金融学院知识库

       2020年12月中央经济工作会议提出，要“强化国家战略科技力量”“增强产业链供应链自主可控能力”，要求实施好关键核心技术攻关工程，尽快解决一批“卡脖子”问题。同时，2021年政府工作报告将“优化和稳定产业链供应链”作为新一年的重点工作之一，并将集成电路列入“十四五规划”当中。半导体产业已成为我国未来五年重点鼓励发展的前沿领域。近年来，越来越多的国内半导体企业，希望通过海外并购，扩大市场份额，引进国外先进技术，降低研发成本，实现跨越式发展。我国政府也设立国家集成电路产业投资基金，为国内半导体企业扩大产能、并购整合、研发投入等提供资金和战略扶持。当前，如何借助国家产业投资基金这一产业政策和市场工具，加快国内半导体企业“走出去”，积极参与国际分工与合作，对国家统筹推进补齐半导体领域短板和锻造长板，维护我国经济安全和构建国内国际“双循环”新发展格局意义重大。

        本文共分为五部分，第一部分主要包括研究背景与意义、国内外文献综述等。第二部分主要对产业投资基金、半导体行业等相关概念、理论基础和作用机理进行阐述。第三部分主要对产业投资基金在我国半导体企业海外并购中应用的现状进行分析。第四部分主要对产业投资基金助推国内首个半导体企业海外并购这一案例进行介绍与分析。第五部分主要是对整个文章研究结论进行总结并提出建议。本文研究发现：长电科技通过联合产业投资基金，其只出资2.6亿元就将作价7.8亿美元的星科金朋收入囊中，成为国内第一、全球第三的封测企业，成功实现“蛇吞象”海外并购。但美中不足的是，长电科技并购后短期内损害企业财务绩效，经漫长并购整合，逐渐显现并购带来的正效应。同时，由于长电科技股权分布较为分散、并购标的公司连年亏损、产业投资基金提前退出等因素，其在后续两次向产业投资基金等非公开定增中，失去原有控股股东地位，处于无实际控制人局面。最后本文从半导体企业如何选择合适海外并购标的、如何维护控股股东地位稳定，产业投资基金如何合理退出以及如何高效扶持以增强我国半导体产业链供应链自主可控能力等方面，提出相应对策建议。

    In December 2020, the Central Economic Work Conference proposed to “strengthen the national strategic scientific and technological strength” and “increase the independent controllability of the supply chain of the industrial chain”, requiring the implementation of key core technology research projects and solving a number of “stuck neck” problems as soon as possible. At the same time, the 2021 government work report will “optimize and stabilize the industrial chain supply chain” as one of the key tasks of the new year, and include integrated circuits in the “14th Five-Year Plan”. The semiconductor industry has become a frontier field that my country will focus on encouraging development in the next five years. In recent years, more and more domestic semiconductor companies hope to expand their market share through overseas mergers and acquisitions, introduce foreign advanced technology, reduce research and development costs, and achieve leapfrog development. The Chinese government has also established a national integrated circuit industry investment fund to provide capital and strategic support for domestic semiconductor companies to expand production capacity, mergers and acquisitions, and R&D investment. At present, how to use the national industrial investment fund as an industrial policy and market tool to speed up the “going out” of domestic semiconductor companies, actively participate in international division of labor and cooperation, and coordinate the promotion of the country to complement the shortcomings and forging longboards in the semiconductor field, and safeguard my country’s economy Security and the establishment of a new domestic and international “dual cycle” development pattern are of great significance.

      This article is divided into five chapters, the first chapter mainly includes research background and significance, domestic and foreign literature review, etc. The second chapter mainly elaborates the related concepts, theoretical basis and functioning mechanism of industrial investment funds, semiconductor industry and so on. The third chapter mainly analyzes the status quo of the application of industrial investment funds in overseas mergers and acquisitions of my country’s semiconductor companies. The fourth chapter mainly introduces and analyzes the case of industrial investment fund boosting the first overseas M&A of a semiconductor company. The fifth chapter is mainly to summarize the research conclusions of the whole article and make suggestions. The research found in this paper: Through a joint industrial investment fund, Changdian Technology has invested only 260 million yuan in Xingke Jinpeng with a price of 780 million US dollars, becoming the first domestic and third global packaging and testing company, and it has successfully achieved “Snake Tunxiang” overseas mergers and acquisitions. But the fly in the ointment is that the long-term merger and acquisition of Changdian Technology will damage the financial performance of the company in the short term. After a long period of mergers and acquisitions, the positive effects of mergers and acquisitions have gradually appeared. At the same time, due to the relatively dispersed equity distribution of Changdian Technology, consecutive years of losses in the M&A target company, and the early withdrawal of industrial investment funds, it lost its original controlling shareholder status in the subsequent two non-public fixed increases to strategic investors. Control people’s situation. Finally, from the aspects of how semiconductor companies choose suitable overseas M&A targets, how to maintain the stability of the controlling shareholder, how to withdraw from industrial investment funds,  and how to efficiently support them to enhance the independent controllability of my country’s semiconductor industry chain, corresponding countermeasures and suggestions are put forward.