A Case Of The Valuation Of Listed Pharmaceutical R&D Companies On The Science And Technology Innovation Board Based On The FCFF Model

The Sci-tech Innovation Board officially opened on July 22,2019 and a listing ceremony was held for the first batch of 25 companies.As an important part of the development of my country’s multi-level capital market,the Sci-Tech Innovation Board must have many aspects for companies listed on the Sci-Tech Innovation Board.High-tech cutting-edge innovative technology development capabilities,and the science and technology innovation board is also a market that specializes in helping high-speed growth innovative companies to raise funds and conduct capital operations,so the threshold is lower than that of the main board.Moreover,since the launch of the Sci-tech Innovation Board,the enterprises on the Sci-Tech Innovation Board have continued to deepen their scientific and technological innovation,continue to increase R&D revenue,and accelerate my country’s ability to develop and innovate.However,since the launch of the Sci-tech Innovation Board soon,the demand for valuation of listed companies on the Sci-Tech Innovation Board has gradually manifested.Due to the spread of the new coronavirus nationwide in 2020 and the further increase in public health awareness,pharmaceutical companies have a lot of room for growth.Pharmaceutical production companies occupy a large share of the science and technology board,and traditional evaluation methods are used to complete corporate valuations.Will face a series of problems.The thesis takes Haoyuan Pharmaceuticals listed on the Science and Technology Innovation Board in 2020 as a case,and uses the benchmarking analysis methods of financial indicators in the three aspects of income,assets and operation to analyze in detail the financial status of Haoyuan Pharmaceuticals,and lay a good foundation for future forecasts..The thesis selects the free cash flow discount model pricing method.Based on the traditional FCFF evaluation model,it also combines the improved 5P model for Haoyuan pharmaceutical companies based on revenue,cost and expense models,and uses the improved The FCFF evaluation model of Haoyuan measured the overall price of Haoyuan Pharmaceuticals。In this thesis,the discount rate and capital composition are dynamically processed,and the revised FCFF model will better meet the evaluation needs of mature high-tech enterprises.Finally,this article takes a case study of the pharmaceutical R&D company Haoyuan Pharmaceutical as an example.The research conclusion found that the enterprise value calculated by the improved FCFF model is highly consistent with the current market value of Haoyuan Pharmaceutical,which also proves the rationality and accuracy of the improved FCFF model in evaluating the value of pharmaceutical R&D companies.