Research on the Valuation on Pharmaceutical Manufacturing Enterprises under the Background of STAR Market in China
Zhou Yuhaoa,b Chen Gegea

Abstract
The launch of China's Sci-Tech Innovation Board (STAR Board) in Shanghai Stock Exchange provides an important financing channel for technology driven enterprises represented by pharmaceutical manufacturing enterprises. Although technology driven enterprises have great development potential, they also have the characteristics of high operation risk and high product volatility, which makes it difficult to accurately determine their value. This paper selects six typical pharmaceutical manufacturing enterprises listed on STAR Board as the research sample, combined with the enterprise development stage and industry characteristics, explores the suitability and effectiveness of different methods on valuations of pharmaceutical manufacturing enterprises. And the paper also tries to explore the usefulness of the market price to R&D expenditures ratio method.

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