| People’ health is "the greatest of the country",and medical equipment is "the most important tool of the country".As a modern industry closely linked to national livelihoods,economic development and national security,the medical device industry has gone through a long period of sedimentation and come into the spotlight today.In recent years,the state has intensively issued supportive policies to encourage high-quality development of the medical device industry.Innovations in 3D printing,semiconductor,artificial intelligence and other technologies have accelerated the transformation and upgrading of this industry.The improvement of national health awareness has increased the practical demand for medical device products.Against the backdrop of favorable policies,technological empowerment and market expansion,China’s medical device enterprises have ushered in a golden period of development.Both business managers and market investors need to have a clearer understanding of the value of medical device enterprises.However,due to the "attaching importance to drugs and disregarding instruments" in the past in China,the research on the valuation of medical device enterprises is not yet mature,and traditional valuation methods may not be suitable for such high-risk and high-return sunrise industries.Therefore,the research on the value evaluation of medical device enterprises is very important.This article aims to explore a value evaluation model that is more consistent with the development characteristics of medical device enterprises.To achieve this research goal,first of all,it reviewed the relevant literature and theoretical methods in the field of enterprise value evaluation.Secondly,it took root in industry research and explored the source of option value for medical device companies through industrial chains and enterprise value creation models.By analysing the characteristics of medical device industry and enterprise,it explored more suitable value models for medical device enterprises.This article believed that the basic value of medical device enterprises can be measured by using the DCF model,and the option value can be measured by using the B-S model.Subsequently,based on the market environment of medical device companies,the DCF model was revised.At the same time,considering that medical device enterprises attach great importance to research and development,the B-S model was improved by introducing the index of innovation ability impact factor.Finally,this article took Mindray Medical,a leading enterprise in the medical device industry,as an example to validate the effectiveness of the improved DCF/B-S combination model for valuation.The study had found that the improved DCF and B-S combination model can be well applied to the value evaluation of medical device enterprises.On the one hand,this article analyzed the applicability at the theoretical level,and believed that it can make up for the shortcomings of the single valuation model,accord with the operating environment of medical device companies,and reconcile the difficult problem of estimating growth at the same time.On the other hand,at the practical level,this article introduced Mindray Medical,a leading enterprise in the medical device industry,to conduct a case study,and compared and analyzed the valuation results of Mindray Medical under the improved portfolio model with the valuation results of the income method,market method,and pre improvement model.Relevant conclusions had drawn:(1)Option value is an important component of the value of medical device enterprises;(2)Using the improved DCF and B-S combination model to evaluate medical device companies has both complementarity and accuracy;(3)The introduction of innovation ability influencing factors can have an incremental impact on the value of enterprise options;(4)Project present value and option execution price have a significant impact on enterprise value.The research in this article had broadened the value evaluation methods of medical device enterprises to a certain extent,and provided micro evidence for the practitioners to evaluate the value of medical device enterprises. |
