金融学院知识库

摘  要

    沪市科创板于2019年7月22日正式开市，在科创板上市的企业大多属于科技创新产业。其中，上市的生物医药企业具有“有形资产较少，无形资产比重大”的特点，此时采用一般的企业估值方法（如收益法、成本法等）对处于战略发展期的生物医药企业并不适用，因为这类估值方法不能估测医药企业内目前还处于研发阶段的项目价值，进而不能准确反映企业的整体价值。

    通过对研发项目的特点进行分析，发现采用期权定价模型能较好地反映研发项目的价值，因此本文基于传统期权定价模型的基本理论，分析关键变量的评估方法，对实物期权模型引入红利收益率并对计算公式进行一定的改进，再结合现金流贴现模型对现有资产的价值进行评估，最后对两部分价值进行加总得到生物医药企业的整体评估价值。

    为验证上述评估模型的实用性，本文选择江苏艾迪药业股份有限公司作为案例研究对象，对其进行企业整体价值的评估，最后对评估结果结合市场价值进行比较。通过案例的具体计算分析，可以发现如果仅根据现有的财务报表对现有资产的价值进行评估会对整个企业的价值估测带来严重的偏差，而实物期权法能很好地反映研发项目的价值。因此要对已占用大量资金进行新药研发的生物医药企业进行估值，就必须重视对研发项目的价值估测。本文提出的价值评估模型，期望能对合理评估这类医药企业的价值提供帮助。

Abstract

    China inaugurated the science and technology innovation board  officially opening in Shanghai market on July 22, 2019. The board is known for its high standards for the company in terms of technology. The biopharmaceutical companies which have been listed on the board have the characteristics of "small tangible assets and large intangible assets". The general corporate valuation methods (such as income method, cost method, etc.) are not applicable to biopharmaceutical companies in the strategic development stage, because such corporate valuation methods cannot reflect the value of the project that is still in the research and development stage. The value which is calculated using general corporate valuation methods cannot accurately reflect the true corporate value.

   Through the analysis of the characteristics of R&D projects, it is found that the option pricing model can better reflect the value of R&D projects. Therefore, this article, which is based on the foundation theory of traditional option pricing models, analyzes the evaluation methods of key variables and makes certain improvements to the real option model. Then the valuation of this part is combined with the discounted cash flow model to evaluate the value of existing assets. Finally,to obtain the overall evaluation value of the biomedical company, we add the two parts of the value together.

     In order to verify the practicability of the above evaluation model, this article selects Jiangsu Aidea Pharmaceutical Company limited as the case study object to evaluate its overall value, and then compare the evaluation results of the company with its real market value. Through the detailed calculation and analysis of the case, it can be found that if the value of existing assets is evaluated only according to the existing financial statements, it will bring serious deviations to the value estimation of the entire enterprise, and the real option method can reflect the value of the R&D projetc well. Therefore, to evaluate biomedical companies that have taken up a large amount of funds for new drug research and development, it is necessary to pay attention to the value estimation of research and development projects. The value evaluation model proposed in this article is expected to provide help in rationally evaluating the value of such pharmaceutical companies.