Research On Enterprise Value Evaluation Of AK Company Based On Real Option Method

With the continuous acceleration of economic development and the continuous advancement of technological innovation,modern biotechnology has also followed suit,and biopharmaceutical technology has pushed the pharmaceutical industry into a new stage.At present,domestic biopharmaceutical companies are also in the stage of development and progress,and the number of enterprises is increasing and the scale is also expanding.In recent years,people have begun to pay more attention to biopharmaceutical companies,and investors have gradually begun to explore the value of investment in depth.Based on the characteristics of the bio-pharmaceutical industry,this paper starts from the two aspects of financial indicators and non-financial indicators,and looks for specific methods to accurately assess the value of bio-pharmaceutical companies.Based on the theoretical basis of company value,it is for bio-pharmaceutical companies.Investment management and investment decision-making provide theoretical support,and ultimately achieve the dual goals of maximizing corporate value and maximizing social benefits.Biopharmaceutical enterprises have the characteristics of high investment cost in the early stage of research and development,large proportion of intangible assets,and large cost of equity capital.At present,the commonly used evaluation methods for enterprise value are cost method,market method,and income method.If these evaluation methods are used only,and the appropriate valuation cannot be based on the relevant characteristics of biopharmaceutical companies,these methods have certain limitations.The real value obtained is not very precise.Under this situation,we must seek a more reasonable value assessment method to fundamentally increase the value of the enterprise.Therefore,it is a big problem in the current investment market to find a reasonable evaluation method for biopharmaceutical companiesBased on the relevant researches of domestic and foreign experts,this paper explores the actual characteristics of biopharmaceutical company's value assessment,and analyzes the shortcomings of the company's three traditional value assessment methods in AK company's enterprise value assessment.Then it expounds the theory and model of the application of real option method,analyzes the theoretical basis of real option in the valuation of biopharmaceutical company and the feasibility and applicability of the evaluation method to the value evaluation of biopharmaceutical enterprise,and puts forward the evaluation of AK company value.The idea also outlines the specific steps for using the real option method to assess the value of a biopharmaceutical company.Finally,the advantages and enlightenments of the real option method for biopharmaceutical company value assessment are summarized.This paper is divided into five chapters.The first chapter is about the background and significance of the research.It mainly expounds the significance,ideas and methods of the research in the current context,and reviews and comments on the relevant literature on value evaluation.The second chapter defines the concept and related theoretical foundations,mainly defines the related concepts of enterprise value assessment and expounds the theory and method of value assessment.The third chapter is the overview of AK company and its financial analysis.It mainly introduces the AK company profile and analyzes its financial analysis and competitiveness.The fourth chapter applies the real option method in the valuation of AK company,analyzes the applicability of the value evaluation method to the biopharmaceutical enterprise,and uses the cash flow discount model and the BS option pricing model to measure the overall value of AK company,and Comparative analysis of current market prices.The fifth chapter is the advantages and enlightenment of the real option method for the company's value evaluation.It focuses on the analysis of the advantages of the real option method,and brings relevant enlightenment to the biopharmaceutical industry value assessment according to its corresponding advantages.The study found that the corporate value of biopharmaceutical companies not only includes the present value of future cash flows,but also the value of the company's options.The use of the income method to evaluate the corporate value of AK companies does not fully measure the overall value of AK.The research in this paper has made a useful exploration for biopharmaceutical companies to find a reasonable value assessment method.