基于VM理论的半导体企业设备投资决策研究

发布时间：2018-05-05 14:13

本文选题：价值管理 + 设备投资决策　；参考：《天津大学》2014年硕士论文

【摘要】：半导体制造行业是公认的研发投入大、制造工艺复杂的技术密集型产业，也是制造设备昂贵的资本密集型产业。在半导体企业的投入中，固定资产投资大概要占到销售额的20%，，设备投资占到固定资产投资的40%以上，所以如何利用市场订单数据，结合企业实际经营情况制定及时、有效的设备投资战略并实施，是半导体企业在半导体生产行业立足生存的关键所在。针对市场的瞬息万变，如何把握投资时机和如何制定投资战略已成为半导体生产企业可持续发展的重要保证。本文从投资决策的一般方法出发，将价值管理理论引入到投资决策中，分析研究了价值管理在投资决策中的应用，并进一步分析了半导体制造设备的投资特性，建立了半导体企业设备投资决策模型架构，得出具有可操作性的企业设备投资决策模型。以F半导体生产企业设备投资为例，将价值管理理论引入到设备投资决策中，针对改造和新购置设备提出不同的投资方案,在财务可行性分析的基础上进一步延伸，进行了投资价值分析和多方案价值评估与方案优选，使决策者能更准确地对投资方案进行选择判断，对提高半导体企业设备投资准确、有效具有较强的现实意义。本文将价值管理理论应用于生产性企业设备投资分析，并应用全寿命周期成本理论和多层次分析法结合，进行了多方案价值比选。该方法为半导体设备投资提供了科学有效的决策依据，具有较强的可操作性。
[Abstract]:Semiconductor manufacturing industry is recognized as a technology-intensive industry with large R & D investment and complex manufacturing processes, and is also a capital-intensive industry with expensive manufacturing equipment. In the investment of semiconductor enterprises, the investment in fixed assets accounts for about 20% of the sales volume, and the investment in equipment accounts for more than 40% of the investment in fixed assets. So how to make use of the market order data and formulate timely according to the actual business situation of the enterprises, Effective equipment investment strategy and implementation is the key for semiconductor enterprises to survive in semiconductor industry. In view of the rapid changes in the market, how to grasp the investment opportunity and how to formulate the investment strategy has become an important guarantee for the sustainable development of semiconductor manufacturing enterprises. Starting from the general method of investment decision, this paper introduces the theory of value management into investment decision, analyzes and studies the application of value management in investment decision, and further analyzes the investment characteristics of semiconductor manufacturing equipment. The decision model of equipment investment in semiconductor enterprises is established, and the operational decision model of equipment investment is obtained. Taking the equipment investment of F semiconductor manufacturing enterprise as an example, the value management theory is introduced into the equipment investment decision, and different investment schemes are put forward for the reconstruction and new purchase of equipment, which is further extended on the basis of financial feasibility analysis. The investment value analysis, multi-scheme value evaluation and scheme optimization are carried out, which enables the decision makers to select and judge the investment scheme more accurately. It is of great practical significance to improve the accuracy and efficiency of equipment investment in semiconductor enterprises. In this paper, the theory of value management is applied to the equipment investment analysis of productive enterprises, and the life cycle cost theory is combined with the multi-level analysis method to carry out the value comparison and selection of multiple schemes. The method provides a scientific and effective basis for investment in semiconductor equipment and has strong operability.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F416.63

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