Research On The Value Evaluation Of Biomedical Enterprise In Sci-Tech Innovation Board Based On Fuzzy Real Options

The Sci-Tech innovation board was established as a result of China’s capital market reform and opening up,as well as the exploration of offering more financial services to hightech firms.However,because the Sci-Tech innovation board is still in its early stages,the speculation environment is dense and the market risk is high,it is critical to investigate the acceptable value of the Sci-Tech innovation board ’s listed firms.Simultaneously,with the concept of "Life and Health" prevailing,people’s health awareness has been steadily rising,and policies and welfare for the benefit of biomedical enterprises have been introduced on a regular basis,accelerating the development of biomedical enterprises,which is expected by all,especially under the impact of the new crown disease,biomedical enterprises are faced with challenges but also full of opportunities,and have become a focus of attention.As a result,research into a suitable valuation approach for Science and Technology Innovation Board biomedical firms is not only useful to enriching the science and Technology Innovation Board valuation system,but also to providing an investment basis for investment decisionmakers.Based on the analysis of the characteristics and value composition of the biomedical enterprises on the Sci-Tech innovation board,as well as the carding and comparison of the enterprise value evaluation methods,it is determined that the biomedical enterprise in SciTech innovation board have a significant profit-making potential.It can not be reviewed using a single evaluation model,thus we chose to utilize a combination of evaluation models to evaluate,dividing the enterprise value into two parts: the value of existing assets and the value of potential assets,based on the enterprise’s stated products and research products.We analyze and alter the parameters of the cash flow discount model and the actual option model based on the varied features of assets.On the one hand,the 5P valuation model is used to better predict future profits of biomedical enterprises,and on the other hand,the uncertain variables in the cash flow discount model and real option model are fuzzy processed,in the form of interval,so that the value of Sci-Tech innovation board is better reflected and the valuation result is more objective and reasonable.The evaluation model is then applied to the case of BCHT Biotechnology Co.,with the existing assets of the enterprise being evaluated by FCFF,and the cash flow and discount rate being tried to set up intervals,in order to reduce the uncertainty of the parameters and establish a more reasonable and objective evaluation model,the B-S model is adopted for the enterprise potential value.Finally,we calculate the value of BCHT Biotechnology Co.,compare the value to the market value,illustrate the model’s validity,and add to the case study of biomedical enterprise value appraisal.