Research On Financing Strategy Of Changdian Keji M&A Of Xingke Jinpeng

Semiconductor integrated circuit to the national economy and social development of strategic,fundamental and guiding role,has become a global integrated circuit industry in China's fastest-growing market demand,the biggest area,but compared with the western mature industry chain,China's integrated circuit industry is the overall competitiveness is not strong,the rate is low,the key problems such as the core technology research and development ability weak.The semiconductor integrated circuit industry is a highly globalized industry.Many enterprises acquire international advanced technologies through cross-border mergers and acquisitions,realize resource integration,promote the coordinated development of the industrial chain,and expand market share to seek long-term development of enterprises.In transnational mergers and acquisitions,the process of financing decision is very complex and professional,which will be affected by many factors,so it is of great practical significance and necessity to study the financing decision of transnational mergers and acquisitions.Long telegram is China's largest science and technology,the world's third largest semiconductor packaging test companies,2015 companies buying when the world's fourth largest encapsulation testing enterprise star chippac,acquiring advanced packaging mass production technology and international first-class customer base,enter the mainstream of the international semiconductor industry chain,as the integrated circuit industry funds to invest in the semiconductor industry the first single,cross-border mergers and acquisitions industry bellwether significance,reflects the state of the development of IC industry through international mergers and acquisitions to encourage and support.This paper makes an in-depth study on the financing strategy of changdian technology's merger with xingke jinpeng.This paper applies the principal-agent theory,priority-sequence financing theory and control right theory to study the financing strategy of changdian technology's merger with xingke jinpeng.Through the combination of literature research,case analysis and qualitative and quantitative analysis,this paper makes an in-depth analysis on the capital demand,payment method,financing method and financing risk of the m&a of changdian technology.By using the financial leverage index and z-value model,it is found that there are pricing risks,operating risks brought by high leverage financing and financial risks after financing in m&a financing.Based on the analysis of the development of changdian technology in recent years,this paper makes financing evaluation by qualitative analysis,financial analysis and event analysis,and finds that there are many problems in m&a financing,such as too much debt financing,which leads to great pressure of repayment in the later period,equity change caused by fund withdrawal and high cost of financial integration,which affect the business performance of enterprises.According to the above analysis and research,the following Suggestions are put forward for enterprise m&a financing in the semiconductor industry.Secondly,strengthen the cooperation with fund companies,expand the financing scale and enhance the financing capacity;Finally,the rational allocation of assets,reduce the cost of enterprise financial integration..