Research On Enterprise Value Evaluation Of Pharmaceutical Manufacturing Companies Considering Intellectual Capital Factors

Since entering the era of knowledge economy,the competition among enterprises has intensified,and the innovation ability has become the key to the development of enterprises.The way enterprises create value has shifted from relying on traditional physical assets to intangible assets such as knowledge.Intellectual capital,including the ability of management and employees,intellectual property rights,corporate culture and social relations,plays an important role in enterprise value creation.Under the background of COVID-19 and the aging of population,there are opportunities and challenges in China’s pharmaceutical industry.The pharmaceutical manufacturing industry has a large proportion of intangible assets,so we should pay more attention to the role of intellectual capital in the value-added of enterprises.Among the various methods of value evaluation of pharmaceutical manufacturing enterprises,the cost method and income method focus on the measurement of tangible assets,while the traditional market method has no unified standard,and the selection of comparable companies and the adjustment of value coefficient are more subjective.These methods also do not include the factor of intellectual capital into the evaluation process and take it as an important reference factor in the evaluation.Therefore,we should study an evaluation method that will consider the factors of intellectual capital.This paper selects China’s listed pharmaceutical manufacturing companies as the research object,and tries to consider the influence of intellectual capital in the process of evaluating their enterprise value.In order to achieve this purpose,starting from the basic theory,this paper reviews the relevant literature on the basic category,measurement method,value creation and value evaluation of pharmaceutical enterprises of intellectual capital,and summarizes the relevant theories.Then,according to the characteristics of pharmaceutical manufacturing industry,based on the analysis and comparison of various evaluation methods,the market method is selected for evaluation.And improve the market law,taking intellectual capital factors into account.To this end,this paper divides intellectual capital into four aspects,selects intellectual capital measurement indicators and establishes a model,studies the impact of intellectual capital factors on enterprise value,uses factor analysis to calculate enterprise scores to select comparable companies,and conducts value ratios.Calculations and corrections.Finally,choose Rhine Biotech as a case study,and compare the evaluation results obtained with the market value of the company and the evaluation results of the traditional market method.The research results show that intellectual capital does have an impact on enterprise value,and the impact of intellectual capital,especially innovation capital,should be considered in the evaluation of enterprise value;it is feasible to consider the improved market method evaluation of intellectual capital,which can more accurately evaluate the value of pharmaceutical enterprises.