Research On Valuation Of Listed Companies In China's Semiconductor Industry

Company valuation is an important matter for investors to make investment decisions and business operators to conduct business management.In recent years,the semiconductor industry has achieved rapid development under the support of national industrial policies and large industrial funds.At present,in the valuation practice of listed companies in the semiconductor industry,the price-earnings ratio valuation method is the most used.Although this method is easy to operate,it ignores the impact of factors such as corporate growth,capital structure,and market potential on company value.At this stage,the market share of listed companies in my country's semiconductor industry is relatively low,and domestic substitution is large.Driven by the improvement of technology and the increase of consumer demand,related listed companies have greater development potential,and the valuation using price-earnings ratio may be underestimation or overestimation the value of a company,the existing value evaluation methods of the semiconductor industry need to be improved.In terms of the research and use of valuation methods,this thesis adopts the joint valuation method,which combines relative valuation and absolute valuation for value evaluation,which improves the rationality of the valuation results.From an industry perspective,this thesis analyzes the current domestic and international valuation status and problems in the five links of the semiconductor industry chain: IC design,IC manufacturing,IC packaging and testing,equipment,and raw materials.From the perspective of enterprises,this thesis selects the typical representative of IC chip design listed companies Guoxin Micro Co.,Ltd as a case analysis.Reasonable valuation methods can promote companies to strengthen value management,help companies avoid risks and achieve long-term development.There are six chapters in this thesis.Chapter 1 starts with the background of theresearch and introduces the research significance,research methods,technical routes and innovation points.Chapter 2 sorts out the development history of domestic and foreign valuation,valuation methods,etc.,to provide theoretical support for subsequent research.Chapter 3 analyzes the current situation of domestic and foreign semiconductor industry valuation and valuation problems.Chapter 4 combines the characteristics of the semiconductor industry and proposes a joint valuation method.A feasible valuation method is selected from the relative valuation method and the absolute valuation method to establish a joint valuation model.Chapter 5 takes the listed company Guoxin Micro Co.,Ltd as an example,through the establishment of a joint valuation model,the final valuation result is calculated and compared with the real market price.Chapter 6 forms the conclusion of this thesis: the use of joint valuation method can effectively solve the drawbacks of using relative valuation and absolute valuation alone;the market-sales ratio valuation method can better reflect the growth characteristics of my country's semiconductor industry;using EVA valuation can better solve the impact of high R&D investment,construction in progress and other expenditures on profits in the semiconductor industry;the value of the case company is overestimated by the market.This thesis uses SPSS software to perform factor analysis and cluster analysis on comparable companies when using market-sales ratio valuations,to find more reasonable comparable companies;in EVA valuation,according to the high-tech characteristics of the semiconductor industry,some accounting items are performed adjust,so that the calculated EVA value can better reflect the true corporate value.The valuation process and analysis method of Guoxin Micro Co.,Ltd provide a new reference for the valuation of other companies in the semiconductor industry.