Research On The Performance Of Changjiang Electronics Technology's Acquisition Of Xingke Jinpeng

The semiconductor integrated circuit industry is the strategic,basic and leading industry of the national economy and social development.In 2014,the global semiconductor industry began to step into the stage of smooth development.However,the development of the semiconductor market in the world is different.The Chinese integrated circuit market is at a high speed development period,and the market demand is strong.In contrast to the booming market demand,the overall competitiveness of China’s IC industry is not strong,and there is a big gap in the supply and demand of local IC.International semiconductor mergers and acquisitions are surging.More and more enterprises are acquiring international advanced and technology through mergers and acquisitions,realizing resource integration and realizing international industrial alliance.M & A has become an important means for IC industry to develop bigger and stronger,and to develop industry chain harmonization.In order to drive the capital input into the integrated circuit industry and promote the merger and integration of the whole industry,the national integrated circuit industry development program was promulgated in 2014,and the national integrated circuit industry investment fund was established,and the investment in the industrial chain was widely carried out.The merger and acquisition of long power science and technology is just under this background.As the first single of cross-border mergers and acquisitions in the semiconductor industry of the integrated circuit industry fund,this acquisition clearly embodies the support and attention of the country to the integrated circuit industry,with the significance of the industry vane and the country’s passing country to the integrated circuit industry.Encourage and support the development of mergers and acquisitions.Therefore,the analysis of the case can help other enterprises in the semiconductor industry to effectively integrate into the international market with the aid of national policies,and provide reference for the realization of our semiconductor industry.This paper gives a detailed introduction to the case,and analyzes the background of the transaction,the background of the listed companies,the design of the transaction scheme,the arrangement of M & A financing and the motivation of the merger and acquisition.On the basis of this,performance research is carried out.The first is to study the change of enterprise’s short-term performance through the method of event research.Two,we use factor analysis method to study the change of enterprise financial performance by combining the accounting index of enterprise,and combine the non-financial index as supplementary analysis.The following conclusions are obtained:(1)the short-term wealth effect caused by the merger and acquisition events is obvious,and there is obvious abnormal return in the announcement day window,and the cumulative abnormal return rate rises sharply to 56% on the first day after the stock return.(2)the comprehensive financial performance of Changdian technology has improved significantly after the merger.In the year of merger and acquisition,the ranking of long power technology dropped from 13 in the industry to twenty-sixth in the industry.With the synergy of merger and acquisition integration,the comprehensive performance of enterprises rose,19 in 2016 and 12 in 2017.The profitability and operating ability of enterprises have improved significantly in the year of merger and acquisition.After the completion of merger and acquisition,the operation ability of enterprises is second in the industry.The short-term debt paying ability of enterprises has not changed much before and after mergers and acquisitions.(3)through the DEA model to analyze the performance of enterprise innovation capability,the enterprises’ innovation capability in the year of merger and acquisition is 1.In the year after the merger and acquisition,the pure technical efficiency of the enterprise is 1,the scale efficiency and the technical efficiency are close to 1,and the efficiency value of the innovation ability of the enterprise is effective in the year second.Through mergers and acquisitions,enterprises use external technology resources to improve internal innovation performance and increase investment in R & D funds.At the end of this paper,the reasons for the changes in performance are analyzed and summarized,and some suggestions for the development of China’s semiconductor industry are put forward.