| Modern biomedical enterprises are composed of biotechnology engineering and drug production.Since the 14th Five-year Plan,the state has taken "biological medicine for people’s life and health" as one of the four key areas of biological economy,with considerable development prospects.Biomedical enterprises not only have the characteristics of traditional pharmaceutical enterprises,but also have the particularity of high-tech enterprises,which brings new challenges to the asset evaluation.Based on the traditional income method,market method and asset-based method,it is easy to ignore the potential value brought by the R&D projects and non-financial factors of biomedical enterprises,and it cannot reasonably evaluate the value of biomedical enterprises,which has certain limitations.Therefore,on the basis of the existing evaluation method,combining with the characteristics of the biological medicine enterprise cycle development,study a suitable for biological medicine enterprise value evaluation method,help to enrich and perfect the enterprise value evaluation method of theoretical research,help to establish biological medicine enterprise value evaluation practice operation system,and to a certain extent,promote the development of biological medicine enterprise health.The paper starts from the traditional method and theoretical basis of enterprise value evaluation,By determining the concepts related to the value assessment of biomedical enterprises,Combined with the basic theories of life cycle theory,fuzzy mathematical theory,real option theory and so on,Using qualitative analysis,quantitative analysis,and case analysis,Analyze the relevant characteristics of biomedical enterprises,Explore the application situation and influencing factors of the evaluation methods of pharmaceutical-related enterprises in the capital market,Using the three traditional evaluation methods to evaluate the enterprise value of the Northland-Bio Company listed on the Beijing Stock Exchange,The analysis shows that the biomedical enterprises not only have the existing value generated by the existing assets operation,Also has the potential value of drug research and development and technology research,The technical idea of using the method of income enterprises to evaluate the value of existing assets and the potential research and development value of real options method is proposed.Then,the present value of the group is legally applied to Northland-Bio Company,and the present value matches the market value of the enterprise,and the overall value is close to the valuation of the enterprise by major securities firms,showing that the group has certain reliability in the value evaluation of biomedical enterprises,and can reflect the real connotation value of the enterprise.In order to get close to the practice of value evaluation of biomedical enterprises,it is proposed that the method of group legality and city research rate can be applied simultaneously to evaluate the value of such enterprises.After the study and analysis of the case,it is found that in the whole process of evaluation path,there are problems such as unreasonable selection of parameters,difficult to meet the model assumptions,and unclear division of asset returns.Combined with related problems and causes,put forward scientific selection and determination of relevant parameters,improve the enterprise value evaluation of information disclosure,strengthen the application of relevant evaluation method in physical advice,to a certain extent,fill the gap in the biological medicine enterprise value evaluation method path,promote new high-tech enterprise value evaluation method research. |
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