Research On The Performance Of Wingtech Technology’s Merger With Nexperia Based On The Perspective Of Collaboration

At present,China’s economic development has entered a critical period of transformation and upgrading,but in the integrated circuit、 semiconductor and other advanced areas are still facing the crisis of advanced foreign technology,high-end manufacturing industry is still unable to support the needs of economic transformation.Occupying the high-end position of manufacturing industry and realizing industrial upgrading have become an important goal of our economic development.Therefore,we put forward a series of supportive policies to promote the development of semiconductor industry.Due to technical restrictions,the low position of supply chain and other reasons,the domestic semiconductor industry competitiveness is insufficient,industry entry barriers are high.Mergers and acquisitions have become an effective way for other enterprises to break the industry barriers,obtain technical advantages,and enter the semiconductor industry quickly.However,M&A in semiconductor industry generally faces the problems of huge M&A amount,high M&A risk and lack of M&A integration experience.Therefore,it is of great significance to analyze and summarize successful and typical M&A cases in the industry.Based on the financial index method,entropy weight method and grey relational degree model,this paper analyzes the merger performance of Wingtech Technology’s acquisition of Nexperia as an example.First of all,relevant researches at home and abroad are sorted out in terms of M&A synergy,motivation and M&A performance,and then the shortcomings of the researches are summarized and the contents of the researches are further clarified.Secondly,after introducing the industry impact theory,competitive advantage theory,transaction cost theory and synergistic effect theory,the relevant general situation of both sides of the case is introduced.Then,the financial index method is used to analyze and evaluate the synergy effect after the merger of Wingtech Technology and Nexperia from the perspective of single dimension of synergy effect.Finally,based on entropy weight method and grey relational degree model,this paper calculates and analyzes the comprehensive performance of Wingtech Technology’s acquisition of Nexperia,evaluates its comprehensive performance after the acquisition,and gives relevant enlightenment and suggestions.The paper finds that from the perspective of single dimension synergy,the performance of Wingtech Technology was at a low level before the merger and acquisition,but after the merger and acquisition in 2018,different degrees of synergy were reflected in the aspects of operation,finance and management.From the perspective of comprehensive performance,the performance level of Wingtech Technology was always at a low level before the merger and acquisition,but increased significantly after the merger and acquisition in 2018,and still maintained a strong development trend during the epidemic period,indicating that the synergistic effect of both companies was effectively played after the merger and acquisition performance was good.The main innovation points of this paper are as follows: First,in terms of research objects,typical and successful M&A cases of semiconductor industry in 2018 are selected as research objects for analysis.At present,there are few researches on M&A performance of semiconductor industry,and M&A experience of other industries may not be suitable for semiconductor industry.Second,from the perspective of research,this paper mainly based on the synergy theory.The synergy perspective is taken as the starting point to analyze the resource integration effect of the enterprise after the merger from the single dimension synergy effect,and then based on the synergy perspective,the index evaluation system is constructed to analyze and evaluate the comprehensive performance after the merger,expanding the perspective of the evaluation of the merger performance.Based on the analysis of Wingtech Technology’s acquisition of Nexperia,this paper draws the following enlightenment: First,the enterprise should develop a suitable merger plan.Enterprise initiates merger and acquisition aims to improve the performance of enterprises and promote the healthy development of enterprises.For enterprises that want to quickly enter new industries through mergers and acquisitions,they should have a comprehensive understanding of national and industrial policies,consider their own business objectives,weigh their own business strength,master the dynamics of the merger and acquisition market of both sides,and formulate merger and acquisition plans that conform to their own strategies.Second,enterprises should expand financing channels.In the process of merger and acquisition,enterprises should make full use of various financing methods,expand financing channels,adopt the form of step-by-step acquisition of shares to reduce financing risks and improve the efficiency of capital utilization.Third,enterprises should pay attention to the integration of resources after merger and acquisition.In the whole process of merger and acquisition,enterprises should attach importance to the coordination and integration of strategic planning,business operation and human resources,so as to enhance the core competitiveness of enterprises of both sides based on the high-quality resources and advanced technologies obtained by merger and acquisition,and promote the effective release of synergies.