯示銀行結合後
能提升本身效率DeYoung et al (2009)蒐集北美和歐洲 150 家銀行分析結合後是
否提升其效率及股東權益實證結果顯示結合後確實可提高銀行效率但股東權
益之提升並不明顯Dı az et al (2004)25與 Altunbas and Marqueacutes (2008)26利用歐洲銀
行資料探討銀行結合後是否提高銀行效率其結果和 DeYoung et al (2009)一致
結合後確實可提高銀行效率Sufian et al (2012)使用資料包絡法 評估馬來西亞 34
家銀行結合前後之效率比較實證結果顯示銀行結合前較結合後之效率為佳
Gugler and Siebert (2007)27與 Lee (2014)使用資料包絡法探討半導體廠商結合後績效
之表現實證結果顯示結合後營運績效獲得提升Kedia et al (2011)探討結合是否
有助於提高廠商之效率和市場價值實證結果顯示結合有助於提高水平結合廠商
的效率同時也發現垂直結合有助於提高廠商市場價值尤其在高集中度產業
23 G D Ferrier amp V G Valdmanis ldquoDo Mergers Improve Hospital productivityrdquo 55 The Journal of the Operational Research Society 1071-1080 (2004) 24 Ugur A Sinay amp Claudia R Campbell ldquoScope and Scale Economies in Merging Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance 107-123 (1995) 25 Beleacuten Dı az Myriam Garcı a Olalla amp Sergio Sanfilippo Azofra ldquoBank Acquisitions and Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of Economics and Business 377-404 (2004) 26 Yener Altunbas amp David Marqueacutes ldquoMergers and Acquisitions and Bank Performance in Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business 204-222 (2008) 27 Klaus Gugler amp Ralph Siebert ldquoMarket Power versus Efficiency Effects of Mergers and Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The Review of Economics and Statistics 645-659 (2007)
IC封裝及測試產業結合之事前效率評估 81
Odagiria et al (2011)28利用事件分析法探討日本 2000 年至 2010 年結合案件評估結
合是否有助於提高廠商市場價值實證結果顯示結合後多數案件對提升公司股價
報酬並不顯著
另在事前效率評估方面Bogetoft and Wang (2005)依經濟學規模範疇理論即
兩家結合一起生產比各自廠商生產較可降低成本提升效率Baumol et al (1982)29
和 Faumlre et al (1994)30建立結合後潛在利得模型(Merger Potential Gains)同時將結
合利得(merger gains)區隔為技術效率效果(technical efficiency effect)規模經濟
或大小效果(scaling or size effect)和規模範疇一致或混合效果(scope harmony or
mixture effect)三種蒐集丹麥農業諮詢服務 71 家各地區辦公室利用資料包絡法
進行潛在辦公室結合分析實證結果顯示潛在結合辦公室確實可得到潛在利得
Bagdadioglu et al (2007)依 Bogetoft and Wang (2005)建立了結合後潛在利得模型分
析 1999 年至 2003 年土耳其 21 家電力公司潛在結合廠商之結合利得實證結果顯
示潛在結合廠商確實可提高效率Kristensen et al (2010)31以 2004 年丹麥 36 家潛
在結合醫院為研究對象使用 bootstrap 資料包絡法評估潛在結合技術效率規模
經濟及規模範疇實證結果顯示潛在結合醫院確實可提高技術效率但結合後規
模太大導致規模不經濟及無法達成規模範疇Wu et al (2011)發展動態資料包絡法
和隨機邊界模型(SFA)評估加拿大銀行潛在結合技術效率規模經濟及規模範
疇實證結果顯示潛在結合銀行確實可提高效率Halkos and Tzeremes (2013)依
Baumol et al (1982)規模範疇理論建立了結合後潛在利得模型利用 bootstrap 資料
包絡法進行分析 2007 年至 2011 年希臘 45 家銀行事前效率評估實證結果顯示
潛在結合銀行無法提高效率Zschille (2015)32蒐集德國 2006 年 364 家自來水公司
利用 bootstrap 資料包絡法評估潛在結合自來水公司之效率實證結果顯示潛在結
28 Hiroyuki Odagiri Koki Arai Noriyuki Doi Yasushi Kudo amp Chiharu Yanagita ldquoThe Impact of Mergers on Profits Share Value Innovation and Product in Japan in the 2000srdquo httpwwwjftcgojpencprcdiscussionpapers51_e_abstractfilesCPDP-51-Epdf last visited on date 2017112 29 William J Baumol John C Panzar amp Robert D Willig ldquoReview Contestable Markets and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic Literature 981-990 (1983) 30 Rolf Faumlre Shawna Grosskopf amp C A Knox Lovell Production Frontiers 1st ed Cambridge University Press (1994) 31 Troels Kristensen Peter Bogetoft amp Kjeld Moeller Pedersen ldquoPotential Gains from Hospital Mergers in Denmarkrdquo 13 Health Care Management Science 334-345 (2010) 32 Michael Zschille ldquoConsolidating the Water Industry an Analysis of the Potential Gains from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of Productivity Analysis 97-114 (2015)
82 公 平 交 易 季 刊
合自來水公司結合確實可提高其效率其中較小型自來水公司結合較能提高規模
效率Halkos et al (2016)蒐集 2000 年至 2008 年日本 97 家區域銀行利用 bootstrap
資料包絡法進行事前效率評估結果發現潛在結合小銀行比潛在結合大銀行其
效率表現較好Shi et al (2017) 蒐集中國最具競爭力的 20 家商業銀行探討潛在結
合技術效率規模經濟及規模範疇響實證結果顯示結合產生更高的潛在效率主
要影響來自技術和諧的效率(harmony efficiency)Flokou et al (2017) 蒐集 71 家希
臘公立醫院使用 bootstrap 資料包絡法探討潛在結合希臘公立醫院效率結果顯
示所有結合都提高效率
三研究方法
(一)效率評估
資料包絡法(DEA)利用包絡線(即等產量線 isoquant)以所有受評單位的投
入變數與產出變數投射在空間中再依據投射點有無落在生產邊界上給予範圍介
於 0 至 1 之間的績效指標做為判斷投入與產出間是否具有效率Farrell (1957)33首
先提出以生產前線來衡量效率的概念惟 Farrell 所提出的效率評估模型只在單一
投入和單一產出之狀況下適用但在現實生活之中廠商於實際生產過程中包含許
多的投入和產出項因此由 Charnes et al (1978)34所提出的 CCR 模式確定了資
料包絡法模式的架構而且根據 Farrell 所提出的效率評估理論基礎即單一投入與
單一產出的模式在規模報酬固定之情形下對於多項投入與多項產出以線性規劃
方式求解然而生產過程中變動規模報酬似乎為實務上的常態不能僅以固定規
模報酬為考量爰此 Banker et al (1984)35加入線性組合之凸性限制(產出擴張或投
入縮減權數加總等於 1)以變動規模報酬(VRS)取代固定規模報酬(CRS)的假
設提出著名的 BCC 資料包絡法模式不同於 CCRBCC 資料包絡法Tone
33 M J Farrell ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal Statistical Society 253-290 (1957) 34 A Charnes WW Cooper amp E Rhodes ldquoMeasuring the Efficiency of Decision Making Unitsrdquo 2 European Journal of Operational Research 429-444 (1978) 35 Rajiv D Banker A Charnes amp WW Cooper ldquoSome Models for Estimating Technical and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science 1078-1092 (1984)
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN ltFEFF004b0069007600e1006c00f30020006d0069006e0151007300e9006701710020006e0079006f006d00640061006900200065006c0151006b00e90073007a00ed007401510020006e0079006f006d00740061007400e100730068006f007a0020006c006500670069006e006b00e1006200620020006d0065006700660065006c0065006c0151002000410064006f00620065002000500044004600200064006f006b0075006d0065006e00740075006d006f006b0061007400200065007a0065006b006b0065006c0020006100200062006500e1006c006c00ed007400e10073006f006b006b0061006c0020006b00e90073007a00ed0074006800650074002e0020002000410020006c00e90074007200650068006f007a006f00740074002000500044004600200064006f006b0075006d0065006e00740075006d006f006b00200061007a0020004100630072006f006200610074002000e9007300200061007a002000410064006f00620065002000520065006100640065007200200035002e0030002c0020007600610067007900200061007a002000610074007400f3006c0020006b00e9007301510062006200690020007600650072007a006900f3006b006b0061006c0020006e00790069007400680061007400f3006b0020006d00650067002egt ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB ltFEFF005500740069006c0069007a006500200065007300730061007300200063006f006e00660069006700750072006100e700f50065007300200064006500200066006f0072006d00610020006100200063007200690061007200200064006f00630075006d0065006e0074006f0073002000410064006f0062006500200050004400460020006d00610069007300200061006400650071007500610064006f00730020007000610072006100200070007200e9002d0069006d0070007200650073007300f50065007300200064006500200061006c007400610020007100750061006c00690064006100640065002e0020004f007300200064006f00630075006d0065006e0074006f00730020005000440046002000630072006900610064006f007300200070006f00640065006d0020007300650072002000610062006500720074006f007300200063006f006d0020006f0020004100630072006f006200610074002000650020006f002000410064006f00620065002000520065006100640065007200200035002e0030002000650020007600650072007300f50065007300200070006f00730074006500720069006f007200650073002egt RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 81
Odagiria et al (2011)28利用事件分析法探討日本 2000 年至 2010 年結合案件評估結
合是否有助於提高廠商市場價值實證結果顯示結合後多數案件對提升公司股價
報酬並不顯著
另在事前效率評估方面Bogetoft and Wang (2005)依經濟學規模範疇理論即
兩家結合一起生產比各自廠商生產較可降低成本提升效率Baumol et al (1982)29
和 Faumlre et al (1994)30建立結合後潛在利得模型(Merger Potential Gains)同時將結
合利得(merger gains)區隔為技術效率效果(technical efficiency effect)規模經濟
或大小效果(scaling or size effect)和規模範疇一致或混合效果(scope harmony or
mixture effect)三種蒐集丹麥農業諮詢服務 71 家各地區辦公室利用資料包絡法
進行潛在辦公室結合分析實證結果顯示潛在結合辦公室確實可得到潛在利得
Bagdadioglu et al (2007)依 Bogetoft and Wang (2005)建立了結合後潛在利得模型分
析 1999 年至 2003 年土耳其 21 家電力公司潛在結合廠商之結合利得實證結果顯
示潛在結合廠商確實可提高效率Kristensen et al (2010)31以 2004 年丹麥 36 家潛
在結合醫院為研究對象使用 bootstrap 資料包絡法評估潛在結合技術效率規模
經濟及規模範疇實證結果顯示潛在結合醫院確實可提高技術效率但結合後規
模太大導致規模不經濟及無法達成規模範疇Wu et al (2011)發展動態資料包絡法
和隨機邊界模型(SFA)評估加拿大銀行潛在結合技術效率規模經濟及規模範
疇實證結果顯示潛在結合銀行確實可提高效率Halkos and Tzeremes (2013)依
Baumol et al (1982)規模範疇理論建立了結合後潛在利得模型利用 bootstrap 資料
包絡法進行分析 2007 年至 2011 年希臘 45 家銀行事前效率評估實證結果顯示
潛在結合銀行無法提高效率Zschille (2015)32蒐集德國 2006 年 364 家自來水公司
利用 bootstrap 資料包絡法評估潛在結合自來水公司之效率實證結果顯示潛在結
28 Hiroyuki Odagiri Koki Arai Noriyuki Doi Yasushi Kudo amp Chiharu Yanagita ldquoThe Impact of Mergers on Profits Share Value Innovation and Product in Japan in the 2000srdquo httpwwwjftcgojpencprcdiscussionpapers51_e_abstractfilesCPDP-51-Epdf last visited on date 2017112 29 William J Baumol John C Panzar amp Robert D Willig ldquoReview Contestable Markets and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic Literature 981-990 (1983) 30 Rolf Faumlre Shawna Grosskopf amp C A Knox Lovell Production Frontiers 1st ed Cambridge University Press (1994) 31 Troels Kristensen Peter Bogetoft amp Kjeld Moeller Pedersen ldquoPotential Gains from Hospital Mergers in Denmarkrdquo 13 Health Care Management Science 334-345 (2010) 32 Michael Zschille ldquoConsolidating the Water Industry an Analysis of the Potential Gains from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of Productivity Analysis 97-114 (2015)
82 公 平 交 易 季 刊
合自來水公司結合確實可提高其效率其中較小型自來水公司結合較能提高規模
效率Halkos et al (2016)蒐集 2000 年至 2008 年日本 97 家區域銀行利用 bootstrap
資料包絡法進行事前效率評估結果發現潛在結合小銀行比潛在結合大銀行其
效率表現較好Shi et al (2017) 蒐集中國最具競爭力的 20 家商業銀行探討潛在結
合技術效率規模經濟及規模範疇響實證結果顯示結合產生更高的潛在效率主
要影響來自技術和諧的效率(harmony efficiency)Flokou et al (2017) 蒐集 71 家希
臘公立醫院使用 bootstrap 資料包絡法探討潛在結合希臘公立醫院效率結果顯
示所有結合都提高效率
三研究方法
(一)效率評估
資料包絡法(DEA)利用包絡線(即等產量線 isoquant)以所有受評單位的投
入變數與產出變數投射在空間中再依據投射點有無落在生產邊界上給予範圍介
於 0 至 1 之間的績效指標做為判斷投入與產出間是否具有效率Farrell (1957)33首
先提出以生產前線來衡量效率的概念惟 Farrell 所提出的效率評估模型只在單一
投入和單一產出之狀況下適用但在現實生活之中廠商於實際生產過程中包含許
多的投入和產出項因此由 Charnes et al (1978)34所提出的 CCR 模式確定了資
料包絡法模式的架構而且根據 Farrell 所提出的效率評估理論基礎即單一投入與
單一產出的模式在規模報酬固定之情形下對於多項投入與多項產出以線性規劃
方式求解然而生產過程中變動規模報酬似乎為實務上的常態不能僅以固定規
模報酬為考量爰此 Banker et al (1984)35加入線性組合之凸性限制(產出擴張或投
入縮減權數加總等於 1)以變動規模報酬(VRS)取代固定規模報酬(CRS)的假
設提出著名的 BCC 資料包絡法模式不同於 CCRBCC 資料包絡法Tone
33 M J Farrell ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal Statistical Society 253-290 (1957) 34 A Charnes WW Cooper amp E Rhodes ldquoMeasuring the Efficiency of Decision Making Unitsrdquo 2 European Journal of Operational Research 429-444 (1978) 35 Rajiv D Banker A Charnes amp WW Cooper ldquoSome Models for Estimating Technical and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science 1078-1092 (1984)
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR ltFEFF004200720075006b00200064006900730073006500200069006e006e007300740069006c006c0069006e00670065006e0065002000740069006c002000e50020006f0070007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740065007200200073006f006d00200065007200200062006500730074002000650067006e0065007400200066006f00720020006600f80072007400720079006b006b0073007500740073006b00720069006600740020006100760020006800f800790020006b00760061006c0069007400650074002e0020005000440046002d0064006f006b0075006d0065006e00740065006e00650020006b0061006e002000e50070006e00650073002000690020004100630072006f00620061007400200065006c006c00650072002000410064006f00620065002000520065006100640065007200200035002e003000200065006c006c00650072002000730065006e006500720065002egt POL 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 PTB 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 RUM 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 RUS ltFEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002egt SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
82 公 平 交 易 季 刊
合自來水公司結合確實可提高其效率其中較小型自來水公司結合較能提高規模
效率Halkos et al (2016)蒐集 2000 年至 2008 年日本 97 家區域銀行利用 bootstrap
資料包絡法進行事前效率評估結果發現潛在結合小銀行比潛在結合大銀行其
效率表現較好Shi et al (2017) 蒐集中國最具競爭力的 20 家商業銀行探討潛在結
合技術效率規模經濟及規模範疇響實證結果顯示結合產生更高的潛在效率主
要影響來自技術和諧的效率(harmony efficiency)Flokou et al (2017) 蒐集 71 家希
臘公立醫院使用 bootstrap 資料包絡法探討潛在結合希臘公立醫院效率結果顯
示所有結合都提高效率
三研究方法
(一)效率評估
資料包絡法(DEA)利用包絡線(即等產量線 isoquant)以所有受評單位的投
入變數與產出變數投射在空間中再依據投射點有無落在生產邊界上給予範圍介
於 0 至 1 之間的績效指標做為判斷投入與產出間是否具有效率Farrell (1957)33首
先提出以生產前線來衡量效率的概念惟 Farrell 所提出的效率評估模型只在單一
投入和單一產出之狀況下適用但在現實生活之中廠商於實際生產過程中包含許
多的投入和產出項因此由 Charnes et al (1978)34所提出的 CCR 模式確定了資
料包絡法模式的架構而且根據 Farrell 所提出的效率評估理論基礎即單一投入與
單一產出的模式在規模報酬固定之情形下對於多項投入與多項產出以線性規劃
方式求解然而生產過程中變動規模報酬似乎為實務上的常態不能僅以固定規
模報酬為考量爰此 Banker et al (1984)35加入線性組合之凸性限制(產出擴張或投
入縮減權數加總等於 1)以變動規模報酬(VRS)取代固定規模報酬(CRS)的假
設提出著名的 BCC 資料包絡法模式不同於 CCRBCC 資料包絡法Tone
33 M J Farrell ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal Statistical Society 253-290 (1957) 34 A Charnes WW Cooper amp E Rhodes ldquoMeasuring the Efficiency of Decision Making Unitsrdquo 2 European Journal of Operational Research 429-444 (1978) 35 Rajiv D Banker A Charnes amp WW Cooper ldquoSome Models for Estimating Technical and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science 1078-1092 (1984)
