Research On The Financial Performance Of The Acquisition Of JCET Group Co.,Ltd. Under The Harvard Analysis Framework

With the advent of the era of economic globalization,China’s semiconductor and integrated circuit industries have developed rapidly,the market demand is strong,and a series of remarkable achievements have been made,but most of them still rely on imports,domestic enterprises are small and their innovation ability is limited.In order to break through the dilemma,China has issued a series of encouraging policies,and related semiconductor enterprises also seize the opportunity to make full use of industrial funds and policy support to carry out mergers and acquisitions from overseas enterprises,in order to acquiring cutting-edge international technology and expanding into foreign markets.Being the pioneer in successful overseas mergers and acquisitions for integrated circuit industry enterprises,the acquisition process of JCET Group Co.,Ltd.has been highly valued and supported by the state,which has successfully built A new industry giant and created A classic case for overseas mergers and acquisitions of A-share listed companies.Therefore,the study of the financial performance of the merger has certain practical and theoretical significance for the development of the integrated circuit industry.This paper uses case analysis,comparative analysis and trend analysis to study the financial performance of the merger and reorganization based on the Harvard framework.First of all,through the relevant literature,the domestic and foreign financial performance of mergers and acquisitions and using the harvard analysis framework of financial analysis related content analysis,defines the harvard framework,the concept of merger,acquisition and reorganization,this paper introduces the synergy theory,signal transmission theory,strategic management theory,etc,to lay the theoretical foundation for the paper framework structures.Secondly,the general situation of enterprises and the process of both sides in the case of JCET Group Co.,Ltd.is sorted out to explore the motivation of merger and acquisition.Thirdly,based on the Harvard analysis framework,the financial performance analysis and evaluation of the merger and acquisition from four aspects,pointed out the problems existing in the merger process,and put forward corresponding suggestions for the problems.Finally,the research conclusion is drawn,extending the enlightenment of the industry,explaining the insufficient research of this paper and the prospect of future enterprises and industry.The research conclusions of this paper are as follows: First,the merger and acquisition activity of JCET Group Co.,Ltd.is the result of the superposition of internal and external factors.The merger and acquisition actively respond to national policies,adapt to the development of the industrial situation,to find a breakthrough for the bottleneck period.Second,the merger and acquisition is an important strategic choice for enterprises,which provides strategic support for the financial performance of enterprises.Third,after the merger and acquisition of JCET Group Co.,Ltd.,its financial indicators are generally not optimistic in the early stage,and the phenomenon of "indigestion" has appeared,but in recent years,its profitability,solvency,and development capabilities have shown a remarkable improvement,and the overall development is good,but attention should still be paid to the turnover of accounts receivable,and the internal control needs to be further strengthened.Fourth,the prospect of JCET Group Co.,Ltd.after the merger is good.Although it faced the risk of bankruptcy in the early stage,it gradually stabilized in the later stage,and we should pay attention to some potential risk problems in the future.In general,the merger and acquisition of JCET Group Co.,Ltd.has achieved very good results,was able to enhance its financial performance,expand its market share,and boost its overall competitiveness.It can provide reference for state-owned manufacturing enterprises to further seek innovative development.The innovations of this paper are as follows:At first,The research cases are representative.JCET Group Co.,Ltd.,is the first case of the industry fund support of semiconductor industry multinational mergers and acquisitions enterprises,itself as the mainland market leader,its strength to the next level after the acquisition,therefore,this case under the framework of harvard financial performance research has a certain representative,can provide other enterprises with the same type and enlightenment.What’s more,The research perspective is novel.In the existing materials,JCET Group Co.,Ltd.,merger and acquisition case performance research based on other angles,the application of harvard analysis framework research the financial analysis tool of the article is less,this paper except from the perspective of traditional accounting,finance,also from the perspective of strategy,the prospect of the two new analysis of the impact on performance,and the industry enterprise merger,acquisition and reorganization decisions.