| Globalization is the general environment in which countries are deepening their economic exchanges;the overall capital market continues to improve.Today,the market is increasingly embracing M&A and putting it into practice.With the 2015 M&A frenzy,the semiconductor industry has entered an unprecedented era.After more than 60 years of "discrete" development,the industry has taken its first steps toward consolidation.For many,the industry has entered the maturity phase mark,as its growth rate has slowed,to further improve the return on investment,to rely on the economies of scale brought about by consolidation,rather than natural growth.M&A is generally driven by the efficiencies that result from maximizing economic scale.In view of this phenomenon,it is particularly important to conduct an in-depth investigation into the evaluation of corporate M&A performance and the factors influencing it.Based on this situation,this paper aims to conduct a study on the content related to the performance of corporate mergers and acquisitions after combing through the literature and theory,and select the largest semiconductor merger and acquisition case in China so far to conduct a study and proceed to analyze the overall situation of mergers and acquisitions in the semiconductor industry,on the one hand,because the event and representative,started in 2018 and until the complete end in 2020,is adapted to the policy direction,in line with the On the other hand,it is because the M&A company has a wide product coverage in the industry and a perfect industrial layout,which can reflect the actual situation of the industry to a certain extent.The analysis of the motivation of this case and the changes in performance before and after the M&A is more informative for future M&As in the semiconductor industry.After the background significance and theoretical elaboration,this paper starts the case analysis section.The first is to introduce the case,including the M&A parties and the complete M&A process;the second is to study the M&A motivation of the case and evaluate the M&A performance on this basis,based on financial and non-financial perspectives,using financial index analysis,validation factor analysis,etc.,EVA economic value added analysis,and three aspects based on the M&A companies’ research and innovation,market share and social responsibility.Finally,we conclude that W has achieved its own M&A objectives by acquiring Company A.Although there are shortcomings in its short-term operations,it has generally met expectations;it has obtained synergistic effects,realized complementary resources,and formed a vertical combination of industrial chain development,and the effect of this M&A transaction is relatively satisfactory,but it should continue to pay attention to future development,focus on maintaining long-term performance,and strengthen the scale when However,we should continue to pay attention to the future development,focus on maintaining long-term performance,strengthen the scale effect while preventing its business risks,and actively promote the development of dual business synergy.Finally,we conclude from the research of this paper that: diversification to occupy the market and business resource synergy are important reasons for M&A;grasping the national policies and industry boosting nature is conducive to gaining advantages in competition;reasonable and efficient integration of resources after M&A is the key to a good development trend of performance.At the same time,relevant inspirations are obtained: enterprises should take the market and policy as the guide to make plans and select targets;consider the impact of M&A on their performance in many aspects and give full play to the synergistic effect of M&A;attach great importance to resource integration,strengthen internal management and grasp the development momentum and competitive vitality brought by M&A.It is hoped that the findings and insights of this paper will provide valuable reference suggestions for other enterprises. |
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