Research On The Performance Of Wingtech’s Acquisition Of Nexperia Based On Improved Balanced Scorecard

With the intensification of the Sino-US trade war,many domestic high-tech enterprises have encountered the neck problem.As an industry that occupies an important position in the economic and technological fields,the semiconductor industry has received widespread attention.In order to expand the scale of business operations and enhance key technologies,under the national strategic drive and policy support,China ’s semiconductor companies have focused on mergers and acquisitions of overseas-related technology companies.The success of overseas M&A is often affected by the M&A strategy of the enterprise and the national policy environment of the two parties,so it has strong uncertainties.Choosing the appropriate performance evaluation method to objectively evaluate the M&A performance of the enterprise can judge whether the M&A goal is achieved.This paper selects the largest overseas M&A case in the domestic semiconductor industry-the acquisition of Nexperia Semiconductor by Wingtech.After comparing the existing performance evaluation methods,stakeholder theory is introduced to evaluate the M&A performance based on an improved balanced scorecard.Firstly,the literature analysis method is used to systematically review the research results on M&A performance evaluation,summarise the relevant contents,and introduce the synergy theory,stakeholder theory and market power theory used in this study.Then,a brief introduction is given to both companies,outlining the whole process and M&A strategy of Wingtech’s M&A of Nexperia Semiconductor,and analyzing Wingtech’s M&A motives.Then,a performance evaluation system is constructed based on 24 financial and non-financial indicators selected from an improved balanced scorecard,and the indicator assignment weights and scoring methods are determined and applied to Wingtech’s M&A.In the performance evaluation,the M&A performance is analysed based on the changes in financial and non-financial data before and after the M&A of Wingtech from 2017 to 2021,and industry averages are introduced in the analysis for comparison,with a view to reducing the impact of external factors such as the new crown epidemic on the business conditions before and after the M&A.In order to make the evaluation results more intuitive,this paper first determines the weights of each dimensional indicator with the help of a combination of hierarchical analysis and entropy value method,and then scores the performance assessment results through the linear weighting method to further quantify the M&A results and obtain the total performance score of this M&A event.Based on the problems and shortcomings revealed by the analysis results as well as the comprehensive performance evaluation,suggestions to promote the M&A performance of Wingtech are put forward,and insights for overseas M&A of enterprises in the same industry are summarised.Finally,relevant conclusions are drawn and research outlooks are presented for reference by the industry.This paper analyses the M&A performance of Wingtech’s acquisition of Nexperia and draws the following conclusions: Firstly,the M&A targets were basically achieved,the business structure was adjusted,the overseas market was broadened and the synergy effect was more significant.Secondly,the overall performance of Wingtech in the financial dimension,stakeholder dimension and learning and growth dimension is good,but the performance of the internal process dimension is not satisfactory.The innovation of this paper is twofold: firstly,the research methodology is more comprehensive.The objective and subjective weighting methods were combined,and the hierarchical analysis method,which reflects expert opinion,and the entropy method,which reflects the value of indicators,were chosen to assign weights to the indicators of the M&A performance evaluation system,with the aim of comprehensively evaluating the post-merger performance of enterprises.Secondly,the research perspective is relatively new.Stakeholder theory is combined with the traditional balanced scorecard,and new measurement elements such as suppliers,government and employees are added to make the research perspective more comprehensive and the research results more reliable.