Enterprise Value Assessment Of Medical Aesthetic Consumables Based On The Combination Model Of DCF And B-S

With the development of our country economy,people start to care about their appearance,the medical beauty industry also continues to receive the capital market favor.Medical consumables enterprises,as midrange enterprises in the medical beauty industry,have strong bargaining power by their high industrial concentration and high technical barriers,which attracts investors to be optimistic about their development,which also leads to the serious overvaluation of the market value of medical beauty consumables enterprises.Therefore,we need to understand how to reasonably evaluate the value of medical beauty consumables enterprises,which is also the focus of this paper’s enterprise value evaluation research.The core competitiveness of medical-beauty consumables enterprises comes from the high risk and high yield of R&D products.Therefore,traditional evaluation methods cannot accurately evaluate the enterprise value of medical-beauty consumables.Aiming at the limitations of traditional evaluation methods to evaluate medical consumables enterprises,this paper attempts to introduce the combination of real option model and discounted cash flow model(hereinafter referred to as DCF model)to evaluate its value scientifically.When the combination model is adopted,the DCF model evaluates the existing value of medical consumables enterprises.B-S model can well reflect the potential value of real option uncertainty.The combination of the two models can accurately evaluate the overall value of medical and beauty consumables enterprises,indicating that the combination model is more feasible.In this paper,a large number of relevant literature on enterprise value evaluation methods and real option theory is first queried,the application conditions and specific methods of the traditional three evaluation methods are summarized,and then the definition,characteristics and types of real option model are introduced to lay the foundation for the identification of real option categories of case enterprises in the following paper.Secondly,the concept,characteristics and business model of medical beauty consumables enterprises were described,and the factors affecting the value of medical beauty consumables enterprises were analyzed from the macro,meso and micro levels,so as to determine the difficulties in the evaluation of medical beauty consumables enterprises.Then,the applicability of traditional evaluation methods and real option model in the evaluation of medical and beauty consumable enterprises is analyzed,so as to summarize the advantages of DCF model and B-S model in real option combination,and establish a combination model.Finally,based on the above analysis,the combination evaluation model is used to evaluate the value of the case enterprise aimeike.The difference between the stock price evaluated by different methods and the stable stock price is compared and analyzed.The results show that the result calculated by the introduction of B-S model is closer to the overall value of the enterprise on the base date of evaluation.The introduction of B-S model can accurately reflect the potential option value generated by the uncertainty of the real option of aimeike,thus proving the rationality of the evaluation method in the value evaluation of medical beauty consumables enterprises.