退出倍数法在科技型企业价值评估中的应用与改进—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: Take GUO XIN MICRO as an example

摘要:

科技型企业是国家建设自主创新体系的关键主体，传统企业评估方法不能有效解决科技型企业成长中的不确定性，而退出倍数法在科技型企业价值评估的应用方面兼具相对估值法的准确性和潜在价值评估的适用性。本文主要内容：第一，梳理科技型企业退出倍数法估值的相关文献；阐述退出倍数法的基本逻辑和应用；第二，选取半导体企业紫光国微作为实证案例评估其价值，应用分层聚类分析的退出倍数法，相比传统估值方法和普通退出倍数法，展现更为优越的适用性；第四，总结退出倍数法在科技型企业价值评估活动中的特征，提出改进意见。

Abstract:

Science and technology enterprises are important subjects in the national construction of independent innovation system. Traditional enterprise evaluation methods can not effectively solve the uncertainty in the growth of science and technology enterprises, while exit multiple method has the accuracy of relative valuation method and the applicability of potential value evaluation in the application of science and technology enterprises. The main contents of this paper are as follows: First, the relevant literature on the valuation of technology enterprises exit multiple method is sorted out; The basic logic and application of exit multiple method are expounded. Second, the paper selects Unigroup National Micro as an empirical case to evaluate its value by using the exit multiple method of hierarchical cluster analysis. Compared with the traditional valuation method and the ordinary exit multiple method, it shows superior applicability. Fourthly, it summarizes the characteristics of exit multiple method in the value evaluation activities of science and technology enterprises and puts forward improvement suggestions.