Research On The Application Of Industrial Investment Fund In Overseas Mergers And Acquisitions Of Chinese Semiconductor Enterprises

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.