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE ltFEFF03a703c103b703c303b903bc03bf03c003bf03b903ae03c303c403b5002003b103c503c403ad03c2002003c403b903c2002003c103c503b803bc03af03c303b503b903c2002003b303b903b1002003bd03b1002003b403b703bc03b903bf03c503c103b303ae03c303b503c403b5002003ad03b303b303c103b103c603b1002000410064006f006200650020005000440046002003c003bf03c5002003b503af03bd03b103b9002003ba03b103c42019002003b503be03bf03c703ae03bd002003ba03b103c403ac03bb03bb03b703bb03b1002003b303b903b1002003c003c103bf002d03b503ba03c403c503c003c903c403b903ba03ad03c2002003b503c103b303b103c303af03b503c2002003c503c803b703bb03ae03c2002003c003bf03b903cc03c403b703c403b103c2002e0020002003a403b10020005000440046002003ad03b303b303c103b103c603b1002003c003bf03c5002003ad03c703b503c403b5002003b403b703bc03b903bf03c503c103b303ae03c303b503b9002003bc03c003bf03c103bf03cd03bd002003bd03b1002003b103bd03bf03b903c703c403bf03cd03bd002003bc03b5002003c403bf0020004100630072006f006200610074002c002003c403bf002000410064006f00620065002000520065006100640065007200200035002e0030002003ba03b103b9002003bc03b503c403b103b303b503bd03ad03c303c403b503c103b503c2002003b503ba03b403cc03c303b503b903c2002egt HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM ltFEFF005500740069006c0069007a00610163006900200061006300650073007400650020007300650074010300720069002000700065006e007400720075002000610020006300720065006100200064006f00630075006d0065006e00740065002000410064006f006200650020005000440046002000610064006500630076006100740065002000700065006e0074007200750020007400690070010300720069007200650061002000700072006500700072006500730073002000640065002000630061006c006900740061007400650020007300750070006500720069006f006100720103002e002000200044006f00630075006d0065006e00740065006c00650020005000440046002000630072006500610074006500200070006f00740020006600690020006400650073006300680069007300650020006300750020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e00300020015f00690020007600650072007300690075006e0069006c006500200075006c0074006500720069006f006100720065002egt RUS ltFEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002egt SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 83
(2001) 36 首次透過差額( slacks)提出非射線( non-radial)與非導向( non-
oriented)的估計方式以解決投入或產出無法藉由等比例調整來達到效率最適的
問題稱為差額變數模型(Slacks-Based Measure以下簡稱 SBM)自 CCRBCC
與 SBM 提出後後繼學者提出了許多方法來改善效率評估方式如 Super 資料包絡
法Hybrid 資料包絡法Net work 資料包絡法二階段資料包絡法模糊資料包絡
法三階段資料包絡法等然而效率評估方法大致可分為兩種射線效率(radial
efficiency)以及非射線效率(non-radial efficiency)此兩者之間的差異在於射線
效率主要是假設投入或產出之數量可藉由等比率之調整以達至生產完全有效
率其缺點為忽略非射線差額(slacks)的存在代表之模型為 CCR 和 BCC 模型
非射線效率主要是直接處理差額變數投入與產出並非等比率調整其缺點為忽
略了投入與產出的射線特徵代表模型為差額變數模型(SBM)本文即以差額變
數模型(SBM)作為分析該模型算出之效率值具有以下特性
1 單位不變性(units invariance)即受評單位之效率值不會隨投入項與產出項之衡
量單位改變而改變
2 單調性( monotone)係指投入過剩或產出短缺之差額會呈現單調遞減
(monotone decreasing)亦即投入或產出差額會逐漸減少
差額變數模型(SBM)可表示為
min
s
r ro
r
m
i io
i
Ys
s
Xs
m
1
1
11
11
ts sXX o
sYYo
0 ss (1)
其中 為非射線差額指標ms 分別為投入和產出數目is 及
rs 分別代表
投入差額及產出差額 X 及 Y 分別代表投入項及產出項效率邊界之標竿值將
分子與分母同乘一非負常數 t並且令分母為 1進一步將上式轉換為線性規劃方式
求解模型如下
36 Kaoru Tone ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130 European Journal of Operational Research 498-509 (2001)
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
84 公 平 交 易 季 刊
min
m
i io
iX
Sm
t1
1
ts
s
r ro
rY
Ss
t1
11
SXtX o
SYtYo
0 SS 0t (2)
其 中 0t 代 表 轉 換 具 有 可 還 原 性 ( reversible ) 當 得 知 最 適 解 為
SSt 則差額變數模型(SBM)的最適解為(3)式如下
t
tSs
tSs
(3)
由上式的最適解可判斷一決策單位是否具有差額變數模型(SBM)效率亦即
若且唯若 1 (即 0 ri ss )則該決策單位具有差額變數模型(SBM)效
率且無任何投入差額及產出差額存在而不具有差額變數模型(SBM)效率之決
策單位可藉由減少投入過剩的數量與增加產出短缺的數量作為改善以達到差額
變數模型(SBM)效率之境界(4)式為不具有差額變數模型(SBM)效率之決策單
位其調整方式其中 oo YX ˆˆ 代表效率邊界之投射點
ˆ sXX oo
ˆ sYY oo (4)
(二)重覆抽樣差額變數模型(RSBM)誤差調整
1重覆抽樣資料包絡法(DEA)
資料包絡法衡量上仍會出現誤差如衡量誤差Simar and Wilson (199837
37 Leacuteopold Simar amp Paul W Wilson ldquoSensitivity Analysis of Efficiency Scores How to Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science 49-61 (1998)
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR ltFEFF004200720075006b00200064006900730073006500200069006e006e007300740069006c006c0069006e00670065006e0065002000740069006c002000e50020006f0070007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740065007200200073006f006d00200065007200200062006500730074002000650067006e0065007400200066006f00720020006600f80072007400720079006b006b0073007500740073006b00720069006600740020006100760020006800f800790020006b00760061006c0069007400650074002e0020005000440046002d0064006f006b0075006d0065006e00740065006e00650020006b0061006e002000e50070006e00650073002000690020004100630072006f00620061007400200065006c006c00650072002000410064006f00620065002000520065006100640065007200200035002e003000200065006c006c00650072002000730065006e006500720065002egt POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR ltFEFF005900fc006b00730065006b0020006b0061006c006900740065006c0069002000f6006e002000790061007a006401310072006d00610020006200610073006b013100730131006e006100200065006e0020006900790069002000750079006100620069006c006500630065006b002000410064006f006200650020005000440046002000620065006c00670065006c0065007200690020006f006c0075015f007400750072006d0061006b0020006900e70069006e00200062007500200061007900610072006c0061007201310020006b0075006c006c0061006e0131006e002e00200020004f006c0075015f0074007500720075006c0061006e0020005000440046002000620065006c00670065006c0065007200690020004100630072006f006200610074002000760065002000410064006f00620065002000520065006100640065007200200035002e003000200076006500200073006f006e0072006100730131006e00640061006b00690020007300fc007200fc006d006c00650072006c00650020006100e70131006c006100620069006c00690072002egt UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 85
200038)提出 bootstrap 方法認為不斷重複抽樣則可以獲取最有效率的樣本分配
Tziogkidis (2012)39認為 bootstrap 資料包絡法有非常顯著發展與運用然而這些方法
仍有問題如投入產出之特性(即 DMU 不同)未考慮亦即 bootstrap 方法雖屬於
重複抽樣(resampling)方法將已有的觀察值當作是母體重複抽樣以求取原先因
資料不足然而仍無法探討的資料特性問題上Tone (2013)提出三角分配(triangle
distribution)方法(亦為重複抽樣方法)此模型主要討論投入與產出衡量誤差下
重複抽樣已消除實證分配誤差
(1)三角分配方法模型
此模型是利用上限下限誤差率重複抽樣來衡量出 DMU 信賴區間
(confidence interval)效率值假設上限(upside limit)眾數(mode)及下限
(downside limit)分別為 a m b 三參數a b 誤差率以 α β代表(如下圖) = ( minus ) ( le le ) = ( + ) ( ) (5)
則三角分配函數為方程式
( ) = ( minus )( minus )( minus )( le le ) = minus ( )( )( )( le le ) (6)
38 Leacuteopold Simar amp Paul W Wilson ldquoA General Methodology for Bootstrapping in Non-Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics 779-802 (2000) 39 Panagiotis Tziogkidis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics Working Papers No E201218 (2012)
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI ltFEFF0049007a006d0061006e0074006f006a00690065007400200161006f00730020006900650073007400610074012b006a0075006d00750073002c0020006c0061006900200076006500690064006f00740075002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006100730020006900720020012b00700061016100690020007000690065006d01130072006f00740069002000610075006700730074006100730020006b00760061006c0069007401010074006500730020007000690072006d007300690065007300700069006501610061006e006100730020006400720075006b00610069002e00200049007a0076006500690064006f006a006900650074002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006f002000760061007200200061007400760113007200740020006100720020004100630072006f00620061007400200075006e002000410064006f00620065002000520065006100640065007200200035002e0030002c0020006b0101002000610072012b00200074006f0020006a00610075006e0101006b0101006d002000760065007200730069006a0101006d002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL ltFEFF0055007300740061007700690065006e0069006100200064006f002000740077006f0072007a0065006e0069006100200064006f006b0075006d0065006e007400f300770020005000440046002000700072007a0065007a006e00610063007a006f006e00790063006800200064006f002000770079006400720075006b00f30077002000770020007700790073006f006b00690065006a0020006a0061006b006f015b00630069002e002000200044006f006b0075006d0065006e0074007900200050004400460020006d006f017c006e00610020006f007400770069006500720061010700200077002000700072006f006700720061006d006900650020004100630072006f00620061007400200069002000410064006f00620065002000520065006100640065007200200035002e0030002000690020006e006f00770073007a0079006d002egt PTB 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 RUM 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 RUS ltFEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002egt SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
86 公 平 交 易 季 刊
在 r(0≦r≦1)值之下則投入與產出 z 值可依下列公式得知
le = + ( minus )( minus ) gt = minus ( minus )( minus )( minus ) (7)
利用上述公式找出投入與產出值後進行資料包絡法推估重覆抽樣即可
找出 DMU 信賴區間效率值
(2)重覆抽樣過去-現在-未來模型(Resample Past-Present-Future Model)
Tone (2013)提出重覆抽樣方法以消除資料包絡法衡量誤差同時此重覆抽樣方
法也可用於預測 DMU 未來效率值此模型利用過去存在的 DMU 的投入與產出值
數據( )( = hellip )去預測未來 DMU 的投入與產出值( )再重覆抽
樣進行資料包絡法推估即可找出 DMU 信賴區間效率值
一般採取預測未來 DMU 的投入與產出值方法有三
1趨勢分析(trend analysis)利用廻歸方法
2加權平均法(weighted average)利用 Lucas number 加權法
3綜合平均趨勢及加權平均法(average of trend and weighted average)
本質上三種方法差異不大由於趨勢分析方法其投入與產出之相關性較加權
平均法綜合平均趨勢及加權平均法高故本研究採用趨勢分析及重複抽樣方法
去推估 2017 年 DMU 的投入與產出值及 DMU 信賴區間效率值
2重複抽樣誤差調整(Bias correction)
依 Tone (2001)差額變數和 Tone (2013)三角分配方法進行差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率評估得到差額變數模型
(SBM)及重複抽樣差額變數模型(RSBM)效率值後則重複抽樣差額變數誤
差可依下列公式得知
( ) = sum lowast ( ) minus ( ) (8)
其中 lowast ( )為重複抽樣差額變數值B 是重複抽樣次數 ( )
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE ltFEFF005400610074006f0020006e006100730074006100760065006e00ed00200070006f0075017e0069006a007400650020006b0020007600790074007600e101590065006e00ed00200064006f006b0075006d0065006e0074016f002000410064006f006200650020005000440046002c0020006b00740065007200e90020007300650020006e0065006a006c00e90070006500200068006f006400ed002000700072006f0020006b00760061006c00690074006e00ed0020007400690073006b00200061002000700072006500700072006500730073002e002000200056007900740076006f01590065006e00e900200064006f006b0075006d0065006e007400790020005000440046002000620075006400650020006d006f017e006e00e90020006f007400650076015900ed007400200076002000700072006f006700720061006d0065006300680020004100630072006f00620061007400200061002000410064006f00620065002000520065006100640065007200200035002e0030002000610020006e006f0076011b006a016100ed00630068002egt DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS ltFEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002egt SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 87
為差額變數值故誤差調整估計值 ( )可依下列公式得知
( ) = ( ) minus ( )
= ( ) sum lowast ( ) (9)
(三)結合後潛在利得(Merger Potential Gains)模型
依 Baumol et al (1982)規模範疇理論如果結合後產生規模範疇則兩家會降
低成本亦即兩家結合後成本會低於兩家各自生產成本之加總即 ( ) lt ( ) + ( ) (10)
( )代表兩家(AB)結合成本 ( ) ( )分別表示 A 和 B 各自
生產成本而規模範疇程度(degree of economies of scope DES)可依下列公式得
知
= ( ) ( ) ( )( ) (11)
如果 gt 0則結合後存在規模範疇相對地如果 lt 0則結合
後不存在規模範疇如果 =0則結合後規模範疇不受結合影響
Halkos and Tzeremes (2013)和 Halkos et al (2016)依 Baumol et al (1982)理論建
立了結合後潛在利得模型公式如下
( ) = minus ( ) ( ) ( )( )( )( ) (12)
方程式(12)中B1B2 代表廠商VMA(B1B2)代表潛在結合 B1 和 B2 廠商如
果 ( ) gt 0則結合後存在規模範疇相對地如果 ( ) lt 0
則結合後不存在規模範疇如果 ( )= 0則結合後規模範疇不受
結合影響
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN ltFEFF004200720075006700200069006e0064007300740069006c006c0069006e006700650072006e0065002000740069006c0020006100740020006f007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400650072002c0020006400650072002000620065006400730074002000650067006e006500720020007300690067002000740069006c002000700072006500700072006500730073002d007500640073006b007200690076006e0069006e00670020006100660020006800f8006a0020006b00760061006c0069007400650074002e0020004400650020006f007000720065007400740065006400650020005000440046002d0064006f006b0075006d0065006e0074006500720020006b0061006e002000e50062006e00650073002000690020004100630072006f00620061007400200065006c006c006500720020004100630072006f006200610074002000520065006100640065007200200035002e00300020006f00670020006e0079006500720065002egt DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV ltFEFF005400650020006e006100730074006100760069007400760065002000750070006f0072006100620069007400650020007a00610020007500730074007600610072006a0061006e006a006500200064006f006b0075006d0065006e0074006f0076002000410064006f006200650020005000440046002c0020006b006900200073006f0020006e0061006a007000720069006d00650072006e0065006a016100690020007a00610020006b0061006b006f0076006f00730074006e006f0020007400690073006b0061006e006a00650020007300200070007200690070007200610076006f0020006e00610020007400690073006b002e00200020005500730074007600610072006a0065006e006500200064006f006b0075006d0065006e0074006500200050004400460020006a00650020006d006f0067006f010d00650020006f0064007000720065007400690020007a0020004100630072006f00620061007400200069006e002000410064006f00620065002000520065006100640065007200200035002e003000200069006e0020006e006f00760065006a01610069006d002egt SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
