| With the development of our economy, biological medicine and other pharmaceutical industries have been playing a more and more important role in the process of economic development in our country. From the perspective of the international livelihood, bio-medical industry have a vital role in the social stability and national health of our country. From the perspective of economic development, biological medicine industry has a pivotal role in accelerating social progress and promoting economic development. However, under the background of the continuous economic development of our country, evaluation and estimation of biological medicine industry has been a problem facing economic statistics of China. Cash flow discount model enable us to form the new theoretical value for the enterprise valuation, the model established the foundation of the theory of enterprise valuation. It does not exactly expresses the related characteristics of biological medicine industry, and it cannot accurately estimate the actual value of the industry.As risk,return and profitability are uncertain, the traditional framework of enterprise valuation cannot accurately assess the value of new type of biological medicine industry. With the emergence of shareholding system and other related system in our country, the theory of real option method has provided new method and theoretical base for the emerging industries, which have high demand for talents, technology, research and development. Real option theory is based on enterprises’ investment opportunities and flexibility of business valuation management. Considering the economic research the theory of science, to a certain extent, real option theory is the new supplement for enterprise valuation theory and cash discount flow theory. In the respect of real option theory, foreign scientists has set relatively complete theoretical system, based on a lot of theoretical and empirical studies on different types of enterprises and enterprise development stage. However, for some practical factors such as economic development in our country, option theory is not a complete system. At present, real option theory is still on reference and introduction of the foreign research, and do some research on the practical situation of our country. For some emerging high-tech industries, the internally generated theories have not figure out appropriate evaluation methods. Enterprise valuation is important for corporation management and enterprise’s actual valuation system.This paper is aimed at theoretical guidance to the enterprise evaluation system, and summarizes the development of all kinds of enterprise evaluation system and the main study methods. Based on the research object, this detailed paper sorted and summaries the development of theory and empirical studies of real option pricing model. It analyzes the limitations of various enterprise evaluation theories and analyzes the feasibility of real option theory in the valuation of pharmaceutical industry. Also, this paper analyses the industry evaluation from the aspects of industry category, industry characteristics and the real option characteristics of biological medicine enterprise.After introduction of the basis and assumptions of Black- Scholes model, this paper employs HAISCO’s actual data to carry out the valuation of the enterprise, which means to verify the relevant theoretical basis. Through the practical application of Black- Scholes model, this article enables us to form the theoretical and empirical reference to valuation methods of biological medicine industry, and enriches the problems of real option pricing theory research achievements of our country, and to promote intensive study country in the aspect of enterprise valuation and real option pricing theory. Especially on further exploration of the bio-medicine enterprise valuation system in our country. |
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