| With the deepening of reform and opening up,more Chinese companies participate in global competition through M&A.Cross-border M&A has become a key mean of obtaining market,technology,customers and improving brand image.From the perspective of IC sub-sectors,China has huge volume and meanwhile low competitive strength in core areas.M&A is limited by policies and foreign laws,so the success rate is low.The acquisition of STATS by JCET,different from the leverage M&A in Western countries and based on the state quo of domestic capital market,is one of the best implementations and has the value of analysis.This thesis first reviews the overall characteristics of the IC industry,and combines the overall division transfer rules of the global industrial chain to analyze the development stages and strategic demands of JCET and STATS.On this basis,analyze the key steps and elements and the overall impact.On this basis,the thesis covers 3 years' financial figures after M&A,which includes cash flow status,operational net income and operational cash flow comparative and DuPont analysis,etc.,to judge whether or not to play sufficient synergies.Through comparing JCETS only,the consolidated statements and major domestic competitors,we can assess the gains and losses of the M&A on a subjective basis.On one hand,M&A have brought huge financial burden and STATS's continuous annual operating losses of have dragged down JCET's performance.On the other hand,the scale and technology advantages have been further enhanced,patents and development personnel strength and high-end customer basis has been developed,the financial risk has gradually released.The thesis shows that the M&A is a successful strategic decision in the long run.It is suggested that JCETS should speed up the business integration,improve operating efficiency,build up international brand and optimize the global distribution of production and marketing. |
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