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论文编号：	5188
作者编号：	2120105021
上传时间：	2013/6/5 9:57:02
中文题目：	集成电路产业十二五规划下融资决策之研究——以中芯国际为例
英文题目：	The Research of IC Industry Financing Decisions under the 12th Five-Year Plan - SMIC
指导老师：	齐岳
中文关键字：	集成电路;融资;中芯国际;债券
英文关键字：	IC;Financing;SMIC;Bond
中文摘要：	集成电路是近一个世纪以来最重要的发明之一，集成电路的发明及其后续发展带动了整个电子产业的蓬勃发展，在电子产业的帮助下现代科学技术、国防、民生等各层面中皆获得跳跃式的发展。可说是没有集成电路产业，现有科技发展速度、便捷的移动通讯、先进的医疗设备、无所不在的网络交流及电子商务等，都会大大折扣甚至无法发展起来。从1956年开始，政府就开始规划半导体产业的研究，奠定国内集成电路产业发展的基础。随着集成电路产业的日益壮大，其影响力也日益深远，至今中国已是全球最大的集成电路市场，为此政府对于集成电路产业的定位与后续发展的规划更加关注。特别是本阶段十二五期间，工信部出台了《集成电路产业十二五发展规划》，规划文件的起始就定义集成电路产业的地位如下“集成电路（IC）产业是国民经济和社会发展的战略性、基础性和先导性产业，是培育发展战略性新兴产业、推动信息化和工业化深度融合的核心与基础，……，其战略地位日益凸显。拥有强大的集成电路技术和产业，是迈向创新型国家的重要标志。“ 集成电路产业是个知识密集、技术密集、资本密集的产业，特别是集成电路制造业其投资金额庞大、回收周期长，一座现代化12寸厂的建设资金就至少需30亿美元。虽说政府长期以来给予集成电路企业许多政策支持，但集成电路企业在发展的道路上除了受限于生产技术的发展速度，同时也面临着巨大的投资资金需求压力。所以集成电路企业的资金筹募、融资决策的制定皆严重影响企业的发展，这也是本文研究的重点。中芯国际是世界领先的集成电路晶圆代工企业之一，也是中国内地产能最大、制程技术最领先的集成电路晶圆代工企业。本文在此就以国内具有产业代表性的中芯国际为例，分析其产业竞争力、获利能力、过去的融资决策与面临的融资困境，再尝试以企业债券为解决方案试图为国内集成电路企业融资的多元化发展作出贡献。
英文摘要：	The Integrated Circuit(IC) is one of the most important inventions of nearly a century, the invention of the IC and its follow-up led to the development of the entire modern electronics industry is booming. The electronics industry is very helpful in all levels of modern science and technology, national defense, and livelihood. All of them have the leaps development due to the electronics industry. It can be said that the IC industry, the current speed of technological development, convenient mobile communications, state-of-the-art medical equipment, ubiquitous network exchange and e-commerce, will greatly discount or can’t even developed. From 1956 onwards, the China government began planning the research of the semiconductor industry, has laid the foundation of the domestic IC industry development. With the growing of the IC industry, and its influence is also increasingly far-reaching, so far, China has the world's largest IC market, and therefore the government planning to pay more attention to positioning and subsequent development of the IC industry. Especially at current stage of the 12th Five-Year period, the Ministry of Industry and Information Technology introduces the “Twelfth Five-Year Development Plan of the IC industry”, and the start of the planning documents define the position of IC industry as following: " IC industry is development of strategic, fundamental and guiding industry, is to foster the development of strategic emerging industries, the core and foundation to promote the deep integration of information technology and industrialization ...... its strategic position has become increasingly prominent. The powerful IC technology and industry is an important symbol of toward innovation-oriented country. " The IC industry is a knowledge-intensive, technology-intensive, capital-intensive industries, especially the properties of IC manufacturing industry, the huge amount of their investment, long cycle, a modern 12- inch plant construction funds to at least 3 billion US dollars. Although the government long-term provides IC enterprises many policy support and IC enterprises limited the pace of development of the production technology, also facing huge pressure on the demand for investment funds. Fundraising IC enterprises, financing decision making are seriously affected the development of enterprises, which is the focus of this study. SMIC is one of the world's leading IC foundries, the scale of the largest and most technologically advanced IC foundry enterprise in Mainland China. This domestic industry representative SMIC, for example, analysis of industrial competitiveness, profitability, past financing decisions and the financing predicament and then attempt to corporate bonds as a solution for the domestic IC industry contribute to the development of diversified corporate finance.
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