88 公 平 交 易 季 刊
(四)執行步驟
本研究執行步驟有六
步驟一利用差額變數模型(SBM)投入模型推估出有效率的廠商
步驟二將有效率廠商做不同結合廠商組合同時將不同結合廠商之投入與
產出各自加總成為潛在結合廠商
步驟三將原來廠商和潛在結合廠商利用差額變數模型(SBM)投入模型
推估原來廠商和潛在結合廠商其效率值
步驟四將原來廠商和潛在結合廠商利用三角分配重複抽樣方法推估原來
廠商和潛在合併結合廠商效率值
步驟五找出重複抽樣差額變數誤差及誤差調整估計值
重複抽樣差額誤差公式
( ) = sum lowast ( ) minus ( ) 誤差調整估計值公式 ( ) = ( ) minus ( )
步驟六利用 Baumol et al (1982)提出之 DES(degree of economics of scope)
求出潛在結合廠商之潛在利得公式
( ) = 1 minus 1( ) + 2( ) minus ( 1 2) ( )( 1 2)( )
四實證結果與分析
2016 年臺灣整體 IC 產業產值(含設計製造封測)達新臺幣 24493 億元
較 2015 年成長 82在 IC 設計業方面產值為新臺幣 6531 億元較 2015 年成長
102在 IC 製造業方面產值為新臺幣 13324 億元較 2015 年成長 83在 IC
封測業方面其 2016 年產值達新臺幣 4638 億元由於上半年成長性不佳故當年
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200076006f006e002000640065006e0065006e002000530069006500200068006f006300680077006500720074006900670065002000500072006500700072006500730073002d0044007200750063006b0065002000650072007a0065007500670065006e0020006d00f60063006800740065006e002e002000450072007300740065006c006c007400650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000410064006f00620065002000520065006100640065007200200035002e00300020006f0064006500720020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 89
僅成長 51臺灣 IC 產業為了提高其競爭力結合成為一個趨勢如 2016 年三
大結合案-美光收購華亞科荷商艾司摩爾收購漢微科以及日月光與矽品結合本
文為了更瞭解結合是否可提高其效率利用 IC 產業之封測及測試產業為樣本探討
產業結合前之事前效率利得同時也探討日月光與矽品結合之效率利得
(一)資料來源與變數說明
本研究主要探討結合之事前效率評估分析以事前未結合投入與產出資料進行
評估而非對結合事後資料進行效率利得評估首先就研究資料來源及變數選取依
據作一說明
1資料來源
本研究以臺灣封裝及測試業之上市櫃及公開發行公司為案例包含日月光矽
品華泰菱生超豐京元電子典範頎邦力成矽格南茂福懋科華
東精材欣銓同欣電台星科全智科逸昌立衛及久元等 21 家公司自
2013 年至 2017 年共 5 年其中 2013 年至 2016 年共 4 年為公告之年報及財報資料公
開或公告之資料作為本研究的評估單位評估其效率表現值2017 年利用 Tone
(2013)三角分配重複抽樣方法使用 2013 年至 2016 年共 4 年公告之年報資料推
估岀 2017 年投入與產出資料作為本研究的評估單位評估其效率表現值
2變數說明
本研究將員工固定資產及營業費用列為投入項利潤率及營業收入作為產出
變數茲針對投入與產出變數等之定義說明如表 1
表 1 投入項等變數之定義
變數 定義
投入項
員工 公司全體員工人數
固定資產 公司當年度認列於政府相關財務公報中之固定資產總值或不動
產廠房及設備
營業費用 公司銷售產品自製半成品和提供勞務過程中所發生的費用
產出變數 利潤率 本年度淨益營業收入100
營業收入 銷貨收入淨額或營業收入合計
資料來源本研究自行整理
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB ltFEFF05D405E905EA05DE05E905D5002005D105D405D205D305E805D505EA002005D005DC05D4002005DB05D305D9002005DC05D905E605D505E8002005DE05E105DE05DB05D9002000410064006F006200650020005000440046002005D405DE05D505EA05D005DE05D905DD002005DC05D405D305E405E105EA002005E705D305DD002D05D305E405D505E1002005D005D905DB05D505EA05D905EA002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002E05D005DE05D905DD002005DC002D005000440046002F0058002D0033002C002005E205D905D905E005D5002005D105DE05D305E805D905DA002005DC05DE05E905EA05DE05E9002005E905DC0020004100630072006F006200610074002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002Egt HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI ltFEFF0049007a006d0061006e0074006f006a00690065007400200161006f00730020006900650073007400610074012b006a0075006d00750073002c0020006c0061006900200076006500690064006f00740075002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006100730020006900720020012b00700061016100690020007000690065006d01130072006f00740069002000610075006700730074006100730020006b00760061006c0069007401010074006500730020007000690072006d007300690065007300700069006501610061006e006100730020006400720075006b00610069002e00200049007a0076006500690064006f006a006900650074002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006f002000760061007200200061007400760113007200740020006100720020004100630072006f00620061007400200075006e002000410064006f00620065002000520065006100640065007200200035002e0030002c0020006b0101002000610072012b00200074006f0020006a00610075006e0101006b0101006d002000760065007200730069006a0101006d002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS ltFEFF04180441043f043e043b044c04370443043904420435002004340430043d043d044b04350020043d0430044104420440043e0439043a043800200434043b044f00200441043e043704340430043d0438044f00200434043e043a0443043c0435043d0442043e0432002000410064006f006200650020005000440046002c0020043c0430043a04410438043c0430043b044c043d043e0020043f043e04340445043e0434044f04490438044500200434043b044f00200432044b0441043e043a043e043a0430044704350441044204320435043d043d043e0433043e00200434043e043f0435044704300442043d043e0433043e00200432044b0432043e04340430002e002000200421043e043704340430043d043d044b04350020005000440046002d0434043e043a0443043c0435043d0442044b0020043c043e0436043d043e0020043e0442043a0440044b043204300442044c002004410020043f043e043c043e0449044c044e0020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200431043e043b043504350020043f043e04370434043d043804450020043204350440044104380439002egt SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
90 公 平 交 易 季 刊
(二) 投入與產出變數表之敘述性統計
針對本研究中所選取之 2013 年至 2017 年臺灣封裝及測試業中 21 家廠商之投入
與產出變數資料敘述性統計量表彙整如表 2於 2013 年之投入產出變數敘述統計
資料可知「員工」平均數為 6284 人最大值為日月光 60199 人最小值為立衛
145 人標準差為 12911 人「固定資產」平均數為 15971 億元最大值為日月光
1315 億元最小值為逸昌 236 億元標準差為 28833 億元「營業費用」平均數為
1862 億元最大值為日月光 2077 億元最小值為立衛 03 億元標準差為 4445
億元產出項之「利潤率」平均數為 1965最大值為台星科 4787最小值為
典範-018標準差為 1131「營業收入」平均數為 21464 億元最大值為日月
光 2199 億元最小值為立衛 154 億元標準差為 46941 億元
從表 2 得知投入項中無論員工固定資產及營業費用最大值皆為月月
光最小值主要集中於逸昌和立衛 2 家廠商產出項中利潤率最大值主要為逸
昌全智科及台星科 3 家廠商最小值為立衛營業收入 5 年中最大值皆為日月
光最小值皆為立衛
表 2 投入與產出之敘述統計表
變數 2013 2014 2015 2016 2017
投入項
員工
(人) 最大值
60199
(日月光)
68100
(日月光)
65789
(日月光)
64613
(日月光)
69281
(日月光)
最小值 145
(立衛)
153
(立衛)
155
(逸昌)
146
(逸昌)
134
(逸昌)
平均數 628390 686262 696195 703095 7492
標準差 1291123 1443865 1405132 1384011 14792
固定資產
(億) 最大值
1315
(日月光)
1516
(日月光)
1500
(日月光)
1439
(日月光)
1843
(日月光)
最小值 236
(逸昌)
163
(逸昌)
318
(逸昌)
341
(立衛)
319
(立衛)
平均數 15971 17732 17919 18121 21308
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR ltFEFF004200720075006b00200064006900730073006500200069006e006e007300740069006c006c0069006e00670065006e0065002000740069006c002000e50020006f0070007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740065007200200073006f006d00200065007200200062006500730074002000650067006e0065007400200066006f00720020006600f80072007400720079006b006b0073007500740073006b00720069006600740020006100760020006800f800790020006b00760061006c0069007400650074002e0020005000440046002d0064006f006b0075006d0065006e00740065006e00650020006b0061006e002000e50070006e00650073002000690020004100630072006f00620061007400200065006c006c00650072002000410064006f00620065002000520065006100640065007200200035002e003000200065006c006c00650072002000730065006e006500720065002egt POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 91
標準差 28833 33261 32876 32166 40489
產出項
營業費用
(億) 最大值
2077
(日月光)
2397
(日月光)
2525
(日月光)
2649
(日月光)
3348
(日月光)
最小值 03
(立衛)
046
(立衛)
032
(立衛)
033
(立衛)
033
(立衛)
平均數 1863 2102 2243 2363 2832
標準差 4445 5118 5434 5689 7158
利潤率
() 最大值
4787
(台星科)
4033
(台星科)
3294
(全智科)
4293
(逸昌)
9388
(逸昌)
最小值 -018
(典範)
-3552
(立衛)
-4014
(立衛)
-2536
(立衛)
0
(立衛)
平均數 1965 2066 1704 1746 6357
標準差 1131 1498 1581 1476 186
營業收入
(億) 最大值
2199
(日月光)
2566
(日月光)
2833
(日月光)
2749
(日月光)
3617
(日月光)
最小值 154
(立衛)
142
(立衛)
132
(立衛)
159
(立衛)
133
(立衛)
平均數 21464 24720 25926 26102 31512
標準差 46941 54892 60348 58800 769
資料來源本研究自行整理
(三) 實證結果分析
本研究主要是以 DEA-SOLVER 130 應用軟體採用差額變數模型(SBM)及
重覆抽樣差額變數模型(RSBM)分別探討臺灣封裝及測試業之效率值及結合潛在
效率利得2013 年至 2017 年臺灣 21 家封裝及測試業之整體效率誤差調整及結合
後潛在利得之實證結果分別說明如下
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE ltFEFF005400610074006f0020006e006100730074006100760065006e00ed00200070006f0075017e0069006a007400650020006b0020007600790074007600e101590065006e00ed00200064006f006b0075006d0065006e0074016f002000410064006f006200650020005000440046002c0020006b00740065007200e90020007300650020006e0065006a006c00e90070006500200068006f006400ed002000700072006f0020006b00760061006c00690074006e00ed0020007400690073006b00200061002000700072006500700072006500730073002e002000200056007900740076006f01590065006e00e900200064006f006b0075006d0065006e007400790020005000440046002000620075006400650020006d006f017e006e00e90020006f007400650076015900ed007400200076002000700072006f006700720061006d0065006300680020004100630072006f00620061007400200061002000410064006f00620065002000520065006100640065007200200035002e0030002000610020006e006f0076011b006a016100ed00630068002egt DAN 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 DEU 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 ESP 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 ETI 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 FRA ltFEFF005500740069006c006900730065007a00200063006500730020006f007000740069006f006e00730020006100660069006e00200064006500200063007200e900650072002000640065007300200064006f00630075006d0065006e00740073002000410064006f00620065002000500044004600200070006f0075007200200075006e00650020007100750061006c0069007400e90020006400270069006d007000720065007300730069006f006e00200070007200e9007000720065007300730065002e0020004c0065007300200064006f00630075006d0065006e00740073002000500044004600200063007200e900e90073002000700065007500760065006e0074002000ea0074007200650020006f007500760065007200740073002000640061006e00730020004100630072006f006200610074002c002000610069006e00730069002000710075002700410064006f00620065002000520065006100640065007200200035002e0030002000650074002000760065007200730069006f006e007300200075006c007400e90072006900650075007200650073002egt GRE 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 HEB ltFEFF05D405E905EA05DE05E905D5002005D105D405D205D305E805D505EA002005D005DC05D4002005DB05D305D9002005DC05D905E605D505E8002005DE05E105DE05DB05D9002000410064006F006200650020005000440046002005D405DE05D505EA05D005DE05D905DD002005DC05D405D305E405E105EA002005E705D305DD002D05D305E405D505E1002005D005D905DB05D505EA05D905EA002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002E05D005DE05D905DD002005DC002D005000440046002F0058002D0033002C002005E205D905D905E005D5002005D105DE05D305E805D905DA002005DC05DE05E905EA05DE05E9002005E905DC0020004100630072006F006200610074002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002Egt HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI ltFEFF0049007a006d0061006e0074006f006a00690065007400200161006f00730020006900650073007400610074012b006a0075006d00750073002c0020006c0061006900200076006500690064006f00740075002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006100730020006900720020012b00700061016100690020007000690065006d01130072006f00740069002000610075006700730074006100730020006b00760061006c0069007401010074006500730020007000690072006d007300690065007300700069006501610061006e006100730020006400720075006b00610069002e00200049007a0076006500690064006f006a006900650074002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b006f002000760061007200200061007400760113007200740020006100720020004100630072006f00620061007400200075006e002000410064006f00620065002000520065006100640065007200200035002e0030002c0020006b0101002000610072012b00200074006f0020006a00610075006e0101006b0101006d002000760065007200730069006a0101006d002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO ltFEFF004b00e40079007400e40020006e00e40069007400e4002000610073006500740075006b007300690061002c0020006b0075006e0020006c0075006f00740020006c00e400680069006e006e00e4002000760061006100740069007600610061006e0020007000610069006e006100740075006b00730065006e002000760061006c006d0069007300740065006c00750074007900f6006800f6006e00200073006f00700069007600690061002000410064006f0062006500200050004400460020002d0064006f006b0075006d0065006e007400740065006a0061002e0020004c0075006f0064007500740020005000440046002d0064006f006b0075006d0065006e00740069007400200076006f0069006400610061006e0020006100760061007400610020004100630072006f0062006100740069006c006c00610020006a0061002000410064006f00620065002000520065006100640065007200200035002e0030003a006c006c00610020006a006100200075007500640065006d006d0069006c006c0061002egt SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
92 公 平 交 易 季 刊
1整體效率及誤差調整
(1)效率及排名
臺灣封裝及測試業之效率值從 2013 年至 2017 年之整體排名如表 3 所示整
體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為 08068
078990714806906 及 06382差異並不大約在 10左右改善空間仍有 20-
37之間5 年平均效率最大值為日月光力成福懋科逸昌及立衛其值為 1
5 年皆排名第一5 年平均效率最小值為精材(03727)最有效率廠商有 5 家分別
為日月光力成福懋科逸昌及立衛排名後三名則分別為久元菱生及精材
依各年度觀之2013 年效率平均值為 08068最有效率廠商有 10 家分別為
