Study On The Motivation Of Successive Mergersand Acquisitions And Their Performance Ofwingtech Technolog

Semiconductor industry is one of the most high-tech industries in the whole electronic information industry chain,in recent years,our government suggested that enterprises should avoid unsustainable investment as far as possible,and actively expand high-tech industries,under the national development strategy,the semiconductor industry has received strong support.2022,the United States through export control policies to restrict the development of China’s semiconductor industry,and the scope of restrictions to semiconductor equipment In this context,the local substitution of semiconductor equipment and upstream materials is expected to advance rapidly with continued national support.However,many non-semiconductor companies in China are facing the lack of technical assistance and industrial clusters,so the adoption of successive mergers and acquisitions is an effective way to enter the semiconductor market quickly.This paper aims to provide insights and lessons learned from the case of successive M&As of Wintel Technology.Firstly,the theoretical basis is provided for the analysis of the case of successive M&As of Wintel Technology by sorting out the theories on the motivation and performance of successive M&As.We also discuss the current development status of the semiconductor industry in which Wintel is located,introduce the details of Wintel’s successive M&A,and then analyze the specific motivation of Wintel’s successive M&A in the context of national and international semiconductor industry policies.In analyzing the performance of the successive M&As,the event study method and EVA economic value added method are used to analyze the financial performance of Wintel Technology after the successive M&As,and the non-financial performance of Wintel Technology in terms of personnel structure,market size and R&D capability is analyzed more comprehensively.The research results show that the motivation of continuous M&A of WINTECH is to respond to the national policy call,to break through the chip dilemma,to achieve domestic substitution;to adjust its own industrial layout,to open up the upstream supply chain and to achieve capacity increase through the synergy effect after M&A.From the perspective of M&A performance,the market performance of Wintel Technology has improved to a certain extent after successive M&As,the economic value added has increased with the number of M&As,the operating capacity and profitability are more stable,the integration of Wintel Technology after successive M&As has effectively improved the operational efficiency and capital utilization rate of the enterprise,increased the market expectation and enhanced its market competitiveness,the overall growth capacity is better,the revenue scale The overall growth ability is better,the revenue scale becomes more substantial,the business segment also develops from single to diversified,and obtains huge patent value to make up for the lack of part of the high-value patents.But on the other hand,the high premium of M&A activities to Wintel Technology solvency caused impact,Wintel Technology assumed a higher debt,resulting in increased risk of capital structure,poor short-term debt servicing capacity,staff in a significant increase but the quality of employees need to continue to improve.Through the analysis of the successive M&A cases of Wintel Technology,this paper proposes some conclusions and insights for other companies to learn from: firstly,we hope that companies will conduct successive M&As in accordance with domestic and international policies and carefully study the risks of M&As;secondly,the selection of M&A targets should take into full consideration the complementary issues of industrial chains and whether the target companies are in line with the long-term development strategies of the company and whether they can share resources with the previously acquired companies so as to facilitate management integration as soon as possible after the M&A;thirdly,we should pay attention to the integration after the M&As and give full play to the synergistic effects of successive M&As.