| Since 2014,the development of the global semiconductor industry has entered a stage of slowing down and improving quality,and mergers and acquisitions have become the main way for semiconductor companies to develop the market and enhance their competitiveness.The integrated circuit industry investment fund with the national government as the background intervenes in the merger and acquisition integration market after its establishment,which provides financial support for a number of semiconductor companies' cross-border mergers and acquisitions.What is the impact of the intervention of industrial investment funds on the main consolidating party? Whether it can improve the financial performance of the main consolidating party is still one of the key issues that need to be solved urgently.Based on this,this article conducts an in-depth study of the case of JCET's acquisition of STATS Chip PAC,and explores the advantages and functions of industrial investment funds in cross-border mergers and acquisitions,and their impact on the financial performance of the main party after the merger.First,this article sorts out the relevant literature and theories of industrial investment funds and cross-border mergers and acquisitions;secondly,by studying the case of JCET's acquisition of STATS Chip PAC,it sorts out the process of mergers and acquisitions,financing methods,and the performance of industrial investment funds in mergers and acquisitions.Function;Finally,through the application of event research method and financial indicator analysis method,the short-term and long-term financial performance of the main merger party after the M&A event are analyzed respectively.Among them,the FCI M&A of Hua Tian that occurred in the same industry at the same time is horizontally selected as a comparison.Industrial investment funds are not used in the M&A process to eliminate the influence of industry factors;the vertical difference method is used to eliminate the influence of macroeconomic factors.The study found that,in the short term,industrial investment funds have provided JCET with relatively stable financial support in the process of mergers and acquisitions,reducing the share of its own funds.At the same time,industrial investment funds often invest in companies with development potential and carry Local or national development strategies have a certain guiding role in the market,can enhance market confidence,and have a positive impact on the short-term performance of JCET's;in the long run,the intervention of industrial investment funds will also provide for the follow-up development of JCET.Continuous financial support helps JCET to ease the debt repayment pressure caused by mergers and acquisitions,and at the same time provide the main merger party with support for the upstream and downstream of the industrial chain,improve the efficiency of the use of merger assets,enhance the synergy of mergers and acquisitions,and ensure the smooth completion of the company Mergers and acquisitions integration.Finally,in view of the application of industrial investment funds in this merger and acquisition,the following management enlightenment is proposed: industrial investment funds can provide basic and strategic industries with support for the entire industrial chain in various links such as financing-investment-operation;participation in industrial investment funds When supporting project construction,the long-term plan of the target company should be considered,and the funding support method should be reasonably arranged to ensure the stability of the target company's control structure;the process of industrial investment fund withdrawal should improve information transparency and improve the exit mechanism,so that the industrial investment fund will follow-up Better support for industrial development in applications. |
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