日月光超豐典範力成南茂福懋科台星科同欣電逸昌及立衛排名
後三名分別為菱生精材及久元2014 年效率平均值為 07899最有效率廠商有 8
家分別為日月光超豐力成南茂福懋科台星科逸昌及立衛排名後三
名分別為久元精材及菱生2015 年效率平均值為 07148最有效率廠商有 6 家
分別為日月光超豐力成福懋科逸昌及立衛排名後三名分別為精材菱生
及久元2016 年效率平均值為 06906最有效率廠商有 6 家分別為日月光力
成福懋科台星科逸昌及立衛排名後三名分別為久元菱生及精材2017 年
效率平均值為 06382最有效率廠商有 6 家分別為日月光力成福懋科逸昌
及立衛排名後三名分別為久元菱生及精材
綜合言之整體效率平均值是 07281各年度平均效率差異介於 10左右仍
有 20-37之改善空間即廠商仍有努力空間效率表現較好集中於日月光超豐
典範力成南茂福懋科台星科同欣電逸昌及立衛等 10 家廠商最差則為
久元菱生及精材
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH ltFEFF004e006100750064006f006b0069007400650020016100690075006f007300200070006100720061006d006500740072007500730020006e006f0072011700640061006d00690020006b0075007200740069002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b00750072006900650020006c0061006200690061007500730069006100690020007000720069007400610069006b007900740069002000610075006b01610074006f00730020006b006f006b007900620117007300200070006100720065006e006700740069006e00690061006d00200073007000610075007300640069006e0069006d00750069002e0020002000530075006b0075007200740069002000500044004600200064006f006b0075006d0065006e007400610069002000670061006c006900200062016b007400690020006100740069006400610072006f006d00690020004100630072006f006200610074002000690072002000410064006f00620065002000520065006100640065007200200035002e0030002000610072002000760117006c00650073006e0117006d00690073002000760065007200730069006a006f006d00690073002egt LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 93
表 3 2013 年至 2017 年封裝及測試差額變數效率值
公司 2013 2014 2015 2016 2017 平均效率值
(2013-2017) 排名
日月光 1 1 1 1 1 1 1
矽品 08374 0934 07897 08045 07567 08245 10
華泰 05958 07498 07337 06843 06928 06913 13
菱生 0491 03866 03518 0356 02661 03703 20
超豐 1 1 1 09999 09998 1 6
京元電子 05814 06074 05932 06186 05767 05955 15
典範 1 05815 0451 04074 03517 05583 14
頎邦 0815 08308 07091 07009 05859 07283 11
力成 1 1 1 1 1 1 1
矽格 05899 06355 05099 04432 03726 05102 17
南茂 1 1 07659 07039 06638 08267 9
福懋科 1 1 1 1 1 1 1
華東 06193 06401 04223 0453 04777 05225 18
精材 04505 04069 03784 03231 03047 03727 21
欣銓 05251 06432 06228 04444 03906 05252 16
同欣電 1 07334 05833 05652 03688 06501 12
台星科 1 1 0768 1 07728 09082 7
全智科 09999 09998 09997 06177 05192 08273 8
逸昌 1 1 1 1 1 1 1
立衛 1 1 1 1 1 1 1
久元 04369 04399 03319 03809 03033 03786 19
平均值 08068 07899 07148 06906 06382 07281
資料來源本研究自行整理
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE ltFEFF03a703c103b703c303b903bc03bf03c003bf03b903ae03c303c403b5002003b103c503c403ad03c2002003c403b903c2002003c103c503b803bc03af03c303b503b903c2002003b303b903b1002003bd03b1002003b403b703bc03b903bf03c503c103b303ae03c303b503c403b5002003ad03b303b303c103b103c603b1002000410064006f006200650020005000440046002003c003bf03c5002003b503af03bd03b103b9002003ba03b103c42019002003b503be03bf03c703ae03bd002003ba03b103c403ac03bb03bb03b703bb03b1002003b303b903b1002003c003c103bf002d03b503ba03c403c503c003c903c403b903ba03ad03c2002003b503c103b303b103c303af03b503c2002003c503c803b703bb03ae03c2002003c003bf03b903cc03c403b703c403b103c2002e0020002003a403b10020005000440046002003ad03b303b303c103b103c603b1002003c003bf03c5002003ad03c703b503c403b5002003b403b703bc03b903bf03c503c103b303ae03c303b503b9002003bc03c003bf03c103bf03cd03bd002003bd03b1002003b103bd03bf03b903c703c403bf03cd03bd002003bc03b5002003c403bf0020004100630072006f006200610074002c002003c403bf002000410064006f00620065002000520065006100640065007200200035002e0030002003ba03b103b9002003bc03b503c403b103b303b503bd03ad03c303c403b503c103b503c2002003b503ba03b403cc03c303b503b903c2002egt HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
94 公 平 交 易 季 刊
(2)誤差調整
表 4 顯示臺灣封裝及測試業 5 年之差額變數模型(SBM)效率值重覆抽樣差
額變數模型(RSBM)效率值重覆抽樣(Resample)效率值上界值及重覆抽樣
(Resample)效率值下界值由表 4 得知重覆抽樣差額變數模型(RSBM)效率
值之 5 年平均值為 06929低於差額變數模型(SBM)效率值 07281兩者差異不
大但仍顯示廠商有調整空間
重覆抽樣差額變數模型(RSBM)效率最大值為 1(逸昌及立衛)重覆抽樣差
額變數模型(RSBM)效率最小值為 03877(菱生)其中有 10 家廠商之重覆抽樣
差額變數模型(RSBM)效率值低於差額變數模型(SBM)效率值誤差最大為超
豐(-00590)有 9 家廠商之重覆抽樣差額變數模型(RSBM)效率值高於差額變數
模型(SBM)效率值誤差最大為久元(00410)逸昌及立衛兩家之差額變數模型
(SBM)效率值和重覆抽樣差額變數模型(RSBM)效率值無差異
表 4 2013 年至 2017 年封裝及測試之誤差調整
公司 差額變數模
型(SBM)
效率值
重覆抽樣差額變
數模型(RSBM)
效率值
Bias (誤差)
UB (上界)
LB (下界)
日月光 10000 09605 -00395 10000 08930
矽品 08245 07807 -00438 08257 06958
華泰 06913 07049 00136 07946 05780
菱生 03703 03877 00174 04795 03272
超豐 10000 07420 -0258 09086 05835
京元電子 05955 05528 -00427 05713 04695
典範 05583 05201 -00382 06482 04389
頎邦 07283 06677 -00606 07467 05630
力成 10000 09692 -00308 10000 08859
矽格 05102 05050 -00052 06668 04008
南茂 08267 07587 -0068 08425 06462
福懋科 10000 09991 -00009 10000 09850
華東 05225 05479 00254 06138 04438
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH ltFEFF004e006100750064006f006b0069007400650020016100690075006f007300200070006100720061006d006500740072007500730020006e006f0072011700640061006d00690020006b0075007200740069002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b00750072006900650020006c0061006200690061007500730069006100690020007000720069007400610069006b007900740069002000610075006b01610074006f00730020006b006f006b007900620117007300200070006100720065006e006700740069006e00690061006d00200073007000610075007300640069006e0069006d00750069002e0020002000530075006b0075007200740069002000500044004600200064006f006b0075006d0065006e007400610069002000670061006c006900200062016b007400690020006100740069006400610072006f006d00690020004100630072006f006200610074002000690072002000410064006f00620065002000520065006100640065007200200035002e0030002000610072002000760117006c00650073006e0117006d00690073002000760065007200730069006a006f006d00690073002egt LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 95
精材 03727 03890 00163 04134 03374
欣銓 05252 05141 -00111 06920 04110
同欣電 06501 05502 -00999 06934 04197
台星科 09082 08587 -00495 09084 07612
全智科 08273 07240 -01033 08355 05712
逸昌 10000 10000 00000 10000 10000
立衛 10000 10000 00000 10000 10000
久元 03786 04196 0041 05331 03216
平均值 07281 06929 -00353 07702 06063
最大值 10000 10000 0041 10000 10000
最小值 03703 03877 -0258 04134 03216
標準差 02309 02112 00644 01852 02315
資料來源本研究自行整理
2結合後潛在利得分析
(1)結合後潛在利得分析-重覆抽樣差額變數模型(RSBM)
首先本文利用差額變數模型(SBM)找出最有效率廠商為潛在廠商(包含日
月光和矽品結合)其次結合 Tone (2013)重覆抽樣差額變數模型(RSBM)和
Halkos and Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推
估2013 年至 2017 年之潛在廠商結合後效率利得如表 5 所示有正有負代表
結合後並未保證一定會有效率利得此結果和 Halkos and Tzeremes (2013)及
Halkos et al (2016)一致5 年中日月光和矽品結合及日月光和福懋科結合每年
結合後效率利得皆為正存在效率利得而日月光和力成結合及逸昌和立衛結
合每年結合後效率利得皆為負不存在效率利得
2013 年有效率廠商為 10 家10 家不同組合再加日月光與矽品結合共 46 家潛
在結合廠商其中 25 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中同欣電和逸昌結合(07161)超豐和南茂結合(06359)及福懋科和同欣電結
合(05782)3 件結合後效率利得程度(degree of efficiency gain)最高20 家潛在
廠商結合後效率利得為負代表結合後不存在效率利得其中典範和立衛結合(-
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
96 公 平 交 易 季 刊
18902)典範和台星科結合(-13041)及逸昌和立衛結合(-1004)3 件結合後效
率利得程度最差另外台星科和逸昌結合後效率利得為零代表效率利得不受結合
影響2014 年有效率廠商為 8 家8 家不同組合再加日月光與矽品結合共 29 家潛
在結合廠商其中 18 家潛在廠商結合後效率利得為正代表結合後存在效率利得
其中超豐和台星科結合(08931)超豐和福懋科結合(07644)及台星科和逸昌結
合(06121)3 件結合後效率利得程度最高11 家潛在廠商結合後效率利得為負
代表結合後不存在效率利得其中逸昌和立衛結合(-33361)立衛和台星科結合
(-12191)及超豐和立衛結合(-0582)3 件結合後效率利得程度最差2015 年有
效率廠商為 6 家6 家不同組合再加日月光與矽品結合共 16 家潛在結合廠商其中
6 家潛在廠商結合後效率利得為正代表結合後存在效率利得其中超豐和逸昌合
併結合(0434)超豐和福懋科結合(03989)及日月光和超豐結合(03945)3 件
結合後效率利得程度最高9 家潛在廠商結合後效率利得為負代表結合後不存在
效率利得其中逸昌和立衛結合(-17369)超豐和立衛結合(-07553)及福懋科
和立衛結合(-02389)3 件結合後效率利得程度最差另外福懋科和逸昌結合後效
率利得為零代表效率利得不受結合影響2016 年有效率廠商為 6 家6 家不同組
合再加日月光與矽品結合共 16 家潛在結合廠商其中 8 家潛在廠商結合後效率利得
為正代表結合後存在效率利得其中台星科和逸昌結合(02097)日月光和矽品
結合(01576)及福懋科和逸昌結合(01188)3 件結合後效率利得程度最高8 家
潛在廠商結合後效率利得為負代表結合後不存在效率利得其中逸昌和立衛結合
(-17469)立衛和台星科合併(-08343)及福懋科和逸昌合併(-02847)3 件合併
後效率利得程度最差2017 年有效率廠商為 5 家5 家不同組合再加日月光與矽品
結合共 11 家潛在結合廠商其中 4 家潛在廠商結合後效率利得為正代表結合後存
在效率利得其中日月光和立衛結合(00197)日月光和矽品結合(0198)及福
懋科和立衛結合(01646)3 件結合後效率利得程度最高6 家潛在廠商結合後效率
利得為負代表結合後不存在效率利得其中逸昌和立衛結合(-13904)力成和
逸昌合併(-00511)及日月光和力成合併(-00501)三件合併後效率利得程度最
差另外福懋科和逸昌結合後效率利得為零代表效率利得不受結合影響
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200076006f006e002000640065006e0065006e002000530069006500200068006f006300680077006500720074006900670065002000500072006500700072006500730073002d0044007200750063006b0065002000650072007a0065007500670065006e0020006d00f60063006800740065006e002e002000450072007300740065006c006c007400650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000410064006f00620065002000520065006100640065007200200035002e00300020006f0064006500720020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR ltFEFF04120438043a043e0440043804410442043e043204430439044204350020044604560020043f043004400430043c043504420440043800200434043b044f0020044104420432043e04400435043d043d044f00200434043e043a0443043c0435043d044204560432002000410064006f006200650020005000440046002c0020044f043a04560020043d04300439043a04400430044904350020043f045604340445043e0434044f0442044c00200434043b044f0020043204380441043e043a043e044f043a04560441043d043e0433043e0020043f0435044004350434043404400443043a043e0432043e0433043e0020043404400443043a0443002e00200020042104420432043e04400435043d045600200434043e043a0443043c0435043d0442043800200050004400460020043c043e0436043d04300020043204560434043a0440043804420438002004430020004100630072006f006200610074002004420430002000410064006f00620065002000520065006100640065007200200035002e0030002004300431043e0020043f04560437043d04560448043e04570020043204350440044104560457002egt ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 97
表 5 2013 年至 2017 年潛在廠商結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+超豐 RSBM 02972 03526 03945 ------- -------
SBM 02596 03166 04025 ------- -------
日月光+典範 RSBM -01976 ------- ------- ------- -------
SBM -00179 ------- ------- ------- -------
日月光+力成 RSBM -00531 -00258 -00451 -00548 -00501
SBM 00126 00138 0 0 0
日月光+南茂 RSBM 02719 -00783 ------- ------- -------
SBM 02456 00138 ------- ------- -------
日月光+福懋科 RSBM 00400 00315 00048 00018 00141
SBM 00126 00138 0 0 0
日月光+同欣電 RSBM 03702 ------- ------- ------- -------
SBM 03635 ------- ------- ------- -------
日月光+台星科 RSBM -00899 03647 ------- -00082 -------
SBM 00126 02982 ------- -00026 -------
日月光+逸昌 RSBM 00887 00100 -00315 00063 -00371
SBM 00126 -00026 0 0 0
日月光+立衛 RSBM 00642 00036 -00086 -00089 00197
SBM -00156 -00172 -00222 -00239 -00058
超豐+典範 RSBM -07665 ------- ------- ------- -------
SBM -04223 ------- ------- ------- -------
超豐+力成 RSBM 02620 03283 03936 ------- -------
SBM 0247 03028 04025 ------- -------
超豐+南茂 RSBM 06359 03113 ------- ------- -------
SBM 048 03028 ------- ------- -------
超豐+福懋科 RSBM 02571 07644 03989 ------- ------
SBM 0247 07213 04025 ------- -------
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH ltFEFF004e006100750064006f006b0069007400650020016100690075006f007300200070006100720061006d006500740072007500730020006e006f0072011700640061006d00690020006b0075007200740069002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b00750072006900650020006c0061006200690061007500730069006100690020007000720069007400610069006b007900740069002000610075006b01610074006f00730020006b006f006b007900620117007300200070006100720065006e006700740069006e00690061006d00200073007000610075007300640069006e0069006d00750069002e0020002000530075006b0075007200740069002000500044004600200064006f006b0075006d0065006e007400610069002000670061006c006900200062016b007400690020006100740069006400610072006f006d00690020004100630072006f006200610074002000690072002000410064006f00620065002000520065006100640065007200200035002e0030002000610072002000760117006c00650073006e0117006d00690073002000760065007200730069006a006f006d00690073002egt LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL ltFEFF0055007300740061007700690065006e0069006100200064006f002000740077006f0072007a0065006e0069006100200064006f006b0075006d0065006e007400f300770020005000440046002000700072007a0065007a006e00610063007a006f006e00790063006800200064006f002000770079006400720075006b00f30077002000770020007700790073006f006b00690065006a0020006a0061006b006f015b00630069002e002000200044006f006b0075006d0065006e0074007900200050004400460020006d006f017c006e00610020006f007400770069006500720061010700200077002000700072006f006700720061006d006900650020004100630072006f00620061007400200069002000410064006f00620065002000520065006100640065007200200035002e0030002000690020006e006f00770073007a0079006d002egt PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
98 公 平 交 易 季 刊
超豐+同欣電 RSBM 05429 ------- ------- ------- ------
SBM 04374 ------- ------- ------- -------
超豐+台星科 RSBM 02572 08931 ------- ------- ------
SBM 0247 05872 ------- ------- -------
