Research On Enterprise Value Evaluation Of C Company Of Science And Technology Innovation Board

In response to the country’s innovation-driven development strategy,the Science and Technology Innovation Board was officially launched in 2019.Due to the development of science and technology and the impact of the COVID-19 pandemic,the biomedical industry has become the focus of public attention.As one of the six key industries supported by the Science and Technology Innovation Board,biomedical enterprises have a broad space for future development.Only a reasonable evaluation of the value of the target enterprise can provide investors and managers with scientific valuation reference.Based on the growth period of the life cycle,this thesis takes C Company,a biomedical enterprise on the Science and Technology Innovation Board,as the research object,and divides the enterprise value into two parts: the existing asset value and the potential option value.By comparing and analyzing the advantages and disadvantages of the cost method,the income method,the market method and the real option method,as well as the applicability to the biomedical enterprises on the Science and Technology Innovation Board,based on the basic characteristics and value composition of C Company,this thesis selects the FCFF model under the income method and the B-S model under the real option method to evaluate the enterprise value of the growing C company.The modified FCFF and B-S combination model is proposed by optimizing the relevant parameter indicators.The modified FCFF model is used to evaluate the existing asset value of C Company,the modified B-S model is used to calculate the potential option value,and the overall value of C Company is finally calculated.Compared with the market value on the benchmark date,the effectiveness of the improved composite model for the evaluation of the enterprise value of C Company in the growth period is verified.In this thesis,the market value of C company on the science and technology innovation board calculated by the modified combination model is slightly higher than the market value on the base date of evaluation,indicating that the enterprise value of C company is likely to be underestimated.Therefore,from the internal factor and external factor two aspects put forward the effective value enhancement countermeasure.The research of this thesis can improve the limitation of traditional enterprise valuation system to a certain extent and provide a new direction for the fine research of valuation methods.