Research On Enterprise Value Evaluation Of Science And Technology Innovation Board Based On Modified DCF-BS Model

In recent years,the strong demand for core technology research and development in China’s chip industry,coupled with the tit-for-tat competition in chip trade between China and the United States,has pushed the development of "Chinese chip" into a golden era.At the same time,the development of the chip industry is closely related to China’s comprehensive national strength,and it is the core industry that China focuses on supporting.Therefore,this article selects the modified DCF-BS model to evaluate the value of chip companies,in order to achieve the goal of protecting the interests of investors and promoting the orderly development of the chip industry.Based on a collection of relevant theories and cases,this article uses a portfolio model to study the value of chip based enterprises.Taking the connection and differentiation of the research on the development trend between the chip industry,integrated circuits,and science and innovation boards as the entry point,and on the premise of certain analysis of the chip industry and the company’s business,the value of the chip enterprise is divided into existing business value and potential value,and the research focus is on not easily revealing potential value.Based on the analysis of relevant literature,it is found that traditional value evaluation methods are difficult to reflect the potential value of chip companies.Therefore,this article adopts the revised real option method to evaluate their potential value.In order to verify whether the model is adaptable and practical in case evaluation practice,this article selected SMIC International,which has grown relatively well in recent years,as the evaluation target,and conducted a comprehensive evaluation and analysis of it.The evaluation results were compared with the market value of the evaluated company on the evaluation date.Through research,it is found that the modified DCF model and real option method have more advantages than traditional evaluation methods in evaluating the value of chip companies.In addition,modifying the evaluation method that combines the DCF model with the real option model can optimize the problems of too rigid parameters in the real option model and insufficient flexibility in the DCF model parameters,making the valuation more scientific.This article draws conclusions through preliminary and effective analysis:(1)SMIC International is currently operating well,and with the improvement of the overall environment and the support of national policies,there is still room for further improvement in its market value;(2)When evaluating high-tech enterprises,the impact of potential prices and technological innovation factors on them should not be ignored.