超豐+逸昌 RSBM -03334 03223 04340 ------- ------
SBM -02763 00816 04023 ------- -------
超豐+立衛 RSBM -04094 -05820 -07553 ------- -------
SBM -04166 -05476 -07672 ------- -------
典範+力成 RSBM -04511 ------- ------- ------- -------
SBM -01810 ------- ------- ------- -------
典範+南茂 RSBM -05503 ------- ------- ------- -------
SBM -02671 ------- ------- ------- -------
典範+福懋科 RSBM -00164 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+同欣電 RSBM -05282 ------- ------- ------- -------
SBM -03461 ------- ------- ------- -------
典範+台星科 RSBM -13041 ------- ------- ------- -------
SBM -08773 ------- ------- ------- -------
典範+逸昌 RSBM 02808 ------- ------- ------- -------
SBM 0 ------- ------- ------- -------
典範+立衛 RSBM -18902 ------- ------- ------- -------
SBM -14323 ------- ------- ------- -------
力成+南茂 RSBM 02649 -01261 ------- ------- -------
SBM 0233 0 ------- ------- -------
力成+福懋科 RSBM 00004 -00356 -00359 -00334 -00464
SBM 0 0 0 0 0
力成+同欣電 RSBM 02594 ------- ------- ------- -------
SBM 02494 ------- ------- ------- -------
力成+台星科 RSBM -00765 03833 ------- 00110 -------
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200076006f006e002000640065006e0065006e002000530069006500200068006f006300680077006500720074006900670065002000500072006500700072006500730073002d0044007200750063006b0065002000650072007a0065007500670065006e0020006d00f60063006800740065006e002e002000450072007300740065006c006c007400650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000410064006f00620065002000520065006100640065007200200035002e00300020006f0064006500720020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt ESP 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 ETI 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 FRA ltFEFF005500740069006c006900730065007a00200063006500730020006f007000740069006f006e00730020006100660069006e00200064006500200063007200e900650072002000640065007300200064006f00630075006d0065006e00740073002000410064006f00620065002000500044004600200070006f0075007200200075006e00650020007100750061006c0069007400e90020006400270069006d007000720065007300730069006f006e00200070007200e9007000720065007300730065002e0020004c0065007300200064006f00630075006d0065006e00740073002000500044004600200063007200e900e90073002000700065007500760065006e0074002000ea0074007200650020006f007500760065007200740073002000640061006e00730020004100630072006f006200610074002c002000610069006e00730069002000710075002700410064006f00620065002000520065006100640065007200200035002e0030002000650074002000760065007200730069006f006e007300200075006c007400e90072006900650075007200650073002egt GRE ltFEFF03a703c103b703c303b903bc03bf03c003bf03b903ae03c303c403b5002003b103c503c403ad03c2002003c403b903c2002003c103c503b803bc03af03c303b503b903c2002003b303b903b1002003bd03b1002003b403b703bc03b903bf03c503c103b303ae03c303b503c403b5002003ad03b303b303c103b103c603b1002000410064006f006200650020005000440046002003c003bf03c5002003b503af03bd03b103b9002003ba03b103c42019002003b503be03bf03c703ae03bd002003ba03b103c403ac03bb03bb03b703bb03b1002003b303b903b1002003c003c103bf002d03b503ba03c403c503c003c903c403b903ba03ad03c2002003b503c103b303b103c303af03b503c2002003c503c803b703bb03ae03c2002003c003bf03b903cc03c403b703c403b103c2002e0020002003a403b10020005000440046002003ad03b303b303c103b103c603b1002003c003bf03c5002003ad03c703b503c403b5002003b403b703bc03b903bf03c503c103b303ae03c303b503b9002003bc03c003bf03c103bf03cd03bd002003bd03b1002003b103bd03bf03b903c703c403bf03cd03bd002003bc03b5002003c403bf0020004100630072006f006200610074002c002003c403bf002000410064006f00620065002000520065006100640065007200200035002e0030002003ba03b103b9002003bc03b503c403b103b303b503bd03ad03c303c403b503c103b503c2002003b503ba03b403cc03c303b503b903c2002egt HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE ltFEFF0041006e007600e4006e00640020006400650020006800e4007200200069006e0073007400e4006c006c006e0069006e006700610072006e00610020006f006d002000640075002000760069006c006c00200073006b006100700061002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400200073006f006d002000e400720020006c00e4006d0070006c0069006700610020006600f60072002000700072006500700072006500730073002d007500740073006b00720069006600740020006d006500640020006800f600670020006b00760061006c0069007400650074002e002000200053006b006100700061006400650020005000440046002d0064006f006b0075006d0065006e00740020006b0061006e002000f600700070006e00610073002000690020004100630072006f0062006100740020006f00630068002000410064006f00620065002000520065006100640065007200200035002e00300020006f00630068002000730065006e006100720065002egt TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 99
SBM 0 02844 ------- 0 -------
力成+逸昌 RSBM 00137 00551 -00352 00348 -00511
SBM -00251 0 0 0 0
力成+立衛 RSBM 0016 -00157 -00289 -00309 -00131
SBM -00331 -00542 -00504 -00437 -00441
南茂+福懋科 RSBM 03706 -00974 ------- ------- -------
SBM 0233 0 ------- ------- -------
南茂+同欣電 RSBM 05223 ------- ------- ------- -------
SBM 04133 ------- ------- ------- -------
南茂+台星科 RSBM 02248 04016 ------- ------- -------
SBM 01321 02844 ------- ------- -------
南茂+逸昌 RSBM -03121 00637 ------- ------- -------
SBM -04094 0 ------- ------- -------
南茂+立衛 RSBM -06540 -04255 ------- ------- -------
SBM -06483 -03223 ------- ------- -------
福懋科+同欣電 RSBM 05782 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
福懋科+台星科 RSBM -00043 04078 ------- 00211 -------
SBM 0 02844 ------- -00169 -------
福懋科+逸昌 RSBM 01032 00402 0 01188 0
SBM 0 0 0 0 0
福懋科+立衛 RSBM -01575 -03362 -02389 -02847 01646
SBM -01633 -02480 -02090 -01976 0
同欣電+台星科 RSBM 03898 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+逸昌 RSBM 07161 ------- ------- ------- -------
SBM 03509 ------- ------- ------- -------
同欣電+立衛 RSBM -05781 ------- ------- ------- -------
SBM -06458 ------- ------- ------- -------
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
100 公 平 交 易 季 刊
台星科+逸昌 RSBM 0 06121 ------- 02097 -------
SBM 0 02844 ------- 0 -------
台星科+立衛 RSBM -04988 -12192 ------- -08343 -------
SBM -04047 -10030 ------- -07189 -------
逸昌+立衛 RSBM -10040 -33361 -17369 -17467 -13904
SBM -09542 -16082 -12835 -11807 -13738
日月光+矽品 RSBM 00644 00824 01788 01576 0198
SBM 0224 01373 02428 02146 02566
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
(2)結合後潛在利得分析-差額變數模型(SBM)
不用 Tone (2013)重覆抽樣差額變數模型(RSBM)採用 Tone (2001)差額變數
模型(SBM)結合 Hakos and Tzeremes (2013)潛在利得模型進行 2013 年至 2017
年之潛在廠商結合後效率利得推估由表 5 得知5 年中潛在廠商結合後效率利
得有正有負代表結合後並未保證一定會有效率利得5 年中日月光和矽品
結合每年結合後效率利得皆為正存在效率利得另日月光和立衛結合力成和
立衛結合及逸昌和立衛結合每年結合後效率利得皆為負不存在效率利得
3日月光與矽品後結合效率利得
2016 年 7 月 29 日日月光公司向公平會遞送結合申報書內容載稱日月光公司
擬取得矽品公司三分之一以上有表決權之股份雙方並同意由日月光公司申請設立
控股公司合致公平法第 10 條第 1 項第 2 款及第 5 款之結合型態公平會於 2016
年 11 月 16 日決議日月光與矽品結合乙案因本結合案之整體經濟利益大於限制
競爭之不利益故依公平法第 13 條第 1 項規定不禁止其結合目前仍在國外再申請
結合中
為了更一步瞭解日月光與矽品結合後效率利得除了分析日月光和矽品結合和
最有效率廠商為潛在廠商之結合後效率利得比較(見表 5)其次再以原來 21 家廠
商再加上日月光與矽品結合共 22 家結合 Tone (2013)重覆抽樣差額變數模型
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI ltFEFF004b00610073007500740061006700650020006e0065006900640020007300e4007400740065006900640020006b00760061006c006900740065006500740073006500200074007200fc006b006900650065006c007300650020007000720069006e00740069006d0069007300650020006a0061006f006b007300200073006f00620069006c0069006b0065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740069006400650020006c006f006f006d006900730065006b0073002e00200020004c006f006f0064007500640020005000440046002d0064006f006b0075006d0065006e00740065002000730061006100740065002000610076006100640061002000700072006f006700720061006d006d006900640065006700610020004100630072006f0062006100740020006e0069006e0067002000410064006f00620065002000520065006100640065007200200035002e00300020006a00610020007500750065006d006100740065002000760065007200730069006f006f006e00690064006500670061002e000d000agt FRA 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 GRE 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 HEB ltFEFF05D405E905EA05DE05E905D5002005D105D405D205D305E805D505EA002005D005DC05D4002005DB05D305D9002005DC05D905E605D505E8002005DE05E105DE05DB05D9002000410064006F006200650020005000440046002005D405DE05D505EA05D005DE05D905DD002005DC05D405D305E405E105EA002005E705D305DD002D05D305E405D505E1002005D005D905DB05D505EA05D905EA002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002E05D005DE05D905DD002005DC002D005000440046002F0058002D0033002C002005E205D905D905E005D5002005D105DE05D305E805D905DA002005DC05DE05E905EA05DE05E9002005E905DC0020004100630072006F006200610074002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002Egt HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR ltFEFF004200720075006b00200064006900730073006500200069006e006e007300740069006c006c0069006e00670065006e0065002000740069006c002000e50020006f0070007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e00740065007200200073006f006d00200065007200200062006500730074002000650067006e0065007400200066006f00720020006600f80072007400720079006b006b0073007500740073006b00720069006600740020006100760020006800f800790020006b00760061006c0069007400650074002e0020005000440046002d0064006f006b0075006d0065006e00740065006e00650020006b0061006e002000e50070006e00650073002000690020004100630072006f00620061007400200065006c006c00650072002000410064006f00620065002000520065006100640065007200200035002e003000200065006c006c00650072002000730065006e006500720065002egt POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV ltFEFF005400650020006e006100730074006100760069007400760065002000750070006f0072006100620069007400650020007a00610020007500730074007600610072006a0061006e006a006500200064006f006b0075006d0065006e0074006f0076002000410064006f006200650020005000440046002c0020006b006900200073006f0020006e0061006a007000720069006d00650072006e0065006a016100690020007a00610020006b0061006b006f0076006f00730074006e006f0020007400690073006b0061006e006a00650020007300200070007200690070007200610076006f0020006e00610020007400690073006b002e00200020005500730074007600610072006a0065006e006500200064006f006b0075006d0065006e0074006500200050004400460020006a00650020006d006f0067006f010d00650020006f0064007000720065007400690020007a0020004100630072006f00620061007400200069006e002000410064006f00620065002000520065006100640065007200200035002e003000200069006e0020006e006f00760065006a01610069006d002egt SUO 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 SVE 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 TUR ltFEFF005900fc006b00730065006b0020006b0061006c006900740065006c0069002000f6006e002000790061007a006401310072006d00610020006200610073006b013100730131006e006100200065006e0020006900790069002000750079006100620069006c006500630065006b002000410064006f006200650020005000440046002000620065006c00670065006c0065007200690020006f006c0075015f007400750072006d0061006b0020006900e70069006e00200062007500200061007900610072006c0061007201310020006b0075006c006c0061006e0131006e002e00200020004f006c0075015f0074007500720075006c0061006e0020005000440046002000620065006c00670065006c0065007200690020004100630072006f006200610074002000760065002000410064006f00620065002000520065006100640065007200200035002e003000200076006500200073006f006e0072006100730131006e00640061006b00690020007300fc007200fc006d006c00650072006c00650020006100e70131006c006100620069006c00690072002egt UKR ltFEFF04120438043a043e0440043804410442043e043204430439044204350020044604560020043f043004400430043c043504420440043800200434043b044f0020044104420432043e04400435043d043d044f00200434043e043a0443043c0435043d044204560432002000410064006f006200650020005000440046002c0020044f043a04560020043d04300439043a04400430044904350020043f045604340445043e0434044f0442044c00200434043b044f0020043204380441043e043a043e044f043a04560441043d043e0433043e0020043f0435044004350434043404400443043a043e0432043e0433043e0020043404400443043a0443002e00200020042104420432043e04400435043d045600200434043e043a0443043c0435043d0442043800200050004400460020043c043e0436043d04300020043204560434043a0440043804420438002004430020004100630072006f006200610074002004420430002000410064006f00620065002000520065006100640065007200200035002e0030002004300431043e0020043f04560437043d04560448043e04570020043204350440044104560457002egt ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 101
(RSBM)和 Halkos and Tzeremes (2013)結合潛在利得模型進行廠商結合後效率
利得推估(見表 6)2013 年至 2017 年之日月光與矽品結合後效率利得皆為正
值代表日月光與矽品結合後存在效率利得從年度來看其效率利得程度也有上升
現象由 2013 年 0167 上升至 2017 年 02566顯示日月光和矽品結合確實可以提
高經營效率
