智飞生物公司价值评估案例分析

发布时间：2018-01-04 01:02

本文关键词：智飞生物公司价值评估案例分析　出处：《华中科技大学》2014年硕士论文　论文类型：学位论文

【摘要】：当今世界新技术、新产业迅猛发展，孕育着新一轮产业革命，新兴产业正在成为引领未来经济社会发展的重要力量。面对产业快速发展的潜力和需求，创业板市场为高新技术企业的资金不足、融资困难提供了融资渠道。然而近期市场主要的声音对创业板的持续上涨显示了担忧，创业板被高估成为资本市场关注的热点。高新技术企业因其价值构成的特点，估值方法也具其独特性。本文选取高新技术企业创业板上市的公司——智飞生物公司作为研究主体，运用价值评估方法对其进行评估，并在评估基础上对该公司股票价值是否高估、以及是否具有投资潜力做出判断。本文对企业价值的涵义进行了重新定义，笔者认为企业的价值包括两部分的价值，，一是由企业当前的主营业务所带来的未来现金流的折现值，二是由企业在未来的时间里可能存在的机会价值，根据本文实际情况将企业价值分为两块，分别是当前投资规模的价值和专利技术所带来的预期获利价值。前者采用FCFF估值模型进行评估，后者采用基于预期收益的方法——技术分成法进行评估。本文的研究结论表明，要准确、真实评估创业板高新技术企业的整体价值，不仅要对其现有的基础资产价值进行评估，还有对其潜在的投资收益价值进行评估，将两部分价值之和作为这类企业的整体价值更具合理性。
[Abstract]:With the rapid development of new technology and new industry in the world, the new industry is becoming an important force leading the economic and social development in the future and facing the potential and demand of the rapid development of industry. The gem market provides a financing channel for high-tech enterprises because of the shortage of funds and financing difficulties. However, the main voice of the recent market has shown concern about the continued growth of the gem. Gem is overvalued become the hot spot that capital market pays close attention to. Because of the characteristics of its value composition, the valuation method of high-tech enterprises is also unique. This paper selects Zhifei Biological Company, a listed company of high-tech enterprise gem, as the main body of research. Using the method of value evaluation, and on the basis of the evaluation of whether the company's stock value is overvalued and whether it has investment potential, this paper redefines the meaning of enterprise value. The author thinks that the value of the enterprise includes two parts: one is the discounted value of the future cash flow brought by the current main business of the enterprise, the other is the opportunity value that may exist in the future time by the enterprise. According to the actual situation of this paper, the enterprise value is divided into two parts, namely, the value of the current investment scale and the expected profit value brought by the patent technology. The former uses the FCFF valuation model to evaluate the enterprise value. The latter uses the method of technology sharing based on expected income to evaluate. The conclusion of this paper shows that the overall value of gem high-tech enterprises should be accurately and truly evaluated. Not only the value of its existing basic assets should be evaluated, but also the value of its potential investment income should be evaluated. It is more reasonable to take the sum of the two parts of the value as the whole value of this kind of enterprise.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.72;F406.7

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