近几年，由于中兴事件乃至中美贸易问题，我国不论政府界或资本 界对集成电路产业都空前重视，各国亦逐渐意识将集成电路视为攸关国 家安全的战略物资。从2015年起，全世界集成电路行业进入了新一轮 大并购时代。国务院《国家集成电路产业发展推进纲要》等一系列政策 的出台，以及以国家集成电路产业投资基金为标杆的资金集群也踊跃促 进国内集成电路并购发展。 在此背景下，本文通过案例分析研究，对于集成电路设计企业M 公司并购的发生背景详加描述，以五力分析剖析并购的动机；其次，以 财务指标分析法，分别从营运能力、偿债能力、盈利能力、发展能力、 创新能力五方面选取指标研究并购前后6年数据增长变化趋势，并与全 球前5大集成电路设计企业指标均值比较，以检验其是否产生绩效；再 次，利用EVA模型，对并购前后EVA数据进行对比，并配合现金流量 折现法推算企业价值，再辅以SWOT全面地分析M公司所处情况及其 竞争力，关联并购整合进程，得出本次收购实现财务及非财务绩效的结 论。 最后，通过上述分析，得到公司整体的确发挥了并购 1+1>2 的整合 综效，值得其他公司参考，然而亦有改善与进步的空间。同时对集成电 路设计企业如何提高并购绩效提出改进建议与对策，希望能给予M公 司乃至其他集成电路设计企业，未来在并购行为提供指引及借鉴，提高 并购成功之机会。 关键词：集成电路设计，并购，财务指标分析法，经济增加值 THE RESEARCH ON M&A PERFORMANCE OF IC DESIGN INDUSTRY OF M COMPANY ABSTRACT In recent years, due to the ZTE incident and even Sino-US trade issues, China has paid unprecedented attention to the integrated circuit industry in both the government and the capital circles, and countries have gradually realized that the integrated circuit is regarded as a strategic material of national security. Since 2015, the global IC industry has entered a new round of mergers and acquisitions. The promulgation of a series of policies, such as the State Council's "National Outline for Promoting the Development of Integrated Circuit Industry", and the capital cluster based on the National Investment Fund for Integrated Circuit Industry have also actively promoted the development of domestic integrated circuit mergers and acquisitions. In this context, through case study, this paper describes the background of M company merger and acquisition in detail, and analyzes the motivation of M company merger and acquisition with five forces; secondly, it chooses the indicators from five aspects: operational ability, solvency, profitability, development ability and innovation ability by financial indicators analysis method. This paper studies the growth trend of data before and after M&A in the past six years, and compares it with the average of the top five IC design enterprises in the world to test whether they produce performance. Thirdly, it uses EVA model to compare the EVA data before and after M&A and calculates enterprise value by discounted cash flow method, and analyzes M company comprehensively with SWOT. The situation and its competitiveness, linked to the integration process of M&A, and then come to the conclusion that the acquisition achieves financial and non-financial performance. Finally, through the above analysis, it is concluded that the company as a whole did play an integrated effect of 1 + 1 > 2 mergers and acquisitions, which is worthy of other companies' reference, but also has room for improvement and progress. At the same time, the paper puts forward some suggestions and Countermeasures on how to improve the performance of IC design enterprises, hoping to provide guidance and reference for M company and other IC design enterprises in the future, so as to improve the chances of successful M&A. KEY WORDS：Integrated Circuit, M & A, Financial index analysis method, EVA 目 录 第1章 绪论 .............................................................................................................................................. 1 1.1研究背景与意义 ........................................................................................................................ 1 1.1.1研究背景 ........................................................................................................................ 1 1.1.2研究意义 ........................................................................................................................ 1 1.2研究目的 .................................................................................................................................... 2 1.3研究思路及基本结构 ................................................................................................................ 2 1.4创新性 ........................................................................................................................................ 3 第2章 并购绩效文献综述及相关理论 ................................................................................................. 5 2.1文献综述 .................................................................................................................................... 5 2.1.1 并购概念研究现状 ....................................................................................................... 5 2.1.2 并购动因研究现状 ....................................................................................................... 6 2.1.3 并购绩效研究现状 ....................................................................................................... 8 2.2并购财务绩效的评价方法 ........................................................................................................ 9 2.2.1 财务指标分析法的并购绩效研究 .............................................................................. 10 2.2.2 EVA研究法的并购绩效研究..................................................................................... 10 2.2.3 现金流量折现法的并购绩效研究 .............................................................................. 13 第3章 集成电路产业分析 ................................................................................................................... 15 3.1集成电路产业背景分析 .......................................................................................................... 15 3.1.1 集成电路产业的介绍及概况 ...................................................................................... 18 3.1.2国内集成电路产业发展动态 ...................................................................................... 20 3.2集成电路产业并购综述 .......................................................................................................... 26 3.3集成电路产业重大并购案例 .................................................................................................. 34 第四章 M公司并购m公司分析 ......................................................................................................... 39 4.1并购双方背景介绍 .................................................................................................................. 39 4.1.1并购方M公司简介 .................................................................................................... 39 4.1.2被并购方m公司简介 ................................................................................................. 39 4.2并购背景与战略目标 .............................................................................................................. 40 4.2.1并购背景 ...................................................................................................................... 40 4.2.2并购战略目标 .............................................................................................................. 40 4.3五力分析 .................................................................................................................................. 46 4.3.1上游供货商的议价能力：弱 ...................................................................................... 46 4.3.2下游购买者的议价能力：弱 ...................................................................................... 46 4.3.3现有竞争者的竞争程度：强 ...................................................................................... 47 4.3.4潜在进入者的威胁程度：中偏强 .............