Research On Innovation Performance Of Cross Border M&A Of Changdian Technology From The Perspective Of Resource Arrangement

As a strategic,fundamental,and leading industry in the development of the national economy,the domestic demand for semiconductor integrated circuits is enormous.However,the low self-sufficiency rate and insufficient innovation capacity of the domestic integrated circuit industry are still serious issues.In recent years,under the guidance of the development outline of the integrated circuit industry based on the principles of innovation driven and open development,more and more semiconductor companies are optimizing resource allocation through mergers and acquisitions,thereby improving their performance.It is necessary to study the innovation performance of crossborder mergers and acquisitions aimed at acquiring advanced technology.Existing research has mainly explored the impact of mergers and acquisitions on enterprise innovation performance from aspects such as the purpose and influencing factors of mergers and acquisitions,at the same time,the theory of resource allocation has not been widely extended to the field of mergers and acquisitions.Further exploration is still needed on how to effectively arrange resources to improve enterprise innovation performance in mergers and acquisitions,as well as how to build a comprehensive innovation performance evaluation system.Therefore,based on the perspective of resource orchestration,this article takes the M&A case of Changdian Technology,a representative enterprise in the domestic semiconductor packaging and testing industry,as the research object to explore the impact path and effect of a series of resource orchestration actions on enterprise innovation performance after the merger.This article collates and summarizes the literature related to cross-border mergers and acquisitions,enterprise innovation,resource allocation,and merger performance.On the basis of resource allocation theory,synergy theory,market power theory,and open innovation theory,it introduces the basic situation of this merger and acquisition,and analyzes the implementation process and motivation of mergers and acquisitions.On this basis,explore the integration path of cross-border mergers and acquisitions of Changdian Technology from the perspective of resource allocation.Finally,construct a comprehensive evaluation system of innovation performance based on “innovation efficiency innovation output”,use DEA model to measure innovation efficiency,measure innovation output from both technical output and economic output,and comprehensively evaluate the M&A innovation performance of Changdian Technology in multiple dimensions.The research findings are as follows: First,Changdian Technology achieves maximum utilization of resources through effective resource scheduling.On the basis of reasonably constructing a resource mix,resource bundling is conducted to form core competitiveness,and resources are utilized to develop competitiveness,thereby improving enterprise innovation performance.Secondly,through effective resource allocation,Changdian Technology’s innovation performance is far higher than before the acquisition.It is shown that although there is a certain lag in innovation performance in terms of innovation efficiency,technological output,and economic output,Changdian Technology has basically achieved positive innovation performance.In short,in order to improve innovation performance when conducting cross-border mergers and acquisitions,enterprises need to select appropriate target companies and attach importance to the arrangement of resources.This article enriches theoretical research on the innovative performance of cross-border mergers and acquisitions of enterprises,and through analyzing a series of resource allocation processes conducted after the merger between Changdian Technology and Xingkejinpeng,it is expected to provide certain ideas and experience references for other semiconductor enterprises to optimize resource allocation through cross-border mergers and acquisitions.