Valuation Of Semiconductor Enterprises Based On Income-Option Portfolio Model

At present,with the rapid development of science and technology in the 21 st century,the level of information technology represents the level of social and economic development of a country,and semiconductor,as the cornerstone of the information technology industry,has emerged with the rise of the Internet of things in 5G.The outbreak of the Sino-US trade war has exposed the shortcomings of China's technology in the semiconductor industry and the lack of autonomy.The state has launched a series of policies to promote the development of China's semiconductor industry.In this case,the rapid development of domestic semiconductor enterprises has attracted extensive attention of investors,and the accurate evaluation of their value is becoming more and more important.However,the value evaluation system of semiconductor enterprises in China is not perfect,and the fully applicable value evaluation method has not been explored.Based on the basis of the research results,this paper analyzes the characteristics and value composition of semiconductor enterprises,the value created by existing assets and the value created by potential research and development investment,and the traditional value evaluation method has great limitations in evaluating the potential value of enterprises.Therefore,this paper adopts the physical option method to evaluate the potential value of semiconductor enterprises.In order to fully verify the effectiveness of this combined model,this paper will take the very representative Weir shares of the semiconductor field,evaluate the cash flow discount model and B-S physical option model respectively,and then combine the two results to obtain the intrinsic value of the enterprise,and compare it with the market value of the base date to provide a case reference for the value evaluation of domestic semiconductor enterprises.