Research On The Improved Model Of Market Method For The Value Evaluation Of Loss Making Biomedical Enterprises On The Science And Innovation Board

In recent years,the biomedical industry has been highly valued by governments at all levels and supported by national industrial policies.The state has successively issued a number of policies to encourage the development and innovation of the biomedical industry.Industrial policies such as the "14th five year plan" for the development of the biomedical industry,the guiding principles for clinical comparability research of preventive vaccines,and the drug administration law of the People’s Republic of China provide a clear and broad market prospect for the development of the biomedical industry and a good production and operation environment for enterprises.Under this policy background,China’s biomedical industry has developed rapidly and the market scale is rising steadily.It has become the second largest biomedical market in the world after the United States.By 2020,the market scale of China’s biomedical industry is 3.57 trillion yuan.It is expected that the market scale of China’s biomedical industry will exceed 4 trillion yuan in 2022,which has broad market prospects.In 2019,the establishment of the capital market of the science and Innovation Board liberalized the requirements for the profitability of applying enterprises,allowed loss making enterprises to be listed,and focused on supporting the listing of enterprises in six major fields,including new generation information technology,high-end equipment,new materials,new energy,energy conservation and environmental protection and biomedicine.At the same time,compared with other industries,the frequent M & A of biomedical industry is also one of its important characteristics.According to the report "review and Prospect of China’s pharmaceutical and life sciences M & a market in 2021" released by Pw C,the number of M& A transactions in China’s pharmaceutical and life sciences industry reached 1253 in 2021,with a transaction amount of US $44.5 billion,and the transaction number and transaction amount reached a record high.Driven by the dual impetus of the listing of the science and innovation board and the acceleration of industry mergers and acquisitions,the valuation of biomedical enterprises on the science and innovation board is particularly important.However,due to the short establishment time of Scientific innovation board,there are few studies on the value evaluation of biomedical enterprises on Scientific innovation board,especially for the value evaluation of loss making biomedical enterprises.In the existing related research,a mature evaluation system has not been formed.In this paper,the research on the evaluation of the value of loss making biomedical enterprises on Scientific innovation board is mainly divided into three parts: first,study the characteristics of Scientific innovation board and loss making biomedical enterprises;Second,which evaluation method is suitable for the evaluation of the value of loss making biomedical enterprises on the science and innovation board,as well as the existing evaluation difficulties;Third,how to improve the existing evaluation methods combined with the characteristics of loss making biomedical enterprises on the science and innovation board,and verify the rationality of the improved model by combining empirical and case analysis.On the basis of combing the existing literature research,this paper first studies the applicability of common evaluation methods according to the characteristics of biomedical enterprises on the science and innovation board.The results show that compared with other methods,the market method is the most appropriate method,but it still has three major problems: the subjectivity of the choice of comparable companies,the single choice of value multiplier and the inaccurate correction of value multiplier.In this case,this paper creatively constructs the comprehensive index model of enterprise value to improve the two shortcomings of the traditional market method in evaluating enterprise value.The specific ideas are as follows: firstly,based on the enterprise value chain theory and the unique characteristics of biomedical enterprises listed on the science and innovation board,this paper constructs a comprehensive system of influencing factors of biomedical enterprise value.On this basis,using the method of multiple regression analysis,this paper determines the characteristic indicators that significantly affect the value of biomedical enterprises from an empirical perspective.The empirical results show that the measurement of enterprise human resources,R & D and innovation ability,sales ability The seven indicators of enterprise scale,operation ability,solvency and market expectation are the core driving factors of enterprise value,among which R & D ability and sales ability are the core competitiveness of loss making biomedical enterprises on the science and innovation board;Secondly,take the above seven index data of biomedical enterprises listed on the science and innovation board as samples,put them into the enterprise value related comprehensive index model,calculate the enterprise value related comprehensive index value of each company,and take the enterprise value related comprehensive index as the value multiplier of the market method;At the same time,on the basis of introducing the cluster analysis method to preliminarily determine the scope of comparable companies,compare the pasting progress between the comprehensive index related to the enterprise value of comparable companies and the index of the evaluated companies,and then determine the final comparable companies.Finally,the enterprise data of the case enterprise frontier biology is substituted into the above enterprise value comprehensive index model to calculate its valuation results.At the same time,the traditional value ratio method is selected to evaluate the case enterprise,and the valuation results obtained by the two methods are compared with the real market value on the benchmark date of the enterprise evaluation,so as to analyze the rationality and applicability of the improved market method valuation model.The results show that compared with the valuation conclusion of the traditional value ratio method,the valuation result obtained by the enterprise value related comprehensive index model is closer to the real market value of the enterprise,which proves the effectiveness of the improved market method valuation model enterprise value related comprehensive index model studied in this paper.The valuation model studied in this paper has been proved to be effective.It is hoped that this method can provide a reasonable reference for the valuation and pricing of biomedical enterprises listed on the science and innovation board,and also hope that it can provide a theoretical basis for the investment,M & A and other links of biomedical Enterprises in the future.