以市場法評價未上市公司的公允價值＿以生物製藥產業為例

Abstract

因應IFRS 9實施，未上市公司股票需以公允價值認列，由於這些金融商品非公開交易，故須了解如何評估其公允價值。針對近年來熱門產業生物製藥，本文以市場法的方式提供較簡易的方法評估其公允價值，然而傳統的市場法在判定適用的乘數時無較客觀準則，本文先以產業、營收主要產品做為篩選條件，接著從這些可類比公司中建立迴歸模型，計算估算的市價，最後考量折價因子，進而得到其公允價值。

In response to the implementation of IFRS 9, stocks of unpublished companies must be priced at fair value. Because these financial products are not publicly traded, they might be difficult to evaluate their fair value. In response to the recent boom in industrial biopharmaceuticals, this article provides a relatively simple method to evaluate fair value in a market method. However, the traditional market approach has no objective criteria in determining the applicable multiplier. The author uses the same industry and the main products of operation as a screening condition to find out the comparable companies, and a regression model is then built from these comparable companies. After the estimated market price is calculated, the discount factor is finally considered, and its fair value is obtained.