Comparative Study On Enterprisevalue Evaluation Models Of Chip Industry

At present,the domestic chip industry is still in the emerging development stage,and it has its own option characteristics such as technology,market uncertainty and irreversibility.Traditional valuation methods such as EVA(Economic Value Added)and DCF(Discounted cash flow),which are commonly used in the industry,cannot address such option characteristics and tend to underestimate the value of chip enterprises,thus restricting their development.How to deal with the option characteristics in the valuation of the chip industry has become a very relevant topic.By systematically introducing the basic theories related to enterprise value and value assessment,analyzing the theoretical basis of real options,conducting a comprehensive evaluation of the traditional valuation methods and option pricing methods,and proposing that the real option pricing method is more advantageous in assessing the uncertainty of chip enterprises.The financial data of representative mature enterprises listed on the main board of A-share chip enterprises can be used as the basis for the selection of valuation model parameters,which are mainly come from Juchao information network and wind database.Combined with the characteristics of the chip line,EVA,Black-Scholes model and Schwartz-Moon model can be used to evaluate the value of chip enterprises.Combining factors such as the exit multiple approach and industry characteristics,the Schwartz-Moon pricing model’s choice of EV/revenue as the value ratio can further improve the applicability of the model.In the empirical analysis of chip enterprises,the study highlights the solution process based on real options valuation,analyses the obtainability analysis of parameters suitable for it.Running the model and comparing it with the base date share price reveals that the Black-Scholes model combined with EVA is more applicable to the valuation of chip companies than the EVA valuation method;and the compound real option Schwartz-Moon pricing model built on Monte Carlo simulation is more applicable than the Black-Scholes model combined with EVA.In conclusion,the application of real options theory to the chip industry has better solved the problem of corporate uncertainty,provided new ideas and methods for the valuation of chip companies,and provided a more reasonable reference value for relevant investors.