Research On The Value Valuation Of IC Design Enterprises

In recent years,Sino-US trade friction has continued and global geopolitical conflicts have intensified.As a result of anti-globalization,there are significant security issues in the industrial supply chain,and the science and technology war with the country as the main body is becoming increasingly fierce.A major component of the IC industry,which has strong traction for its positive growth,is IC design enterprises.Affected by the international and domestic environment,there is a high demand for domestic replacement of integrated circuit products,the development of 5G,AI and other new generation information technologies is accelerating,and the registration system is advancing at a high speed in an all-round way.The successful amalgamation of technology,capital,and science has sparked a surge in entrepreneurship in the integrated circuit design sector.How can the management of integrated circuit design enterprises correctly identify and evaluate the value creation of integrated circuit design enterprises? How should investors evaluate the intrinsic value of their enterprises correctly and effectively? This thesis tries to find a more appropriate valuation method and model for IC design enterprises by studying the characteristics of IC design enterprises.To begin with,this thesis summarizes the relevant literature on enterprise valuation theories and valuation methods at home and abroad,compares and studies the applicability,pros and cons of major valuation techniques,analyzes the international and domestic development environment and competitive situation of IC design industry,studies and summarizes the characteristics of IC design enterprises and the driving factors of enterprise value,and conducts an analysis of the composition of enterprise value.Both the B-S real option valuation model and the EVA valuation model are analyzed and discussed.EVA and B-S approaches,according to this thesis,can be applied to the valuation of IC design businesses.To be specific,EVA can effectively estimate the existing explicit value of enterprises,while B-S quantifies the potential value of uncertain opportunities in the future,and explicit value and potential value constitute the overall value of IC design companies.This valuation method for IC design enterprises is referred to as "EVA+B-S" valuation method in this thesis.Furthermore,this thesis compares and analyzes EVA valuation results,B-S valuation results,"EVA+B-S" valuation results,and P/E valuation results in the case by using EVA and B-S models respectively.It is found that both B-S and EVA valuations differ significantly from the center of market price fluctuations.However,the "EVA+B-S" valuation result can effectively represent the center of market price fluctuations,and market price fluctuations tend to converge to the "EVA+B-S" valuation result.Through research and analysis,this thesis holds that the "EVA + B-S" method is effective and applicable to the valuation of integrated circuit design enterprises.whereas this method is sensitive to the weighted average cost of capital,resulting in the rationality of its parameters requiring careful consideration.