退出倍数法在科技型企业估值中的应用与改进——以半导体企业紫光国微为例

Application and Improvement of Exit Multiple Method in Value Evaluation of Science and Technology Enterprises:Taking GUO XIN MICRO as an Example

梳理科技型企业估值方法的演进以及退出倍数法估值的相关文献,阐述退出倍数法的基本逻辑、假设调整和应用:选取半导体企业紫光国微作为实证案例评估其价值,科学选取可比公司,应用分层聚类分析的退出倍数法,展现其相比传统估值方法和普通退出倍数法更为优越的适用性;总结退出倍数法在科技型企业价值评估活动中的特征和存在的局限性,提出改进意见。

Firstly,we have reviewed the evolution of valuation methods for technology-based enterprises and relevant literature on exit multiple valuation;At the same time,we elaborate on the basic logic,hypothesis adjustment,and application of the exit multiple method;Secondly,we selected semiconductor company GUO XIN MICRO as an empirical case to evaluate its value.We scientifically selected comparable companies and applied the exit multiple method of hierarchical clustering analysis to demonstrate its superior applicability compared to traditional valuation methods and ordinary exit multiple methods;Thirdly,we summarize the characteristics and limitations of the exit multiple method in the value evaluation activities of technology-based enterprises,and propose improvement suggestions.