本文針對半導體封裝測試廠商日月光公司併購矽品公司的個案，以賽局理論分析日月光與矽品應採的策略。併購作為企業快速成長的策略固然有其速度和正面的效果，但有時併購案牽涉的金額相當龐大，如本案日月光即支付出40億美元的龐大資金，後續在管理系統及企業文化的整合都需要時間經驗和努力來克服。
本文先以併購理論、公司財報及董監持股數量來分析日月光併購矽品的時機及利益，最後再以賽局理論分析兩廠商應採取的最佳策略。最後得到的結論是日月光藉由併購矽品提升市場佔有率，一舉擴大與第二名的美商艾克爾(Amkor)的差距，強化整體財務的優勢。至於矽品，該公司應該欣然接受日月光併購的提議。最後兩家公司決定合組控股公司，日後如果能進一步合併共同的組織部門，定能發揮更大的綜效提升獲利能力，達到一加一大於二的效果。

This article focus on the case of the semiconductor packaging and testing company ASE Co., Ltd. M & A SPIL, and uses the game theory to analyze the strategies adopted by the company. M & A as a rapid business growth strategy has its speed and positive effect, but sometimes the amount involved in mergers and acquisitions is very large, such as the case of ASE Co. to pay a huge $ 4 billion funds, follow-up in the management system and corporate culture integration It takes time and effort to overcome it.
This article first analyzes the timing and benefits of the merger and acquisition of ASE Co. by the theory of mergers and acquisitions, company financial reports, and the number of shares held by the directors. Finally, it uses the game theory to analyze the best strategies that the two companies should adopt. The final conclusion is that ASE Co. will increase its market share by acquiring defective products, expand the gap with Rank 2nd company, Korean Amkor at one stroke, and strengthen the overall financial advantage. As for fake products, the company should be pleased to accept the proposal of the merger. The last two companies decided to join a group of holding companies. If they can further merge common organizational units in the future, they will be able to exert greater synergies to improve their profitability and achieve one plus one more than two.

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網路文獻
1. 台灣經濟新報(TEJ)，https://www.tej.com.tw/
2. 台灣證券交易所，基本市況報導網站http://mis.twse.com.tw/stock/index.jsp
3. 台灣證券交易所，公開資訊觀測站http://mops.twse.com.tw/mops/web/index