Research On Investment Value Evaluation Of Chip Enterprises

In the Sino-US trade war,China has emerged as a short-board in the chip field.Under such a severe international situation,the country will vigorously develop the chip industry.In this context,it is reasonable to evaluate the value of the chip company and understand the national macro-support policy based on the valuation,consider the development countermeasures,and enhance the value of the chip enterprise,thus promoting the development of the national strategic industry-chip industry..At present,the valuation research of chip companies is generally small,and most of them are traditional valuation methods such as free cash flow discounting method and economic value added method.These valuation methods have limitations on the valuation of high-growth and high-confidence hard-tech companies such as chip companies,which will underestimate the value of enterprises;while the current national support policy research for the chip industry is mostly based on the entire chip industry.For the research object,there is no starting from the chip company,and the targeting is not strong.This paper summarizes the existing enterprise value assessment analysis and chip industry support policy research,selects the appropriate valuation method to evaluate the chip enterprise,and considers the current national support policy based on the valuation to enhance the enterprise value.,put forward relevant policy recommendations.The main contents include:(1)sorting out the domestic development environment background of the chip industry,and analyzing the characteristics of the chip industry;(2)combining the characteristics of the chip industry,analyzing and summarizing the limitations of various traditional valuation methods And the applicability of the real option method to its valuation;(3)using the free cash flow discount method and the real option method,the valuation analysis of the selected case companies,comparing the valuation effects of the two methods;(4)understanding The domestic chip industry supports countermeasures and related work plans in various regions,and proposes relevant policy recommendations by analyzing the influence trends of the sensitivity factors of the two methods of valuationmethods such as free cash flow discounting method and real option method on enterprise value.(5)Summarize the research of this paper,analyze the limitations of this paper,and summarize the countermeasures and suggestions for the development of chip companies.