Research On Value Assessment Of Biomedical Enterprises Based On Schwartz-Moon Model

The growing medical and health needs of the people have pushed the biomedical industry into a rapid development stage.Based on its better industry prospects,biomedical enterprises have attracted extensive attention from social capital and caused a new upsurge of investment and the accompanying demand for enterprise value assessment.However,the characteristics of high technology,high investment,high income and high risk in biomedical industry limit the application of traditional enterprise value assessment methods,which can not fully reflect the actual value of biomedical enterprises.How to rationally evaluate the value of biomedical enterprises has become a key research area in the field of asset appraisal and investment.This paper tries to discuss the method of reasonably evaluating the value of biomedical enterprises from the perspective of real options.Firstly,the existing evaluation method system is compared with the PEST analysis results of biomedical industry characteristics to find the most appropriate evaluation method.Secondly,the parameters of the existing model with strong subjectivity are improved and the feasibility of improvement is analyzed.Finally,the applicability of the improved model in the value evaluation of biomedical enterprises is verified by taking typical enterprises as examples.The main conclusions are as follows:(1)According to PEST analysis,the biomedical industry has the typical characteristics of high-tech,high-input,high-income and high-risk industries,and has obvious upward development prospects and the characteristics of real options.(2)Real option method is a more appropriate evaluation method,among which Schwartz-Moon model is a more appropriate pricing model.(3)When the comparable index of exit multiple method is consistent with the final value of Schwartz-Moon model,the improvement is feasible.(4)Compared with the original Schwartz-Moon model,the simulation results of the improved Schwartz-Moon model can better reflect the current expected level of enterprise development and more accord with the actual value.(5)The improved model has applicability in evaluating the value of biomedical enterprises,but there are still some inherent limitations in the evaluation hypothesis,parameter setting and application scope.The main contributions are:(1)Quantitative analysis of industry characteristics by using PEST analysis method to provide data support for the selection of appropriate evaluation methods.(2)It is the first time to improve the Schwartz-Moon model of real option method with the idea of exit multiple method.It is proposed to improve the subjective parameters of Schwartz-Moon model with exit multiple method,and to demonstrate the feasibility of the improvement,which will play an important role in improving the evaluation method and real option theory.