Research On Investment Mode Of The National Integrated Circuit Industry Investment Fund ——Based On The Assistance For JCET's Acquisition Of STATS Chip PAC Pte.Ltd

By combining financial means with industrial development,the industrial investment fund has deepened and implemented the structural reform of the financial sector to serve the real economy,and by leveraging social capital,it has purposefully supported the development of emerging industries,promoted the structural adjustment,optimized transformation and upgrading of existing industries.How to effectively guide social capital to stimulate the healthy growth of new economy and promote the further development of venture capital through industrial investment fund has always been a major problem faced by China in the stage of rapid economic growth to high-quality development.So I as a national integrated circuit industry investment fund as the research object,using literature research,case study,comparative analysis and event study method,in the form of case study analysis of national integrated circuit industry investment fund investment mode,the following conclusions:first,the national integrated circuit industry investment fund mainly has three kinds of modes,respectively for direct investment mode of equity,fund investment model stock and bond investment model.Second,large funds in direct investment,usually can choose equity direct investment investment mode,but the existence of the following three situations should consider the combination of equity and debt investment mode: equity investment of capital input will fight for the control of the original shareholders;Due to the long investment cycle,there are unclear returns,greater risks,insufficient shareholder credit;There are other situations that do not apply to the pure equity direct investment model.Third,In this investment,the combination of stocks and bonds selected by the national IC industry investment fund and the investment model provides capital support and financial buffer to changchang technology,which not only does not affect the control of the original shareholders,but also reduces its own investment risks and prevents political risks in overseas mergers and acquisitions.Fourth,based on the efficient market hypothesis,through the use of the event research method,it is found that the national IC industry investment fund has achieved good market effect by choosing the combination of stocks and bonds in the case.