Research On The Motivation And Innovation Performance Of Yoke Technology's Technology Merger And Acquisition

Under the background of the trade friction between China and US,the domestic semiconductor industry is facing a serious challenge in recent years.Domestic enterprises need to improve independent creative ability and master core technology in key areas.As a way to obtain external technology,technology merger and acquisition has been chosen by more and more enterprises.It can reduce the risk of investment and accelerate the process of innovation.Technology merger and acquisition has become an effective way for enterprises to achieve technological innovation and improve competitiveness,especially in the semiconductor industry with high technical barriers and large capital investment.As a representative enterprise in the upstream semiconductor industry chain,Yoke Technology has achieved its strategic development goals through technology acquisition.This paper takes Yoke Technology as the case,analyzes the motivation and makes a detailed study on the innovation performance,so as to provide reference for the development of the enterprise and the semiconductor industry.In the first place,this paper explains the references and defines the main research objects.It also combs the related research to find the motivation,the impaction and measurement indicators.The research is analyzed by adopting synergy theory,resource-based theory,organizational learning theory and input-output theory.This paper firstly analyzes the development of domestic semiconductor industry,including the introduction of semiconductor chain and the development process of the industry.It finds that the number of merger and acquisition in semiconductor industry is on the rise by analyzing cases in the market.Yoke Technology has become the comparatively competitive company by the acquisition of Komet and Jiangsu Xianke enterprise.The innovation and profitability of Yoke Technology are greatly improved.Therefore,this case has great research significance.This paper analyzes the motivation and innovation performance of the technological acquisition in this company.This paper uses data envelopment analysis(DEA)to evaluate the innovation performance of Yoke Technology by dividing the company's innovation path into two stages.The intermediate variable index to evaluate the innovation performance is creatively put forward by referring the relevant research of previous scholars.The financial analysis system and event study method are used to evaluate the performance of the company after the technology merger and acquisition.At the end of the paper,it concludes that the motivation of the merger and acquisition is to acquire advanced technology and important customer resources.As a result,the innovation and financial performance of the enterprise have been significantly improved and the company is greatly recognized by the capital market.This paper creatively divides the company's innovation into two stages and put forward proper assessment index system by adopting DEA.It also analyzes the financial and capital market performance after the technology merger and acquisition.In conclusion,this paper enriches the research system of the technology merger and acquisition and provides a new perspective for the innovation development of the semiconductor industry.