| People attach great importance to health issues.On the one hand,because of the imbalance between the elderly population and the number of newborns,on the other hand,because of the sudden arrival of COVID-19 in 2020,the development of biomedical industry and people’s lives are also more closely.Biomedicine industry is a huge industry,It includes chemical drugs,biological products,Chinese herbal medicine,medical device products,pharmaceutical business,medical service products and other segmented fields,with high risk level,high investment cost,high technical requirements,long research and development cycle and other industry characteristics.So,it has always been a hot industry concerned by all walks of life.Biomedicine industry as a rapidly developing high-tech industry at home and abroad,we attach great importance to biomedicine industry and have issued many policies to encourage and support it.After the 13th Five-Year Plan,the national development plan for strategic emerging industries was released by the state clearly proposed to build a new system of biomedicine,the "14th Five-year Plan" and the outline of the vision goal 2035 "again indicated that China will focus on biomedicine and other major innovation fields,it includes medical devices.From 2015 to 2020,the operating revenue of China’s medical device industry has achieved a leap from 629.7 billion yuan to 1,039.2 billion yuan.The compound annual growth rate over the past five years was 10.54.It can be seen that the medical device industry has become an emerging industry with growth potential in China.The intensive introduction of such a series of policies,the aggravation of the aging of the domestic population and the change of the macro environment have all promoted the rapid development of the innovation-driven medical device industry.However,compared with traditional manufacturing enterprises,medical equipment enterprises have certain industry particularity,which means that traditional evaluation methods may not enable the enterprises in this industry to get objective evaluation results.Both the market method and the income method are only applicable to those enterprises with a certain scale and relatively stable performance.Medical equipment enterprises have large capital needs and high technological content,high future returns and high risks.Besides,it also has other uncertain factors in operation.Due to the particularity of the industry,the value of such enterprises is easily underestimated under the traditional valuation method.Based on the review of relevant literature at home and abroad,and combined with the characteristics of China’s biomedical industry and the value composition of medical device enterprises,this paper analyzes the applicability of real option method to evaluate the value of enterprises in this field.Finally,it using the specific case once again demonstrates that the feasibility of medical equipment enterprises to use the real option method to evaluate.This essay specifically divided into five parts:The first part mainly lays a solid foundation for the specific analysis below,including a detailed exposition of the research reasons,research methods and main contents,etc.In addition,this part also combs and summarizes the research results of China and other countries in different periods.The second part is the theoretical basis of the following analysis.After querying and collecting some relevant information,this paper clarified the definition of enterprise value and related concepts of medical device enterprises,and then elaborated the basic concepts and principles of real options and other theories.Evaluation ideas on part of the third chapter,it analysis the value of the medical equipment enterprise consists of two parts,then use a single assessment methods or models do not have reliability,and combine the characteristics of medical equipment industry,the applicability and rationality of the selected evaluation methods are analyzed,and according to the characteristics of the evaluation object to the model as well as the individual parameters are optimized;The fourth part is the application of evaluation methods and models.Kehua Bio is selected as the evaluation object,and its existing value and potential value of options are evaluated by combination model.Then,comprehensive analysis and sensitivity analysis are conducted on the evaluation results.Further demonstrate the feasibility of the improved B-S model to evaluate enterprise value;The fifth part is the summary of the whole research content,including research enlightenment and suggestions.After analyzing and evaluating the specific evaluation object一Kehua Biology,the necessity of this model is obtained,and feasible and effective suggestions are put forward in view of the evaluation status.This paper evaluates medical device enterprises through the improved evaluation model,which further enrichis the research on enterprise value evaluation and further demonstrates the applicability and rationality of the real option method to evaluate medical device enterprises.In practice,using real option method to evaluate enterprise value can provide more objective evaluation results,which not only provides research materials for evaluation professionals,but also provides more value reference and management advice for enterprise stakeholders.The innovation of this paper has two points.On the one hand,it mainly focuses on enterprises in the field of medical devices.Taking Kehua Biological as an example,it provides more reference materials for the study of enterprise value evaluation in the biomedical industry by evaluating the enterprise value of the company.On the other hand,according to the strict assumptions of the evaluation model,the model parameters are improved,so as to increase the effectiveness and feasibility of the real option method in the enterprise value evaluation of the medical device industry,enrich the research theory in this field,and provide a certain reference for the evaluation practice of the industry. |
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