Research On Valuation Of Chip Enterprise Based On Residual Income Model ——Taking Unigroup Guoxin As An Example

Chips are the key to high-end electronic equipment manufacturing.In the process of transformation from "made in China" to "made in China",China's demand for chips continues to increase.Under the dual influence of the Sino US trade war and the COVID-19,accelerating the development of the chip industry has become a necessary prerequisite for China to take the road of independent innovation and become a powerful country in science and technology.In terms of creating new advantages of the digital economy,the "14th five year plan" emphasizes the need to "focus on high-end chips,operating systems,key artificial intelligence algorithms,sensors and other key areas".In recent years,the state has successively issued a series of industrial support policies to promote and support the development of the chip industry,and established the national investment fund for the integrated circuit industry to inject capital and vitality into the chip industry.Under the background of this era,the investment and financing activities of chip enterprises are carried out.Reasonable value estimation can help the investment and financing activities to be implemented more effectively.Therefore,under the current market environment in China,it is of great significance to reasonably evaluate the value of chip enterprises so as to provide a reasonable basis for the orderly development of their investment and financing activities.This paper selects the representative listed enterprise of chip Enterprises-Unigroup Guoxin as a research case to explore whether the residual income model is applicable to the value evaluation of chip enterprises.Firstly,the domestic and foreign literatures on chip enterprise value evaluation and residual income model are sorted out,and the traditional enterprise value evaluation methods and residual income model are compared horizontally.Combined with the development status,industry characteristics and evaluation difficulties of chips,the residual income model is considered to be more suitable for chip value evaluation.Although the residual income model has certain advantages,the traditional residual income model still has the shortcomings that it is difficult to predict the residual income and the assumption of sustainable operation in the future.According to the above shortcomings,the traditional residual income model is improved by introducing Du Pont analysis system and closing price to book ratio.Finally,the representative enterprise Unigroup Guoxin in the chip industry is selected as the research case,and the residual income model and FCFF model are used to evaluate the value of Unigroup Guoxin respectively.The evaluation results of the two methods are compared with the market value on the benchmark date to verify the accuracy of the residual income model.The results show that the difference between the results estimated by the residual income model is only-2.86%,which belongs to the normal error range.However,the evaluation results using FCFF model are quite different from the market price,with a deviation of-34.82%.The above results show that the residual income model has good applicability and accuracy for the value evaluation of chip enterprises,and can better reflect the internal value of enterprises.The residual income model introduces financial data into the value evaluation of chip enterprises.At the same time,the model takes value creation as the starting point of value evaluation,reminding the company's management and investors not only to pay attention to accounting profits,but also to residual income,a factor driving enterprise value.