金融学院知识库

       经济新常态下，我国经济的基本面发生了巨大变化，由关注经济发展速度开始关注经济发展的质量。政府主导的产业引导基金，是政府调整产业结构、激发市场活力、实现经济宏观调控的一种创新型工具，是政府创新投资方式的有益补充。在国家战略发展规划中，集成电路作为底层核心技术，其高质量发展离不开政府的政策性引导和资金的持续性投入。但是仅依靠社会资本投资现阶段投资回报期不明确、市场风险较大的战略新兴企业是不现实的。因而，通过设立政府主导的产业引导基金作为产业政策的实施载体，布局集成电路全产业链，落实集成电路产业发展政策，引导资金流向，优化产业链结构。在国家政策的引导下，各级政府也陆续成立了区域性的产业引导基金。如何有效的利用产业引导基金来推动战略性产业又好又快的发展成为了目前我们需要深入探讨的问题。
       本文梳理了产业引导基金的相关理论和文献，从产业引导基金的概况出发，以在科创板上市的集成电路相关企业作为研究对象。首先对集成电路产业发展现状进行分析，进而研究产业引导基金在集成电路产业的投融资现状。此外，选取产业引导基金助力通富微电，走出国门并购AMD苏州和AMD槟城这一案例，探索产业引导基金推动集成电路企业高效发展的方法。在案例分析的基础上，进一步分析目前我国产业引导基金在集成电路产业中发挥的引导作用是多方面的，不存在引导偏差，能为民营企业在海外并购中提供资金帮助和政策支持，在助力企业突破国外技术垄断具有积极的推动作用，能有效的落实国家产业政策，引导集成电路产业升级。因而，我国政府应该通过国家政策扶持、借鉴国外先进经验的方式，成立产业引导基金，推动社会资本流向集成电路产业，扶持集成电路龙头企业做大做强，同时支持成熟的企业通过海外并购以快速获取先进技术，并为并购企业提供专业的金融服务，以此实现集成电路产业的突破性发展。

      With the development, great changes have taken place in economy. The economy is shifting from a rapid development to a high-quality development. The government industry guidance fund has changed the way of government investment in the past. It’s a tool to release market vitality and adjust industrial structure. As the basic technology of IC, it’s development cannot far away from guidance and investment. It is unrealistic to invest in strategic emerging enterprises with high risk and uncertain return period only by social capital. Therefore, The country should establish the Government's leading Industry Guidance Fund as the bearer of the implementation of industrial policy, so as to invest widely in the industrial chain of IC and promote the development and upgrading of strategic emerging industries. Then, semiconductor industry guidance funds have been established in various regions. How to use the power of these industrial guidance funds to promote industrial revitalization is a discussion that we should think about.
      This document synthesizes the relevant theories and documents of the Industrial Guidance Fund. This paper analyzes the development status of the IC industry, and researches the investment and financing of industry guidance fund in IC industry. By selecting industry guidance fund to help Tongfu Microelectronics Co., Ltd.(TFME) successfully go to sea to merge AMD subsidiary. This paper discusses and analyzes the case of Penang and AMD in order to explore more efficient ways for industrial investment funds to support IC enterprises. On the basis of the analysis, in order to see more clearly whether the guiding role of China's industrial guidance fund in the integrated circuit industry is multifaceted and whether there is a guiding deviation.