会计学院知识库

随着国家实力的不断强大，“芯片国产化”近年来逐渐成为国家战略层面的 新议题。芯片作为电子产品、通信技术、信息技术等产业的核心零部件在未来我 国经济发展中将扮演重要角色和地位。加快我国芯片产业发展不仅对我国各个产 业影响深远，更在增强国家安全，提升经济发展起着至关重要的作用。在此背景 下，国务院出台的全面推广制造兴国的文件《中国制造 2025》战略规划，坚持以 创新驱动、绿色发展、加速从制造大国转向强国。因此，在资本市场上芯片制造 企业也越来越受到投资者的重视，同时，对于其准确估值的需要也变得更加迫切。 本文选取行业内发展迅速的企业汇顶科技为例，通过案例分析的方法尝试对 其企业价值进行评估。本文首先介绍了汇顶科技的基本概况，通过对其价值构成 进行分析，得出传统评估方法存在局限性，从而尝试采用修正收益法对其进行价 值评估。文章对修正前后估值结果进行对比，说明采用 GARCH（1.1）模型修正后 的评估结果更为准确。 本文对企业价值评估方法探究取得了以下研究结论：1.基于分析企业价值的 构成，将企业价值分为现有获利能力的价值和潜在获利能力的价值，构建出一套 适合于芯片制造企业价值评估的混合修正收益模型。2.在收益法基础上引入经营 资产自由现金流量模型，充分的契合处于发展初期扩张阶段的企业，评估出企业 现有获利能力的价值。3.引入 GARCH 修正的 B-S 模型对企业潜在获利能力进行评 估，从而弥补收益法对于企业价值评估中的不足。通过本文研究使得芯片制造企 业价值评估的准确性有一定提高，并且在丰富我国现有资产评估理论与完善我国 上市公司评估框架具有一定的理论与现实意义。

With the growing strength of the country, the "localization of chips" has gradually become a new topic of national strategy in recent years. As the core parts of electronic products, communication technology, information technology and other industries, chip will play an important role and position in China's economic development in the future. Accelerating the development of China's chip industry not only has a farreaching impact on China's various industries, but also plays a crucial role in enhancing national security and economic development. Against this background, the state council issued the strategic plan of made in China 2025, a document on comprehensively promoting the rejuvenation of the country through manufacturing, to promote innovation-driven, green development and accelerate the transformation from a manufacturing power to a powerful one. Therefore, in the capital market, chip manufacturers are increasingly valued by investors, and the need for accurate valuation is becoming more urgent. This paper takes Goodix, a rapidly developing enterprise in the industry, as an example and tries to evaluate its enterprise value through case analysis. This paper first introduces the basic situation of huiting technology, through the analysis of its value composition, it is concluded that the traditional evaluation method has limitations, so it tries to use the modified income method to evaluate its value. This paper compares the estimation results before and after the revision, indicating that the revised evaluation results using GARCH (1.1) model are more accurate. 1. Based on the analysis of the composition of enterprise value, the enterprise value is divided into the value of existing profitability and the value of potential profitability, and a set of mixed modified income model suitable for the value evaluation of chip manufacturing enterprises is constructed. 2. Based on the income method, the free cash flow model of operating assets is introduced to fully fit the enterprises in the early stage of development and expansion, and the value of the enterprises' existing profitability is evaluated. 3. The b-s model modified by GARCH is introduced to evaluate the potential profitability of the enterprise, so as to make up for the deficiency of the income method in the enterprise value evaluation. Through this research, the accuracy of value evaluation of chip manufacturing enterprises has been improved to some extent, and it has certain theoretical and practical significance in enriching the existing asset evaluation theories and improving the evaluation framework of listed companies in China.