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论文编号：	3748
作者编号：	2120092798
上传时间：	2011/11/24 21:48:05
中文题目：	基于我国高性能集成电路行业分析的上市公司融资研究
英文题目：	Development Research of Chinese Integrated Circuit industry and Financing Research of Key Listed Company during the Period of Twelfth Five Years Economic Development Plan
指导老师：	齐岳
中文关键字：	半导体集成电路 十二五规划 上市公司融资行为 股票 债券
英文关键字：	Semiconductor integrated circuit twelfth five years economic development plan financial of listed company stock bond
中文摘要：	集成电路产业在国民经济中有着举足轻重的地位，上至尖端武器装备下至工业设备、家用电器，几乎所有的产品都离不开集成电路的应用。因此一国集成电路产业之盛衰，代表其国力与盛与衰，集成电路产业强大者，即代表其电子产品也立于不败之地；集成电路产业是技术密集及资本密集的产业，故集成电路技术能力，也展现了一个国在科技、军事之地位，进而决定其国际地位和话语权。我国的半导体集成电路产业起步于建国初期的1956年，经过几十年的不懈努力，取得了丰硕的成果和长足的进步，改革开放以来，随着经济的持续高速发展，集成电路产业也呈现了强劲的增长势头，特别是华微电子和综艺股份这两家公司自创立以来成长十分迅速，目前己经分别在芯片制造和芯片设计领域具备了一定的技术能力、代表了国内的最高水平并具备了成长为世界一流企业的潜力。尽管如此，相比世界一流企业，我国半导体集成电路企业仍存在着巨大的差距，无论是产业销售规模，技术水平，还是生产能力，我国的国际地位仍十分落后。而我国的近邻，中国台湾、和韩国，虽然起步较晚，却已经走出了一条成功之路，与欧美传统诸强形成了分庭抗礼之势。特别是台湾的积体电路制造股份有限公司和韩国的三星电子两家公司不仅代表了亚洲的顶级水平，在世界半导体集成电路企业的排名中也已名列前茅，以台机电为代表的台湾芯片代加工企业，上世纪八十年代进入半导体制造行业，今天已经以其尖端制程技术和设计服务，强大的制造生产能力与良好的产品品质，抢占了全球专业集成电路制造服务领域的百分之五十左右的市场份额，成为世界第十大半导体集成电路厂商，而韩国的三星电子更是以其独特的技术发展理念和运营模式跻身世界三甲之列。我国的半导体集成电路产业主流企业华微电子和综艺股份公司在主营业务上与中国台湾的台积电韩国的三星电子公司十分相近，因此这两家公司快速高效发展的成功经验是非常值得我国企业借鉴的。 2010年十月，中共中央政治局十七届五中全会重点审议并通过了我国第十二个五年规划的决议。在未来几年，持续推动我国经济增长的动力将是“十二五”规划的全面实施和城镇化的不断推进。“十二五规划”强调大力发展新能源、节能环保、新能源汽车、新材料、生物、高端装备制造、新一代信息技术等七大战略性新兴产业。做为信息技术产业的重要分支，高性能的集成电路产业也将成为国家重点扶植和发展的产业。纵观中国台湾和韩国半导体集成电路产业的发展历程，它们的产业提升、飞跃都是在龙头企业发展的带动下得以实现的，目前我国在芯片制造和芯片设计领域的龙头企业分别是华微电子公司和综艺股份公司，而这两家公司与世界一流企业相比在技术和工艺水平上还有很大的差距，半导体集成电路产业属资金密集型、技术密集型产业，产业的提升需要大量的资金投入，而以目前这两家公司的资金状况，它们成长为世界一流企业从而带动整个产业提升所面临的主要问题是资金投入的不足。因此、我国未来集成电路产业发展的方向，国家可能采取的政策措施，可能开展的重点项目，做为行业龙头企业的华微电子和综艺股份公司成长为世界一流企业所需要的融资额以及其采取的融资方式等问题是值得分析思考的。本文通过回顾我国和韩国、中国台湾集成电路产业的发展历程，综合比较分析各自的产业特征、外部环境、政策导向等因素, 总结中国台湾、韩国在各自发展历程中的成功经验，发掘我国行业发展落后于台、韩的深层次原因，进而判断我国现阶段借鉴台、韩经验可能实施的产业发展的政策、措施以及提升行业的重点发展方向。此外，依据我国半导体集成电路产业重点上市公司华微电子公司综艺股份公司和中国台湾、韩国同类、可比较公司台湾积体电路制造公司、韩国三星电子公司的财务数据，计算了这些公司的财务指标，通过比较分析这些财务指标，分析了我国企业与亚洲一流企业之间的差距，参考台湾积体电路制造公司和韩国三星电子公司的成功经验并结合当前世界高性能集成电路产业的发展潮流，预测了华微电子和综艺股份公司在未来几年可能承担的国家产业发展的重点项目以及这些重点项目发展所需要的资金投入量，另外基于作者多年半导体集成电路行业的从业经验及对这一行业技术发展的了解并参考世界前十名的半导体集成电路企业在过去三年当中每年在技术研发上的资金投入量，对我国在十二五期间半导体集成电路产业重点上市公司华微电子公司和综艺股份公司发展、提升从而跨入世界一流企业行列所需投入的资金量做了初步的判断并结合这两家公司目前的资金状况，大致估计了它们未来几年发展的资金缺口及解决资金问题所采用的融资方式。通过本文的分析和研究，希望有助于发掘韩国、中国台湾半导体集成电路产业的成功经验，并借鉴它们的成功经验确定我国的产业发展方向，制定我国的产业发展政策。另外，希望本文对华微电子公司和综艺股份公司融资额和融资行为的分析对我国半导体集成电路产业相关企业发展策略和融资策略的制定有一定的启发作用。
英文摘要：	Integrated circuit industry play key role in the economic, from weapon, industrial product to household electric appliances, there is no product exists without the application of Integrated circuit technology, so the development standard of IC industry is the important symbol of a country’s economic standard. The strong IC industry means the strong electronic product. IC industry is capital intensive and technology intensive, so it’s standard indicate one country’s international position, The semiconductor and integrated circuit industry of china started up in 1956, the beginning of the establishment of peoples republic of china. Chinese integrated circuit industry gets great progress during the last fifty years, it developed very fast after the execution of reform and open policy. Especially Huawei and Zongyi company, they developed very fast since foundation, these two companies are the best IC design and IC manufacture companies of china, they have the potential to be world first class companies in this filed. Even so, there is still big gap between Chinese company and world first class company in this filed, china is still far away from the world advanced level no matter for technology level or manufactures capability. At the same time, our Asian neighbor China Taiwan and Korea have grown into the first class of the world in this field though started up later than china, especially the best Asian company TSMC and Samsung company have