Research On The Improvement And Application Of Market Method In The Value Evaluation Of Biomedical Enterprises

In recent years,with the development of China's economy and the improvement of living conditions,people pay more and more attention to the biomedical industry,which is related to people's quality of life.The report of the 19 th National Congress of the Communist Party of China puts forward the strategic layout of "healthy China".Taking this opportunity,a large number of listed pharmaceutical enterprises expand rapidly through M & A.The value evaluation of pharmaceutical enterprises has always been the difficulty and focus of the work of the evaluators.Therefore,it is necessary for the evaluation professionals to evaluate the biomedical industry reasonably and objectively,which plays a certain role in promoting the development of the industry.The evaluation methods of pharmaceutical enterprises are mainly cost method and income method.The evaluation results of the two methods are mutually verified to ensure the accuracy of the evaluation value,while the actual application of market method is less.However,with the maturity of the capital market,the information disclosure system and capital operation mode are relatively mature,and the advantages of market method,such as strong persuasiveness and convenient use,are increasingly apparent.Therefore,this paper studies the improvement and application of the value assessment of biomedical enterprises.The specific research framework is as follows:First of all,this paper discusses the current situation of literature research at home and abroad,and introduces the theoretical basis of market law.Under the support of theory and literature background,this paper analyzes the current situation of M & A of biomedical enterprises,and summarizes the main problems of market method in M & A activities of this industry.It is considered that the choice of value ratio multiplier and comparable companies is the key factor affecting the evaluation value.Not only the selection criteria of comparable companies are not uniform,but also the choice of value ratio multiplier is single and subjective This paper puts forward the improvement plan from the above two perspectives: Entropy method gives weight to financial indicators,introduces high-dimensional data spatial similarity measurement function to calculate closeness,and modifies The function makes it more in line with the calculation of the choice of comparable companies.The top three companies in the closeness degree are comparable companies,and the weight of the closeness degree of the calculation results is used to empower the three selected companies.A comprehensive value multiplier system is constructed,and the value ratio multiplier with the highest score in each main component coefficient table is selected as the value ratio multiplier for subsequent evaluation by using the principal component analysis method Finally,we get the improved valuation model.Then,this paper introduces the case of Zixin pharmaceutical's merger and acquisition to verify the applicability of the improved method: using the income method and the improved market method to obtain the evaluation value of Zixin pharmaceutical on the benchmark date,and then compare the evaluation value of the two methods.The conclusion of the case study shows that the difference rate between the valuation results of the improved market method and that of the income method is within a reasonable range and can play a role in mutual verification,which indicates that the improved market method is more suitable for the valuation of pharmaceutical and biological enterprises than the cost method.At the same time,compare the difference between the market value observation value of Zixin pharmaceutical on the benchmark date and the improved market method model,and explain the reason for the difference,that is,the stock price fluctuation in the normal range.Finally,through the comprehensive analysis,this paper holds that: The market method of biomedical companies has basically met the conditions for the evaluation of enterprise value.The improvement suggestions provided in this paper on the selection of comparable companies and the selection of value ratio multiplier are feasible,which can improve the objectivity and rationality of the value evaluation value of biomedical companies.