Value Evaluation Of Semiconductor Enterprises Based On Combination Of Eva Method And Real Option Model

In recent years,with the rise of the science and technology industry and the aggravation of adverse factors in international situation,such as the sanctions against ZTE and Huawei,China's awareness of "building a powerful country in science and technology" has been gradually strengthened,and the concept of "China core" has become a social hot spot for a while.Since 2014,the national fund has invested 138.7 billion yuan in semiconductor related industries,and issued the "national fund" For a time,China's semiconductor industry followed the policy dividend and embarked on the road of rapid development.In recent years,the growth rate of China's semiconductor production and sales is higher than the global level,among which the semiconductor design industry is the fastest growing.The annual sales of the design industry in 2020 is expected to reach387.94 billion yuan,with a growth rate of 23.8%.At the same time,in the capital market,the related stocks of the semiconductor concept are also favored by the capital,the chip stock index is soaring,and many semiconductor enterprises are in the market In a short time,it will achieve a market value of 100 billion yuan.For example,Giga Device was only listed in 2016.From the beginning of 2019 to February 2020,the stock price soared from more than 60 yuan to 428 yuan per share,with a total market value of more than 130 billion.There are also risks behind the opportunities.Rational investment can not be separated from the understanding of the enterprise fundamentals and the intrinsic real value.At present,from the perspective of professional asset evaluation,there are few researches on the value of semiconductor enterprises.The leading memory design enterprise in China,Beijing Giga Device Technology Co.,Ltd.(hereinafter referred to as " Giga Device ")is selected in this paper In recent years,its stock price has been popular in the capital market,the stock price fluctuates a lot,but its asset value evaluation is very few.Therefore,the purpose of this paper is to evaluate the intrinsic value of Giga Device by building an asset evaluation model on the premise of analyzing the semiconductor industry and the company's business,so as to deeply study the value of semiconductor enterprises,fill in the evaluation gap of the company's asset professional field,and put forward suggestions for enterprises and shareholders to rationally understand the enterprise value.At the same time,this paper adopts the combination of EVA method and real option model.After full method comparison and applicability analysis of evaluation methods,EVA method is adopted to evaluate the existing value of the enterprise,and then the practical option model is used to evaluate the potential value of the enterprise's DRAM chip investment project,so as to form a more comprehensive evaluation of the enterprise value.Finally,the paper compares with the market At the same time,case analysis is used to provide further demonstration materials for the practicality of the method model.Through the preliminary effectiveness analysis,we can draw the following conclusions: 1)Giga Device innovation is in good operating condition and has great development potential.In the long run,its market value still has room for further improvement;2)the potential value of the enterprise can not be ignored.EVA method combined with real option method is more advantageous than traditional method when it is applied to the evaluation of high growth enterprises with term value.