超越现金流：用于临床阶段跨境生物技术估值的多智能体AI框架
原标题：Beyond Cash Flows: A Multi-Agent AI Framework for Valuing Clinical-Stage, Cross-Border Biotechnology
AI 摘要
本文提出一个面向临床阶段跨境生物技术公司的多智能体AI估值框架，该框架包含估值层、跨市场协调层和冲突融合机制，以解决传统现金流估值方法不适用于无收入生物技术公司的问题。作者曾作为中国首只跨境生物技术基金的投资组合经理，在16个月内实现127.17%的回报率（基准为50.67%），该框架旨在将该方法规模化。论文仅描述架构，未评估具体实现。
正文节选
Beyond Cash Flows: A Multi-Agent AI Framework for Valuing Clinical-Stage, Cross-Border Biotechnology Abstract A new class of software systems is transforming investment analysis. Large language model agents assembled into collaborative team structures including analysts, researchers, and risk managers are increasingly deployed across financial markets. Yet current multi-agent frameworks share a critical limitation: they rely on the foundational assumption that companies can be valued through tra