基于EVA模型的半导体企业价值评估研究

Research on Semiconductor Enterprise Value Evaluation Based on EVA Model

摘要: 本文以中芯国际为案例，研究基于EVA模型的半导体企业价值评估方法。鉴于半导体产业高研发投入、长周期及无形资产占比大的特点，传统估值方法难以精准反映其真实价值，EVA模型通过相关改进可更准确捕捉企业经济利润与长期价值创造能力。研究将中芯国际划分为四个发展阶段并计算各阶段EVA值，结果显示其在成长期和预测的成熟期EVA创造能力较强，具有长期增长潜力，且模型估值高于市场市值，表明市场可能低估其潜力，为半导体企业价值评估提供参考。

Abstract: This paper takes SMIC International as a case to study the value evaluation method of semiconductor enterprises based on EVA model. In view of the characteristics of high R&D investment, long cycle and large proportion of intangible assets in the semiconductor industry, traditional valuation methods are difficult to accurately reflect its true value. EVA model can more accurately capture the economic profits and long-term value creation ability of enterprises through relevant improvements. The study divides SMIC into four development stages and calculates the EVA value of each stage. The results show that it has strong EVA creation ability in the growth stage and the predicted maturity stage, as well as long-term growth potential. The model valuation is higher than the market value, indicating that the market may underestimate its potential and provide a reference for the valuation of semiconductor companies.