A Study On The Valuation Of Semiconductor Enterprises Based On Gray Correlation Analysis

As Chinese technology companies enter a new round of rapid development,the state has increased its support for the new generation of information technology industry,and the development of the domestic semiconductor industry has broad prospects.During this period,the financing of semiconductor companies,industrial mergers and acquisitions,auxiliary brokerage pricing,equity incentives,etc.will increase;At the same time,market investors are also looking for good investment companies to pay more attention to the intrinsic value of the company,how to reasonably evaluate semiconductor companies has become a common concern for corporate management and investors.Unlike traditional companies,semiconductor companies have high investment and high growth.Among the existing evaluation methods,the cost method is not suitable for the evaluation of technology companies.The income method and other methods ignore the potential value of the company.The option pricing model can include the potential value of the company.It can assume too many conditions and determine the volatility.The data is difficult to obtain and it is difficult to guarantee the validity.Based on the characteristics of semiconductor companies,this paper chooses the market-sales ratio method for the value evaluation of growth companies,and uses the gray correlation model to reduce the subjectivity of the selection of comparable companies.Finally,combined with the case of China Resources Micro Corporation,this method is tested.It aims to provide a more effective theoretical basis for the scientific evaluation of semiconductor companies.The research results show that the deviation rate of the semiconductor enterprise value evaluated by the market-sales ratio and the actual market value of the company is small,which is reasonable,and the application of gray correlation analysis to the selection of comparable enterprises can reduce the subjectivity of the evaluation.