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Professional thesis
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English

Research on Valuation Methods for Merger and Acquisition of Semiconductor Company

ContributorsZhang, Xuezheng
DirectorsChaieb, Ines
Number of pages70
Imprimatur date2020
Defense date2020
Abstract

In recent years, China has paid greater attention to sophisticated technologies such as semiconductors, 5G, and aerospace. With China’s role in the world economy becoming increasingly important, international mergers and acquisitions (M&A) have become a reliable path to directly acquire advanced foreign technologies. In this wave of M&A, the fundamental analysis method based on value assessment has gradually attracted the attention of China’s financial and academic circles. The corporate valuation theory, as an important part of financial theory, has formed a sound system in academia for many years. However, the applicability of valuation methods to companies with different situations in different industries and different markets is still an important research direction in the financial industry.

The semiconductor industry is a significant industry reflecting the development of China’s high-tech industry. Nexperia, as a world-leading company in the semiconductor industry, is an important target for China to acquire world-class advanced technologies through overseas M&A. This dissertation first analyzes the fundamentals of Nexperia and evaluates its enterprise value, and then makes comparison between that and the enterprise value of several representative companies in the semiconductor industry. By comparing the valuation results of Nexperia and three other semiconductor companies obtained by using three different corporate valuation methods, this dissertation aims to explore the valuation methods applicable to semiconductor companies.

This thesis is based on an overview of the company’s valuation theory and takes Anshi Semiconductor Group as a research case. It is compared with Suzhou Good Tech, Yang Jie Technology and Huawei Electronics. We consider three company valuation methods, the price-earnings ratio valuation method, the enterprise value multiple method, and the cash flow discount model. Then, by using the deviation value method and the gray correlation analysis method, we compare the three semiconductor companies' valuation results based on the three different company valuation methods and analyze the most suitable valuation method for the semiconductor industry companies. The results show that the P/E valuation method is the most suitable method for companies in the semiconductor industry.

eng
Keywords
  • Corporate Valuation
  • Semiconductor Industry
  • Deviation Value
  • Gray Correlation Analysis
Citation (ISO format)
ZHANG, Xuezheng. Research on Valuation Methods for Merger and Acquisition of Semiconductor Company. 2020.
Main files (1)
Thesis
accessLevelPublic
Identifiers
  • PID : unige:177581
  • Thesis number : 0018
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