会计学院知识库

    China Growth Enterprise Market officially appeared on the world stage on October 30, 2009. As the main force of GEM, biopharmaceutical enterprises, unlike traditional pharmaceutical enterprises, which only do generic drugs, have been committed to research and development of innovative drugs. Because of this, the evaluation of the value of such enterprises will change. Such enterprises will shift more to value creation in their business models, and enterprise integration will also be enhanced, which will lead to further increase of M&A events of GEM pharmaceutical enterprises, and this series of particularities will also lead to the demand for value assessment of biomedical enterprises on GEM.

    In this context, this paper proposes to use the real option method to assess the value of biomedical enterprises listed on the GEM. This method can better reflect the high risk and uncertainty factors, and fully consider the potential investment opportunity value and the value of flexible management, so it has more advantages than the traditional evaluation method. First of all, by collating the relevant literature at home and abroad, this paper compares the applicability of traditional evaluation methods and real option method. Then, according to the development and characteristics of GEM biomedical enterprises in our country, the value source and value structure of GEM biomedical enterprises are analyzed in detail, and the real option method is introduced to construct a valuatio model.

    It is found that the total value of the GEM biomedical enterprises estimated by the combination model of EVA and real option can reflect the intrinsic value of the enterprises more truly, and can provide scientific basis for such financial activities as investment and financing, merger, acquisition and reorganization, and issuance of additional shares of such enterprises, provide accurate reference materials for companies and shareholders, and provide reference basis for managers to make scientific and reasonable decisions, so as to promote the development of the innovative drug industry.