集成电路企业引入战略投资者的动因及绩效研究——以兆易创新为例
摘要
近年来，我国集成电路行业面临以美国为首的资本主义国家的技术封锁与供
应链限制，美国将近百家中国高新企业列入“实体清单”，迫使中国集成电路企业
走“国产替代”的道路。国家为了扶持集成电路的发展，设立国家大基金，其存在
的战略目的就是为了帮助中国的集成电路企业度过行业发展瓶颈期，实现技术突
破，跻身世界前列。但是，引入战略投资者是否真的能为集成电路企业带来预期
中的发展，以及战略投资者如何影响公司的发展是值得研究的问题。
本文运用案例研究法，选取兆易创新作为研究对象，对兆易创新引入战略投
资者的动因以及绩效进行研究。本文首先阐述了研究背景、研究意义、研究方法
研究框架、可能的创新点以及不足之处。其次，梳理了有关国内外学者对企业引
入战略投资者的动机及绩效影响的文献，阐述了文章涉及的相关理论基础。再次，
介绍了兆易创新和战略投资者的基本情况，兆易创新引入战略投资者的动因以及
兆易创新引入战略投资者的方案。然后，从“强化激励机制、推进战略布局、缓
解融资压力和加大研发投入”四个角度进一步分析引入战略投资者对企业绩效的
作用路径，运用 EVA评价法和综合评价法来分析引入战略投资者对企业绩效的
影响；从“盈利能力、偿债能力、营运能力、成长能力、融资能力”五个方面的横
纵向对比，来分析引入战略投资者对企业财务绩效的影响；从“资本市场反应、
市场份额、人才建设和研发产出”四个方面来分析引入战略投资者对企业非财务
绩效的影响。最后，根据分析得到相应的结论与启示。
研究发现，引入合适的战略投资者，不仅能优化股权结构，完善治理机制，
从而完善企业战略布局，提高企业经营效率，还能缓解企业的融资约束，为企业
带来充足的资金，从而帮助企业增加研发投入，提高创新能力，改善企业绩效。
兆易创新引入国家大基金，实现优势互补，产生良好的协同效应，促进了集成电
路行业的发展。本文希望通过该案例能为我国其他集成电路企业引入战略投资者
提供借鉴和参考意义。
关键词：集成电路行业；国家大基金；战略投资者；创新能力；企业绩效
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集成电路企业引入战略投资者的动因及绩效研究——以兆易创新为例
Abstract
In recent years, China's integrated circuit industry has faced technical blockades
and supply chain restrictions in capitalist countries led by the United States, and
nearly a hundred Chinese high-tech enterprises in the United States have been
included in the "Entity List", forcing Chinese integrated circuit enterprises to take the
road of "Domestic Substitution". In order to support the development of integrated
circuits, the state has set up a national fund, and its strategic purpose is to help China's
integrated circuit enterprises survive the bottleneck period of industry development,
achieve technological breakthroughs, and rank among the forefront of the world.
Therefore, whether the introduction of strategic investors can bring about the expected
development of the enterprise, and in what way strategic investors can influence the
development of the company, is a question worth studying.
In this paper, using the case study method, GigaDevice is selected as the research
object to studythe motivation and performance ofGigaDevice innovation to
introduce strategic investors. This paper first elaborates on the research background,
research significance, research methodology research framework, possible innovation
points and shortcomings. Secondly, the literature on the motivation and performance
impact of domestic and foreign scholars on the introduction of strategic investors by
enterprises is sorted out, and the relevant theoretical basis involved in the article is
elaborated. Thirdly, the basic situation of Gigabit Innovation and strategic investors,
the motivation of GigaDevice to introduce strategic investors, and the scheme of
GigaDevice innovation to introduce strategic investors were introduced. Then, from
the four perspectives of "strengthening the incentive mechanism, promoting the
strategic layout, alleviating financing pressure and increasing R&D investment", the
role path of the introduction of strategic investors on the performance of enterprises is
further analyzed, and the EVA evaluation method and the comprehensive evaluation
method are used to analyze the impact of the introduction of strategic investors on the
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集成电路企业引入战略投资者的动因及绩效研究——以兆易创新为例
performance ofenterprises;From thehorizontal andvertical comparisonof
"profitability, solvency, operational ability, growth ability and financing ability", the
impact of the introduction of strategic investors on the financial performance of
enterprises is analyzed; From the four aspects of "capital market response, market
share, talent construction and R&D output", the impact of the introduction of strategic
investors on the non-financialperformance of enterprises is analyzed.Finally,
according to the analysis, the corresponding conclusions and enlightenment are
obtained.
The study found that the introduction of appropriate strategic investors can not
only optimize the equity structure and improve the governance mechanism, so as to
improve the strategic layout of enterprises and improve the efficiency of enterprise
operations, but also alleviate the financing constraints of enterprises and bring
sufficient cashflow to enterprises,thereby helping enterprises increaseR&D
investment, improve innovation capabilities, and improve enterprise performance.
GigabitInnovation introducedtheNational Fundtoachieve complementary
advantages, produce good synergy effects, and promote the development of the
integrated circuit industry. It is hoped that through this case, it can provide reference
and reference significance for other integrated circuit enterprises in China to introduce
strategic investors.
Keywords: IC industry; national IC investment fund; strategic investor; innovation
ability; enterprise performance
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