另採用 Tone (2001)差額變數模型(SBM)結合 Halkos and Tzeremes (2013)潛在
利得模型進行廠商結合後效率利得推估2013 年至 2017 年之日月光與矽品結合
後效率利得如表 6 所示皆為正值代表日月光與矽品結合後存在效率利得從
年度來看其效率利得程度也有上升現象由 2013 年 01626 上升至 2017 年 02433
顯示日月光和矽品結合確實可以提高經營效率
表 6 2013 年至 2017 年日月光與矽品結合後效率利得
公司 2013 2014 2015 2016 2017
日月光+矽品 RSBM 0167 00695 02011 02017 02566
SBM 01626 00982 02103 01955 02433
資料來源本研究自行整理 註RSBM重覆抽樣差額變數模型SBM差額變數模型
五結論與建議
企業結合是提高企業經營效率或應付外來競爭對手之策略最為快速的方法之
一同時也形成規模經濟達到資源最佳配置近年來全球半導體產業為了鞏固
既有市場領導力除了強化產品線競爭力也積極尋求結合已成為半導體產業風
潮本文蒐集臺灣封裝及測試產業之 21 家上市櫃及公開發行公司2013 年至 2017
年共 5 年資料利用 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and
Tzeremes (2013)結合潛在利得模型進行潛在廠商結合後效率利得推估實證結果
可得
1 從投入項中規模最大為月月光最小集中於逸昌和立衛 2 家廠商產出項中
日月光營業收入最大但利潤率最大值為逸昌全智科及台星科
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN ltFEFF004b0069007600e1006c00f30020006d0069006e0151007300e9006701710020006e0079006f006d00640061006900200065006c0151006b00e90073007a00ed007401510020006e0079006f006d00740061007400e100730068006f007a0020006c006500670069006e006b00e1006200620020006d0065006700660065006c0065006c0151002000410064006f00620065002000500044004600200064006f006b0075006d0065006e00740075006d006f006b0061007400200065007a0065006b006b0065006c0020006100200062006500e1006c006c00ed007400e10073006f006b006b0061006c0020006b00e90073007a00ed0074006800650074002e0020002000410020006c00e90074007200650068006f007a006f00740074002000500044004600200064006f006b0075006d0065006e00740075006d006f006b00200061007a0020004100630072006f006200610074002000e9007300200061007a002000410064006f00620065002000520065006100640065007200200035002e0030002c0020007600610067007900200061007a002000610074007400f3006c0020006b00e9007301510062006200690020007600650072007a006900f3006b006b0061006c0020006e00790069007400680061007400f3006b0020006d00650067002egt ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH ltFEFF004e006100750064006f006b0069007400650020016100690075006f007300200070006100720061006d006500740072007500730020006e006f0072011700640061006d00690020006b0075007200740069002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b00750072006900650020006c0061006200690061007500730069006100690020007000720069007400610069006b007900740069002000610075006b01610074006f00730020006b006f006b007900620117007300200070006100720065006e006700740069006e00690061006d00200073007000610075007300640069006e0069006d00750069002e0020002000530075006b0075007200740069002000500044004600200064006f006b0075006d0065006e007400610069002000670061006c006900200062016b007400690020006100740069006400610072006f006d00690020004100630072006f006200610074002000690072002000410064006f00620065002000520065006100640065007200200035002e0030002000610072002000760117006c00650073006e0117006d00690073002000760065007200730069006a006f006d00690073002egt LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY ltFEFF0054006900650074006f0020006e006100730074006100760065006e0069006100200070006f0075017e0069007400650020006e00610020007600790074007600e100720061006e0069006500200064006f006b0075006d0065006e0074006f0076002000410064006f006200650020005000440046002c0020006b0074006f007200e90020007300610020006e0061006a006c0065007001610069006500200068006f0064006900610020006e00610020006b00760061006c00690074006e00fa00200074006c0061010d00200061002000700072006500700072006500730073002e00200056007900740076006f00720065006e00e900200064006f006b0075006d0065006e007400790020005000440046002000620075006400650020006d006f017e006e00e90020006f00740076006f00720069016500200076002000700072006f006700720061006d006f006300680020004100630072006f00620061007400200061002000410064006f00620065002000520065006100640065007200200035002e0030002000610020006e006f0076016100ed00630068002egt SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
102 公 平 交 易 季 刊
2 五年整體效率平均值是 07281而 2013 年至 2017 年各年之平均效率分別為
08068078990714806906 及 06382改善空間介於 20-37之間廠商仍
有努力空間最有效率廠商有 5 家分別為日月光力成福懋科逸昌及立衛
皆排名第一排名後三名分別為久元菱生及精材透過重覆抽樣誤差調整後
5 年效率值之平均值為 06929低於差額變數模型(SBM)效率值 07281兩者
差異不大
3 從潛在利得實證模型結果顯示2013 年至 2017 年潛在廠商結合後效率利得
有正有負代表廠商結合後並未保證一定會有效率利得此結果與 Halkos and
Tzeremes (2013)及 Halkos et al (2016)一致
4 從 Tone (2013)重覆抽樣差額變數模型(RSBM)和 Halkos and Tzeremes (2013)結
合潛在利得模型實證模型結果顯示日月光和矽品結合及日月光和福懋科結合
後每年效率利得皆為正可降低成本最適合結合而日月光和力成結合及
逸昌和立衛結合後效率利得皆為負不存在規模範疇無法降低成本最不適合
結合
5 實證模型結果顯示5 年中日月光與矽品結合後效率利得皆為正值代表日
月光與矽品結合後存在效率利得其效率利得程度也有上升現象顯示日月光和
矽品結合存在規模範疇確實可以降低成本提高經營效率
結合可能創造或增強事業市場力從而損害競爭同時也可能帶來成本節省及
效率提升若事業結合產生的效率足以抵銷事業結合所帶來之限制競爭效果則被
認為損害競爭之結合就可能因效率提升之原因而獲不禁止由於經濟分析方法已逐
漸獲得各國競爭法主管機關的重視與運用隨著經濟分析模型不斷的發展各國競
爭法主管機關在審理案件中也越來越多運用與依賴經濟分析的方法尤其是在結
合議題上但各國競爭法主管機關在實務運作方面在審查評估事業申報人提出交
由競爭法主管機關之效率條件大致相同即可證明性對消費者有利結合特有
性但多屬質化分析方法本文以重覆抽樣差額變數模型(RSBM)推估潛在廠商
結合後效率利得未來可更深入將效率利得分離出技術效率利得規模效率利得及
範疇效率利得或採用動態差額變數模型(SBM)推估潛在廠商結合後效率利得
提供競爭法主管機關評估效率時有一量化分析之評估工具可資參考
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR ltFEFF04180437043f043e043b043704320430043904420435002004420435043704380020043d0430044104420440043e0439043a0438002c00200437043000200434043000200441044a0437043404300432043004420435002000410064006f00620065002000500044004600200434043e043a0443043c0435043d04420438002c0020043c0430043a04410438043c0430043b043d043e0020043f044004380433043e04340435043d04380020043704300020043204380441043e043a043e043a0430044704350441044204320435043d0020043f04350447043004420020043704300020043f044004350434043f0435044704300442043d04300020043f043e04340433043e0442043e0432043a0430002e002000200421044a04370434043004340435043d043804420435002000500044004600200434043e043a0443043c0435043d044204380020043c043e0433043004420020043404300020044104350020043e0442043204300440044f0442002004410020004100630072006f00620061007400200438002000410064006f00620065002000520065006100640065007200200035002e00300020043800200441043b0435043404320430044904380020043204350440044104380438002egt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA ltFEFF005500740069006c0069007a007a006100720065002000710075006500730074006500200069006d0070006f007300740061007a0069006f006e00690020007000650072002000630072006500610072006500200064006f00630075006d0065006e00740069002000410064006f00620065002000500044004600200070006900f900200061006400610074007400690020006100200075006e00610020007000720065007300740061006d0070006100200064006900200061006c007400610020007100750061006c0069007400e0002e0020004900200064006f00630075006d0065006e007400690020005000440046002000630072006500610074006900200070006f00730073006f006e006f0020006500730073006500720065002000610070006500720074006900200063006f006e0020004100630072006f00620061007400200065002000410064006f00620065002000520065006100640065007200200035002e003000200065002000760065007200730069006f006e006900200073007500630063006500730073006900760065002egt JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB ltFEFF005500740069006c0069007a006500200065007300730061007300200063006f006e00660069006700750072006100e700f50065007300200064006500200066006f0072006d00610020006100200063007200690061007200200064006f00630075006d0065006e0074006f0073002000410064006f0062006500200050004400460020006d00610069007300200061006400650071007500610064006f00730020007000610072006100200070007200e9002d0069006d0070007200650073007300f50065007300200064006500200061006c007400610020007100750061006c00690064006100640065002e0020004f007300200064006f00630075006d0065006e0074006f00730020005000440046002000630072006900610064006f007300200070006f00640065006d0020007300650072002000610062006500720074006f007300200063006f006d0020006f0020004100630072006f006200610074002000650020006f002000410064006f00620065002000520065006100640065007200200035002e0030002000650020007600650072007300f50065007300200070006f00730074006500720069006f007200650073002egt RUM ltFEFF005500740069006c0069007a00610163006900200061006300650073007400650020007300650074010300720069002000700065006e007400720075002000610020006300720065006100200064006f00630075006d0065006e00740065002000410064006f006200650020005000440046002000610064006500630076006100740065002000700065006e0074007200750020007400690070010300720069007200650061002000700072006500700072006500730073002000640065002000630061006c006900740061007400650020007300750070006500720069006f006100720103002e002000200044006f00630075006d0065006e00740065006c00650020005000440046002000630072006500610074006500200070006f00740020006600690020006400650073006300680069007300650020006300750020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e00300020015f00690020007600650072007300690075006e0069006c006500200075006c0074006500720069006f006100720065002egt RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 103
參考文獻
中文部分
張甘穎「結合審查基準之研究-以統一與維力結合案為例」公平交易季刊第
22 卷第 4 期(2014)
黃美瑛黃翰彬「事業結合之單方效果評估兼論 UPP 之應用」公平交易季
刊第 24 卷第 2 期(2016)
外文部分
Altunbas Yener amp Marqueacutes David ldquoMergers and Acquisitions and Bank Performance in
Europe The Role of Strategic Similaritiesrdquo 60(3) Journal of Economics and Business
(2008)
Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
ldquoMeasuring Potential Gains from Mergers Among Electricity Distribution Companies
in Turkey Using a Non-parametric Modelrdquo 28(2) The Energy Journal (2007)
Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
and Scale Efficiencies in Data Envelopment Analysisrdquo 30(9) Management Science
(1984)
Baumol William J Panzar John C amp Willig Robert D ldquoReview Contestable Markets
and the Theory of Industry Structure A Review Articlerdquo 21(3) Journal of Economic
Literature (1983)
Bogetoft Peter amp Wang Dexiang ldquoEstimating the Potential Gains from Mergersrdquo 23(2)
Journal of Productivity Analysis (2005)
Charnes A Cooper WW amp Rhodes E ldquoMeasuring the Efficiency of Decision Making
Unitsrdquo 2 European Journal of Operational Research (1978)
Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
Taiwanrsquos Banksrdquo 9(3) Applied Economics Letter (2002)
DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
of Financial Institutions A Review of the Post-2000 Literaturerdquo 36(2-3) Journal of
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA ltFEFF06270633062A062E062F0645002006470630064700200627064406250639062F0627062F0627062A002006440625064606340627062100200648062B062706260642002000410064006F00620065002000500044004600200645062A064806270641064206290020064406440637062806270639062900200641064A00200627064406450637062706280639002006300627062A0020062F0631062C0627062A002006270644062C0648062F0629002006270644063906270644064A0629061B0020064A06450643064600200641062A062D00200648062B0627062606420020005000440046002006270644064506460634062306290020062806270633062A062E062F062706450020004100630072006F0062006100740020064800410064006F006200650020005200650061006400650072002006250635062F0627063100200035002E0030002006480627064406250635062F062706310627062A0020062706440623062D062F062B002E0635062F0627063100200035002E0030002006480627064406250635062F062706310627062A0020062706440623062D062F062B002Egt BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN ltFEFF004200720075006700200069006e0064007300740069006c006c0069006e006700650072006e0065002000740069006c0020006100740020006f007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400650072002c0020006400650072002000620065006400730074002000650067006e006500720020007300690067002000740069006c002000700072006500700072006500730073002d007500640073006b007200690076006e0069006e00670020006100660020006800f8006a0020006b00760061006c0069007400650074002e0020004400650020006f007000720065007400740065006400650020005000440046002d0064006f006b0075006d0065006e0074006500720020006b0061006e002000e50062006e00650073002000690020004100630072006f00620061007400200065006c006c006500720020004100630072006f006200610074002000520065006100640065007200200035002e00300020006f00670020006e0079006500720065002egt DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
104 公 平 交 易 季 刊
Financial Services Research (2009)
Dı az Beleacuten Olalla Myriam Garcı a amp Azofra Sergio Sanfilippo ldquoBank Acquisitions and
Performance Evidence form a Panel of European Credit Entitiesrdquo 56(5) Journal of
Economics and Business (2004)
Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
Cambridge University Press (1994)
Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
Reply to Epstein and Rubinfeldrdquo 10(1) The B E Journal of Theoretical Economics
Policies and Perspectives (2010)
Farrell M J ldquoThe Measurement of Productive Efficiencyrdquo 120(3) Journal of the Royal
Statistical Society (1957)
Ferrier G D amp Valdmanis V G ldquoDo Mergers Improve Hospital productivityrdquo 55
