Research On The Value Evaluation Of Biomedical Enterprises On The Scientific And Innovation Board

In recent years,the country has accelerated the promotion of scientific and technological self-reliance,constantly strengthened basic research and original innovation,developed and expanded strategic emerging industries,established the Science and technology Innovation Board,and tested the registration system for the first time,lowered the financing threshold,provided a new financing platform for the new generation of high-tech enterprises,and broadened the financing channels for enterprises,thus biomedicine enterprises have obtained the opportunity for rapid development.By the end of 2022,there are nearly 100 biomedicine enterprises were listed on the board,with 23 listed on this board in 2022 alone.However,as a high-tech enterprise,biomedical enterprises have great potential value.In the evaluation practice,the traditional evaluation methods have certain limitations,which makes it difficult to obtain a reasonable and effective evaluation of the value of biomedical enterprises.Therefore,it is particularly important to study and construct a reasonable and effective evaluation method.Based on the above analysis,this paper selects biomedical enterprises on the Science and Innovation board as the research object.Firstly,the current status of domestic and international research is analyzed and sorted out,and it is found that the relevant valuation theories still need to be improved.Secondly,we discuss the concept and characteristics of the science and innovation board,the related concepts of biomedical enterprises and the relevant theories used in the subsequent evaluation.The value of the biomedical enterprises is analyzed,and the combined evaluation model of income approach and option method is selected to evaluate the value of the biomedical enterprises on the science and innovation board.Thirdly,grey prediction model is introduced into income approach to predict enterprise free cash flow,fuzzy set principle is introduced into real option model,and an improved portfolio evaluation model is constructed to evaluate enterprise value.Finally,Chipscreen Biosciences is selected for empirical analysis,and the portfolio evaluation model constructed above is used for enterprise value evaluation,and the evaluation results are compared with the market value of the enterprises on the base date of appraisal,which verifies the operability of the portfolio evaluation model constructed in this paper and provides a new idea for the evaluation practice.The results show that: biomedical enterprises have the characteristics of high risk,high investment,high return,long product development cycle and many product pipelines under research;Directly using traditional evaluation methods to evaluate biomedical enterprises will make the valuation results biased.Compared with traditional evaluation methods,the combined evaluation model can better evaluate the value of biomedical enterprises on the Science and innovation board;The grey prediction model is used to predict the free cash flow of enterprises,and the fuzzy set principle is introduced into the real option model to build the fuzzy real option model,and the main parameters are fuzzy processing,which can make the evaluation results more objective and reasonable.