基于修正Pipeline-rNPV模型的W生物医药企业价值评估研究
Research on Value Evaluation of W Biopharmaceutical Enterprise Based on Modified Pipeline-rNPV Model
程永海 1欧阳俊 2郭化林 3杨洁2
作者信息
- 1. 银信资产评估有限公司浙江分公司,浙江杭州 310000
- 2. 浙江财经大学,浙江杭州 310018
- 3. 浙大城市学院,浙江杭州 310015
- 折叠
摘要
基于生物医药企业"高投入、高技术、高风险、高准入、高收益、长周期"且成功商业化上市存在很大不确定性等特征,提出划分管线、分类评估的思想,将生物医药企业划分为上市期间管线和研发期间管线,并根据不同管线的特点,采用不同的评估方法,即Pipeline-rNPV评估模型.同时,采用多期二叉树模型对Pipeline-rNPV评估模型进行修正,以更加契合生物医药企业上市期间管线和研发期间管线均具有不确定性的实物期权特征,并以W生物企业为例,运用改进后的Pipeline-rNPV模型对其进行企业价值评估.
Abstract
Based on the characteristics of biopharmaceutical enterprises such as high investment,high technology,high risk,high admission,high return,and long cycle,as well as significant uncertainty in successful commercial listing,this paper proposes the idea of dividing pipelines and classifying evaluations.The biopharmaceutical enterprises are divided into pipelines during the listing period and pipelines during the research and development period,and different evaluation methods are adopted according to the characteristics of different pipelines,namely the Pipeline rNPV evaluation model.At the same time,a multi period binary tree model was used to modify the Pipeline rNPV evaluation model to better fit the real option characteristics of uncertainty in both the pipeline during the listing and R&D periods of biopharmaceutical companies.Taking W Biotech as an example,the improved Pipeline rNPV model was used to evaluate its enterprise value.
关键词
生物医药/Pipeline-rNPV模型/二叉树/W生物/企业价值评估Key words
Biopharmaceuticals/Pipeline rNPV model/Binary tree/W Biology/Business valuation引用本文复制引用
出版年
2024
NETL
NSTL
万方数据