The Journal of the Operational Research Society (2004)
Flokou Angeliki Aletras Vassilis amp Niakas Dimitris ldquoDecomposition of potential
efficiency gains from hospital mergers in Greecerdquo 20(4) Health Care Management
Science (2017)
Gugler Klaus amp Siebert Ralph ldquoMarket Power versus Efficiency Effects of Mergers and
Research Joint Ventures Evidence from the Semiconductor Industryrdquo 89(4) The
Review of Economics and Statistics (2007)
Halkos George E amp Tzeremes Nickolaos G ldquoEstimating the Degree of Operating
Efficiency Gains from a Potential Bank Merger and Acquisition A DEA Bootstrapped
Approachrdquo 37(5) Journal of Banking amp Finance (2013)
Halkos George E Matousek Roman amp Tzeremes Nickolaos G ldquoPre-Evaluating
Technical Efficiency Gains from Possible Mergers and Acquisitions Evidence from
Japanese Regional Banksrdquo 46(1) Review of Quantitative Finance and Accounting
(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
Perspectiverdquo 60(2) The Antitrust Bulletin (2015)
Kedia Simi Ravid S Abraham amp Pons Vicente ldquoWhen Do Vertical Mergers Create
Valuerdquo 40(4) Financial Management (2011)
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB ltFEFF05D405E905EA05DE05E905D5002005D105D405D205D305E805D505EA002005D005DC05D4002005DB05D305D9002005DC05D905E605D505E8002005DE05E105DE05DB05D9002000410064006F006200650020005000440046002005D405DE05D505EA05D005DE05D905DD002005DC05D405D305E405E105EA002005E705D305DD002D05D305E405D505E1002005D005D905DB05D505EA05D905EA002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002E05D005DE05D905DD002005DC002D005000440046002F0058002D0033002C002005E205D905D905E005D5002005D105DE05D305E805D905DA002005DC05DE05E905EA05DE05E9002005E905DC0020004100630072006F006200610074002E002005DE05E105DE05DB05D90020005000440046002005E905E005D505E605E805D5002005E005D905EA05E005D905DD002005DC05E405EA05D905D705D4002005D105D005DE05E605E205D505EA0020004100630072006F006200610074002005D5002D00410064006F00620065002000520065006100640065007200200035002E0030002005D505D205E805E105D005D505EA002005DE05EA05E705D305DE05D505EA002005D905D505EA05E8002Egt HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH ltFEFF004e006100750064006f006b0069007400650020016100690075006f007300200070006100720061006d006500740072007500730020006e006f0072011700640061006d00690020006b0075007200740069002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b00750072006900650020006c0061006200690061007500730069006100690020007000720069007400610069006b007900740069002000610075006b01610074006f00730020006b006f006b007900620117007300200070006100720065006e006700740069006e00690061006d00200073007000610075007300640069006e0069006d00750069002e0020002000530075006b0075007200740069002000500044004600200064006f006b0075006d0065006e007400610069002000670061006c006900200062016b007400690020006100740069006400610072006f006d00690020004100630072006f006200610074002000690072002000410064006f00620065002000520065006100640065007200200035002e0030002000610072002000760117006c00650073006e0117006d00690073002000760065007200730069006a006f006d00690073002egt LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL ltFEFF0055007300740061007700690065006e0069006100200064006f002000740077006f0072007a0065006e0069006100200064006f006b0075006d0065006e007400f300770020005000440046002000700072007a0065007a006e00610063007a006f006e00790063006800200064006f002000770079006400720075006b00f30077002000770020007700790073006f006b00690065006a0020006a0061006b006f015b00630069002e002000200044006f006b0075006d0065006e0074007900200050004400460020006d006f017c006e00610020006f007400770069006500720061010700200077002000700072006f006700720061006d006900650020004100630072006f00620061007400200069002000410064006f00620065002000520065006100640065007200200035002e0030002000690020006e006f00770073007a0079006d002egt PTB 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 RUM ltFEFF005500740069006c0069007a00610163006900200061006300650073007400650020007300650074010300720069002000700065006e007400720075002000610020006300720065006100200064006f00630075006d0065006e00740065002000410064006f006200650020005000440046002000610064006500630076006100740065002000700065006e0074007200750020007400690070010300720069007200650061002000700072006500700072006500730073002000640065002000630061006c006900740061007400650020007300750070006500720069006f006100720103002e002000200044006f00630075006d0065006e00740065006c00650020005000440046002000630072006500610074006500200070006f00740020006600690020006400650073006300680069007300650020006300750020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e00300020015f00690020007600650072007300690075006e0069006c006500200075006c0074006500720069006f006100720065002egt RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 105
Kristensen Troels Bogetoft Peter amp Pedersen Kjeld Moeller ldquoPotential Gains from
Hospital Mergers in Denmarkrdquo 13 Health Care Management Science (2010)
Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
Efficiencies and Merger Impacts of Wireless Communication Companiesrdquo 15(3)
Benchmarking An International Journal (2008)
Lee Wen-Cheng ldquoThe Assessment for Performance of MampAs Using DEAMPI Approach
with BSC Indicatorsrdquo 19(2) Asia Pacific Management Review (2014)
Moresi Serge Reitman David Salop Steven C amp Sarafidis Yianis ldquocGUPPI Scoring
Incentives to Engage in Parallel Accommodating Conductrdquo working paper
Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
Transnational Corporations Review (2014)
Shi Xiao Li Yongjun Emrouznejad Ali Xie Jianhui amp Liang Liang ldquoEstimation of
potential gains from bank mergers A novel two-stage cost efficiency DEA modelrdquo
68(9) Journal of the Operational Research Society (2017)
Shih Ming-Shan ldquoResearch on Synergy Drivers in Financial Holding Company Merger
and Acquisition Cases in Taiwanrdquo Masterrsquos thesis Department of Business
Management Tatung University (2006)
Simar Leacuteopold amp Wilson Paul W ldquoSensitivity Analysis of Efficiency Scores How to
Bootstrap in Nonparametric Frontier Modelsrdquo 44(1) Management Science (1998)
Simar Leacuteopold amp Wilson Paul W ldquoA General Methodology for Bootstrapping in Non-
Parametric Frontier Modelsrdquo 27(6) Journal of Applied Statistics (2000)
Sinay Ugur A amp Campbell Claudia R ldquoScope and Scale Economies in Merging
Hospitals Prior to Mergerrdquo 19(2) Journal of Economics and Finance (1995)
Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
(2012)
Sufian Fadzlan Muhamad Junaina Bany-Ariffin AN Yahya MH amp Kamarudin
Fakarudin ldquoAssessing the Effect of Mergers and Acquistions on Revenue Efficiency
Evidence from Malaysian Banking Sectorrdquo 16(1) The Journal of Business Perspective
(2012)
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE ltFEFF03a703c103b703c303b903bc03bf03c003bf03b903ae03c303c403b5002003b103c503c403ad03c2002003c403b903c2002003c103c503b803bc03af03c303b503b903c2002003b303b903b1002003bd03b1002003b403b703bc03b903bf03c503c103b303ae03c303b503c403b5002003ad03b303b303c103b103c603b1002000410064006f006200650020005000440046002003c003bf03c5002003b503af03bd03b103b9002003ba03b103c42019002003b503be03bf03c703ae03bd002003ba03b103c403ac03bb03bb03b703bb03b1002003b303b903b1002003c003c103bf002d03b503ba03c403c503c003c903c403b903ba03ad03c2002003b503c103b303b103c303af03b503c2002003c503c803b703bb03ae03c2002003c003bf03b903cc03c403b703c403b103c2002e0020002003a403b10020005000440046002003ad03b303b303c103b103c603b1002003c003bf03c5002003ad03c703b503c403b5002003b403b703bc03b903bf03c503c103b303ae03c303b503b9002003bc03c003bf03c103bf03cd03bd002003bd03b1002003b103bd03bf03b903c703c403bf03cd03bd002003bc03b5002003c403bf0020004100630072006f006200610074002c002003c403bf002000410064006f00620065002000520065006100640065007200200035002e0030002003ba03b103b9002003bc03b503c403b103b303b503bd03ad03c303c403b503c103b503c2002003b503ba03b403cc03c303b503b903c2002egt HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR ltFEFF005900fc006b00730065006b0020006b0061006c006900740065006c0069002000f6006e002000790061007a006401310072006d00610020006200610073006b013100730131006e006100200065006e0020006900790069002000750079006100620069006c006500630065006b002000410064006f006200650020005000440046002000620065006c00670065006c0065007200690020006f006c0075015f007400750072006d0061006b0020006900e70069006e00200062007500200061007900610072006c0061007201310020006b0075006c006c0061006e0131006e002e00200020004f006c0075015f0074007500720075006c0061006e0020005000440046002000620065006c00670065006c0065007200690020004100630072006f006200610074002000760065002000410064006f00620065002000520065006100640065007200200035002e003000200076006500200073006f006e0072006100730131006e00640061006b00690020007300fc007200fc006d006c00650072006c00650020006100e70131006c006100620069006c00690072002egt UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
European Journal of Operational Research (2001)
Tone Kaoru ldquoResampling in DEArdquo GRIPS Discussion Paper National Graduate Institute
for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
Working Papers No E201218 (2012)
Wang Chih-Hung Chi Yan-Ping amp Lin Po-Sheng ldquoCandidates Selection for Merger amp
Acquisition on Biotech Industries in Taiwanrdquo 8(2) Journal of Accounting Finance amp
Management Strategy (2013)
Wu Desheng Dash Zhou Zhaoxin amp Birge John R ldquoEstimation of Potential Gains from
Mergers in Multiple Periods a Comparison of Stochastic Frontier Analysis and Data
Envelopment Analysisrdquo 186(1) Annals of Operations Research (2011)
Zschille Michael ldquoConsolidating the Water Industry an Analysis of the Potential Gains
from Horizontal Integration in A Conditional Efficiency Frameworkrdquo 44(1) Journal of
Productivity Analysis (2015)
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN ltFEFF004200720075006700200069006e0064007300740069006c006c0069006e006700650072006e0065002000740069006c0020006100740020006f007000720065007400740065002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400650072002c0020006400650072002000620065006400730074002000650067006e006500720020007300690067002000740069006c002000700072006500700072006500730073002d007500640073006b007200690076006e0069006e00670020006100660020006800f8006a0020006b00760061006c0069007400650074002e0020004400650020006f007000720065007400740065006400650020005000440046002d0064006f006b0075006d0065006e0074006500720020006b0061006e002000e50062006e00650073002000690020004100630072006f00620061007400200065006c006c006500720020004100630072006f006200610074002000520065006100640065007200200035002e00300020006f00670020006e0079006500720065002egt DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200076006f006e002000640065006e0065006e002000530069006500200068006f006300680077006500720074006900670065002000500072006500700072006500730073002d0044007200750063006b0065002000650072007a0065007500670065006e0020006d00f60063006800740065006e002e002000450072007300740065006c006c007400650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000410064006f00620065002000520065006100640065007200200035002e00300020006f0064006500720020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN ltFEFF004b0069007600e1006c00f30020006d0069006e0151007300e9006701710020006e0079006f006d00640061006900200065006c0151006b00e90073007a00ed007401510020006e0079006f006d00740061007400e100730068006f007a0020006c006500670069006e006b00e1006200620020006d0065006700660065006c0065006c0151002000410064006f00620065002000500044004600200064006f006b0075006d0065006e00740075006d006f006b0061007400200065007a0065006b006b0065006c0020006100200062006500e1006c006c00ed007400e10073006f006b006b0061006c0020006b00e90073007a00ed0074006800650074002e0020002000410020006c00e90074007200650068006f007a006f00740074002000500044004600200064006f006b0075006d0065006e00740075006d006f006b00200061007a0020004100630072006f006200610074002000e9007300200061007a002000410064006f00620065002000520065006100640065007200200035002e0030002c0020007600610067007900200061007a002000610074007400f3006c0020006b00e9007301510062006200690020007600650072007a006900f3006b006b0061006c0020006e00790069007400680061007400f3006b0020006d00650067002egt ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH ltFEFF004e006100750064006f006b0069007400650020016100690075006f007300200070006100720061006d006500740072007500730020006e006f0072011700640061006d00690020006b0075007200740069002000410064006f00620065002000500044004600200064006f006b0075006d0065006e007400750073002c0020006b00750072006900650020006c0061006200690061007500730069006100690020007000720069007400610069006b007900740069002000610075006b01610074006f00730020006b006f006b007900620117007300200070006100720065006e006700740069006e00690061006d00200073007000610075007300640069006e0069006d00750069002e0020002000530075006b0075007200740069002000500044004600200064006f006b0075006d0065006e007400610069002000670061006c006900200062016b007400690020006100740069006400610072006f006d00690020004100630072006f006200610074002000690072002000410064006f00620065002000520065006100640065007200200035002e0030002000610072002000760117006c00650073006e0117006d00690073002000760065007200730069006a006f006d00690073002egt LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
