Research On The Evaluation Of Beijing Omnivision Technologies Co.,Ltd.by Transaction Case Comparison Method

In recent years,with the increase of various application scenarios of semiconductor products,the market scale of semiconductor products has gradually expanded,constantly infiltrates into various fields of life,such as smart phones,intelligent medical care,etc.With the active M&A transactions of semiconductor enterprises in China,the valuation of semiconductor enterprises has gradually become the focus of the industry.However,with the development of capital market and the activity of semiconductor market transactions,the application of transaction case comparison method in semiconductor enterprise valuation is increasing,but the enterprise valuation system is not perfect.Therefore,we need to enrich the theory and application of this method in semiconductor enterprise valuation,and establish a more scientific method to provide reference for appraisers,so that it can be more widely used in the future evaluation practice.In the field of semiconductor,the existing articles mainly solve the professional and technical problems of the industry,and there is little analysis on the valuation of semiconductor enterprises.As one of the market methods,the application of transaction case comparison method has been applied late in the enterprise valuation in China.This paper is mainly anlyze the case of Beijing Omni Vision from two aspects,evaluation methods and evaluation results separately.The improved transaction case comparison method is constructed and applied to the case of Beijing Omni Vision.This paper mainly studies the selection of comparable cases,the correction of value ratios and the adjustment of country factors.Firstly,through the system clustering analysis to achieve the more sufficient filtering of comparable trading cases,and avoid the subjective prejudice of appraisers.Secondly,the usage of entropy weight method to calculate the weight of adjustment factors of evaluation ratio makes it more scientific.Finally,because the subject company is in the United States,this paper uses the industry PE ratios of the benchmark date in different countries to adjust the country factor.The research and discussion of this paper will enrich the application of transaction value evaluation of semiconductor enterprises in China and provide reference for the application of market method in multinational enterprise valuation.