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论文编号：	13416
作者编号：	2320190647
上传时间：	2022/6/15 10:02:14
中文题目：	T公司新药许可权引进中的估值问题 及其优化研究
英文题目：	Optimizing Research on Valuation Problems of Innovative Drug Licensing-in Deals of T Company
指导老师：	覃家琦教授
中文关键字：	新药许可权，估值方法，优化研究
英文关键字：	Innovative Drug License, Valuation Method, Optimization Study
中文摘要：	随着中国医药产业的不断发展和进步，医药行业在我国市场中占有的地位越来越高，医药项目的估值也更加受到人们的关注。新药许可权的交易是医药企业非常重要的商业活动之一，新药许可权的引进也会对企业不同阶段的价值评估造成影响。传统的价值评估方法在对新药许可权进行估值时，会受到诸多因素的限制，估值结果难以真正体现出新药许可权的内在价值，解决估值存在的问题、降低估值误差，帮助医药企业更好的发展，是当下亟需解决的问题。 目前，随着新药许可权的交易越来越多，有些医药企业在新药许可权的引进中，其估值过程在估值方法的选用、估值变量的确定、估值证据及估值结论的验证以及对估值关键因素的动态分析等方面还存在一定的问题，这些问题说明其估值体系不够严谨，在估值流程等方面仍然有优化的空间，估值中存在的问题往往会导致估值结果的不准确，而新药许可权的估值对交易的发生有着重大的意义，因此本文选择了新药许可权交易的估值问题及其优化措施进行了研究。 本文通过T公司三个不同阶段新药许可权引进中的估值案例，阐述了T公司目前新药许可权引进中的估值现状，提出了T公司在新药许可权引进的估值过程中存在的问题，并进行了详细分析及优化研究。在分析问题的过程中，就目前国际上最常用于新药许可权估值的三种方法：可比交易法、现金流折现法和风险矫正净现值法进行了重点研究，并对T公司新药许可权引进中的估值问题进行了优化研究，以期为新药许可权引进中的估值建立更为科学合理的体系和程序。
英文摘要：	With the continuous development and progress of China's pharmaceutical industry, the market position of pharmaceutical industry is becoming higher and higher in China. The valuation of pharmaceutical projects is more and more concerned. The deal of new drug licensing right is a very important commercial activity for pharmaceutical companies. The innovative drug licensing-in deals will affect the value evaluation of companies at different stages. Traditional valuation methods are limited by many factors when evaluating innovative drug projects as the valuation results are difficult to truly reflect the inherent value of innovation drugs. It is urgent to solve the existing valuation problems, reduce the valuation errors, and help to advance the valuation of pharmaceutical companies. At present, with more and more deals of new drug licenses happening, some pharmaceutical enterprises have some problems in the process of introducing new drug licenses, such as the selection of methods, the determination of variables, the verification of valuation evidence and valuation conclusions, the dynamic analysis of key factors of valuation, those problems show that the valuation system of those companies are not rigorous enough, and there is still room for optimization in the valuation process, and the problems often lead to inaccurate valuation results. The valuation of new drug licensing rights is of great significance to the occurrence of transactions. Therefore, this paper chooses the valuation problems of innovative drug license and its optimizing to research. In this paper, through three valuation cases of the innovative drugs in three different stages of T company, the current situation of valuation of new drugs in T company has been described, the existing valuation problems during the process of new drug deals have been mentioned, detailed analysis and optimization research have been conducted. During the process of analyzing the problem, three methods are most commonly used in the evaluation of innovative drugs in the world: Comparative Valuation Method, Discount Cash Flows Valuation Method and Risk Adjusted Net Present Value Method have been mainly studied. In addition, optimization research have been conducted on the valuation problems in the innovative drug licensing in deals of T company, in order to establish a more scientific and reasonable system and procedure for the valuation of new drug licensing in deals.
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