IC封裝及測試產業結合之事前效率評估 107
Pre-valuating Technical Efficiency Gains from Potential Mergers and
Acquisitions in IC Packaging and Testing Industries
Chiu Yung-ho Wang Shu-Mei Chang Tzu-Han
Abstract
Taiwan owns specialization technologies in the semiconductor industry supply chain
from IC design to IC manufacture IC packaging and IC testing In recent years the
growth of the semiconductor industry appears to have been slowing and competition is
increasing Therefore semiconductor companies have been reducing their investments
and paying more attention to industry mergers and acquisitions Mergers and acquisitions
can create or increase business market power and change the business territory and
competition trend While mergers and acquisitions may damage market competition or
increase market competition there is however uncertainty regarding the operating
efficiency resulting from them For this reason many countriesrsquo competition authorities
supervise business mergers and acquisitions This study summarizes many articles related
to efficiency evaluation and utilizes the models of Tone (2013) based on the Resample
Slacks-Based Measure and Halkos and Tzeremes (2013) based on the Merger Potential
Gains to evaluate the potential merger efficiency gains This study gathers data for 21
listed Taiwan companies in the IC packaging and IC testing industries The data used to
evaluate the efficiency from potential mergers and acquisitions are based on these
companiesrsquo annual financial reports or financial data from 2013 to 2017 (by estimation) as
announced by the Market Observation Post System The empirical results from this study
indicate that the efficiency from potential mergers exhibits both positive values and
negative values indicating that there is no guarantee of efficiency gains from mergers and
acquisitions There is a positive value for potential mergers and acquisitions involving the
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd These results indicate that the mergers involving the
Date submitted November 2 2017 Date accepted December 29 2017 Chiu Yung-ho Professor Department of Economics Soochow University (first author) Wang Shu-
Mei Associate professor Department of Bio-Industry Communication and Development National Taiwan University (corresponding author) Chang Tzu-Han graduate student of Department of Economics Soochow University
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE 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 DAN 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 DEU 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 ESP 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 ETI 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 FRA 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 GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB 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 RUM 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 RUS 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 SKY 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 SLV 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 SUO 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 SVE ltFEFF0041006e007600e4006e00640020006400650020006800e4007200200069006e0073007400e4006c006c006e0069006e006700610072006e00610020006f006d002000640075002000760069006c006c00200073006b006100700061002000410064006f006200650020005000440046002d0064006f006b0075006d0065006e007400200073006f006d002000e400720020006c00e4006d0070006c0069006700610020006600f60072002000700072006500700072006500730073002d007500740073006b00720069006600740020006d006500640020006800f600670020006b00760061006c0069007400650074002e002000200053006b006100700061006400650020005000440046002d0064006f006b0075006d0065006e00740020006b0061006e002000f600700070006e00610073002000690020004100630072006f0062006100740020006f00630068002000410064006f00620065002000520065006100640065007200200035002e00300020006f00630068002000730065006e006100720065002egt TUR 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 UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice
108 公 平 交 易 季 刊
ASE Group amp Siliconware Precision Industries Co Ltd and the ASE Group amp Formosa
Advanced Technologies Co Ltd can increase their operating efficiency and reduce their
costs These two mergers are the most suitable mergers and acquisitions It is hoped that
there will be more in-depth research on efficiency and potential merger gains to provide a
valuation tool to the competition authorities for their reference
Keywords DEA IC Industry Efficiency Merger Merger Potential Gains
ltlt ASCII85EncodePages false AllowTransparency false AutoPositionEPSFiles true AutoRotatePages None Binding Left CalGrayProfile (Dot Gain 20) CalRGBProfile (sRGB IEC61966-21) CalCMYKProfile (US Web Coated 050SWOP051 v2) sRGBProfile (sRGB IEC61966-21) CannotEmbedFontPolicy Error CompatibilityLevel 14 CompressObjects Tags CompressPages true ConvertImagesToIndexed true PassThroughJPEGImages true CreateJobTicket false DefaultRenderingIntent Default DetectBlends true DetectCurves 00000 ColorConversionStrategy CMYK DoThumbnails false EmbedAllFonts true EmbedOpenType false ParseICCProfilesInComments true EmbedJobOptions true DSCReportingLevel 0 EmitDSCWarnings false EndPage -1 ImageMemory 1048576 LockDistillerParams false MaxSubsetPct 100 Optimize true OPM 1 ParseDSCComments true ParseDSCCommentsForDocInfo true PreserveCopyPage true PreserveDICMYKValues true PreserveEPSInfo true PreserveFlatness true PreserveHalftoneInfo false PreserveOPIComments true PreserveOverprintSettings true StartPage 1 SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False CreateJDFFile false Description ltlt ARA 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 BGR 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 CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt CZE ltFEFF005400610074006f0020006e006100730074006100760065006e00ed00200070006f0075017e0069006a007400650020006b0020007600790074007600e101590065006e00ed00200064006f006b0075006d0065006e0074016f002000410064006f006200650020005000440046002c0020006b00740065007200e90020007300650020006e0065006a006c00e90070006500200068006f006400ed002000700072006f0020006b00760061006c00690074006e00ed0020007400690073006b00200061002000700072006500700072006500730073002e002000200056007900740076006f01590065006e00e900200064006f006b0075006d0065006e007400790020005000440046002000620075006400650020006d006f017e006e00e90020006f007400650076015900ed007400200076002000700072006f006700720061006d0065006300680020004100630072006f00620061007400200061002000410064006f00620065002000520065006100640065007200200035002e0030002000610020006e006f0076011b006a016100ed00630068002egt DAN 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 DEU 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 ESP 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 ETI 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 FRA ltFEFF005500740069006c006900730065007a00200063006500730020006f007000740069006f006e00730020006100660069006e00200064006500200063007200e900650072002000640065007300200064006f00630075006d0065006e00740073002000410064006f00620065002000500044004600200070006f0075007200200075006e00650020007100750061006c0069007400e90020006400270069006d007000720065007300730069006f006e00200070007200e9007000720065007300730065002e0020004c0065007300200064006f00630075006d0065006e00740073002000500044004600200063007200e900e90073002000700065007500760065006e0074002000ea0074007200650020006f007500760065007200740073002000640061006e00730020004100630072006f006200610074002c002000610069006e00730069002000710075002700410064006f00620065002000520065006100640065007200200035002e0030002000650074002000760065007200730069006f006e007300200075006c007400e90072006900650075007200650073002egt GRE 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 HEB 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 HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama) HUN 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt LTH 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 LVI 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 NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 POL 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 PTB ltFEFF005500740069006c0069007a006500200065007300730061007300200063006f006e00660069006700750072006100e700f50065007300200064006500200066006f0072006d00610020006100200063007200690061007200200064006f00630075006d0065006e0074006f0073002000410064006f0062006500200050004400460020006d00610069007300200061006400650071007500610064006f00730020007000610072006100200070007200e9002d0069006d0070007200650073007300f50065007300200064006500200061006c007400610020007100750061006c00690064006100640065002e0020004f007300200064006f00630075006d0065006e0074006f00730020005000440046002000630072006900610064006f007300200070006f00640065006d0020007300650072002000610062006500720074006f007300200063006f006d0020006f0020004100630072006f006200610074002000650020006f002000410064006f00620065002000520065006100640065007200200035002e0030002000650020007600650072007300f50065007300200070006f00730074006500720069006f007200650073002egt RUM ltFEFF005500740069006c0069007a00610163006900200061006300650073007400650020007300650074010300720069002000700065006e007400720075002000610020006300720065006100200064006f00630075006d0065006e00740065002000410064006f006200650020005000440046002000610064006500630076006100740065002000700065006e0074007200750020007400690070010300720069007200650061002000700072006500700072006500730073002000640065002000630061006c006900740061007400650020007300750070006500720069006f006100720103002e002000200044006f00630075006d0065006e00740065006c00650020005000440046002000630072006500610074006500200070006f00740020006600690020006400650073006300680069007300650020006300750020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e00300020015f00690020007600650072007300690075006e0069006c006500200075006c0074006500720069006f006100720065002egt RUS 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 SKY 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 SLV 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 SUO 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 SVE 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 TUR ltFEFF005900fc006b00730065006b0020006b0061006c006900740065006c0069002000f6006e002000790061007a006401310072006d00610020006200610073006b013100730131006e006100200065006e0020006900790069002000750079006100620069006c006500630065006b002000410064006f006200650020005000440046002000620065006c00670065006c0065007200690020006f006c0075015f007400750072006d0061006b0020006900e70069006e00200062007500200061007900610072006c0061007201310020006b0075006c006c0061006e0131006e002e00200020004f006c0075015f0074007500720075006c0061006e0020005000440046002000620065006c00670065006c0065007200690020004100630072006f006200610074002000760065002000410064006f00620065002000520065006100640065007200200035002e003000200076006500200073006f006e0072006100730131006e00640061006b00690020007300fc007200fc006d006c00650072006c00650020006100e70131006c006100620069006c00690072002egt UKR 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling UseDocumentProfile UseDocumentBleed false gtgt ]gtgt setdistillerparamsltlt HWResolution [2400 2400] PageSize [612000 792000]gtgt setpagedevice