Research On The Valuation Of Semiconductor Enterprises In The SSE STAR Market

The SSE STAR Market was officially opened at the Shanghai Stock Exchange on June 13,2019.It focuses on encouraging the development of new generation information technology,high-end equipment and other high-tech industries,and provides multi-dimensional services such as issuance,financing and trading for science and technology and innovation-oriented enterprises.Semiconductor industry is of strategic significance to the development of modern economy and society.The composition of electronic equipment needed by computer,network technology,electronic communication,Internet of Things and other industries cannot be separated from semiconductor devices.At the same time,the development of semiconductor industry is also closely related to the national information security and comprehensive strength,and is a key industry supported by China's policy focus.Whether the semiconductor enterprises on the science and innovation board are listed in the initial public offering or the market investors make investment,they need to have a detailed grasp of the enterprise value assessment information.Therefore,it is of great significance to conduct reasonable valuation of the semiconductor enterprises on the SSE STAR Market.The research question of this paper is,how to make a reasonable valuation of semiconductor enterprises on the SSE STAR Market? Based on the theory of real option and the theory of enterprise value evaluation method,the research idea is to analyze the characteristics of enterprises in the semiconductor industry of the SSE STAR Market and the applicability of different evaluation methods.Based on the income method,the value of semiconductor enterprises on the SSE STAR Market is evaluated by combining the real option method.First,the value of existing assets of the company is evaluated through the income method FCFF model.Secondly,the options of the company are determined.The potential value of the company under the real option method is evaluated by selecting the B-S evaluation model and measuring the corresponding parameters.Finally,the evaluation results of the two parts are compared with those of the income method to verify the rationality of the combination of the income method and the real option method in the evaluation of the semiconductor enterprises on the SSE STAR Market.The main conclusions of this paper are as follows : Firstly,intangible assets,such as core technology,account for a large proportion of the semiconductor enterprises on the SSE STAR Market,which are characterized by high risk,large R&D investment and great uncertainty.Secondly,R&D projects in different periods of listed companies,corporate decision makers can be done through before project feedback results and the enterprise and the new changes of economic environment,to adjust at any time,choose to continue to invest or to give up,the uncertainty and flexibility,and the option value corresponds to the real option method.Therefore,the real option method has its applicability to evaluate the semiconductor enterprises on the SSE STAR Market.Thirdly,after using the income method to evaluate the value created by the existing assets,the real option method is introduced to evaluate the value of the future option of the science and technology innovation enterprise due to the greater uncertainty.The value of these two parts can be summarized to reflect the intrinsic value of the enterprise more completely.The innovation of this article is for the enterprise value evaluation,the traditional evaluation method mainly based on the financial indicators of the enterprise,operating conditions and performance,and semiconductor companies on the SSE STAR Market is uncertain,and it is dynamic management in the process of decision-making,the traditional evaluation methods ignore the value of this uncertainty.Therefore,it is necessary to select an appropriate evaluation method to manifest this part of value.In this paper,the real option method is used to reflect the uncertain value at risk of the semiconductor enterprises on the SSE STAR Market through the option value to evaluate its potential value.