寡头竞合与并购重组:全球半导体产业的赶超逻辑

Oligopoly Coopetition, M&A and Restructuring: Catch-up Logic of Global Semiconductor Industry

后发国家的产业组织体系,以日本和韩国最为典型。作为企业并购重组的重要形式,产业政策协调下的大型寡头企业联合投资的研发联合体,对日本的技术创新发挥了重要作用。基于研发联合体进行联合投资、合作研究的日本半导体——超大规模集成电路的研发,就是最为成功的案例之一。类似日本,韩国大企业始终以寡头竞合的方式参与市场竞争,推动韩国半导体产业的规模经济和技术创新。日本半导体企业的技术赶超也引发了美日半导体企业的全球贸易战和并购重组。因应日本半导体产业的赶超,美国在1990年前后通过政府的产业政策引导、对企业多种形式的并购重组等,从生产制造、研究开发、市场竞争等方面入手,以拯救衰败中的美国半导体产业。半导体产业赶超的历史表明,只要与产业发展的规模经济特点和技术创新要求相趋同,以产业政策推动和领军企业共同投资组织的研发联合体、技术收购、企业合并等并购重组形式,是非常有效的。

Japan and South Korea,among the late-comer countries,boast highly effective industrial organization systems.As an important way to engage in corporate M&A and restructuring activities,the R&D consortia formed by large enterprises and coordinated by industrial policies played an important role in Japan’s technological innovation.One of the most successful cases is the development of very large scale integration(VLSI)by Japanese semiconductor R&D consortia based on joint investment and cooperative research.Similar to Japan,Korea’s large enterprises always participate in market competition by oligopoly competition,to promote economies of scale and technological innovation in semiconductor industry.The technological catching-up of Japanese semiconductor enterprises triggered a global trade war and industrial restructuring.In response to catching-up of Japanese enterprises,the US took various measures to save its declining semiconductor industry in the 1990s through industrial policies and industrial restructuring.The history of the semiconductor industry shows that R&D consortia,technology acquisition and corporate mergers that are promoted by industrial policies and co-financed by leading enterprises will be very effective so long as the M&A and restructuring tally with the characteristics of economy of scale and cater to the requirements of technological innovation.