Research On The Evaluation Of Enterprise Value Creation Under The Investment Of National Industrial Investment Fund

Driven by the rapid development of the information technical industry,China have achieved significant value growth in high-tech manufacturing industry.The focus of supply-side reforms has gradually shifted from the already “de-capacity and de-inventory” to “replenishment of shortcomings".Although the rapid development of the new economy springs from policy,the new financing method should not be neglect.Under the guidance of the policy,the fund of industrial focuses on the new economy and uses equity investment to stimulate the development of technology-intensive industrie and cultivate technological innovation capability.Integrated circuits industry is the centre of strategic emerging industries.As the core of the integrated circuit industry chain,Integrated circuits manufacturing field has a great impact on the design industry upstream of the industrial chain.However,China's integrated circuit manufacturing is still very weak,so the key to developing the integrated circuit industry lies in the manufacturing field.SMIC is the largest integrated circuit manufacturing company in the China,so it becomes core target of the investment of the National Industrial Investment Fund.Therefore,this article takes SMIC as an example to evaluate the corporate value creation under the National Industrial Investment Fund from two levels: corporate value creation results and value creation process,and uses the DEA model to analyze the input-output raito in the process of value creating.Ultimately conclusions of thesis are as follows: First,the fund of industries has a positive effect on the creation technological value of integrated circuit manufacturing enterprises by stimulating R&D and innovation activities.Second,the investment of industrial funds promotes the creation of corporate financial value by guiding companies to expand their scale.Third,there is room for improvement in the impact of funds on the value creation of integrated circuit manufacturing companies.The value creation of SMIC,especially the value creation of scientific and technological output,will promote the development of the entire industry.How to improve the value creation ability of enterprises through external investment is a problem that the country,industrial investment funds and the entire integrated circuit industry need to solve.Based on the current problems of SMIC's value creation,this article provides relevant policy recommendations for the next development of industrial investment funds on the one hand,and can provide references for other similar companies on the other.