Research On Semiconductor Chip Enterprise Value Assessment Based On FCFF And Improved B-S Model

With the rapid development of technologies such as 5G,Io T and artificial intelligence,the consumer market is escalating rapidly and more and more companies are producing and manufacturing terminals and modules for various industries,the operation of which are inextricably linked to smart chips.Against this backdrop,semiconductor chip companies have also started investment and financing activities,and reasonable value estimation helps them to implement their investment and financing activities more effectively.Therefore,in the current Chinese market environment,it is particularly important to make a reasonable value estimation of semiconductor chip companies,and thus guide their investment and financing activities in an orderly manner.This article analyses the limitations of traditional valuation methods in valuing semiconductor chip enterprises,specifically: the application of the market approach requires an active public market,while the semiconductor chip industry started late and there are few comparable cases,so it is not very reasonable to adopt the market approach;the cost approach is applicable to the valuation of tangible assets,but not to enterprises with a large proportion of intangible assets,which will make the The income approach is only applicable to the valuation of the value created by the existing assets of a semiconductor chip company,and cannot be used to assess its potential value.Therefore,this thesis divides the overall value of a semiconductor chip company into the value of existing assets and the value of potential assets.In this thesis,the FCFF model in the income approach is used to calculate the existing asset value of the enterprise,and then the B-S model in the real options approach is used to assess the potential value of the enterprise,and the B-S model is improved: the parameter dividend payment rate is added,and the Monte Carlo method is used to calculate the volatility.Finally,this thesis uses a leading company in the semiconductor chip industry,Ziguang Guoxin Microelectronics Company Limited,as a valuation case,and constructs a portfolio model to assess the overall enterprise value,then compares the valuation results derived from the portfolio model with the actual enterprise value at the valuation point in time and calculates the difference rate,and can conclude that the portfolio valuation model is The results of the portfolio model were then compared with the actual enterprise value at the time of valuation and the variance rate was calculated.Based on the case study in Chapter 5 of this thesis,we can find that the FCFF and the improved B-S model can objectively and reasonably calculate the value of an enterprise based on the characteristics and overall value composition of semiconductor chip enterprises.Therefore,the value assessment model of semiconductor chip enterprises constructed in this thesis has certain applicability.