Research On The Value Evaluation Of Semiconductor Industry Enterprises Under The Background Of Sino-U.S.Trade Friction ——Take Giga Device As An Example

The continuous rise of China's economic and technological strength has drawn great attention from the US government.In order to make the strategic plan of "made in China 2025" bankrupt and maintain its economic and technological hegemony,the United States launched trade friction with China in August 2017,while the semiconductor industry,which is the focus of the Sino-U.S.Technology dispute,bore the brunt.At the end of 2018,the value of semiconductor enterprises dropped significantly.At the same time,we can also see that Sino-U.S.trade frictions have also brought certain opportunities to China's semiconductor industry,such as national strategic support,domestic alternative concept rise,and the increasing demand for downstream applications of 5G technology,Internet of Things,Big Data,and AI.2019 Sino-U.S.trade frictions continue,but the share prices of most semiconductor companies have risen sharply.Is the value of semiconductor companies reasonable by the end of 2018? In order to protect the rights of investors and promote the healthy growth of the semiconductor industry,this article analyzes the value of semiconductor companies at the end of 2018.This thesis focuses on the value evaluation of semiconductor enterprises under the background of Sino-U.S.trade frictions.Based on the research of related literature at home and abroad,the impact of Sino-U.S.trade frictions on China's semiconductor industry and the development status of China's semiconductor industry and semiconductor companies characteristics and so on carries on the detailed analysis,determine the semiconductor enterprises including existing profitability value and potential profitability value of two parts.At the same time,EVA evaluation model was constructed to evaluate the value of existing profitability,and the fuzzy B-S option pricing model was constructed to deal with the external uncertainty faced by semiconductor enterprises' investment projects,so as to better determine the potential profitability value of semiconductor enterprises under the background of Sino-U.S.trade friction.In order to verify the validity of the evaluation model,this thesis takes Giga Device,a leading IC design company in the semiconductor industry,as an example to evaluate its enterprise value,and compares the evaluation results with the total market value of the company's evaluation base date and the subsequent changes of the total market value of the enterprise.The results show that the evaluation model constructed in this thesis can better reflect the intrinsic value of the company.Based on the above analysis,this thesis believes that the Sino-U.S.trade friction has hurt market confidence to a certain extent,but with the increase of downstream demand,the enhancement of domestic substitution effects,and the support of national fiscal and tax policies,China's semiconductor companies will achieve rapid development and progress.