Valuation Study On The Evaluation Of Unprofitable Biomedical Enterprises Based On Option EVA Model

In November 2018,the science and Technology Innovation Board began to pilot registration,and was officially listed in July 2019.The news quickly attracted the attention of investors and businesses and sparked a heated debate.The science and Technology Innovation Board is a very good development platform for a group of enterprises that have mastered the core technology in the industry,but it also brings new valuation requirements.For all enterprises,their strategic decision,investment and financing management and value management need to be value evaluated.The number of biomedical enterprises applying for listing on the science and Technology Innovation Board accounts for a high proportion,so the characteristics of biomedical enterprises are representative.Many biomedical companies use the fifth set of listing standards to apply for listing on the science and technology innovation board,a set of rules that are more relaxed than before,providing direct financing channels for unprofitable companies.However,the existing traditional value evaluation methods cannot cope with the unique value drivers and risk characteristics of unprofitable biomedical enterprises.At present,there is still a lack of value evaluation research on unprofitable biomedical enterprises,so it is necessary to find a valuation method suitable for this category of companies.Based on this,this paper selects —— Junshi Biology,a yet unprofitable biomedical company on the science and Technology Innovation Board,as the research case,and uses the model combining EVA and physical option method to comprehensively value the research objects.This paper first of the traditional enterprise value evaluation theory,EVA and physical options theory review,using the literature research and case study method,combined with the biomedical enterprise capital demand,research and development cycle,high uncertainty,for many value evaluation method,applicability analysis,EVA and physical options method combining model for the research object jun real biological comprehensive valuation.Comparing the evaluation results with the valuation results using the municipal research rate,it is found that the valuation results combined with EVA and the physical option method can more accurately reflect the market value on the base date of enterprise evaluation,and will be more accurate than the valuation results of the municipal research rate.The combination of EVA and physical options model provides an idea for the value evaluation of unprofitable biomedical enterprises,and the evaluation results are better than the traditional value evaluation methods.But shortcomings and deficiencies always exist,in the future research still need to deepen the understanding of the unprofitable biomedical enterprise value,and combined with practical experience of the model design and parameter analysis adjustment,the research model,as far as possible to make the unprofitable biomedical enterprise value get the most real reflection,for enterprises,investors,regulators to provide more accurate value reference.