国内医药企业引入私募股权投资研究

发布时间：2018-07-23 17:13

【摘要】：随着国内人口老龄化的日趋严重和新医疗保健制度改革的推行，医药行业的利润率与销售增长都将维持在较高水平。医药行业内企业在药品的研究与开发乃至流通等各个环节所需投入的资本巨大，因此在企业发展的各个阶段都有切实的融资需求。私募股权资本作为近十年投资领域的热点，倾向投资企业股权而非流通股证券市场。投资规模不等，存续期限以五至十年居多，能为医药企业提供较稳定的资金支持以满足其融资需求。本文从医药企业的角度，结合行业特点，阐述行业内资源配置缺陷的成因并加以分析。通过投资案例解析私募股权投资者在选择医药企业时的评估体系，帮助企业更好地理解投资方的价值评估理念，为医药企业如何改善自身经营状况，从而引入理想的私募股权投资提出建议，促进资本在国内医药行业内的有效配置。
[Abstract]:With the aging of the domestic population and the implementation of the reform of the new health care system, the profit margin and sales growth of the pharmaceutical industry will be maintained at a higher level. In the pharmaceutical industry, the enterprises in the pharmaceutical industry in the research and development of drugs and even in the circulation of all aspects of the investment in the capital is huge, so there is a real financing needs in each stage of the development of the enterprise. As a hot spot in the field of investment in the past decade, private equity capital tends to invest in corporate equity rather than tradable stock market. The investment scale is different, the survival period is more than five to ten years, which can provide stable financial support to pharmaceutical enterprises to meet their financing needs. From the point of view of pharmaceutical enterprises and combined with the characteristics of the industry, this paper expounds the causes of the defects in the allocation of resources in the industry and analyzes them. By analyzing the evaluation system of private equity investors when they choose pharmaceutical enterprises, we can help them better understand the value evaluation concept of investors, and how to improve their own operating conditions. Thus, we introduce the ideal private equity investment to promote the effective allocation of capital in the domestic pharmaceutical industry.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F426.72

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