The Research On The Establishment Of The Government Leading Industrial Mergers And Acquisitions Funds Under The Background Of Industrial Structure Adjustments

China’s current industrial structure and overcapacity issues outstanding, mergers and acquisitions is considered an important way to solve this problem. Government-led industry restructuring fund as a new financing, investment, can be expected to achieve the policy established for that purpose - to promote the adjustment of industrial structure. The main purpose and significance of this paper is theoretical analysis of the mechanism of government guidance funds for industrial restructuring industrial restructuring, in order to answer government-led industrial restructuring fund is to promote, how to promote China’s industrial restructuring, in summing up the experience of domestic and foreign funds run on to overcapacity industry, for example, according to industry development status can be designed to promote industrial restructuring industrial restructuring fund operating mode. This paper theoretically analyzes the mechanism of government-led industry restructuring fund for industrial restructuring, the government-led industry restructuring fund for starting enterprises microscopic effect, a complete analysis of the impact of government-led industry restructuring fund of the enterprise, in order to produce industry effects, it accumulated to a macro, the last act together on the mechanism of action of industrial restructuring. And from the status quo of China’s steel industry in urgent need of adjustment of industrial structure, we analyze the necessity of government to guide the development of the steel industry restructuring fund in the past, from domestic and foreign-based government guidance funds and the experience of industrial restructuring fund running on the design of appropriate government guide the steel industry restructuring fund specific mode of operation. Through analysis of government guidance industrial restructuring fund on a microscopic focus by the investment behavior of enterprises, through the pre-selection, post support and enhance post-merger integration effect, help enterprises increase the value, but also improve the business investment in technological innovation; in order to achieve the industry’s technological progress, achieve economies of scale, improve industrial productivity and business profitability; to guide social capital flows while at the macro level, by training the labor force to achieve effective transfer of labor to more productive sectors of the industrial structure Adjustment. Depending on the operating experience of the Fund, the Fund should be properly designed depending on the mode of operation of the industrial reality. The steel is an important raw material basis of the national economy, the steel industry in 2015 was named the Ministry of serious excess industry capacity, from the industrial importance and urgency in terms of adjustment, both for the industry as a pilot, so based on the current situation in the steel industry proposed development of China’s steel industry restructuring fund government guidance design - initiated by the Ministry of information industry and the establishment of the parent fund, in addition to fund-raising financial capital, but also the social capital provided by insurance proceeds, in order to attract social capital to enter, the main local government joint equity investment in the steel industry restructuring sub-fund. According to China’s steel industry, the sub-fund shall be divided into provinces established situation, the technical level of the different steel companies set up different sub-funds, the introduction of different types of social investment institutions under different circumstances specific investment projects in the iron and steel enterprises to provide different benefits programs to increase the attractiveness. While the government in order to ensure government-led restructuring fund industry to fully play its industrial structure adjustment function should formulate guiding role of fiscal and tax policies, the establishment of a sound legal system, standardize the market environment to help fund exit.