国际经济与贸易学院知识库

在“走出去”战略的引领下，跨国并购逐渐成为我国企业开拓国际市场，获取先进技术，优化产业结构，实现产业转型的重要途径。半导体行业是国家战略新兴产业，随着产业的升级和竞争的加剧，半导体行业进入了加速整合期，并购成为半导体行业的关键词，而并购方采取的并购策略对并购的成功与否至关重要。

闻泰科技对安世集团的并购是我国半导体市场上规模最大的跨境并购案，本文通过研究闻泰科技跨国并购安世集团的整个过程，分析了闻泰科技在并购过程中各环节所实施的策略，共包含目标企业的选择、并购估值、并购定价、并购融资、并购支付、并购整合六个方面。接下来本文从市场、财务和非财务三个角度对闻泰科技跨国并购安世集团策略的经济效果进行了研究。首先，本文运用事件研究法对闻泰科技的市场经济效果进行了研究，其次从偿债能力、盈利能力、成长能力、资产管理能力四个角度对其财务经济效果进行了研究，最后从战略目标以及技术研发能力两个角度对其非财务经济效果进行了研究。

结合闻泰科技跨国并购策略的经济效果，本文对闻泰科技并购策略的优势及缺陷进行了分析。研究发现以战略为导向选择优质且具有产业相关性的并购目标助力闻泰科技获得了较高的短期股票市场收益。“二选一”式的并购估值策略令闻泰科技更了解目标企业的价值。差异化定价策略帮助闻泰科技获取安世集团的控制权，降低了投资成本。但对安世集团前期估值与定价较高使得闻泰科技的成长能力受到了限制。融资方式多元化的策略使得闻泰科技完成了大规模融资，但负债的增加降低了闻泰科技的短期偿债能力。多样化的支付方式和分期付款策略帮助闻泰科技完成了并购价款的支付，并降低了短期内的现金支付压力。但并购过程中频繁的融资与支付也降低了闻泰科技的资产管理能力。全面并购整合策略提高了闻泰科技的技术研发能力和盈利能力，促进了并购双方协同效应的发挥。最后，本文根据闻泰科技并购策略的优势和不足对其他企业进行跨国并购时的策略实施提供了一些建议。

Under the guidance of "going out" strategy, transnational M&A has gradually become an important way for Chinese enterprises to expand international market, acquire advanced technology, optimize industrial structure and realize industrial transformation. Semiconductor industry is a national strategic emerging industry. With the upgrading of the industry and the intensification of competition, the semiconductor industry has entered a period of accelerated integration. M&a has become a key word in semiconductor industry, and the M&A strategy adopted by the acquirer plays a crucial role in the success of M&A.

The merger of Wingtech Technology and Nexperia Holding B.V. is the largest cross-border merger and acquisition in the semiconductor market. This paper studies the whole process of Wingtech Technology's cross-border merger and acquisition of Nexperia Holding B.V., and analyzes the strategies implemented in each link of the merger and acquisition process of Wingtech Technology. It includes six aspects of target enterprise's selection strategy, M&A valuation strategy, M&A pricing strategy, M&A financing strategy, M&A payment strategy and M&A integration strategy. Then from the market, financial and non-financial three aspects of Wingtech Technology multinational merger Nexperia Holding B.V. strategy of economic effect is studied. The effect of market economy is studied by the method of event study. The financial and economic effects are studied from four aspects: solvency, profitability, growth ability and asset management ability. The non-financial economic effect is studied from two perspectives of strategic objective and technological R&D capability.

Combined with the economic effect of the cross-border M&A strategy of Wingtech Technology, this paper analyzes the advantages and disadvantages of its M&A strategy. The study found that on the basis of meeting the strategic objectives, selecting high-quality M&A targets with industrial relevance helped Wingtech Technology to obtain higher short-term stock market returns. The M&A valuation strategy of multiple valuation methods enables Wingtech Technology to fully understand the value of the target enterprise. The differentiated pricing strategy helps Wingtech Technology to gain control of Nexperia Holding B.V. and reduce the investment cost. However, the high valuation and pricing of Nexperia Holding B.V. in the early stage has limited the growth ability of Wingtech Technology. The strategy of diversified financing methods enabled Wingtech Technology to complete large-scale financing, but the increase in debt reduced its short-term solvency. Diversified payment methods and installment strategy help Wingtech Technology to complete the payment of the acquisition price, and reduce the short-term cash payment pressure. However, frequent financing and payments in the process of mergers and acquisitions have also reduced Wingtech asset management ability. The comprehensive merger and integration strategy has improved the technology research and development ability and profitability of Wingtech Technology, and promoted the synergistic effect of both sides of the merger. Finally, according to the advantages and disadvantages of Wingtech M&A strategy, this paper provides some suggestions for the implementation of other enterprises' cross-border M&A strategies.