| Since the reform and opening up,China has always adhered to the development strategy of strengthening the country through science and technology,and has always attached great importance to high-tech enterprises.In recent years,the competitive environment of high-tech enterprises in the capital market has become increasingly severe,and the United States’ technological sanctions against China are still vivid.The global M&A market continues to expand,and the transaction size will exceed 5.8 trillion dollars in 2021.While the M&A market is expanding,it is also gradually transforming into a new stage with technology acquisition as the core.There are more and more examples of high-tech enterprise M&A in the M&A market.However,compared with traditional industries,due to the enterprise characteristics of high-tech industries,the risk of mergers and acquisitions between high-tech enterprises is greater,and the uncertainty of the integration effect of both parties after mergers and acquisitions is greater.Therefore,the research focus of this thesis is to analyze the motivation of high-tech enterprises’ M&A,the performance after M&A,and the formation mechanism of M&A performance,so as to provide some reference experience for the development of high-tech enterprises in China in the future.The case studied in this thesis is Giga Device’s M&A of Silead.On the one hand,both the M&A parties are high-tech enterprises,which belong to the integrated circuit design industry supported by the state in recent years,and are highly representative;On the other hand,Giga Device’s acquisition of Silead is a typical "double high" acquisition.Giga Device acquired Silead at a 19 times premium and made a high performance commitment.In the whole M&A market,the enterprises with high premium M&A are often high-tech enterprises,which are the more obvious M&A characteristics of high-tech enterprises.Therefore,it is more referential for high-tech enterprises to analyze the motivation of Giga Device M&A and the performance after M&A.This thesis adopts the method of combining literature research and case study.First,it combs and summarizes the literature at home and abroad on the risk,motivation and performance of enterprise mergers and acquisitions.On this basis,it discusses the relevant concepts of high-tech enterprise M&A,the risks of high-tech enterprise M&A,the evaluation methods of M&A effect,and the theoretical basis of enterprise M&A.Next,this article selects Giga Device’s acquisition of Silead as the research object,combining the business situation and industry policy background of the case company before the acquisition,to explore the true motivation of Giga Device’s acquisition.After that,evaluate the performance of this merger and acquisition from both financial and non-financial aspects,and compare and analyze it with the same type of enterprises in the same industry,in order to deeply explore the formation mechanism of merger and acquisition performance,and finally form the conclusions and inspiration of this article.Through analysis,this thesis finds that Giga Device is mainly due to acquisition of core technology,enrichment of product lines,enhancement of brand influence,and resource integration and complementation.In terms of performance,the financial performance and non-financial performance of Giga Device after M&A are well fed back.The analysis shows that Giga Device mainly forms M&A performance from four aspects: sharing sales channels,diversified supply chain layout,increasing R&D to build technical barriers,and diversified product R&D.It is concluded that Giga Device M&A is a choice based on the changes in the internal and external environment of the enterprise itself.Through M&A,core technologies are rapidly supplemented,the industrial layout is improved,and the expansion of the enterprise is finally accelerated,seizing a good opportunity.Finally,it concludes the enlightenment of high-tech enterprise M&A: the conclusion of reasonable performance commitment by enterprises can help prevent high premium M&A risks,high-tech enterprises can speed up technological innovation through M&A,and high-tech enterprises should also pay attention to changes in the industry environment in time to supplement and improve the strategic layout.I hope other high-tech enterprises can use this for reference when choosing merger and acquisition plans. |
