Research On The Value Evaluation Of Electronic Equipment Manufacturing Enterprises Based On B-S Model And FCFF Model

With the continuous development of China’s high-tech enterprises,the electronic equipment industry has gradually become the focus of development,and the establishment of a new listing financing system has led to a more active capital market in China.Especially after the "14th Five-Year Plan",people have attracted extensive attention to 5G,new energy,aerospace,military and other fields,which has accelerated the favor of capital to its related fields.The enterprise value of electronic equipment has attracted more and more people’s attention.Therefore,as a representative industry in the industrial chain,the research and application of value evaluation in the electronic equipment manufacturing industry is also crucial.Firstly,this paper makes a general review by sorting out the relevant theoretical literature on the value evaluation methods and B-S model of high-tech enterprises at home and abroad.Secondly,the overall characteristics of the electronic equipment manufacturing industry are analyzed deeply,the evaluation method model suitable for the electronic equipment manufacturing industry is selected based on the application premise and principle basis of the evaluation method.Finally,the appropriate evaluation method model is selected to evaluate the specific evaluation case of AVIC optoelectronics enterprise value,so as to verify the accuracy of the evaluation method model.This paper selects December 31,2021 as the base date of evaluation,analyzes and summarizes its financial status,operating status,evaluation difficulties and other aspects based on the annual report of AVIC Optoelectronics,and uses B-S model and FCFF model to evaluate the value of AVIC optoelectronics enterprises on the base date of evaluation.Finally,the results of the evaluation of the two models are summarized and compared with market value,price-earnings ratio and other indicators,hoping to put forward relevant suggestions for the value evaluation of electronic equipment manufacturing enterprises.According to relevant calculation,the overall value of AVIC Optoelectronic Enterprise on December 31,2021 is as follows:(1)B-S model is suitable for evaluating the potential flexibility value of high-tech enterprises.High-tech enterprises generally have a large number of investment projects,and their investment projects are similar to the real option method.Decision makers all have the right to buy something in a certain period in the future,and the right has a huge delay potential income value.Therefore,when using income method to evaluate enterprise value,we should not ignore these strategic and flexible flexible decision-making rights,or "option value",which can not evaluate the actual value of the enterprise.Based on the specific application principle of the model,the B-S model can better evaluate the potential flexible value of the enterprise.(2)The combination of B-S model and FCFF model can effectively evaluate the value of high-tech enterprises.FCFF model is to evaluate the existing value of an enterprise according to its historical operating conditions,free cash flow of expected earnings,discount rate and other parameters.B-S model can evaluate the opportunity cost brought by the adjustment of business strategies taken by enterprises affected by external factors,that is,the potential value of the projects under construction.In this paper,in order to avoid repeated assessment of the future earnings of enterprise value,the expected earnings related to income method are excluded.By comparing with the evaluation results of enterprise market value and FCFF model,B-S model and FCFF model can better evaluate the actual value of the enterprise,and the value factors considered in the evaluation results are closer to the actual value composition of the enterprise.(3)The combination of FCFF model and B-S model is suitable for enterprise value assessment in complex environment.As 5G,new energy,aerospace,military industry and other industries have become hot spots,related suppliers of the industrial chain are favored by capital.Moreover,investors are more optimistic about state-owned enterprises and military enterprises when the stock market is depressed due to the epidemic.Therefore,...