Research On Strategic M&A Motivation And Performance Of B Semiconductor Enterprises

The semiconductor industry plays a strong role in promoting the development of our modern science and technology industry.Since 2015,semiconductor enterprises have set off a wave of mergers and acquisitions around the world.The number,scale and amount of mergers and acquisitions events are unprecedented.Chinese semiconductor industry started late,and it is the first time to participate in the wave of mergers and acquisitions.Chinese semiconductor enterprises have participated in M&A for a short time,and there are relatively few researches on the motivation and performance evaluation of M&A cases,and the relevant research results are difficult to provide theoretical support for the industry.Therefore,this paper takes the case of B semiconductor Company’s merger and acquisition of X company as the research object,and conducts in-depth research from the motivation and performance of merger and acquisition,so as to provide reference for future merger and acquisition activities of semiconductor enterprises.Firstly,Chapter 1 and Chapter 2 of this paper use literature research method to summarize the theories related to M&A.Secondly,Chapter 3 describes the semiconductor industry and its current situation,and introduces the semiconductor industry chain,production process and enterprise operation mode.Describes the global and domestic semiconductor industry development status,and the gap between China and foreign countries in various segments;This paper summarizes the current situation of semiconductor industry M&A at home and abroad.It is mainly motivated by business extension abroad and technology and market share at home.Then,Chapter 4 introduces the two sides of the case merger and acquisition,and explores the motivation of B enterprise merger and acquisition from the external and internal aspects.Among them,the external motivation is analyzed from the aspects of national policy,industry development and product dependence on import.Internal motivation is studied from the aspects of enterprise development,market share and synergy.Then,Chapter 5 uses the event study method to study the short-term performance of M&A.It is found that company B has a significant positive effect on its cumulative abnormal returns from 15 days before the merger to 15 days after the merger.Through the significance test,it is proved that the merger has a significant impact on short-term performance.The balanced scorecard is used to study the long-term performance of M&A.In terms of financial dimension,the indicators of profitability,operating capacity and growth capacity have been improved to achieve the goal of new growth points for enterprise development.In terms of customer dimension,under the condition of maintaining customer retention,the market share after the merger continues to expand,completing the motivation of enhancing market control;In the internal business process dimension,the sales expense ratio remained unchanged after the merger,while the management expense ratio decreased significantly.The learning and growth dimension has a strong performance after the merger and acquisition,the staff structure is constantly optimized,the excellent R&D team is acquired,and the R&D investment is increased.From the perspective of customer dimension and learning and growth dimension,to achieve the acquisition of high-quality resources and bring synergy into play.The index selected by the balanced scorecard was quantified by the entropy method,which further proved that the merger and acquisition of X company brought positive effects.In Chapter 6,this paper summarizes the case conclusion of B enterprise’s merger and acquisition of X enterprise,and puts forward three enlightenments according to the case study: first,grasp the macro situation and seize the merger time;Secondly,the enterprise should choose the target enterprise reasonably according to its own situation;Third,strengthen merger and acquisition resources integration,give play to their resource advantages.