Valuation Of Biological Products Enterprises Under The Schwartz-Moon Valuation Model

The novel coronavirus epidemic has brought widespread attention to the global medical industry,and the country has begun to increase its support for the medical industry.The growing medical and health needs of the people and the continuous improvement of national policy subsidies are promoting the rapid development of medical-related enterprises.At the same time,the huge blue ocean market stems from my country’s huge population base.As the global demand for new crown virus vaccines continues to rise,a number of biological product companies related to new crown vaccines will continue to remain positive in the market.The biological product companies in the pharmaceutical industry have their own unique industrial characteristics.The huge capital demand,high technical content and future benefits all lead to limitations in traditional evaluation methods.However,biological product companies do not generate large profits when investing in project R&D,and even face risks such as R&D failure.Therefore,traditional evaluation methods will affect the judgment of corporate valuation results and cause undervaluation.How to reasonably evaluate biopharmaceuticals Enterprise value has become a key research field in the current asset appraisal and investment circles.This paper firstly sorts out the theoretical basis of the current asset appraisal industry and the research done by related scholars.On this basis,the research direction to be carried out in this paper is drawn.Secondly,analyze the characteristics of the biopharmaceutical business industry and the influencing factors of enterprise value.Aiming at the limitations of traditional valuation,this paper firstly discusses the reasonable method of evaluating the value of biological products enterprises based on real options,and comprehensively considers the characteristics of biological products enterprises in my country and the macro environment of the industry to find a suitable evaluation method;secondly,the Schwartz-Moon pricing model is introduced,to improve the highly subjective parameters in the existing model,such as considering the fluctuation of income,income growth rate and variable cost rate on the basis of cluster analysis of industry enterprises,and using time series analysis to predict that enterprises may generate in the future Finally,taking Zhifei Biotechnology as an example,the Schwartz-Moon pricing model was used to evaluate the equity value on the evaluation base day,and the difference between the stock price on the day was compared,and the rationality of the evaluation result was analyzed and judged.The improved model was verified to be suitable for the enterprise value evaluation of biological products to obtain a more reasonable market price as a reference,and the key parameter variables in the enterprise value evaluation were identified through sensitivity analysis.At the same time,the research object was expanded,and the Schwartz-Moon model was used to evaluate the value of four typical biopharmaceutical companies as a supplementary test,and compared with the company’s market value to further test the operability and evaluation effect of the model.Based on the analysis results,this paper believes that the method based on the Schwartz-Moon model modified by Monte Carlo simulation provides a new research idea for the value assessment of biological products enterprises.This method can fully evaluate the value of biological products enterprises,help enterprise managers make full use of enterprise resources,and enhance enterprise value.