Communication Equipment Manufacturing Value Evaluation Based On DCF And B-S Combination Model

Today,with the continuous development of intelligent technology,the market has entered a period of replacement of old drivers of growth,and new industries,new drivers and new technologies have become a crucial factor in economic growth.Innovation has become the new driving force for the development of enterprises in the critical period of technological change.Only by mastering the latest technology and breaking the technical difficulties can we obtain greater benefits.In 2021,the 14 th Five-Year Plan mentioned that new infrastructure and digital economy will be elevated to a new strategic height.New infrastructure has become the key concept of China’s economic transformation and modernization.Communication equipment manufacturers are the new 5G infrastructure,a powerful engine to build a digital China,and a key driver for national economic growth.In recent years,the communication equipment industry is also developing rapidly,with frequent capital activities such as reorganization,merger and acquisition,investment and financing.The capital market has increasingly higher requirements for enterprise valuation,and the communication equipment manufacturing enterprises have gradually embarked on the road of sound development in the process of development.This thesis summarizes the research on the value evaluation of communication equipment manufacturing enterprises,analyzes the market development status,development characteristics and future development trend of the communication equipment industry,and concludes that the communication equipment enterprises have the characteristics of low entry threshold,strong customer stickiness,fast development speed,strong degree of internationalization,etc.As a strong enterprise in communication equipment manufacturing,F Company selected in this thesis has better solvency and profitability than the average of the most potential enterprises in the industry.However,through financial analysis,it can be clearly seen that F Company still needs to improve its cost control level.In the future development,it needs to improve its own strength and strengthen cost control,so as to promote its long-term development.Through the value evaluation of F Company,it can be found that the value of communication equipment manufacturing enterprises mainly includes the existing income brought by the entity assets and the potential income brought by the investment project.The value of communication equipment manufacturing enterprises will be underestimated by using a single method.In order to solve this problem,This thesis selects the combination model of DCF and B-S to evaluate the value of F Company.This not only tests the applicability of the combination model in the value evaluation of communication equipment manufacturing enterprises,but also makes some modifications to the B-S model in the combination model.Besides considering the dividend payment,the consideration of technological innovation is added.The modified combination model is more suitable for the value evaluation of enterprises with large R&D investment.In addition,in the process of applying the combination model,it is also found that the use of the model needs more sufficient financial data,so it is not suitable for the value assessment of start-up enterprises.However,for an enterprise in the growth stage such as F Company,the combination model can evaluate the existing value and potential value more objectively.Through comparative analysis,it can be found that the value evaluation of the communication equipment manufacturing enterprises by the combination model is close to the real situation of the market,and can well interpret the overall value of the enterprise.