The Study On Method Of Pharmaceutical Listed Companies Evailuation Based On B-S Option Pricing Model

In recent years,with the rapid economic development,technological innovation,Internet +,biomedicine and other pharmaceutical industries change direction in the process of economic development has been more and more attention.At present,the income method is a more useful method in the practice of enterprise value evaluation.The establishment of discounted cash flow model provides a reference way for enterprise value evaluation,but the effectiveness of discounted cash flow model relies too much on the reliability of future prediction,and its related results are influenced by the historical operating performance more,and for pharmaceutical en terprises such high investment,high-tech,high-risk enterprises,the economic and institutional variability of its future development with a high uncertainty,the simple use of discounted cash flow model can not reasonably estimate the intrinsic value of the enterprise,the pharmaceutical industry value assessment is always a difficult point in the evaluation of economic practice.This paper analyzes the factors influencing the value of pharmaceutical enterprises from the characteristics of pharmaceutical enterprises,studies the applicability of the traditional evaluation method and the real option method,and makes clear that the traditional evaluation method is not suitable for the pharmaceutical enterprise value evaluation during the mixed ownership reform,and it is difficult to reflect the high risk and the characteristics of high yield and the option value brought about by the uncertainty of mixed ownership reform.The research content of this paper includes three aspects: first,theoretical combing and summarizing.Through the literature review,the paper introduces the methods of the enterprise's value evaluation system,and studies the improvement direction of the valuation method applicable to pharmaceutical enterprises.Second,Combined with the applicability theory of real option theory in pharmaceutical enterprise valuation,this paper constructs a met hod suitable for the valuation of pharmaceutical listed enterprises.The third is the application of valuation method,through the case analysis of B Enterprise,the previous valuation method is tested,the real option conclusion is compared with market value,and the valuation value of B enterprise value is lower than the stock price of the evaluation base day,and the difference between the stock price and the evaluation result is 12.79%.Comparing the evaluation conclusion with the average value of stock price in the future,study the difference between the evaluation value and the stock price,and analyze the reason.This paper studies the evaluation conclusion that the real option method is operable in the evaluation of pharmaceutical enterprises,incl uding the uniqueness of pharmaceutical enterprises and the option value brought by the mixed ownership reform,which can provide reference for the managers and investors of the enterprises.