| 英文摘要 | Since the 21st century, under the background of economic
globalization, market competition has become increasingly fierce. In
order to seek development in the competition, many enterprises choose to adopt the way of merger and acquisition to get new growth power. In
recent years, the semiconductor industry has gradually become one of the strategic industries that countries focus on. The development plan of
"Made in China 2025" promulgated in 2015 has also pushed the
development of China's high-end manufacturing industry to a new
historical positionIn order to alleviate the impact of the industry's core
technology monopoly, BOE decided to maintain its competitive
advantage and consolidate its position through the merger of CLP Panda
and its 8.5 and 8.6 generation industrial lines.Whether this merger can
bring positive benefits to BOE is worth further study.
This article selects the acquisition of China Electric Panda by BOE
as a case study to explore the impact of this acquisition activity on the
acquiring company and stakeholders.
BOE achieved the acquisition objectives of acquiring core
technologies to break technical barriers,expanding market scale to
enhance its competitiveness and obtaining synergies to improve.
operating efficiency in this merger,and promoted the extension of the
production chain and the integration of the upstream and downstream ofthe industrial chain,consolidating its leading position as a market
leader.Therefore,this study believes that M&A should not be too troubled
by short-term benefits,but should enhance long-term benefits through
M&A integration.Finally, we conclued that pay attention to the free cash
flow of the target enterprise and the fit degree with its own strategy
before the merger and acquisition,so as to select the appropriate merger
target;Todetermine fair M&A consideration according to the possible cash
inflow of M&A to avoid unnecessary waste of resources;When paying
consideration,financial risks can be reduced through diversified financing
and payment methods to avoid capital shortage;After the merger and
acquisition,we should attach importance to the integration of resources,obtain synergistic effect through the integration of efficient
human resources,technology and production resources,and improve the
efficiency of the merger and acquisitio stage of M&A. |
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