Financial Performance Of Technological Capital Investment In The Semiconductor Listed Company

As a strategically supported key industry in China,the semiconductor industry has achieved an increasingly rapid development and expansion of industry scale.Even so,China's semiconductor equipment industry still confronts problems of weak research strength,inability of domestic substitution,and dependence of high-end chip components on imports.The semiconductor industry is characterized by high growth and intensive technology.The core competitiveness of its own technology is key to its development.Therefore,how to make the investment of technological capital is very important.Besides the investment of research and development(R & D),it is also an important way to acquire external technology capital through technology merger and acquisition(M & A).Thus,it is of great practical significance to study the effect of technological capital investment on enterprise performance,and the performance difference made by the two ways to get technology capital.This paper chooses the patent right of patent registration property right to measure the technological capital,and takes the transaction purpose of obtaining the core technology of the merged company stated in the M & A announcement as the standard of technology acquisition.The patent right of the merged company is the technological capital acquired by the merger.Taking Guoxin Micro,the leading domestic semiconductor company,for example,the main contents analyzed in this paper center around two core questions: whether the investment in technology capital improves the financial performance of the enterprise and whether there exists any difference in the impact of the two ways of acquiring technological capital,such as R & D and technology acquisition,on the financial performance.This paper introduces four technology mergers and acquisitions of Guoxin Micro.At the same time,Goodix Technology,which is known in the industry for realizing technological development by R & D,is selected as the contrast,trying to analyze the differences brought by different technology capital acquisition methods to financial performance.The research findings show that both technology acquisition and R & D have positive effects on financial performance.And the technological capital obtained by the two ways has different financial performance.What's more,the impact of R&D investment methods on the acquisition of innovation capabilities and financial performance improvement is lagging.And technology M&A has a more obvious impact on the short-term performance of enterprises.This paper finally proposes that more technological capital investment on semiconductor industry,especially on research and development,should be encouraged,combined with technology merger and acquisition,providing reference suggestions for the development of semiconductor industry and even all technology intensive enterprises in the current environment.