Feltham-Ohlson模型在医药行业企业估值中的适用性研究
发布时间：2018-12-16 14:59
【摘要】：医药行业关系国计民生,是国民经济的重要组成部分。最近几年,政策的全面改革为医药企业的并购整合提供了宽松的环境,2016年医药健康行业的并购超过了400起,医药企业产权变动的频繁发生对企业价值评估的准确性,合理性提出了更高的要求。企业价值的确定依赖于评估师对行业发展现状的认识,企业财务状况,未来成长性因素等方方面面的考虑,而最终评估方法的选择也是直接影响企业价值的重要因素。因此从众多评估方法中选取恰当的手段有助于获取更加真实的内在价值。费森-奥尔森剩余收益模型的应用可以有效的从财务角度求得企业内在价值,是获取企业价值的重要手段。本文对费森-奥尔森模型进行了详细的介绍并选取了包含剩余收益滞后项,企业净资产和“其他信息”的线性动态过程进行了实证分析。选取的数据为2008年-2015年医药上市公司数据,通过比较“其他信息”的三种处理的实证结果,确定了“其他信息”的截距化处理和用总资产项替代得到的结果适用于医药行业企业的估值,此后作者又在此基础上计算了企业的内在价值,对比内在价值和企业市值的差异来分析估值效果。最后,文章在分析了实证结果的基础对费森-奥尔森剩余收益模型在医药企业价值评估中的效果进行了总结,并以此文为基础对今后的研究方向和研究内容进行了展望。企业价值评估的方法研究历来是学者研究的重点,不同行业的评估方法的选择也可能存在着差异,本文分析费森-奥尔森剩余收益模型在医院行业企业价值评估中的适用性,丰富了医药企业价值评估的手段,为医药行业企业价值的确定提供了更多的选择。
[Abstract]:The pharmaceutical industry relates to the national economy and the people's livelihood and is an important part of the national economy. In recent years, comprehensive policy reform has provided a relaxed environment for the merger and acquisition integration of pharmaceutical enterprises. In 2016, there were more than 400 mergers and acquisitions in the medical and health industry. The frequent changes in property rights of pharmaceutical enterprises have been accurate for the evaluation of enterprise value. Rationality puts forward higher requirements. The determination of enterprise value depends on the appraiser's understanding of the current situation of industry development, the financial situation of the enterprise, the factors of future growth, and so on, and the choice of the final evaluation method is also an important factor that directly affects the enterprise value. Therefore, selecting the appropriate means from many evaluation methods can help to obtain more real intrinsic value. The application of Fesson-Olson residual income model can effectively obtain the internal value of the enterprise from the financial point of view. It is an important means to obtain the enterprise value. In this paper, the Fisher Olson model is introduced in detail and the linear dynamic process including residual income lag, net assets and "other information" is selected for empirical analysis. The selected data are the 2008-2015 data of pharmaceutical listed companies, and the empirical results of three kinds of processing of "other information" are compared. The results obtained from the truncation of "other information" and the substitution of total asset items are determined to be applicable to the valuation of pharmaceutical industry enterprises, on which the author then calculates the intrinsic value of the enterprise. Compare the difference between the internal value and the enterprise's market value to analyze the valuation effect. Finally, based on the analysis of the empirical results, the paper summarizes the effect of Fesson-Olson 's residual income model in the evaluation of pharmaceutical enterprises' value, and looks forward to the future research direction and research content. The research on the method of enterprise value evaluation has always been the focus of scholars' research, and there may be differences in the choice of evaluation methods in different industries. This paper analyzes the applicability of Fesson-Olson residual income model in the evaluation of enterprise value in hospital industry. It enriches the means of evaluating the value of pharmaceutical enterprises and provides more choices for the determination of the value of pharmaceutical enterprises.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7
[Abstract]:The pharmaceutical industry relates to the national economy and the people's livelihood and is an important part of the national economy. In recent years, comprehensive policy reform has provided a relaxed environment for the merger and acquisition integration of pharmaceutical enterprises. In 2016, there were more than 400 mergers and acquisitions in the medical and health industry. The frequent changes in property rights of pharmaceutical enterprises have been accurate for the evaluation of enterprise value. Rationality puts forward higher requirements. The determination of enterprise value depends on the appraiser's understanding of the current situation of industry development, the financial situation of the enterprise, the factors of future growth, and so on, and the choice of the final evaluation method is also an important factor that directly affects the enterprise value. Therefore, selecting the appropriate means from many evaluation methods can help to obtain more real intrinsic value. The application of Fesson-Olson residual income model can effectively obtain the internal value of the enterprise from the financial point of view. It is an important means to obtain the enterprise value. In this paper, the Fisher Olson model is introduced in detail and the linear dynamic process including residual income lag, net assets and "other information" is selected for empirical analysis. The selected data are the 2008-2015 data of pharmaceutical listed companies, and the empirical results of three kinds of processing of "other information" are compared. The results obtained from the truncation of "other information" and the substitution of total asset items are determined to be applicable to the valuation of pharmaceutical industry enterprises, on which the author then calculates the intrinsic value of the enterprise. Compare the difference between the internal value and the enterprise's market value to analyze the valuation effect. Finally, based on the analysis of the empirical results, the paper summarizes the effect of Fesson-Olson 's residual income model in the evaluation of pharmaceutical enterprises' value, and looks forward to the future research direction and research content. The research on the method of enterprise value evaluation has always been the focus of scholars' research, and there may be differences in the choice of evaluation methods in different industries. This paper analyzes the applicability of Fesson-Olson residual income model in the evaluation of enterprise value in hospital industry. It enriches the means of evaluating the value of pharmaceutical enterprises and provides more choices for the determination of the value of pharmaceutical enterprises.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F406.7
【参考文献】
相关期刊论文 前10条
1 程凯;;奥尔森模型在企业价值评估中的应用[J];理论观察;2015年06期
2 李永刚;;市场风险溢价ERP确定方式分析[J];中国资产评估;2015年01期
3 敖诗文;高雅;;基于剩余收益模型的创新应用及估值有效性检验——以医药行业上市公司为例[J];财经问题研究;2014年S1期
4 吕英巧;王富炜;;基于剩余收益模型的企业价值评估实证研究[J];会计之友;2014年02期
5 徐红军;;费尔森-奥尔森估价模型的实证检验[J];安徽工业大学学报(社会科学版);2013年04期
6 毛新述;叶康涛;张，
本文编号：2382542
本文链接：https://www.wllwen.com/guanlilunwen/caiwuguanlilunwen/2382542.html
