Research On Motivation And Performance Of M?A Of Nexperia By Wingtech Based On Extension Of Industry Chain

With the transfer of electronic manufacturing industry to China,China's semiconductor industry has developed rapidly,but China still presents the dilemma of low-end self supply and high-end import.Following the "ZTE incident","Sino US trade war" and "Huawei incident",western countries have suppressed the development of China's communication service industry,raised the market's attention to high-end chips,and created excellent market entry opportunities for investors.In recent years,the Chinese government has attached great importance to it and issued a number of incentive policies one after another.It can be seen that it is inevitable for the whole country to promote the development of semiconductor industry.However,at the same time,the semiconductor industry is a capital and talent intensive industry,with long investment return cycle,high technical barriers and high dependence on talents.All these determine that it is difficult to achieve rapid development in the short term by relying on independent research and development,and entering the semiconductor field through mergers and acquisitions of high-quality enterprises has become the first choice for enterprises.This paper selects Wing Tech M?A with the largest transaction amount in China's A-share semiconductor industry so far as the research object,extends the dynamic point of M?A from the industrial chain,analyzes the financial indicators from four dimensions and verifies it with principal component analysis,uses the event research method to analyze the short-term market response of the three rounds of M?A respectively,uses Tobin Q value to analyze the long-term market response,Finally,combined with non-financial indicators,this paper analyzes the comprehensive impact of industrial chain extension M?A,so as to provide some reference for peer industrial chain extension.Based on the data from 2016 to 2021,this paper finds that investors have shown a cold,radical and rational attitude change in the three rounds of mergers and acquisitions over a period of two years.In the medium and long term,the industrial chain extension M?A has enriched its own products and fully improved its profitability.At the same time,Wing Tech has also obtained a large amount of financing and enhanced capital liquidity.Instead of falling into a debt crisis due to a large amount of debt,it has enhanced its solvency.R?D investment continues to make efforts,the effect of R?D output is obvious,and the process of localization and substitution is accelerated.Influenced by COVID-19,Wen Tai technology needs further integration of resources to cope with market changes if we want to achieve stable growth.Finally,based on the full text,the following enlightenment is obtained: choose enterprises with high degree of industrial chain fit and complementary interests of both sides;Formulate a reasonable M?A strategy to avoid blindly following suit;Adopt diversified financing payment to ensure the implementation of M?A;Pay attention to the integration ability after M?A and realize coordinated development.The purpose is to provide reference for China's subsequent enterprises with M?A intention of semiconductor industry chain.