| Sales in the Global Oncology Drug Market that accounts for 9.1%of the Global pharmaceutical market were 110.6 billion dollars in 2017.Global cancer drug market sales will reach 406.8 billion dollars,which accounts for 16.6%of the global pharmaceutical market in 2030.China has become the second largest pharmaceutical market in the world.The total revenue of the domestic pharmaceutical market in 2017 was 220.1 billion dollars and will grow to 536.1 billion dollars by 2030.On April 30,2018,The Hong Kong Stock Exchange has formulated the following two rules:First,the company is not only large in scale but also has a market capitalization of more than 1.5 billion Hong Kong dollars.Second,the company has strong research and development capabilities.It takes more than one year to study in the core,and the core product of the company has reached the third stage,which is the requirement to apply for listing.In this form,the capital market will increasingly focus on investments in the bio-sector sector.Investors and business managers have a reasonable value assessment of biological enterprises,which is an important basis for making investment and management decisions.In summary,the market demand of the pharmaceutical industry has fostered the favor of the capital market for biotechnology companies.But what is the value of unprofitable biotech companies listed in the event of a loss?Starting from the perspective of enterprise value,this paper evaluates BeiGene with EVA valuation method and real option method,and then studies the development prospects and investment value of unprofitable biotechnology enterprises in BeiGene.However,because biotechnology companies have the characteristics of high R&D investment,unprofitability and high risk,the traditional methods of evaluating the value of enterprises cannot accurately estimate the actual value of such enterprises.Therefore,this paper applies the real option method and EVA estimate.The value method is used to evaluate the value of unprofitable biotechnology companies.These two methods can take into account the characteristics of the company's unprofitable characteristics,high R&D expenditures and future earnings options,which are more advantageous than traditional evaluation methods.This article starts from the perspective of enterprise value assessment.At the same time,it selected the listed company BeiGene under the new IPO of Hong Kong stocks as a case.This paper not only analyzes the different performances of Baekje China's US stocks and the Hong Kong stock market,but also finds that the R&D capabilities cultivated by high R&D expenditures will bring future market competitiveness to enterprises.Then,we use the EVA method and the real option method to evaluate the value of the company.This paper analyzes the applicability of the assessment method and the actual value of the non-profit biotechnology enterprise through the horizontal and vertical comparison of the evaluation value and market value of the two valuation benchmark days of the Hong Kong stock market listing date and December 31,2018.The study found that both the EVA model and the B-S model are applicable to the valuation of unprofitable biotech companies for evaluation methods.Then,from the valuation results,the EVA model has higher valuation and more subjective forecast data,but the B-S model is more cautious.In addition,this paper compares with the economic phenomenon of the enterprise and finds that the B-S model can better explain the valuation reasons behind the stock price fluctuation.Therefore,the valuation result of the B-S model is selected as the actual investment value of the enterprise.Finally,the paper also finds that such companies have strong R&D capabilities in similar enterprises,and the company is likely to turn losses into profits in the future.It also has strong market competitiveness and a large investment value. |
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