Research On Value Evaluation Of H Enterprise Based On EVA And B-S Combination Model

Since the reform and opening up,China’s economy has been developing rapidly,people’s living standards have been improving day by day,and the population structure has also changed.The birth population has been decreasing,while the elderly population has been increasing.China has gradually stepped into an aging society,which will lead to a significant increase in people’s medical needs and a rapid growth in the scale of the medical industry.In addition,with the improvement of living standards,people pay more attention to health and pay more attention to the "prevention" of diseases than the "treatment" of diseases.Especially after the outbreak of COVID-19 in 2020,countries around the world are paying more attention to the development of genetic technology and precision medicine.Accordingly,the global precision medicine industry is developing rapidly and expanding rapidly.Gene sequencing technology is the core of precision medicine,is a very critical link.In addition,gene sequencing technology is also widely used in crop cultivation,animal husbandry,microbial research and other fields.In recent years,China has continuously issued favorable policies to encourage the development of gene sequencing enterprises.Under the favorable market and policy environment,the scale of China’s gene sequencing industry continues to expand,and is expected to reach 20 billion yuan in 2022.It can be seen that gene sequencing technology is widely used and the gene sequencing industry has broad prospects.As a result,many companies and investors are trying to enter the industry.How to accurately evaluate the value of gene sequencing enterprises has become an urgent problem for investors.Evaluating the value of gene sequencing enterprises is helpful to improve and perfect the valuation model,and the valuation results can be used as the basis for managing the company.As a high-tech enterprise,gene sequencing enterprise has the characteristics of high technology content,fast growth,good income,high risk,and many intangible assets.Through analyzing the advantages and disadvantages of traditional valuation methods,this paper finds that it is no longer suitable for the valuation of gene sequencing enterprises.Considering the huge potential value of gene sequencing enterprises,in order to ensure the accuracy of valuation,this paper introduces the real option model and combines the EVA model in income method to construct a combined EVA and B-S model to evaluate the value of the research object H Company.Meanwhile,the free cash flow method,price-earnings ratio method and price-to-book ratio method are used to evaluate the value of H enterprise,and the valuation results of several models are compared to verify the rationality of the combination model.The valuation results show that the value of H company is undervalued in the securities market,so investors are advised to invest.Through the research,this paper proves that the real option model is suitable to evaluate the potential value of gene sequencing enterprises.The characteristics of real options are consistent with the characteristics of gene sequencing enterprises,and in the uncertain market,the real option method can reasonably evaluate the value of options for enterprises with rapid development,high technology content and rapid replacement.Compared with single model,EVA and B-S combined model can accurately evaluate the overall value of enterprises,providing reference for investors.The portfolio model comprehensively considers the current value and potential value of enterprises,avoids the short-sighted behavior of managers and promotes the long-term development of enterprises.At the same time,based on the valuation results,this paper analyzes the factors affecting enterprise value,and puts forward suggestions for improving enterprise value from three aspects: improving profit margin,reducing weighted capital cost and increasing R&D investment.