Influence Of Overseas M&A On Innovation Performance Of Semiconductor Enterprises

In recent years,with the rapid development of my country’s economy and the gradual upgrading of the industrial structure,the amount of my country’s foreign investment has gradually increased.To guide the healthy development of the overseas M&A market,the Chinese government has strengthened its guidance on overseas M&A and encouraged companies to invest overseas in areas that can enhance the overall innovation capabilities of the industry and promote industrial transformation and upgrading.As a national strategic industry,the semiconductor industry has received strong support from the country.Having a leading semiconductor industry chain has a significant and far-reaching impact on the development of the country.The Chinese government has also given great financial support to the development of the semiconductor industry through the establishment of industrial funds and other means.Semiconductor companies should,under the guidance of the government,with the help of industrial funds,select high-quality M&A companies for M&A integration,absorb high-tech through overseas M&A,achieve external growth of the company,and promote the development of the semiconductor industry.This thesis first combed the basic theories and related literature on overseas M&A and innovation performance at home and abroad,clarified the research directions and methods,and then analyzed the status quo of China’s semiconductor overseas M&A,and then took the case of JCET Group’s overseas M&A of Stats Chip PAC as an example.Carrier,starting from the three aspects of innovation input,innovation output and innovation efficiency,select multiple indicators of R&D investment,number of R&D personnel,related products and technologies,number of patents and market share,and comprehensively analyze its innovation investment and innovation before and after M&A.The changes in output,and use the combination of super-efficiency data envelopment analysis and traditional data envelopment analysis to explore the impact of M&A on its innovation efficiency,and then in-depth analysis of the reasons affecting its innovation performance.Finally,summarize the full text and promote China’s semiconductor companies put forward relevant suggestions for future overseas M&A activities.The research results show that:(1)Overseas M&A can generally improve the innovation performance of semiconductor companies,which is reflected in the improvement of innovation input,innovation output and innovation efficiency.(2)Postmerger integration,complementarity of the resources of both parties to the merger,and state support will all have an impact on innovation performance.(3)After M&A,companies need to reasonably adjust R&D investment to prevent redundancy and deficiencies.This thesis has the following research significance:(1)Enriching the relevant literature on the impact of overseas M&A on the innovation performance of semiconductor companies.(2)It is helpful for Chinese semiconductor companies to better implement overseas M&A and improve corporate innovation performance.(3)Provide a realistic basis for the Chinese government to formulate specific industrial policies to support the development of the semiconductor industry.