| Since the reform and opening up,China's market economy has been developing,and the competition in various industries is extremely fierce.In this context,merger and acquisition has become an effective means for enterprises to expand the scale of production and operation and enhance their own strength.Especially since 2013,the Chinese government has actively promoted the "One Belt And One Road" initiative to encourage Chinese enterprises to invest abroad and promote industrial upgrading.Under the encouragement of the government and the development demand of enterprises themselves,the scale and amount of mergers and acquisitions in China have been increasing year by year,exceeding $200 billion in 2016.In 2017,the total amount remained at $150 billion although the total amount declined slightly.In 2018,the Chinese government further clarified investment guidance,the national government will deepen investment guidance and advocate enterprises to focus on high-tech industries to realize rational investment.The national strategy supports the development of conductor industry,which is the industry with the highest technology content in the domestic electronic information industry chain.With the arrival of China's integrated circuits,standards and discrete devices,artificial intelligence and other technologies will bring huge demand for the semiconductor industry in the future,and the semiconductor industry has become one of the industries with great prospects.A large number of non-semiconductor enterprises in China conform to the development trend,want to choose high-quality semiconductor M&A targets,enter the semiconductor industry through M&A,achieve diversified operations,and further promote the development of China's semiconductor industry.Therefore,how China's non-semiconductor enterprises to clarify their own M&A motivation and improve their M&A performance has become a problem worth discussing.This paper selects the largest semiconductor merger and acquisition case in China so far--Wing Tech's merger and acquisition of Ace Semiconductor.On the one hand,this event is representative.It started in 2018 and followed the development trend after the government further clarified the investment guidance for the high-tech industry.On the other hand,Allianz is representative in the semiconductor industry,covering all the links of semiconductor product design,manufacturing,packaging and testing.The industrial layout is perfect.The analysis of the motivation of Wing Tech's acquisition of Allianz and the performance changes in the merger process is of more reference for future semiconductor industry mergers and acquisitions.This paper adopt the way of theory analysis combined with case study,the first theoretical part in reviewing,on the basis of a large amount of relevant literature both at home and abroad,this paper expounds the concept and classification of m&a and combed the enterprise mergers and acquisitions,and mergers and acquisitions performance analysis method,and the selection of cases-Wing Tech is semiconductor technology m&a has carried on the simple introduction;Secondly,the motivation of Wing Tech's acquisition of Allianz is analyzed in detail from inside and outside.Thirdly,the performance changes of Wing Tech during and after the merger and acquisition are analyzed from two aspects of financial performance and non-financial performance.Finally,through the case analysis of Wing Tech's merger and acquisition of Allianz,the conclusion and inspiration of Wing Tech's merger and acquisition of Allianz are summarized.The specific content is divided into the following four parts:The first part is the introduction and theoretical overview.Firstly,this paper introduces the research background and significance of this paper,and based on the research content of this paper,it briefly summarizes and comments the existing research of domestic and foreign experts and scholars from the perspectives of enterprise merger and acquisition motivation and enterprise merger and acquisition performance analysis,proposes the research ideas and methods of this paper,and constructs the basic framework of this paper.Secondly,it defines the related concepts of M&A,and summarizes the motivation and performance analysis methods of M&A.Thirdly,the thesis sorts out the theories related to the motivation and performance of M&A.Finally,the case of Wing Tech's merger with Allianz is briefly introduced,including the basic information of both parties,the process of merger and the integration of merger and acquisition.The second part is a detailed analysis of the motivation of Wing Tech's acquisition of Allianz.Firstly,starting from the internal environment of Wentai Technology,the motivation of Wing Tech's acquisition of Allianz is analyzed,which mainly includes acquiring advanced technology of Allianz,reducing agency cost,improving reputation,expanding market share and giving play to synergistic effect.Secondly,starting from the external environment of Wing Tech,it is found that the motivation of Wing Tech's acquisition of Allianz mainly includes three aspects: the government system support and the promotion of domestic substitution policy,the outbreak of COVID-19,the trend of intelligent terminal industry centralization and the implementation of 5G.The third part is the specific analysis of the performance of Wing Tech's acquisition of Allianz.First of all,the financial performance of Wing Tech before,during and after the acquisition of Allianz was compared and analyzed by financial index method and economic value added method.It was found that the financial performance of Wing Tech during and after the acquisition was improved by different degrees compared with before the acquisition.Secondly through the event study method and comparative analysis of Wing Tech mergers and acquisitions,Ann the non-financial performance respectively from two aspects of market performance and market share to evaluate,found that m&a is not only let Wing Tech shares and excess progressive income rose,rising short-term market performance,but also improved the market share Wing Tech;Finally from the industry relevance,related party transactions and equity structure three aspects analyzes the influence on the performance of m&a,found that mergers and acquisitions both sides of the industry relevancy and related party transactions are improved after the merger Wing Tech the financial performance of science and technology,at the same time Wing Tech ownership structure to improve the non-financial performance of m&a and has a positive impact on Wing Tech the development of science and technology.Finally,Through the case analysis of Wing Tech's merger and acquisition of Allianz,it is concluded that the important reasons for Wing Tech's merger and acquisition of Allianz are to obtain synergistic effect and realize resource complementarity.National policies and industry relevance helped Wing Tech to acquire Allianz,with obvious competitive advantages;Effective integration of M&A resources is the key to Wing Tech's good M&A performance.At the same time,it summarizes the related enlightenment of this kind of merger and acquisition: the enterprise should take the policy and market as the guide,formulate the reasonable merger and acquisition plan;Enterprises should attach great importance to the integration of merger and acquisition resources to play synergistic effect and upgrade internal management and control;Enterprises should consider the influence of various factors on the performance of M&A and give full play to the advantages of M&A.Hope to provide valuable reference for other enterprises. |
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