哈药股份企业价值评估

发布时间：2018-04-02 20:33

本文选题：企业价值　切入点：价值评估　出处：《天津商业大学》2014年硕士论文

【摘要】：近些年来，企业的重组、兼并、股权交易等经济活动频繁发生，“企业价值评估”的课题越来越受到人们的关注。无论是企业的所有者、债权人、管理者还是市场投资人，，都希望自己在从事和该企业相关的经济活动时，能够了解其真实价值。显然这个想法是正确的，但是对于大多数经济活动参与者来说，对企业价值的认识仍然是模糊的，多数情况下会将通常的股票市价等同于企业的真实价值，这就在一定程度上增加了并购、重组、股权交易的风险。并且随着近些年来“企业价值最大化”的财务管理思想在中国逐渐被认可，认识价值、衡量价值也成为一切企业管理行为的基础和前提。既然企业价值的应用如此广泛，那么能正确的评估它就显得十分重要。其中，需要重点关注的问题包括：选定目标企业，通过其拥有或占有的全部资产的状况来判断未来的获利能力，分析的过程需要结合目标企业所处的宏观经济环境及行业背景，再充分考虑将会影响企业获利能力的各种因素。尤其注意在对企业的评估，不再是将某项资产单独进行评估，而是要立足在企业整体价值分析和价值管理的理念上，对目标企业整体公允市场价值进行综合性的评估。本文以哈药股份为研究对象，层层剖析哈药股份内在价值的创造和表现的各种价值驱动因素，同时将各种指标与同行业的企业进行对比分析，对公司经营状况进行分析评价，从而预测出相对准确的数据，借助不同价值评估方法运用，进行比较分析选择出适用于医药类企业价值评估的方法——自由现金流量折现法，从而测算出相对真实的企业价值，整个分析过程不仅能对企业经营的价值管理实践提供一些有益的借鉴，而且能够为企业重组，投资者投资提供可信的参考。
[Abstract]:In recent years, the economic activities such as enterprise reorganization, merger and stock exchange have occurred frequently, and the subject of "enterprise value evaluation" has been paid more and more attention.The owners, creditors, managers, and market investors all want to know their true value when they engage in economic activities related to the business.Obviously, this idea is true, but for most participants in economic activity, the perception of the value of the enterprise is still vague, and in most cases the normal market value of the stock is equated with the real value of the enterprise.This increases the risk of M & A, restructuring and equity trading to a certain extent.In recent years, the financial management thought of "maximization of enterprise value" has been gradually recognized in China. Understanding value and measuring value have become the basis and premise of all enterprise management behavior.Since the application of enterprise value is so extensive, it is very important to be able to evaluate it correctly.Among them, the issues that need to be focused on include: selecting the target enterprise, judging the future profitability through the status of all the assets owned or possessed by the target enterprise, and analyzing the process by taking into account the macroeconomic environment and the industry background of the target enterprise.Fully consider the factors that will affect the profitability of the enterprise.Especially in the evaluation of the enterprise, it is no longer to evaluate a certain asset separately, but based on the concept of the whole enterprise value analysis and value management, to evaluate the overall fair market value of the target enterprise.This article takes the Harbin medicine stock as the research object, analyzes the various value driving factors of the internal value creation and performance of the Kazakh medicine shares layer by layer, at the same time carries on the comparison analysis with the same profession enterprise, carries on the analysis and the appraisal to the company management condition.Therefore, the relatively accurate data can be predicted, and by using different valuation methods, the method of discounted free cash flow, which is suitable for evaluating the value of pharmaceutical enterprises, is selected through comparative analysis, and the relative real enterprise value is calculated.The whole analysis process can not only provide some useful reference for the value management practice of enterprise management, but also provide credible reference for enterprise reorganization and investor investment.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.72

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