基于Ohlson模型和突变级数法的生物医药企业价值评估——以仁和药业为例  

Value Evaluation of Biopharmaceutical Enterprises Based on Ohlson Model and Catastrophe Progression Method——Taking Renhe Pharmaceutical as an Example

作　　者：宋盈辉 袁中华 SONG Yinghui;YUAN Zhonghua(School of Economics and Management,Guangxi University of Science and Technology,Liuzhou 545000;School of Business,Hechi University,Yizhou 546300)

机构地区：[1]广西科技大学经济与管理学院,广西柳州545000 [2]河池学院商学院,广西宜州546300

出　　处：《财务与金融》2024年第1期22-30,共9页Accounting and Finance

基　　金：广西博士硕士研究生创新项目省部级课题(YCSW2021300)。

摘　　要：生物医药企业大多属于高投入、高回报、高风险的高新技术产业,研发费用较高,无形资产占比较大,采用传统的评估方法容易出现企业价值被低估的问题。基于财务与非财务视角对生物医药企业价值评估模型进行改进,探讨将改进模型应用于生物医药企业价值评估的合理性。研究发现:剩余收益模型在一定程度上克服了传统评估方法的局限性,但仍存在一定缺陷;通过Ohlson模型和突变级数法对剩余收益模型进行改进,能减小评估结果的误差。研究表明,改进后的模型具有较好的理论和应用价值,评估结果可以为生物医药企业投资决策提供有价值的参考。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.

关 键 词：OHLSON模型 突变级数法 生物医药企业 

分 类 号：F279[经济管理—企业管理]