Most biopharmaceutical enterprises belong to high-technology industries with high investment,high returns,and high risks.They tend to have high research and development expenses and a large proportion of intangible assets.Applying traditional evaluation methods can often result in the undervaluation of the enterprise.Improving the value evaluation model for biopharmaceutical enterprises from both financial and non-financial perspectives,and explore the rationality of applying the improved model to the value evaluation of biopharmaceutical enterprises.The research found that the residual income model overcomes the limitations of traditional evaluation methods to a certain extent,but there are still certain shortcomings.Improving the residual income model through the Ohlson model and catastrophe progression method can reduce the error of evaluation results.Research has shown that the improved model has considerable theoretical and practical value,and the evaluation results can provide valuable references for investment decisions of biopharmaceutical enterprises.
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