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)
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
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)
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
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)
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)
(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)
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
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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 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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
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)
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
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)
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
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)
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)
(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)
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
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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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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 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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
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
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)
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
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)
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)
(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)
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 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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 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
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
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)
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
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)
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)
(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)
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
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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 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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 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
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)
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
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)
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)
(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)
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
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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 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 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
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
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)
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)
(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)
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
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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 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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 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
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)
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)
(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)
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
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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 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 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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)
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)
(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)
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
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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 ltFEFF005500740069006c0069006300650020006500730074006100200063006f006e0066006900670075007200610063006900f3006e0020007000610072006100200063007200650061007200200064006f00630075006d0065006e0074006f00730020005000440046002000640065002000410064006f0062006500200061006400650063007500610064006f00730020007000610072006100200069006d0070007200650073006900f3006e0020007000720065002d0065006400690074006f007200690061006c00200064006500200061006c00740061002000630061006c0069006400610064002e002000530065002000700075006500640065006e00200061006200720069007200200064006f00630075006d0065006e0074006f00730020005000440046002000630072006500610064006f007300200063006f006e0020004100630072006f006200610074002c002000410064006f00620065002000520065006100640065007200200035002e003000200079002000760065007200730069006f006e0065007300200070006f00730074006500720069006f007200650073002egt 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
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)
(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)
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
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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
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 CHS 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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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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
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)
(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)
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
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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 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 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
(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)
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
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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 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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
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)
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
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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 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
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)( )
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)
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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
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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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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)( )
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
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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 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 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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
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
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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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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
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
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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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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
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
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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
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
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
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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)
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Bagdadioglu Necmiddin Price Catherine Waddams amp Weyman-Jones Thomas
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Banker Rajiv D Charnes A amp Cooper WW ldquoSome Models for Estimating Technical
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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
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Chen Tser-Yieth ldquoMeasuring Firm Performance with DEA and Prior Information in
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DeYoung Robert Evanoff Douglas D amp Molyneux Philip ldquoMergers and Acquisitions
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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
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Faumlre Rolf Grosskopf Shawna amp Lovell C A Knox Production Frontiers 1st ed
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Farrell Joseph amp Shapiro Carl ldquoUpward Pricing Pressure in Horizontal Merger Analysis
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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
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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
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(2016)
Horton Thomas J ldquoEfficiencies and Antitrust Reconsidered An Evolutionary
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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
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Kwon He-Boong Stoeberl Philipp A amp Joo Seong-Jong ldquoMeasuring Comparative
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Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
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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
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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
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Stucke Maurice E ldquoReconsidering Antitrustrsquos Goalsrdquo 53 Boston College Law Review
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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
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106 公 平 交 易 季 刊
Tone Kaoru ldquoA Slacks-based Measure of Efficiency in Data Envelopment Analysisrdquo 130
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for Policy Studies (2013)
Tziogkidis Panagiotis ldquoBootstrap DEA and Hypothesis Testingrdquo Cardiff Economics
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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
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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
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
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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 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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
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
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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)
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(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
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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
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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
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
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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 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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
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
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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 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
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
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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 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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
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
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中文部分
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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)
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(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
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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
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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
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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
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Georgetown Law Faculty Publications (2015)
Shaista Sami ldquoMergers and Acquisitions in Indiarsquos Pharmaceutical Sectorrdquo 6(1)
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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
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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
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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
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
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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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 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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 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
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
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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 ltFEFF005500740069006c0069007a006500200065007300730061007300200063006f006e00660069006700750072006100e700f50065007300200064006500200066006f0072006d00610020006100200063007200690061007200200064006f00630075006d0065006e0074006f0073002000410064006f0062006500200050004400460020006d00610069007300200061006400650071007500610064006f00730020007000610072006100200070007200e9002d0069006d0070007200650073007300f50065007300200064006500200061006c007400610020007100750061006c00690064006100640065002e0020004f007300200064006f00630075006d0065006e0074006f00730020005000440046002000630072006900610064006f007300200070006f00640065006d0020007300650072002000610062006500720074006f007300200063006f006d0020006f0020004100630072006f006200610074002000650020006f002000410064006f00620065002000520065006100640065007200200035002e0030002000650020007600650072007300f50065007300200070006f00730074006500720069006f007200650073002egt RUM 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 RUS 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 SKY ltFEFF0054006900650074006f0020006e006100730074006100760065006e0069006100200070006f0075017e0069007400650020006e00610020007600790074007600e100720061006e0069006500200064006f006b0075006d0065006e0074006f0076002000410064006f006200650020005000440046002c0020006b0074006f007200e90020007300610020006e0061006a006c0065007001610069006500200068006f0064006900610020006e00610020006b00760061006c00690074006e00fa00200074006c0061010d00200061002000700072006500700072006500730073002e00200056007900740076006f00720065006e00e900200064006f006b0075006d0065006e007400790020005000440046002000620075006400650020006d006f017e006e00e90020006f00740076006f00720069016500200076002000700072006f006700720061006d006f006300680020004100630072006f00620061007400200061002000410064006f00620065002000520065006100640065007200200035002e0030002000610020006e006f0076016100ed00630068002egt 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
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
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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 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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 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
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
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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 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
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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 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
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
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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 ltFEFF0054006900650074006f0020006e006100730074006100760065006e0069006100200070006f0075017e0069007400650020006e00610020007600790074007600e100720061006e0069006500200064006f006b0075006d0065006e0074006f0076002000410064006f006200650020005000440046002c0020006b0074006f007200e90020007300610020006e0061006a006c0065007001610069006500200068006f0064006900610020006e00610020006b00760061006c00690074006e00fa00200074006c0061010d00200061002000700072006500700072006500730073002e00200056007900740076006f00720065006e00e900200064006f006b0075006d0065006e007400790020005000440046002000620075006400650020006d006f017e006e00e90020006f00740076006f00720069016500200076002000700072006f006700720061006d006f006300680020004100630072006f00620061007400200061002000410064006f00620065002000520065006100640065007200200035002e0030002000610020006e006f0076016100ed00630068002egt 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 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
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 CHS 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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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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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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
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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 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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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
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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 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
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 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