A Case Study On The Value Evaluation Of T Enterprise Under The Background Of New Drug R&D

With the sudden outbreak of COVID-19 in 2020,the society attaches great importance to the development of the pharmaceutical industry.In addition,China’s efforts to strengthen the medical reform--the adjustment of the medical insurance catalog,the expansion of "with quantity procurement",many major policies have been implemented,so that the transparency of the pharmaceutical industry has been improved,the supervision has been strengthened,and the development of high standards of health of pharmaceutical enterprises has been put forward strict requirements.For the analysis of the overall situation of the value evaluation of the pharmaceutical industry,there are still some limitations and errors in the value evaluation of the pharmaceutical enterprise,and it can not be relatively accurate to evaluate its value.Therefore,this thesis combs the evaluation methods,and expounds the applicability of the evaluation methods in this field combined with the characteristics of the pharmaceutical industry.According to the particularity of pharmaceutical enterprises,real option method is used for valuation,and more suitable measures and methods are put forward to fully explore the real value of such enterprises and promote the development of pharmaceutical evaluation industry.First of all,according to the present situation of the value evaluation of pharmaceutical enterprises by domestic and foreign researchers and the theory they rely on to build a theoretical framework,and analysis of the overall value of pharmaceutical enterprises should be divided into two parts: entity value and potential value;Secondly,the thesis analyzes the application conditions and shortcomings of traditional evaluation methods in pharmaceutical industry evaluation,and proposes the applicability of revenue method to entity value evaluation.Secondly,the real option method is proposed to solve the shortcomings of the traditional methods,and the binary tree option pricing model is selected to evaluate the value of this part according to the option nature of the potential value part.Finally,the combination of theory and practice,the case of T enterprise,the combination of traditional evaluation method and real option method to evaluate and analyze the results.Through this method to explore better ideas and methods for the value evaluation of pharmaceutical enterprises.