Enterprise Value Of Chip Based On Schwartz-Moon Model Evaluation Research

As China is transforming from "Made in China" to "Made in China," the demand for chips in China is growing,and chips are playing an important role in Chinese electronics manufacturing.Due to the dual impact of the new pneumonia and economic trade friction between China and the U.S.,China needs to realize the development of a high-quality chip industry in order to become a technological superpower.In recent years,to support and promote the development of the chip industry,the government has launched a series of policies and established a national investment fund for the integrated circuit industry,which has become a driving force for the high-quality development of the chip industry.In this environment,China’s microcircuit industry is also witnessing a lot of investment and financial activities,and its scientific evaluation can help improve the efficiency of investment and finance.Therefore,an accurate and rational evaluation of chip enterprises according to the current development situation in China is very important to provide a scientific basis for the investment and financing activities of chip enterprises.By comparing the characteristics of several valuation methods and their respective application fields,and further considering the growth characteristics of chip companies and the difficulty of valuation,this paper argues that the valuation method based on real options can better reflect the value of chip companies under uncertainty compared with traditional valuation methods.And by comparing three major real options models,the paper reveals that the Schwarz-Moon model,which includes multiple stochastic differential equations and mean-reversion equations,can better capture uncertainty and growth in the development of the firm.On the other hand,this paper chose SMIChai Technology,a chip company,as a case study to test the utility of this model.The results show that the Schwarz-Moon model constructed in this paper is more accurate than the B-S model and conventional estimation methods.In this paper,an applied study on the valuation of chip companies based on the Schwarz-Moon model is conducted,showing that the Schwarz-Moon model is highly applicable to the valuation of chip companies.To some extent,the research conducted in this paper provides guidance for firms and investors,as well as new ideas for research on chip company valuation.