| The global economy has ushered in a new wave,and the competition for science and technology has become more intense.In order to quickly acquire advanced technologies and enhance innovation capabilities,domestic companies,especially hightech companies,have started a boom in cross-border technology mergers and acquisitions,and the scale of overseas technology mergers and acquisitions has expanded steadily.However,although many cross-border mergers and acquisitions have been carried out by domestic companies for a long time,the success rate of mergers and acquisitions has been low.In many cases,cross-border technology mergers and acquisitions do not bring value enhancement to enterprises,and even bring heavy damage to the development of enterprises.This means that although cross-border technology mergers and acquisitions provide better development opportunities for enterprises,due to various problems,the technical resources obtained by enterprises through mergers and acquisitions are often difficult to convert into productivity.In 2019,Suzhou Wafer Square Technology Co.,Ltd.successfully acquired Anteryon in the Netherlands,and effectively completed the integration of mergers and acquisitions and the transformation of innovation achievements of technical resources in the following three years.This thesis selects this case as the research object,analyzes the path and effect of value creation,and provides some reference for other domestic enterprises implementing multinational technology mergers and acquisitions.Firstly,the relevant literature is reviewed and a research framework is formed based on synergy theory,knowledge transfer theory,absorption capacity theory,and technology spillover theory.Then,from the two chains of multiple synergistic integration,technical knowledge transfer,absorption and technology spillover,the real path to achieve value creation is explored.On this basis,the short-term value effect of China Wafer Square Technology’s cross-border technology acquisition of Anteryon was measured from market response,and the long-term value effect of China Wafer Square Technology’s acquisition of Anteryon was measured from four dimensions: market value,innovation value,industrial value and social value.The study finds that China Wafer Square has achieved short-term and long-term value appreciation through cross-border technology mergers and acquisitions,and this value-added effect is on the one hand through the diversified synergy of strategic synergy,resource synergy,financial synergy and operational synergy,and on the other hand,with the help of the transfer and absorption of technical resources,which greatly enhances the company’s R&D capabilities and core competitiveness.This thesis analyzes the value creation path of cross-border technology M&A from the perspective of technology knowledge transfer and technology spillover benefit,and further broadens the research framework of cross-border technology M&A value creation path.Moreover,the long-term value creation effect of cross-border technology mergers and acquisitions is studied from the four dimensions of market value,innovation value,industrial value and social value,which can reflect the economic consequences of mergers and acquisitions more comprehensively and deeply.The research results of this thesis can enrich the existing research on the path and effect of value creation in cross-border technology mergers and acquisitions,and provide reference for other enterprises in the semiconductor industry to achieve technological progress and value creation through cross-border technology mergers and acquisitions. |
