| As a subdivision of the pharmaceutical field with rapid development in recent years,innovative pharmaceutical industry is one of the strategic emerging industries supported by the state.Coupled with its outstanding performance in diseases in tumor,autoimmune,cardiovascular and other fields,innovative pharmaceutical industry has attracted the attention of the capital market.The reform of Hong Kong stock listing standards and the launch of the science and innovation Board enable unprofitable innovative drug companies to raise funds through the stock market.However,along with the valuation problems of innovative drug enterprises,the breaking of the first day of listing,the stock price fluctuation has become the primary problem that bothers investors.Based on this background,this paper attempts to construct a set of valuation model suitable for unprofitable innovative pharmaceutical enterprises,in order to provide reference for investors to make investment decisions,and at the same time let enterprise managers have a more objective cognition of their own value.The research methods adopted in this paper mainly include literature research,quantitative analysis,comparative analysis and so on.In order to construct a valuation model suitable for unprofitable innovative pharmaceutical enterprises in China,the following studies are carried out in this paper: Firstly,the existing literature and valuation theories are sorted out and summarized;Then the characteristics of innovative pharmaceutical industry and innovative pharmaceutical enterprises are studied,and the difficulties in the valuation of innovative pharmaceutical enterprises are summarized.Secondly,the value source of innovative pharmaceutical enterprises and the factors affecting enterprise value are analyzed,and combined with the characteristics of innovative pharmaceutical enterprises and the characteristics of various valuation methods,a set of valuation model suitable for unprofitable innovative pharmaceutical enterprises is constructed.Finally,taking Top Alliance,an unprofitable innovative pharmaceutical company listed in both A-share and Hong Kong stock markets,as an example,the above model is adopted to evaluate it,and the valuation results are compared with the market value of Top Alliance to test the effectiveness of the model.The main contribution or conclusion of this paper is that the value of innovative pharmaceutical enterprises comes from their R&D pipelines,and their R&D pipelines have existing asset value and potential asset value.According to the characteristics of valuation methods and innovative drug sources of enterprise value,build a set of suitable for unprofitable innovation medicine enterprise valuation models,namely,respectively,using different methods to estimate innovation medicine enterprise value,namely,using the cost method and FCCF to estimate its existing value using the real option method to estimate its potential value.Finally,this model is used to evaluate Top Alliance.The valuation result is close to the market value of Top Alliance Bio-Hong Kong stock market and lower than the a-stock market value of Top Alliance-Hong Kong stock Market.Considering the phenomenon of high valuation of China’s A-share market and the internationalization of China’s Hong Kong stock market,it is considered that the model constructed in this paper is reasonable and effective. |
PDF Full Text Request