Analysis Of Motivation And Performance Of Cross-Border Mergers And Acquisitions

Cross-border Mergers and Acquisitions have always been one of the important means of foreign direct investment of various countries.Many enterprises can effectively improve their competitiveness and improve their own operation and management through cross-border mergers and acquisitions.In recent years,although countries have become increasingly closely connected and multiple waves of mergers and acquisitions have been set off around the world,with the continuous improvement of China's policies,the government has been guiding Chinese enterprises to rationalize their mergers and acquisitions,gradually changing from a high-speed development model to a high-quality development model.The semiconductor industry is one of the key industries in China.The semiconductor industry contains high technical content,which reflects part of the country's scientific and technological strength.However from the current situation,share of the global semiconductor industry in China is still relatively low,as a share of the 2019 global chip accounted for only 5%,and the developed countries(the United States,South Korea 55% and27%)between the gap is still relatively large,as a result,our country adopt various strategies to support the development of semiconductor industry,actively solve the semiconductor companies scale effect was not significant,research and development strength is weak,and so on.By adopting cross-border merger and acquisition,enterprises can choose high-quality merger and acquisition targets,introduce foreign advanced technology,make up for domestic technical defects,and promote the further development of enterprises.Therefore,the research on the motivation and performance of Chinese semiconductor enterprises in cross-border M&A is beneficial to provide experience for other semiconductor enterprises,which has become a problem worth discussing at present.This paper focuses on the largest cross-border mergers and acquisitions in China's semiconductor industry in recent years,and mainly adopts the method of case study to conduct research and analysis.First of all,this paper sorts out the basic concepts,basic theories,motivations and performance of cross-border mergers and acquisitions at home and abroad,and summarizes the current research status of cross-border mergers and acquisitions in China.Then to Wingtech Technology acquisition Nexperia as an example,the enterprises of both sides are briefly introduced,and this process of mergers and acquisitions and mergers and acquisitions,the study found that Wingtech Technology acquisition Nexperia mainly in order to promote the sustainable development of the company,make up the domestic market of short board,realize to the upstream industry chain extension,and grasp the development opportunities in emerging markets,etc.,at the same time using the event analysis,analysis of financial indicators and non-financial indicators the m&a performance of Wingtech Technology,discovered m&a event has a positive effect on the short-term performance of the company.The analysis of financial indicators shows that the merger and acquisition event has improved the various capabilities of Wingtech Technology,but the improvement intensity is not enough,and the synergistic effect between Wingtech Technology and Nexperia is not fully shown.Finally,the thesis summarizes the conclusions and puts forward some suggestions for the future cross-border M&A activities of Chinese semiconductor enterprises.