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  随着“工业4.0”、“中国制造2025”的提出，中国的技术革命和产业革命也正进一步推进，芯片产业已经具备了技术和资金的高度密集性，是体现各个国家或区域发展综合能力水平的关键性行业。芯片行业的发展十分迅速，在遭遇美国等西方发达国家的限制之后，引起了我国的高度重视。因为国内市场需求规模大，还有政策的扶持，芯片行业未来的前景非常广阔。

  芯片行业包括多种企业类型，由于目前文献中关于芯片设计类公司价值评估方面的研究成果相对较少，本文将重点研讨芯片行业中的芯片设计类企业的价值评估。在VUCA环境中，对企业的价值评估较难，尤其针对以研发为主的芯片设计类企业来说更是如此。首先，本文通过分析VUCA环境的特点、企业在VUCA环境需要面对的问题以及芯片行业的特点，并对全球和我国芯片设计类企业的现状进行梳理，发现运用EVA和B-S组合模型评估企业价值更为合理，而且VUCA环境充分体现了未来的不确定性，因此运用模糊数学的理论对参数进行优化，可以将未来理想和不理想情况综合考虑。其次，本文以芯片设计企业——澜起科技为例运用组合模型评估，用EVA模型对企业的现有价值进行评估并用优化后的B-S模型对企业的潜在价值进行评估，加总得出澜起科技的整体价值。最后分析说明此组合模型对于芯片设计类企业具有一定的适用性。

  本文研究结果表明，在VUCA环境中，对芯片设计类企业价值评估采用EVA和B-S组合模型，并用模糊数学理论对B-S模型的参数进行优化，可以使评估结果更为合理。但此方法也存在营业收入等指标的预测难度较大、具有主观性等弊端，这些也会影响EVA和B-S组合模型的可操作性。

    With the introduction of “Industry 4.0” and “Made in China 2025”, China’s technological revolution and industrial revolution are also being further advanced. The chip industry already has a high degree of technology and capital intensity, and it is a key industry that reflects the comprehensive development capability of each country or region. The development of the chip industry is very rapid. After being sanctioned by the United States and other Western countries, it has attracted great attention from the country. Due to the large scale of domestic market demand and policy support, the future prospects of the chip industry are very broad.

    The chip industry includes a variety of enterprise types. Since there are relatively few research achievements on the value evaluation of chip design companies in the current literature, this paper will focus on the value evaluation of chip design companies in the chip industry. In the VUCA environment, it is difficult to evaluate the value of enterprises, especially for R&D-based chip design enterprises. First of all, this paper analyzes the characteristics of the VUCA environment, the problems that enterprises need to face in the VUCA environment, and the feature of the chip industry, and sorts out the current status of chip design enterprises in the world and in my country. In order to be reasonable, and the VUCA environment fully reflects the uncertainty of the future, the theory of fuzzy mathematics is used to optimize the parameters, which can comprehensively consider the ideal and non-ideal situations in the future. Secondly, this paper takes the chip design company-Montage Technology as an example, and uses the combination model to evaluate the current value of the enterprise with the EVA model and the potential value of the enterprise with the optimized B-S model, summing up the overall value of Montage Technology. The final analysis shows that this combined model has certain applicability to chip design enterprises.

    The results of this paper show that, in the VUCA environment, the combination of EVA and B-S model is used to evaluate the value of chip design enterprises, and the parameters of the B-S model are modified with fuzzy mathematical theory, which can make the evaluation result more reasonable. However, this method also has disadvantages such as difficulty in predicting indicators, such as operating income and subjectivity, which will also affect the operability of the EVA and B-S combined model.