| In 2017,the ZTE semiconductor crisis has sounded the alarm for China’s manufacturing industry.Semiconductors,which involve national security,still have to be in their own hands.Therefore,guiding the rapid development of the semiconductor industry has become the focus of attention of people from all walks of life.As an important financial tool for government participation,the government industry guidance fund is an effective way to support the development of science and technology,improve the scientific and technological content of the industrial sector,and achieve economic intensive development.The government industry guidance fund can effectively incite social capital leverage,promote the rapid development of Chinese semiconductor companies,and improve the dilemma of China’s semiconductor industry.At present,the research on government industry guidance funds mainly focuses on the research of operational mechanism or operation mode.The analysis of government industry guidance funds mostly relies on domestic and foreign theories.This paper starts from the actual case of government industry guidance funds and combines Zhengzhou,Henan.The actual situation of the local industry in the airport area begins,and the research content is more depth and breadth.This paper uses case analysis method to introduce the case of Zhengzhou Airport Industrial Guidance Fund to invest in A semiconductor enterprise in the case introduction.A semiconductor industry is a national strategic support industry.The pilot industry guidance fund invests in A semiconductor companies to create a precedent for the development of the semiconductor industry in Zhengzhou Airport Economic Comprehensive Experimental Zone.It is a classic case of realizing high-tech capital investment through the use of financial instruments.In the case analysis,we first analyze the performance of A semiconductor enterprise investment projects from the financial indicators of investment proj ects,whether A semiconductor enterprises meet the industrial policy guidance of Zhengzhou Airport and the social and economic benefits generated,and get the conclusion A semiconductor enterprise investment project.It is a successful government industry guiding fund investment project.Secondly,through the whole process of investment project "recruitment and investment retreat",the paper analyzes the operation process of A semiconductor enterprise investment project from three aspects:project fund raising,project post-investment management and project exit,and analyzes the reasons for the successful case investment.Finally,the risks and corresponding control measures of A semiconductor enterprise investment projects are studied from the perspective of the invested enterprises and the government industry guidance fund.In the final research conclusions and revelation links,through case study analysis,summarizes the reasons for the success of A semiconductor enterprise investment projects,and forms inspirations to provide reference for the development of government industry guidance funds.The implications are as follows:First,the government’s industrial guidance fund needs to maintain the government’s dominant position in the implementation process,especially in the stage of inactive social capital,the government can not evade the responsibility of industrial development.Second,the government industry guidance fund needs to strengthen the pre-investment argumentation work,especially focusing on industry research,and demonstrate whether the industry in which the investment enterprise is located can perfectly match the regional industry.Third,the government industry guidance fund should formulate a sound regional industrial policy based on the actual industrial development of each region.Adhere to an industrial policy-oriented investment strategy and cannot invest at will.Fourth,the government industry guidance fund investment project needs to develop a detailed investment project risk supervision program. |
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