Research On The Motivation And Performance Of Semiconductor Enterprises’ Cross-border M&A

Semiconductor,as one of the strategic industries in the 21 st century,is currently in the process of vigorous development.Thanks to the great progress of information technology,the pace of development of domestic semiconductor enterprises is increasingly accelerated.Since the "Belt and Road" was proposed in 2013,domestic enterprises have responded positively,providing excellent opportunities for cross-border mergers and acquisitions of domestic enterprises.More and more domestic enterprises choose this way to improve their global market share.Under the circumstances of economic globalization and high-tech era,many domestic semiconductor enterprises have begun the process of enterprise internationalization,and mergers and acquisitions have become the preferred effective way for enterprises to rapidly develop themselves.The merger and acquisition of enterprises is not only to seek economic benefits for enterprises,but also to enhance the core competitiveness of enterprises.Under the background of the new era,the semiconductor industry develops rapidly.The cross-border merger and acquisition of semiconductor enterprises continues to heat up,and the cross-border merger and acquisition activities with semiconductor enterprises as the target of the merger and acquisition maintain a rapid growth.Based on the current status and characteristics of transnational mergers and acquisitions in China’s semiconductor industry,this thesis studies the largest merger and acquisition case in the semiconductor industry from the main perspectives of event study method,financial index method,EVA value evaluation method and balanced scorecard.By analyzing the motivation,merger process and merger performance of Nexperia(ANSI Semiconductor)acquired by Wingtech.To evaluate whether the merger and acquisition behavior brings positive synergies to Wentai Technology and the factors affecting the merger performance,so as to expand the semiconductor enterprises in merger and acquisition how to create more merger and acquisition value for enterprises through the selection of the acquired company,the measurement of merger and acquisition motivation,the choice of merger and acquisition payment method and longterm integration in the later period of merger and acquisition.Therefore,exploring the advantages and disadvantages of this cross-border merger and acquisition event can provide some practical reference for other domestic semiconductor emerging enterprises in overseas merger and acquisition.Based on the findings of this thesis,first of all,for the company itself,the merger of Wingtech and Nexperia has great strategic significance.In the short term,the merger performance has a positive impact,but there is no lasting merger synergy effect,but it is still very successful on the whole.Secondly,through the merger and acquisition of Anse Semiconductor,Wingtech breaks through the limitations of existing business,improves its industrial chain layout,and improves its international visibility.Moreover,it has grasped the trend of 5G development and conforms to the national policy of vigorously promoting the development of semiconductor industry.Finally,the following enlightenment is obtained:enterprises should focus on the national policy and market orientation,clear merger objectives;Enterprises should choose diversified financing means to reduce financial risk;Enterprises should attach great importance to mergers and acquisitions resource integration to play synergistic effect and upgrade internal management control.