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

作　　者：程永海 欧阳俊 郭化林 杨洁[2] Cheng Yonghai;Ouyang Jun;Guo Hualin;Yang Jie

机构地区：[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1310015

出　　处：《中国资产评估》2024年第8期30-40,共11页Appraisal Journal of China

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。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 evaluateits enterprisevalue.

关 键 词：生物医药 Pipeline-rNPV模型 二叉树 W生物 企业价值评估 

分 类 号：F426.72[经济管理—产业经济] F406.7