Value Estimation Of Chip Manufacturing Enterprises Based On Modified Income Method Value Research

With the growing strength of the country,the "localization of chips" has gradually become a new topic of national strategy in recent years.As the core parts of electronic products,communication technology,information technology and other industries,chip will play an important role and position in China's economic development in the future.Accelerating the development of China's chip industry not only has a farreaching impact on China's various industries,but also plays a crucial role in enhancing national security and economic development.Against this background,the state council issued the strategic plan of made in China 2025,a document on comprehensively promoting the rejuvenation of the country through manufacturing,to promote innovation-driven,green development and accelerate the transformation from a manufacturing power to a powerful one.Therefore,in the capital market,chip manufacturers are increasingly valued by investors,and the need for accurate valuation is becoming more urgent.This paper takes Goodix,a rapidly developing enterprise in the industry,as an example and tries to evaluate its enterprise value through case analysis.This paper first introduces the basic situation of huiting technology,through the analysis of its value composition,it is concluded that the traditional evaluation method has limitations,so it tries to use the modified income method to evaluate its value.This paper compares the estimation results before and after the revision,indicating that the revised evaluation results using GARCH(1.1)model are more accurate.1.Based on the analysis of the composition of enterprise value,the enterprise value is divided into the value of existing profitability and the value of potential profitability,and a set of mixed modified income model suitable for the value evaluation of chip manufacturing enterprises is constructed.2.Based on the income method,the free cash flow model of operating assets is introduced to fully fit the enterprises in the early stage of development and expansion,and the value of the enterprises' existing profitability is evaluated.3.The b-s model modified by GARCH is introduced to evaluate the potential profitability of the enterprise,so as to make up for the deficiency of the income method in the enterprise value evaluation.Through this research,the accuracy of value evaluation of chip manufacturing enterprises has been improved to some extent,and it has certain theoretical and practical significance in enriching the existing asset evaluation theories and improving the evaluation framework of listed companies in China.