Research On The Value Evaluation Of Semiconductor Enterprises Based On The Improved Market Method

Under the influence of the Sino-US trade war,the ZTE incident and the new crown pneumonia epidemic,China’s semiconductor localization process is unprecedentedly accelerated,domestic semiconductor companies continue to improve independent research and development technology,at the same time,with the support of national policies,the scale of the semiconductor market continues to expand,competition is becoming more fierce,semiconductor companies financing,mergers and acquisitions,restructuring and other transaction activities are becoming more frequent.Whether it is the various transaction activities of semiconductor companies or the investment activities of investors,reliable value reference opinions are required,so it is important to evaluate the value of semiconductor companies.However,domestic and foreign scholars on the valuation of semiconductor companies mostly use income methods,such as EVA method and FCFF method,and the high growth and high risk of semiconductor companies make it difficult to assess the true value of enterprises based on book cost cost method,according to the requirements of asset valuation practice standards,asset appraisers should choose two or more valuation methods,through comprehensive analysis to form a reasonable assessment conclusion,therefore,the market method on the evaluation of the value of semiconductor enterprises is particularly important.However,due to some inherent problems in the traditional market method,its application in the semiconductor field is greatly limited.Therefore,it is necessary to solve the problems existing in the application of market method in the application of semiconductor enterprise value assessment.Taking semiconductor enterprises as the research object,this thesis first introduces the industrial chain,development status and industrial pattern of the semiconductor industry.Secondly,combined with the characteristics and valuation influencing factors of semiconductor enterprises,the applicability analysis of the valuation method of semiconductor enterprises is made,and the reasons for choosing the market method as the value evaluation method of semiconductor enterprises are expounded.Finally,the limitations of the traditional market method are analyzed,and the improvement idea of the market method in this thesis is proposed,that is,the gray correlation analysis method and the principal component analysis method are used to select comparable companies and value multipliers respectively,and the index system and value multiplier system of comparable companies that meet the characteristics of semiconductor companies are constructed,so as to establish the valuation model of the improved market method in this thesis.In order to verify the feasibility and effectiveness of improving the market method model,Montage Technology,a listed semiconductor company,was selected as the case study object,and the traditional market method,the improved market method and the commonly used income method were used to value Montage Technology,and the valuation results of the three were compared with the actual value of the evaluated company on the evaluation base date,which proved the feasibility and effectiveness of improving the market method in this thesis,so as to show that the improvement idea of the market method can reduce the subjectivity of the selection of comparable companies and the singleness of value multiplier determination.It provides reference ideas for improving the valuation accuracy of the market method and broadens the application field of the market method.This thesis has 11 figures,35 tables,and 80 references.