| China is the largest electronic consumer in the world with big IC market scale.However,Chinese self-sufficiency rate is not high,especially in high-end products.With the rise of international trade protectionism,the promotion and transition of China’s related industries are limited.Therefore,it is meaningful to study the M&A cases of this lindustry aiming at the strategic transformation.In the face of external development constraints and lack of self-development power,Will Semiconductor actively and neatly adjusted its enterprise strategy,entered the field of CMOS image sensor and quickly broke through the business dilemma of the enterprise in the means of M&A.After the M&A,Will Semiconductor had good performance in all aspects and rapidly became a leading enterprise in the semiconductor industry with good integrity.Based on the theory of M&A,using the method of document study and case study,this research elects the case of Will Semiconductor’s merging Beijing Omnivision and SuperPix in the field of CMOS image sensor.And Will Semiconductor used to be mainly engaged in distribution business in the IC market.According to the annual report data and open information,this research makes a further analysis of Will Semiconductor’s M&A strategy,and assesses the consequences of M&A through three angles of market performance,financial performance and business performance,so as to draw conclusions,enlightenment and recommendations.There are four parts in this paper:Firstly,this research analyzes the mechanism of M&A in view of strategic transformation from the point of view of the motivation mechanism,tactics chosen mechanism and M&A consequence mechanism.Secondly,concentrating on Will Semiconductor as the investigation object,this research reviews the business features,background,M&A motivation of strategic transformation and process of M&A stakeholders,which bedding for the later analysis of M&A strategy.Thirdly,this research concentrates on the strategic selections of Will Semiconductor in M&A,including target selection,timing selection,payment method selection and integration strategy selection.Finally,this research analyzes the economic consequences of Will Semiconductor’s M&A from three angles--market merits,financial merits and management merits.On account of the case study of Will Semiconductor,this paper comes to a conclusion:(1)The probable choice of M&A strategy is helpful for Will Semiconductor to complete its strategic transformation.(2)Will Semiconductor achieved its strategic transformation goal through M&A.(3)Enterprises aiming at strategic transformation should pay attention to the selection of M&A targets and timing.This paper derives from conclusions above and puts forward corresponding suggestions for enterprises,investors and the government. |