grown into the world top 10 company. Has TSMC as the respresentative, Taiwan foundry companies entered integrated circuit manufacturing industry from 1980s, today TSMC has got about 50% share of the world IC manufacturing market and grown into the top 10 IC company of the world with its excellent process technology, strong manufacturing capacity. While Samsung company of Korea has become the world top 3 integrated circuit company with its unique technology development idea and operation mode. Huawei and Zongyi company are similar to TSMC and Samsung, so the successful experience of effective development of these two companies is worth to learn for Chinese companies. Chinese government just finished the twelfth economic development plans in Oct 2010, in the next few years, the engine of Chinese economic will be the implementation of twelfth economic development plan. in this plan; the development of seven strategic industry including new energy, new generation car, new material, manufacturing of high-tier equipment, the new generation of information technology was emphasized. as one of important branch of information technology, integrated circuit industry will also be strongly supported by the government in the next five years. And that means IC industry will become the key for Chinese economic development in the near future. Reviewing the development history of China Taiwan and Korea, both of their industry improvement is realized by the driving of best companies. At the present, Chinese leading companies in IC design and manufacturing filed are Huawei and Zongyi company, but these to companies are still lag behind the first class companies on technology and process standard. IC industry is capital intensive and technology intensive, its development need big amount of capital investment, but with the current capital status of these two companies, their main problem of growing into the world first class companies is lack of capital. So the way of Chinese IC industry development, future government policy and the financing method for Chinese leading companies Hua wei and Zong yi company to develop into world first class company is worth to study. Comparing the development history of china, Korea, and Taiwan, analyzing industry status, environments, government policy, in this thesis, the successful experience of Korea and Taiwan is summarized and thereby the root cause of why china lag behind Korea and Taiwan is figured out, the policy Chinese government might take for the development IC industry is analyzed. Moreover, Chinese IC key listed company Huawei company and Zongyi company is analyzed with compared the financial data with that of Asian first class company TSMC and Samsung company. Referring to the successful experience of TSMC and Samsung company and current world IC development status, the key projects these two companies will take and the capital need for these projects is analyzed, besides, based on the author’s experience of IC industry and the understanding to this filed and referring to the capital investment of world first class companies during the last three years, the financing amount and method for Huawei and Zongyi companies to develop into the world first class company during the twelfth five years economic development plan is estimated the financing amount of the key listed company based on the understanding of IC industry and the R&D investment of the world first class company. Hopefully, the research and analysis in this thesis is helpful to figure out the successfully experience of Taiwan and Korea IC industry and take it as reference for development strategy execution of china. Besides, hope the analysis and estimation of Chinese key listed company Haiwei and Zongyi company’s financing method is meaningful for the Chinese IC industry company to make their own financing and development policy.
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