Research On The Internal Value Evaluation Of Listed Semiconductor Enterprises

Since the 18 th CPC National Congress,the CPC Central Committee has placed innovation of science and technology at the core of development strategy.China is not only committed to designing supportive policy in the high-tech industry,but also continuously improving financing channels for advanced high-tech enterprises in the capital market.The establishment of science and technology innovation board is an important milestone in the development of new generation of information technology,high-end equipment,new materials,new energy,energy conservation and environmental protection,biomedicine and other technological innovation and strategic emerging industries.Among them,the information technology industry,especially the semiconductor industry,is the most vital part of science and technology innovation Board.Semiconductor industry has achieved rapid development under the support of national industrial policy and industrial fund.However,the valuation practice of listed semiconductor companies ignores the influence of enterprise growth,capital structure,market potential and other relative factors.This thesis firstly reviewed the domestic and foreign literature on the definition of intrinsic value as well as the factors influencing the value of sci-tech innovation board and semiconductor enterprises,and then analyzed the characteristics of sci-tech innovation board semiconductor enterprises to explore valuation needs.Based on the value theory,this thesis introduced the intrinsic value index system on the free cash flow discount model,considering macro factors,business environment,enterprise economic activities and so on.At the same time,this thesis compared the advantages and disadvantages of classic evaluation methods and judged the real option method is the most suitable for evaluating technology innovation enterprises.However,the value changes are not random,led to the problem of parameter determination.Therefore,this thesis further improved the evaluation method,nested fuzzy mathematical theory on real option method,fuzzy processing of key parameters,to improve the objectivity and persuasiveness of evaluation results.This thesis took Espressif as an example to test the model,and found that the real option method under fuzzy function can better deal with the problem of parameter setting and value change uncertainty,which provides a new idea for perfecting the internal value evaluation method of listed enterprises on science and technology innovation Board.However,due to the great differences between the internal subdivision of semiconductor enterprises,there is still some room for further modification.In summary,this thesis started from the basic theory research,introduced the concept of intrinsic value and science and technology innovation board,the characteristics and pattern of semiconductor industry,as well as the status quo of corporate valuation.Then,influence factors of the semiconductor enterprise value were analyzed to explore the intrinsic value of evaluation model,in order to provide a certain guiding significance to asset evaluation practice of listed companies.