Research On The Role Of Government-Guided Industrial Investment Fund In Mergers And Acquisitions Of Enterprises

Government-guided industrial investment funds,started late in China,has began to enter a rapid development stage after 2015.The Treasury Department,The National Development and Reform Commission and other departments have issued a number of policies to promote and standardize their development.Government-guided industrial investment funds are considered as a macro-policy tool for the country to upgrade its industry.By leveraging social capital and giving full play to the leverage effect of financial funds,it plays a vital role in adjusting industrial structure.With the growing scale of government-guided industrial investment funds,how to maximize their role is a major focus of current research.At present,domestic scholars mostly study the role of government-guided industrial investment funds from a macro perspective.Therefore,on the basis of summarizing a large number of existing literatures,this paper uses strategic alliance theory and principal-agent theory and case study method to analyze the effect and mechanism of the role of the industrial investment fund,focusing on the investment of the National Integrated Circuit Industry Investment Fund in JCET.It is found that the government-guided industrial investment funds can help enterprises improve their financial situation,corporate governance,resource integration and social investors' confidence by providing funds,diversification of board members,improvement of reward and punishment system,construction of alliance network and improvement of corporate reputation.In this case,the guiding effect of industrial investment funds on private capital is slightly inadequate,and the integration of enterprise resources has not yet been completed.This paper analyses and summarizes the role that industrial investment funds have played,discusses the existing problems,and puts forward some suggestions,such as expanding the scope of joint investment enterprises,establishing a phased replacement of financial capital system with social capital,promoting cooperation among alliance enterprises and taking the lead in building a talent pool.At present,the National Integrated Circuit Industry Investment Fund has become the largest shareholder of JCET,and will continue to play an active role in the follow-up.I hope this study can provide corresponding countermeasures and suggestions for the National Integrated Circuit Industry Investment Fund,and also hope to provide reference for local governments to guide the industrial investment fund.