| Since 2013,the Chinese government has actively promoted the implementation of the "the Belt and Road" and encourage Chinese enterprises to further invest abroad.The business strategy of enterprises has become more international,and the industry has continued to transform and upgrade.With the promotion of the strategies of "Industry4.0" and "Made in China 2025",China is vigorously pursuing technology oriented cross-border mergers and acquisitions to obtain key technologies and create competitive advantages in the international market.With the support of the government,the scale of cross-border mergers and acquisitions in China has been expanding year by year.The semiconductor industry is the most technologically intensive industry in China’s electronic information industry chain,and China provides strategic support.Currently,China’s semiconductor industry still faces challenges such as small scale,low economic benefits,and weak research and development capabilities.With the formation of core assets in China’s integrated circuit industry,Chinese semiconductor enterprises need to adapt to development trends,select high-quality M&A targets,and continuously promote industrial development through extensive development.However,most mergers and acquisitions ultimately failed to achieve their expected goals.Therefore,whether cross-border technology mergers and acquisitions can truly improve the innovation performance of enterprises,what important factors have an impact on them,and whether the improvement of innovation capabilities has brought expected results to enterprises have become a topic worth discussing at present.This thesis takes Wingtech’s cross-border technology acquisition of Nexperia Semiconductor as a case study.Firstly,it introduces the relevant background,current situation,and theories of cross-border technology acquisition and innovation performance,which can clarify the research methods and directions in this research.Then,the case is introduced,and the industry average is selected to compare and analyze the financial indicators before and after the merger.Secondly,using the Data Envelopment Analysis,including BCC model and Malmquist index model,which are used for analysis.And sample companies in the same industry are selected to fully measure the innovation performance before and after the merger of Wingtech.Further study on the impact of cross-border technology mergers and acquisitions on corporate performance and whether changes in financial status are caused by innovation performance.Finally,the conclusions of this research are summarized,and relevant suggestions were put forward for cross-border technology mergers and acquisitions of enterprises.The research finds that:(1)The choice of the target company Nexperia is a deliberate strategic decision,which improve the industrial chain of Wingtech through mergers and acquisitions;(2)Cross-border technology mergers and acquisitions have a positive effect on the overall innovation performance of Wingtech,which can promote the innovation input and output of enterprises,and the innovation efficiency of enterprises;(3)The integration measures after mergers and acquisitions will affect the performance of innovation performance,and the impact of improving innovation performance has some extent to promoted economic benefits. |
