Research On The Influence Of Technology M&A On The Comprehensive Performance Of Enterprises

After decades of accumulation,traditional electronic manufacturing enterprises in China have completed the accumulation of "quantity".However,in the context of intensified market competition today,traditional electronic manufacturing enterprises need to explore "quantity to quality" transformation and upgrading plans from both inside and outside to meet the requirements of developing an innovative economy and green intelligent manufacturing.Nowadays,technology mergers and acquisitions are increasingly favored by traditional manufacturing enterprises,which can help manufacturing enterprises obtain technical resources and achieve performance breakthroughs in a relatively short period of time.However,in an environment where economic,ecological,and social balance is increasingly emphasized,a single financial performance is not sufficient to measure the impact of technology mergers and acquisitions.Exploring the positive and sustainable impact of technology mergers and acquisitions on corporate comprehensive performance has become particularly important.As the largest technology merger and acquisition transaction in the history of Chinese semiconductors,Wingtech’s merger and acquisition of Nexperia has become a leading enterprise in the field of discrete device semiconductors in China.Its financial performance has doubled in 2019,but whether technology mergers and acquisitions have a positive and sustainable impact on its comprehensive performance is worth exploring and analyzing.After reviewing relevant literature on technology M&A and corporate performance at home and abroad,this article combines theoretical analysis and case studies with synergy theory,resource based theory,organizational learning theory,and industrial policy theory,and selects Wingtech as a case company to study the impact of its technology M&A with Nexperia on corporate comprehensive performance and the path of action.Firstly,from the perspective of short-term market performance,it is found that the stock price fluctuations during the window period of Wingtech’s acquisition are significantly related to this acquisition.Secondly,using the entropy catastrophe progression method to analyze long-term comprehensive performance,it was found that the technology acquisition of Nexperia had a positive impact on the performance of Wingtech in the year of completion of the acquisition and subsequent years.Operating performance,innovation performance,and organizational performance were basically consistent with the overall performance trend,but the effect remained unstable,with a decline in overall performance in 2021.Therefore,this article provides relevant suggestions for the continuous improvement of Wingtech’s comprehensive performance level in the subsequent development process from two aspects: optimizing technology merger and acquisition decision-making and strengthening sector synergy and integration.Based on traditional electronic manufacturing enterprises,this article uses market research methods and catastrophe progression methods to explore the impact of enterprise technology mergers and acquisitions on enterprise comprehensive performance,further analyzing the path of the impact of technology mergers and acquisitions from both production and operation and technological resources synergy on enterprise comprehensive performance,enriching relevant research in the field of technology mergers and acquisitions,and providing suggestions for enterprises in the same industry to optimize mergers and acquisitions decision-making and strengthen sector synergy.