Research On Value Evaluation Of Innovative Drug Enterprise Of Science And Technology Innovation Board

With the development of China's capital market,Science and Technology Innovation Board,as a new technological innovation sector,has played an important role in the listing and financing of high-tech enterprises.The listed companies generally have the characteristics of high investment,high income and high risk As an important part of the Science and Technology Innovation Board,pharmaceutical companies have generally attracted attention for their valuation methods.Traditional enterprise valuation methods often face greater restrictions when evaluating the value of such enterprises,and the valuation results cannot fully reflect the intrinsic value of science and technology innovation drug companies.How to reasonably evaluate the intrinsic value of the innovative medicine companies of the Science and Technology Board and help the healthy and stable development of the Science and Technology Board market is a problem that the current asset evaluation community and investment field are paying attention to and need to be carefully resolved.At present,the valuation of innovative drug companies is mostly based on relative valuation methods such as price-earnings ratio.These relative valuation methods have certain limitations in the valuation of innovative drug companies,which are manifested in the following aspects: First,innovative drug companies are usually At a loss,the calculated price-earnings ratio is negative and lacks practical significance;second,the valuation of the price-earnings ratio cannot be reflected in the value of the research drug;third,the innovative drug companies usually focus on a certain segment of the field,there are fewer comparable companies,and the price-earnings ratio,etc.Relative valuation method is difficult to play a role.From the perspective of foreign evaluation experience,the discounted cash flow method is the most widely used.Considering the characteristics of unprofitable pharmaceutical innovation and being in the research and development stage,a valuation method combining a cash flow discount method and a real option pricing method is proposed.The conclusions drawn through the study are as follows: First,by defining the connotation of the science and technology board,and analyzing the characteristics of the science and technology board and the innovative medicine company,it is believed that the science and technology board innovative medicine company has Particularity,namely high risk,high yield and high growth.This particularity brings the characteristics of real options to the value of the science and technology innovation drug company.The second is the valuation method that combines the discounted cash flow method and the real option method pricing model for innovative drug companies.As the main profit point of this type of enterprise,innovative drugs require a lot of manpower,material and financial resources in the early research and development process,and the development time is long.As a result,the development of innovative drugs cannot be profitable for the company in the early stage.The previous investment of the enterprise is lost.However,if the R&D is successfully approved for listing,the innovative medicine will bring a lot of cash flow to the company during the patent protection period.This special property of innovative drugs makes the valuation of innovative drug companies different from the valuation of other companies,and its value needs to be calculated from the perspective of the entire life cycle.Therefore,a valuation method that combines a discounted cash flow model and a real option pricing model Can better reflect the value of such companies.According to the characteristics of innovative drug products with R&D pipelines,we established a combined model of discounted cash flow model(DCF)+ real option pricing model(BS),which can more accurately reflect the true value of innovative drug companies.Third,this paper takes Shanghai Fudan Zhangjiang Biopharmaceutical Company as an example,and compares the results of the combined model evaluation with the company's market value analysis model to verify the applicability of the combined model in evaluating the value of innovative pharmaceutical companies.Through the research in this paper,it is believed that in order to reasonably evaluate the value of the innovative drug companies of the Science and Technology Board,it is necessary to establish a matching evaluation system.Based on the characteristics of the innovative drug companies,this paper attempts to combine the cash flow discount model with the real option model The combined model of the company evaluates the value of this type of enterprise,which makes a useful exploration of trying to reasonably estimate the value of the science and technology board enterprise,and provides a reference valuation method for the evaluation practice.