Evalution Of Semiconductor Chip Design Enterprise Based On Life Cycle Theory Evalution Method Research

China is not only the largest semiconductor market in the world,but also the largest semiconductor manufacturing center and terminal consumer market.In the field of high-end chip technology,Our country lags behind the developed countries for a long time,especially in the design and supply of high-end chips,the localization rate and self-sufficiency rate are seriously insufficient,which leads to a long-term lag in high-end chip manufacturing in other regions and countries.Therefore,in order to meet the needs of all-round development of industry,the state clearly proposes in the summary of the development of manufacturing engineering and integrated circuits in China that the proportion of independent production of key basic components of integrated circuits in China should reach 40% by 2020;Five years later,the supply ratio of chips produced in China should not be less than 70% of the total domestic market demand.With the gradual advancement of the national industrial plan and the significant investment of the national industrial fund in the semiconductor industry,the chip industry will usher in a period of high light in China.Under the environment of domestic chip substitution,China ushered in a wave of investment in semiconductor industry.Industrial investment has become an important way for China to support and cultivate its own economy,and its positive effect on macro-economy will become more and more obvious.Industrial investment is not only to support the development of national industrial policy,but also to pursue high return of investment income as an investor.The success of investment depends on many important factors,but the evaluation of the investment target is undoubtedly the most important factor.If the enterprise value is overestimated and the consideration price is more than the fair value,it will seriously erode the future profit of the investors and even affect the success of the investment.The enterprise value appraisal is too low,to the enterprise owner's rights and interests is a significant harm,also can affect the enterprise management enthusiasm.Therefore,it is of great practical significance to accurately and reliably evaluate the value of chip design enterprises.Before carrying out the value assessment,the purpose of the assessment should be made clear.The different purposes of the assessment may lead to the change of the assessment object and the choice of the assessment method,which may lead to different assessment results,to influence investors' final judgment.Therefore,it is very important to judge the purpose of evaluation and choose the evaluation method accurately.By introducing the four-stage model of Enterprise Life Cycle,this paper divides the life cycle of chip design enterprises in different stages and selects evaluation methods.We know that the factors affecting the value of enterprises in different stages will be different,there are also differences in financial policies and operating leverage,so the assessment method we choose should be used in combination with the life cycle theory.By studying the evaluation methods of chip design enterprises in various stages,the author analyzes the important influencing factors of the industry,so as to accurately judge and evaluate the real value of the enterprises,it also hopes to provide a new direction for the investment community to carry out value assessment.The main frame of this paper is composed of five parts.The first chapter is the introduction,elaborated this article research background and the significance,has carried on the review to the domestic and foreign correlation theory research present situation,finally leads own viewpoint.The second part is the introduction of the theory of enterprise value evaluation.Firstly,the concept of enterprise value evaluation is described,then several evaluation methods are introduced,and the advantages and disadvantages of these methods are summarized.The third part first gives a brief description of the concept of chip design and the characteristics of semiconductor industry,and then explains how to divide the stages of chip design enterprises,it also introduces the characteristics of the operation and finance of the enterprises in each period and the value evaluation method adopted in the end.The fourth part is the case analysis of enterprise a,which introduces the operating condition and development course of enterprise a,and then analyzes the life stage of enterprise a through the sales growth rate and cash flow,then we choose the matching evaluation method according to the corresponding period of the chip design enterprise to estimate the value of the enterprise.Finally,we compare the value of the above evaluation method with the market value of the enterprise.The last chapter is the conclusion,describing the limitations of the research process and some suggestions for the future.