Application Of The Income Approach In The Gen Biological Pharmaceutical Enterprises Valuation

Capital market in China established in the end of last century.It grows from immature to mature,from disorder to specification,from single to completely.Gem is plate burned in 2009,that provided a special financing channels for new technology enterprise.It completed from a additional plate of motherboard to independent system which has special trading rules and particular laws.Gem played a important role in the process of building multilevel stork market.At the same time,the growth of the gem of enterprise valuation is put forward new requirement.On the other hand,with the deepening of aging degree,the need of treatment of chronic diseases is more and more urgent.The rapid growth of the antibiotic drugs promote is cooling.Pharmaceutical firms homogeneity serious ills began to emerge.Industry began to differentiation and integration between enterprises m&a cases increased quickly.In this paper,we starting from the evaluation method of commonly used in practice work,analysis proceeds method of parameter selection of assumptions in the model step by step,combined with the characteristics of the gem companies,adjust the process of selection and estimation of parameters.The basic structure of the article is divided into five parts:the first part introduced the background and research significance of this paper,and the frame structure of the article.The second part first introduces the research situation at home and abroad,mainly including theory of income approach model,the characteristics of the gem companies and industry characteristics of the pharmaceutical industry in three directions.Then introduces the theory of income approach,the basic theory of traditional models and several common ideas of main parameter selection,and the suitability analysis,finally analyzes the income method in our country development present situation and future development trend.The third part for the pharmaceutical industry's business characteristics and development situation are analyzed.The fourth part introduces the W 's operating and financial conditions and using DCF model and EVA model evaluated the value of W.The fourth part compares the evaluation results,describes the problems in the evaluation process and puts forward some solutions.