某创新药企业股份支付费用测算案例  

A Case Study of Estimation of Equity Incentive Expenses for Innovative Pharmaceutical Companies

作　　者：周越 赵家安 刘灿 Zhou Yue;Zhao Jiaan;Liu Can(CanWin Appraisal Co.,Ltd.,Hangzhou 311215;Hebei Provincial Ophthalmology Hospital,Xingtai 054001)

机构地区：[1]坤元资产评估有限公司,杭州311215 [2]河北省眼科医院,邢台054001

出　　处：《中国资产评估》2024年第10期30-40,共11页Appraisal Journal of China

摘　　要：非上市科创企业股份支付费用估算难度较大,一是企业价值估值难度较大,二是股权架构往往相对复杂,譬如对外引入多轮优先股投资,对内实施非标准化的股权激励计划,且多涉及晦涩条款。由此,本文以创新药企业为例,就企业价值,优先股与普通股价值,以及股份支付费用,分别引入决策树、企业价值分配模型及二项期权定价模型予以测算。本文以案例形式呈现了完整的测算路径,具有一定新颖性,希望裨益相关实践。Estimating share-based payment expenses for high-tech innovative enterprises poses significant challenges.Firstly,it's difficult to choose a reasonable valuation method.Secondly,the equity structure is usually complex,involving multiple rounds of preferred stock investments from external sources and non-standardized stock incentive plans internally,encompassing a series of intricate contractual terms that are interrelated.The paper takes innovative pharmaceutical companies as an example.The main approach involves using a binomial option pricing model to estimate share-based payment expenses related to employee stock options.Within this primary methodological framework,the decision tree method is used to assess enterprise value,and an enterprise value allocation model is applied to determine the value of preferred and common stocks.This paper presents a complete appraisal approach and model through case studies,demonstrating novelty,with the hope of providing practical insights for relevant professionals.

关 键 词：科创企业 创新药企业 股份支付 优先股 

分 类 号：F123.7[经济管理—世界经济]