Research On The Value Evaluation Of Chip Enterprises In The Perspective Of Fuzzy Real Option

In the "Made in China 2025" white paper,the new generation of information technology industry is divided into three categories,information and communication equipment,integrated circuits and special equipment and operating systems and industrial software,of which integrated circuits are listed first.The chip manufacturing industry is regarded as a core industry in the "13th Five-Year Plan",highlighting the important strategic position of the chip manufacturing industry as a core industry,emphasizing the acceleration of independent innovation and the enhancement of the independence of core basic components such as chip manufacturing importance of supply proportion.In this context,chip companies have received more and more attention from investors in recent years.A reasonable assessment of the value of chip companies is essential to protect the rights and interests of investors and promote the sound development of the chip industry.On the basis of summarizing and reviewing related research,this article uses the connection and distinction of chips,semiconductors and integrated circuits as the starting point,divides the value of chip companies into current value and potential value,and focuses the research on the evaluation of potential value.Through analysis,it is found that traditional value evaluation methods are difficult to reflect the potential value of chip companies,and the parameters selected in the evaluation examples of real options are too rigid.Therefore,fuzzy mathematics theory is introduced to construct fuzzy mathematics models to solve the above problems.In order to test the practicability and effectiveness of the model,FTWafer,which has grown well in recent years,was selected as the evaluation object,and the evaluation result was compared with the evaluation value in the asset evaluation report issued by the asset evaluation company.After research,it is found that the use of real option models to evaluate the value of chip companies can effectively make up for the shortcomings of traditional evaluation methods.In addition,fuzzy mathematical theory is introduced to perfect the real option model,and finally the enterprise value is positioned within a certain range.The determination of the specific value is related to the degree of expectation of the appraiser.The more optimistic the evaluation,the higher the value of the enterprise,and the more pessimistic the evaluation,the lower the value of the enterprise.This improves the problem of too rigid real option model parameters,makes the valuation more scientific,and provides a reference direction for chip companies in the selection of future value evaluation methods,which has important reference significance.