Research On Biological Enterprise Value Evaluation Based On Schwartz-Moon Model

As China’s economic development enters a new stage,the state’s strong support for the scientific and technological innovation industry,in order to enhance the ability of scientific and technological innovation enterprises,enhance market inclusiveness,and strengthen market functions,the science and technology innovation board in China set up and pilot registration system.The establishment of the science and technology innovation board for the scientific and technological innovation enterprises to provide a new channel for the listing and financing,because scientific and technological innovation has the characteristics of large investment,long cycle,high risk,so indirect financing,short-term financing and other channels can often not meet the financing needs of high-tech enterprises,long-term capital is the main driving force to lead and catalyze scientific and technological innovation,the establishment of the science and technology innovation board,in the effective resolution of the capital market and scientific and technological innovation contradictions provide a greater possibility.However,the first time that the Science and Technology Innovation Board implemented the registration system,it is different from other sectors in China in terms of listing mode and requirements,and there is greater uncertainty in the investment environment,so a reasonable assessment of the value of scientific and technological innovation enterprises is of great significance for the landing of scientific and technological innovation enterprises on the Science and Technology Innovation Board,the rational pricing of initial public offerings and the provision of a basis for investors’ investment judgments.In this paper,the biomedical industry with the characteristics of scientific and technological innovation enterprises is selected as the research object,and the biomedical industry has the characteristics of high input,high return,high risk and long cycle,and requires high investment as a condition for industrial entry and sustainable development.By summarizing and sorting out the results of previous research,this paper analyzes the applicability of each valuation method to the composition and characteristics of the value of biomedical enterprises on the Science and Technology Innovation Board,and finally adopts the Schwartz-Moon model based on the real option method to evaluate the value of biomedical enterprises on the Science and Technology Innovation Board.This paper selects the overall enterprises in the biomedical industry of the Science and Technology Innovation Board as a research sample,studies and refines their value characteristics and business status,Schwarz-Moon introduces the idea of real options to divide the value of the enterprise into two parts: existing value and potential value,and assumes the various stages of enterprise development based on life cycle theory,and dynamically simulates the value of enterprises by writing Monte Carlo simulation algorithm with the help of Matlab software.The article selects Bloomage Biological Enterprise as a research case,compares the enterprise value obtained by the assessment with the recent average market value on the enterprise evaluation benchmark day and the recent securities company research report evaluation market value,verifies the feasibility and rationality of the model,and conducts sensitivity analysis,analyzes the influencing factors that have significant impact on the model results from multiple model key parameters,and the obvious influencing factors on the surface of the results are in line with the general characteristics of biomedical enterprises on the Science and Technology Innovation Board.Finally,this paper summarizes the overall process of the study and the shortcomings in the study,and looks forward to the future.