Research On The Business Valuation Of STAR Market Chip Company Based On Fuzzy Real Options ——Taking SMIC As An Example

In the background of trade frictions,the necessity for China to achieve independent chip research ? development and master key technologies become increasingly prominent.In recent years,due to the national policy support for the high-tech industry,it has reduced the difficulty of financing of the chip companies in the capital market,and has played a significant role in their innovation and progress,expanding production scale,and enhancing the competitiveness of the chip industry.With the enrichment of the capital market,hightech enterprises have flocked to the SSE STAR MARKET to achieve their listing goals.A reasonable assessment of the value of enterprises on the SSE STAR MARKET will help managers,investors,and regulators to accurately locate the value of enterprises,improve the efficiency of decision-making,investment,and supervision,and then promote the sound development of enterprises and technological innovation and progress.Therefore,it is of great significance to choose a reasonable evaluation method to evaluate the enterprise value.Chip companies are different from traditional companies in the aspects of asset structure and value composition,and the SSE STAR MARKET is a new attempt to enrich the multi-level capital market.Under the registration system and information disclosure and listing review mechanism,traditional evaluation methods are used to evaluate high-tech companies.A certain degree of inapplicability occurs.Based on the past business valuation theory and methods,this paper sorts out and draws on the business valuation results of relevant scholars at home and abroad,evaluates the traditional business valuation method,and analyzes that the traditional business valuation method has certain limitations on the business valuation of the SSE STAR MARKET chip enterprise.This paper believes that the enterprise value of chips on the SSE STAR MARKET is composed of the explicit value brought by the current profitability and the implicit value brought by the uncertainty of the investment in the future.On the basis of the traditional cash flow model,this paper superimposes the fuzzy real option model,evaluates the explicit value and implicit value of the enterprise respectively,and then calculates the evaluation result by combining it.This is an optimization of the traditional business valuation method.To a certain extent,the problem of parameter value error of the real option model is reduced,and the evaluation results are closer to the real value of the enterprise.As a representative of many chip companies,SMIC has attracted much attention.As the chip company with the largest market value on SSE STAR MARKET,it has created so many achievements such as the fastest meeting record.The case analysis of it is representative to a certain extent.The traditional real option model and the optimized fuzzy real option model are used for calculation,and the results are compared and analyzed.Based on the theory of business valuation and the research results of predecessors and scholars,this paper actively explores a new model for business valuation of SSE STAR MARKET chips.By analyzing the value composition,the scientific introduction of fuzzy mathematics corrects the defects of traditional business valuation method and broaden the way of business valuation to a certain extent,and provide new selection methods,and provide reference operations for the business valuation practice of SSE STAR MARKET chip companies and high-tech companies.