Research On STAR Market Pharmaceutical Enterprise Value Evaluation Based On B-S Option Pricing Model

With the increase of population and the improvement of people's quality of life,people's demand for food,health,ecology,energy and so on is increasing,and biological industry based on life science research and biotechnology is also born along with the trend.Biomedical industry as the cornerstone of the biological industry,the importance of vigorously developing biomedical industry is beyond doubt.In line with the national strategic goals,the board will focus on supporting the development of next-generation information technology,advanced equipment,new materials,new energy,energy conservation,environmental protection.The uniqueness of STAR Market makes the traditional valuation method applicable to the Chinese capital market adjust in time.How to evaluate the value of listed STAR Market pharmaceutical companies has become the focus of enterprise valuation.However,due to the characteristics of high R&D expenditure and sales cost,long r&d cycle,high risk and great development potential,the real option method is proposed to evaluate the value of biomedical enterprises.This method can fully consider the investment opportunities and elastic value of enterprises,and has more evaluation advantages than traditional evaluation methods.In this paper,the application of real options in the evaluation of pharmaceutical enterprises is analyzed.The enterprise value is divided into two parts.The first is the value of existing assets.The second is the potential option value.The B-S option pricing model is adopted to obtain the overall value of the enterprise and analyze the market situation before and after the base date of evaluation in combination with the stock market price and industry research report.Biological medicine,this article analysis STAR Market enterprise value assessment,the real option model combined with the free cash flow discount model,such not only can the current existing assets profitability is a reflection of the value,also can put the value of future growth opportunities are also reflected,the evaluation of the results both meets the requirements of flexibility,and reflects the current earnings.